Breaking 🚨: Beware! Imminent Bitcoin (BTC) Correction Is Coming

According to Inmortal a renowned crypto analyst, he thinks that an incoming Bitcoin (BTC) correction will blind people from the bigger picture and cause them to overreact as Bitcoin will most likely dip to the $26,000 level near the end of this month.

Inmortal says that the correction will likely be triggered by the announcement of delays in the approval of spot-based Bitcoin exchange-traded funds (ETFs). According to the crypto strategist, the postponements would shake traders out of their positions before regulators green-light a Bitcoin ETF.

At time of writing, $Bitcoin is worth $29,454.

The analyst also says that the choppy market condition is a precursor to next year’s bullish price action. According to Inmortal, altcoins will likely witness a strong uptrend in 2024 and 2025.

“Now that the price is going in slow motion, don’t worry about it, go enjoy the summer. And get ready because in 2024-2025 we will be up all night trading sh**coins.” 

For now, Inmortal says he’s accumulating Solana (SOL) and Chainlink (LINK).

“I accidentally bought an indecent amount of LINK and SOL.” 

$LINK $SOL $OP

Breaking 🚨: FTX law firm hit with class action over FRAUD

A new class action lawsuit makes severe allegations that high-profile Silicon Valley law firm Fenwick & West actively helped conceal and enable fraud by the collapsed cryptocurrency exchange FTX and its founder Sam Bankman-Fried.

A suit filed yesterday Aug. 7, claimed Fenwick had an “exceedingly close” relationship as legal counsel to FTX and provided services that allowed FTX to grow exponentially while aware of improper activities.

According to the suit, Fenwick helped establish shell companies that were allegedly used to divert billions in customer funds to Alameda Research, Bankman-Fried’s trading firm, the sweeping 70-page class action complaint accuses Fenwick of actively aiding fraud and misusing up to $10 billion in customer funds.

Breaking 🚨: Watch out for Cryptocurrency Scams involving ATM

Recently the US police department was made aware of a situation where it appeared someone was scammed out of a large sum of money.

The victim told detectives they received an email from PayPal indicating they had fraudulent activity on their account. And was instructed to request reimbursement. However, the victim was made to believe they had requested too much money and now they needed to pay it back.

That transaction was unsuccessful, then the victim was then instructed to ship the money to PayPal. The victim tried to send $16,000 in cash via UPS. An employee at UPS told the victim they were being scammed and called the police.

Unfortunately, the victim lost all the sum after the scammer instructed the victim to send the money through a Bitcoin ATM.

Breaking 🚨: $120 Million cryptocurrency fraud BUSTED!

Odisha police of India busted a big multimedia, Ponzi scam related to cryptocurrency worth $120 million (₹1,000 crore) and arrested the prime accused in the case. The police arrested the head of STA Crypto Token, namely Gurtej Sigh Sidu, from Sri Ganganagar, Rajasthan, and its Odisha unit Nirod Das, Inspector-General of Police told ANI.

In the scam, victims from different states including Delhi, Jharkhand, Rajasthan, etc were told to invest in STA #Crypto Token. From Odisha, more than 10,000 people lost their #money in the scam.

Fraudsters are used to encourage more and more people to invest in crypto #coins and gather the currency in large numbers. Moreover, victims were also encouraged to include more people in the group, said JN Pankaj, IG EOW.

JUST IN: PayPal to integrate crypto stablecoin $PYUSD on Venmo.

Breaking 🚨: Revolut Ceases Cryptocurrency Services in the United States

Effective October 3, Revolut, a leading fintech firm headquartered in the UK, will cease all cryptocurrency-related services for its clientele in the United States. 

The decision comes in response to the escalating intricacy and unclear nature of the US regulatory landscape concerning cryptocurrencies. The company’s decision shocked the banking world, as many saw Revolut’s services as a pioneering push into cryptocurrencies for the general market.

According to the announcement, the suspension of purchasing cryptocurrencies will begin on September 2, followed by a cessation of selling and holding digital assets from October 3.

Breaking 🚨: IRS Releases Guidance on Cryptocurrency ‘Staking’ Rewards

Many cryptocurrencies operate on blockchain technology, with specific consensus mechanisms in place to validate and add new transactions to the ledger. One such consensus mechanism is proof-of-stake, used by the likes of #Cardano (ADA), and #BNB Chain (BNB).

According to the report, the IRS determines the fair market value by “the date and time the taxpayer gains dominion and control over the validation rewards.” In other words, your tax payable should reflect the market value of the assets when they hit your wallet.

So for US taxpayers, keep an eye on when and how you receive your staking rewards. Otherwise, you may receive a nasty visit from the tax man.