Main navigation

BTC Hashrate Reaches New Peak, XRP Price to Spike in April 2022, Hoskinson Slams US Crypto Tax System: Crypto News Digest by U.Today

News
Tue, 01/04/2022 - 16:45
article image
Valeria Blokhina
U.Today helps you keep an eye on the first crypto events of this year!
BTC Hashrate Reaches New Peak, XRP Price to Spike in April 2022, Hoskinson Slams US Crypto Tax System: Crypto News Digest by U.Today
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

As the crypto world welcomes 2022 and recollects the major events of the past year, U.Today presents you with the top five news stories over the first days of January.

Bitcoin hashrate reaches new peak

The Bitcoin community has another reason to celebrate apart from the arrival of the New Year: the BTC network has never been as strong as it is now thanks to the flagship crypto's hashrate reaching a new record peak of 203.5 exahashes per second. By the end of the week, Bitcoin mining difficulty is expected to rise to 24.98 trillion, barely a hair's breadth away from the 25 trillion threshold set in May before the China ban.

Related
Bitcoin and Ether to Be Accepted as Campaign Contributions by South Korea's Top Presidential Candidate

445 million XRP moved by Ripple and anon whale as XRP price expected to spike in April 2022

On Jan. 2, Whale Alert crypto tracker reported that after unlocking 1 billion XRP tokens on the first day of the new year, Ripple transferred 200 million XRP. Some time later, anon crypto whales followed suit and moved a similar amount of tokens, 225.3 million XRP, which equals $190,900,260 in fiat. The third transaction reported by Whale Alert was Bitstamp moving 20,154,126 XRP to custodial service BitGo.

The XRP price is currently struggling in the $0.8 range. The XRP community believes that the only thing preventing the coin from surging is the SEC v. Ripple case. Therefore, XRP supporters are waiting for April 2022 when, according to attorney Jeremy Hogan's prediction, the case would be over.

Charles Hoskinson criticizes U.S. crypto taxation system

Cardano founder Charles Hoskinson has again shared his negative stance on the current U.S. system of taxing crypto by posting a meme about the IRS. In the meme, a taxpayer is asking the service to deduct gas fees for minting and the balance from tax on short-term capital gains after losing 90% of their crypto funds. The taxpayer earned 6,900% on staking $7,000 worth of CumRocket, then invested the earnings in NFTitties and lost almost all of it after the devs performed a rugpull.

Back in August 2021, Hoskinson fiercely opposed the tough crypto taxing initiative that a group of U.S. senators attempted to pass.

Ethereum co-founder Vitalik Buterin calls Bitcoin Cash a failure

In a lengthy Twitter thread, Ethereum co-founder Vitalik Buterin decided to reflect on his earlier predictions and to share what he thinks about the matter now. In one of his tweets, he called Bitcoin Cash "mostly a failure" since it primarily formed as a protest movement based on a rebellious mindset. This is why it lacks a coherent vision for moving forward.

Even though the 27-year-old programmer admitted that some of his past comments are laughable (like his initial proof-of-stake and sharding roadmap), a couple of others, he believes, are still worth being proud of. Back in 2013, Buterin predicted that altcoins would become big even before they were cool and also foresaw the emergence of a decentralized exchange like Uniswap.

Related
Ethereum Co-Founder Vitalik Buterin Meets Former President of Argentina

Shiba Inu price set for move as nine businesses join SHIB Burn Pledge

According to the latest news, nine companies joined the SHIB Burn Pledge, willing to participate in the Shiba Inu token burning initiative. By signing on to this pledge, businesses agree to send a fixed percentage of profits, sales or a dollar amount to the official SHIB burn wallet. The list of participating companies includes Shiba Coffee Company, Bigger Entertainment, The Vibe Maquillage, Marklien and others.

Meanwhile, on Jan. 3, Bigger Entertainment CEO Steven Cooper tweeted that another 2.75 million Shiba Inu were taken out of circulation.

article image
About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.