Bitcoin falls after China announces a new crackdown on Bitcoin mining. It says it threatens the county’s financial stability. John Deere reporting stonger-than-expected quarterly earnings… despite challenges. Now it’s boosting its full-year profit forecast. The EU puts a major investment deal with China on hold. They say until Beijing lifts some sanctions, the deal won’t…
US Wants to Force People to Report Crypto Transfers Over $10,000 to the IRS
The U.S. government on Thursday suggested mandating the reporting of any cryptocurrency transfers over $10,000 to the IRS, the latest proposal by federal officials to introduce more red tape into the crypto space. “As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on,”…
US Wants to Force Reporting of Crypto Transfers Over $10,000 to the IRS
The U.S. government on Thursday suggested mandating the reporting of cryptocurrency transfers over $10,000 to the IRS, the latest proposal by federal officials to introduce more red tape into the crypto space. “As with cash transactions, businesses that receive cryptoassets with a fair market value of more than $10,000 would also be reported on,” the…
NTD Business Full Broadcast (May 19)
Volatile trading on wall street, stocks, commodities, and bonds all selling off. The crypto market lost $1 trillion in value at one point. Blowout earnings at Target as shoppers flooded back. Its sales went way up last quarter, and profit jumped 7-fold. Nearly half of parents who want to find childcare this summer will have…
Explainer: What Beijing’s New Crackdown Means for Crypto in China
May 19, 2021
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bitcoinBusinessChinaChina Business & EconomyChinese RegimecryptocurrenciesEconomiesInternationalInvestmenttradingWorld
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SHANGHAI—Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money. Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that “virtual currencies are not supported by any real value.”…
Bitcoin Slides Below $40,000 After China’s New Crypto Ban
LONDON—Bitcoin tumbled below the $40,000 mark on Wednesday to a three-and-a-half month low as selling in digital coins intensified after China banned financial and payment institutions from providing cryptocurrency services. Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but the news from…
CCP Cracks Down on Virtual Currency to Prevent Money Fleeing the Country
May 18, 2021
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Alexander LiaobitcoinCCPCCP economyChinaChina Business & Economycryptocurrencydigital currencyOpinionThinking About China
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Commentary For many years, the CCP (Chinese Communist Party) has acquiesced to digital currency operations in China. But in 2018, it began to restrict Bitcoin transactions while still secretly encouraging Bitcoin mining. However, now that large amounts of funds are fleeing the country through virtual currencies, Chinese authorities seem determined to crack down on it….
Bitcoin Hits 3-Month Low, Then Rallies on Musk Tweets
LONDON—Bitcoin rallied from a three-month low on Monday in a volatile session that saw investors initially selling and then buying cryptocurrencies in the wake of Tesla boss Elon Musk’s tweets about the carmaker’s bitcoin holdings. In his latest tweet, Musk said “Tesla has not sold any bitcoin.” That seeming clarification came after weekend tweets hinted…
NTD Business Full Broadcast (May 17)
AT&T offloading its media unit WarnerMedia, reversing its largest deal from 2018. WarnerMedia is now set to partner up with Discovery to focus on streaming services. Facebook plans to launch a new digital currency later this year. It failed the first time, will it work now? Many Americans ultimately aspire to buy their own house….
NTD Business Full Broadcast (May 13)
Tesla CEO Elon Musk makes a surprising U-turn about accepting Bitcoin as payment for Tesla cars. How did the crypto market react? No credit score? That might be less of a problem when fall comes. Banks are planning to give credit cards to those without one. Companies are paying producers significantly more for things like…
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