Checking the price of cryptocurrency: taproot enabled; AMC accepts crypto

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Cryptocurrency prices were mostly higher on Monday, as Bitcoin’s first upgrade since 2017 was recently activated and the AMC movie chain (AMC) – Get AMC Entertainment Holdings, Inc. The Class A report said he would accept crypto.

Bitcoin, the world’s largest cryptocurrency, rose nearly 1% to $ 65,206.93, at last check. Ether, the cryptocurrency that runs on the Ethereum blockchain, climbed 1.8% to $ 4,686.92, while dogecoin lost nearly 1% to 26 cents.

Zak Killermann, fintech and crypto expert at Finder, noted that “crypto investors have had an exciting week, with market leaders BTC and ETH reaching new all-time highs.”

Bitcoin’s Taproot upgrade was activated on Sunday, the first major upgrade in four years.

“Taproot will not have an immediate and significant impact on the bitcoin network, but offers developers a plethora of new tools to improve security, privacy and scalability,” Killermann said.

AMC Entertainment, the world’s largest movie theater chain, began accepting bitcoin, ether, and other cryptocurrencies for online payments on Friday.

“Think of Taproot as better equipping developers with tools to build the future of bitcoin, to make things like AMC accepting crypto for payments even easier down the line,” Killermann said.

He added that not everyone is happy to accept crypto. The Indonesian Council of Religious Leaders has ruled the haram cryptocurrency, meaning that its use is prohibited for Muslims.

Killermann said Coinbase Global (COIN) chief executive Brian Armstrong proposed in October to launch a single federal crypto regulator in the United States, but the country has been slow to act despite the popularity. growing crypto.

President Joe Biden is expected to sign the Infrastructure Investments and Jobs Act on Monday, and the legislation includes new tax reporting requirements for digital assets such as cryptocurrencies and NFTs.

David Lesperance, managing partner of immigration and tax advisor Lesperance & Associates, said that “all the final illusions that crypto was going to be treated any differently from fiat money came to an end” when the law cemented Section 6050i of the IRS Federal Tax Code on Crypto Assets.

“Under the new rules,” he said, “transferring digital assets worth more than $ 10,000 will be treated as cash. of the person or company sending the payment for the digital asset is considered a felony. offense. “

Lesperance said the penalty for non-compliance can be up to five years in prison.

“For those who think they’ll be cute and only transfer $ 9,999 worth of crypto,” he said, “they should know that the“ smurf ”(aka structuring) rules now also apply to the crypto. “

Winston Ma, managing partner of CloudTree Ventures, said last week Tencent Holdings sent every employee an NFT for the 23rd anniversary, which is the penguin in the company’s logo.

Each of the 72,000 pieces was different and there are 1,000 special shapes.

Ma said that “as the largest games and internet company in China, Tencent’s (TME) – Get Tencent Music Entertainment Group NFT initiative has thrilled its user community.”

“NFT has been one of the biggest contributors to crypto adoption these days due to the involvement of creators and fans from the entertainment and games industries,” he said.

“The interaction of gaming and NFT on Tencent’s platforms will likely make Tencent a major ‘metaverse player’.”

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