Crypto Update: Traders Looking at Crypto Exchanges and IRS

Hacked Cryptocurrency Exchanges Scrutinized, Coincheck & BitGrail Troubles

Hacked cryptocurrency exchanges have made news the past few weeks, and it is being reported that disgruntled traders who are clients of Coincheck in Japan are starting to file lawsuits. Coincheck claimed after being hacked it would repay all traders who lost money, but until now that has not happened, and clients seeking to withdrawal money have not been allowed to do so either. Coincheck claims it must complete technical safety procedures before it allows clients to withdrawal. And reports indicate BitGrail of Italy and Nano are escalating their ‘blame game’. Nano has issued reports showing BitGrail had questionable transactions take place as early as October 2017, calling into question BitGrail’s responsibility and transparency the past week after they reported being hacked.

Bitcoin Achieves Stability in February, However Volatility Remains Present

Bitcoin this morning is near 8,400.00 U.S Dollars per coin. The cryptocurrency has certainly recovered from lows last Sunday, which saw its value drop below 6000.00 U.S Dollars. Resistance continues to look like 9,500.00 in the near term. Bitcoin has achieved a fair consistency range in February, but volatility remains ever present.

Americans Not Reporting Cryptocurrency Taxes to Uncle Sam

A vast majority of cryptocurrency traders still do not report their profits as required by the Internal Revenue Service in the U.S. Estimates indicate up to 7% of the American population is holding some type of cryptocurrency, but a distinctly smaller minuscule amount of the population are reporting their gains via taxes to the U.S government. And as tax season approaches in the States, expect this to become an important talking point from the IRS.

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Yaron Mazor is a senior analyst at SuperTraderTV.

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