Modern parents are going to need to keep an even closer eye on their kids’ gaming habits, as some of them may be accumulating a hefty tax bill, according to a crypto tax specialist. Speaking to Cointelegraph during last week’s Australian Crypto Convention, Adam Saville-Brown, regional head of tax software firm Koinly said that many don’t realize that earnings from play-to-earn (P2E) games can be subject to tax consequences in the same way as crypto trading and investing. This is particularly true for play-to-earn blockchain games that offer in-game tokens that can be traded on exchanges and thus have real-world …

The United States equities markets and the crypto markets are likely to remain volatile in the near term because traders remain nervous about the size of the next Federal Reserve rate hike on Sept. 20 and Sept. 21. While the majority favors a 75 basis point rate hike, according to the CME FedWatch Tool, some analysts expect the Fed to hike rates by 100 basis points, the first such instance since the early 1980s. Many expect Bitcoin (BTC) to continue its slide and drop below the June low in the future. Although anything is possible in the markets, many times, …

XRP pricewas wobbling between profits and losses on Sep. 19 despite hopes that Ripple would eventually win its long-running legal battle against the U.S. Securities and Exchange Commission (SEC). Ripple and the SEC both agreed to expedite the lawsuit on Friday to get an answer on whether $XRP is a security or not. From the updates of the case, it sounds like it’s in the favor of @Ripple pic.twitter.com/SAyl4VLxdM — Jeff Sekinger (@JeffSekinger) September 19, 2022 Fed spoils SEC vs. Ripple euphoria The XRP/USD pair dropped by over 1% to $0.35 while forming extremely sharp bullish and bearish wicks on …

Major Indian cryptocurrency exchange WazirX has opted to delist the USD Coin (USDC) from its platform and convert the remaining balances into Binance-backed Binance USD (BUSD) stablecoin. WazirX officially announced on Monday that it has stopped deposits of USDC alongside other stablecoins like Pax Dollar (USDP) and TrueUSD (TUSD). According to the announcement, the platform will instead offer the BUSD stablecoin to enhance liquidity and capital efficiency for users. WazirX will implement BUSD auto-conversion for users' existing balances of USDC, USDP and TUSD at a 1:1 ratio on Oct. 5, the firm said. “Users will be able to view their …

Post-Ethereum Merge proof-of-work (PoW) chain ETHW has moved to quell claims that it had suffered an on-chain replay attack over the weekend. Smart contract auditing firm BlockSec flagged what it described as a replay attack that took place on Sept. 16, in which attackers harvested ETHW tokens by replaying the call data of Ethereum’s proof-of-stake (PoS) chain on the forked Ethereum PoW chain. According to BlockSec, the root cause of the exploit was due to the fact that the Omni cross-chain bridge on the ETHW chain used old chainID and was not correctly verifying the correct chainId of the cross-chain …

The crypto market turmoil entered the third week of September as most of the cryptocurrencies started the week on a bearish note. The total crypto market cap dipped below $1 trillion again, with several cryptocurrencies recording a double-digit downfall over the past 24 hours. The ongoing bearish turmoil has led to nearly half a billion in liquidations for the leverage crypto traders over the past 24 hours. Data from Coinglass highlight that 130,087 traders were liquidated with a total liquidations value of $431.51 million. Bitcoin (BTC) leverage traders lost $44.5 million, followed by Ether (ETH) traders with a total liquidation …

Decentralized exchange (DEX) GMX has reportedly suffered a price manipulation exploit from an exploiter who managed to make off with around $565,000 from the AVAX/USD market. The unidentified exploiter is understood to have capitalized on GMX’s “minimal spread” and “zero price impact” features to pull off the exploit, which impacted GLP token holders who provided liquidity in the form of AVAX (the Avalanche token) to GMX. GMX confirmed the price manipulation exploit in a Sept. 18 post on Twitter, but stated that the AVAX/USD market would remain open despite imposing a $2 million cap on long positions and $1 million …

Bitcoin (BTC) faces another week of “huge” macro announcements after the lowest weekly close since July. After days of losses following the latest inflation data from the United States, BTC/USD, like altcoins and risk assets more broadly, has failed to recover. The largest cryptocurrency has yet to flip $20,000 to convincing support, and as the third full week of September begins, the danger is once again that that level could function as resistance. Bulls have plenty to worry about — the coming days will see the Federal Reserve decide on the next key rate hike, something that will affect the …

The U.S. Securities and Exchange Commission (SEC) and Ripple Labs have both called for a federal judge to make an immediate ruling on whether Ripple’s XRP sales violated U.S. securities laws. In separate motions filed on Sept. 17 by Ripple and the SEC, both have called for summary judgment in the U.S. District Court Southern District of New York. Summary judgments are submitted to the courts when a party involved believes there’s enough evidence at hand to make a ruling without the need to proceed to trial. Both parties have called on Judge Analisa Torres to make an immediate ruling …

The S&P 500 and the Nasdaq Composite index suffered their worst weekly performance since June as investors remain concerned that the Federal Reserve will have to continue with its aggressive monetary policy to curb inflation and that could lead to a recession in the United States. Bitcoin (BTC) remains closely correlated to the S&P 500 and is on track to fall more than 9% this week. If this correlation continues, it could bring more pain to the cryptocurrency markets because Goldman Sachs strategist Sharon Bell cautioned that aggressive rate hikes could trigger a 26% fall in the S&P 500. The …

The inclusive crypto ecosystem has become home to numerous A-list celebrities over the years — primarily driven by the nonfungible tokens (NFT) hype of 2021. However, despite the prolonged bear market and an evident dip in cryptocurrency prices, celebrities continue to pour in support for the crypto market. Over the past year, celebrities have started exploring sub-ecosystems beyond NFTs, trying to diversify their presence across trading, gaming and other investment avenues. In this light, here’s an overview of some of the most influential celebrities that got into crypto over the past year and how well-prepared they are for the next …

Decentralized exchange aggregator 1inch Network issued a warning to crypto investors after identifying a vulnerability in Profanity, an Ethereum (ETH) vanity address generating tool. Despite the proactive warning, apparently, hackers were able to make away with $3.3 million worth of cryptocurrencies. On Sept. 15, 1Inch revealed the lack of safety in using Profanity as it used a random 32-bit vector to seed 256-bit private keys. Further investigations pointed out the ambiguity in the creation of vanity addresses, suggesting that Profanity wallets were secretly hacked. The warning came in the form of a tweet, as shown below. RUN, YOU FOOLS ⚠️ …