Chart of the Day
Carry On. One group that exhibited unfaltering faith amid the Black Wednesday sell-off is miners, who kept stacking their hands despite crashing prices. Miners are arguably the more matured participants of the entire Bitcoin ecosystem and boy, they have seen plenty. If they believe that holding in the current market condition is the best option, makes you wonder, doesn’t it — a little faith could go a long way.
Talk of the Town
Coming for Crypto. The U.S. Treasury Department released a report outlining the Biden administration’s tax compliance plan, including a requirement for businesses to report crypto transfers worth $10,000 or more to the IRS. The announcement came as part of broader efforts to curb tax evasion. The short-term regulatory hurdles may have played a part in the recent market meltdown, but its long-term impact in offering regulatory clarity is believed to be a boon for crypto investors.