Analytics Insight enlists the top cryptocurrency prices for today

An increasing number of companies worldwide are using Bitcoin and other digital assets for a host of investment, operational, and transactional purposes. But as with any other unexplored domain, there are several unknown dangers when it comes to cryptocurrencies. The use of crypto for conducting business presents a host of opportunities and challenges. But given the volatility of the market, a host of businesses are turning towards educating themselves about crypto and how it works. Not just individuals, but even institutional investors are also making a run for cryptocurrencies. Today, Analytics Insight enlists the top cryptocurrency prices for April 20, 2022.

Bitcoin: US$41,342.62 (up by 1.30%)

Ethereum: US$3,086.42 (up by 1.43%)

Tether: US$1.00 (up by 0.01%)

BNB: US$420.69 (up by 0.82%)

USD Coin: US$0.9997 (down by 0.03%)

XRP: US$0.7663 (down by 0.85%)

Solana: US$107.62 (up by 5.21%)

Terra: US$94.67 (up by 5.29%)

Cardano: US$0.914 (up by 0.87%)

Avalanche: US$79.19 (up by 2.28%)

According to coinmarketcap, the global crypto market cap is standing at US$1.92T, indicating a rise of about 1.39% over the last day.

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Bitcoin, ETH, and USDT on Rebound! Top Cryptocurrency Prices Today - Analytics Insight

Over the past 24 hours, Bonded Luna's BLUNA/USD price rose 4.82% to $96.68. This continues its positive trend over the past week where it has experienced a 10.0% gain, moving from $87.35 to its current price. As it stands right now, the coin's all-time high is $119.39.

The chart below compares the price movement and volatility for Bonded Luna over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Bonded Luna's trading volume has climbed 6.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased inf%. This brings the circulating supply to 84.02 million. According to our data, the current market cap ranking for BLUNA is #22 at $8.14 billion.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Cryptocurrency Bonded Luna's Price Increased More Than 4% Within 24 hours - Benzinga - Benzinga

Spring Break goers define cryptocurrency to Fox News for those who don't understand how it works

Spring break goers on Miami Beach gave Fox News their definitions of cryptocurrency, saying its "the future of the financial system."

"Cryptocurrency is like a digital universal currency thats used online," a Canadian resident visiting Miami told Fox News. "Its kind of like stocks. It can go up or down. They fluctuate with the market, I guess, depending on the current trend."

Cryptocurrency, otherwise known as "crypto," is any form of currency that only exists digitally where transactions are secured through cryptography.

Fox News Digital asked young men and women on spring break to explain crypto for those who dont understand how it works.

Kent State University students speak to Fox News about cryptocurrency (Matt Leach/Fox Digital / Fox News)

A student from Kent State University told Fox News Digital crypto is "not real money" and that it is "confusing to a lot of people."

"You can't just go to the store," and spend ten Shiba Inu, he added.

BARSTOOL'S DAVE PORTNOY: BITCOIN, CRYPTO TOO BIG TO FAIL NOW

Theres a difference between "what the mass media wants you to go for and what actual crypto is," a University of Delaware student said. "Its kind of like the difference between the S&P 500 and buying a regular stock in the stock market."

Cryptocurrency is "reverse inflation," another student from the University of Delaware said, adding that it is "taking out the banks," and giving "more money for the people."

University of Delaware student told Fox News crypto is "the future of the financial system." (Matt Leach/Fox Digital / Fox News)

A Canadian resident visiting Miami said he thinks its "OK to have a lot of mystery around" crypto."

I understand the bitcoin and stuff like that, but when you get into the NFTs and all that area I dont really understand that.

"I dont see how a picture of a monkey can sell for half a million dollars," he added.

PETER THIEL: CRYPTO WILL NEVER BE' CONTROLLED BY GOVERNMENT, UNLIKE WOKE COMPANIES'

The students expressed their opinions on the specific currencies offered under crypto.

A Kent State University student told Fox News he invested in Shiba Inu and has "probably gained about a grand from it."

"I started about a year ago. It fluctuates a lot," he said. "Im not really invested in bitcoin. I dont have that much money, so I invest in the really cheap stuff."

"I think that Dogecoin represents the power of the people taking the power from the people that are abusing it," a University of Delaware student told Fox News. "Dogecoin started as a joke, and now it has real financial value based on its demands."

However, another University of Delaware student said he "doesnt really trust things like Doge coin" because its "made up."

"Just this morning I actually made $150 dollars on crypto," he added. "Ethereum is going to the moon right now."

Wisconsin resident on spring break in Miami Beach speaks to Fox News (Matt Leach/Fox Digital / Fox News)

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A Kent State University student said he really likes crypto because it "has a lot of unknowns," which he lives for. "I have about $400 dollars invested into it, but I have over a million shares of it. So if I lose $400 dollars, I lose $400 dollars. Im in college [so] Im really not too worried about it."

A Wisconsin resident visiting Miami told Fox News, "its going to take a long time for [crypto] to become normal, and once it does, everyones going to be using it."

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Spring break goers on Miami Beach say the 'mystery' of cryptocurrency is the 'future of the financial system' - Fox Business

When we talk about cryptocurrencies, Bitcoin dominates the headlines. The harbinger of the crypto-era debuted in 2009 and is still by far the most popular currency. However, there is a dark side to it. Bitcoins energy consumption is off the charts and each transaction consumes more energy than countries like Sweden or the Netherlands. Here are 8 Bitcoin facts that will help you understand why this cryptocurrency is so bad for the environment.

Cryptocurrencies are virtual currencies that can be traded or used to buy goods and services. Bitcoin is the first and currently the worlds largest digital currency and it has triggered the launch of hundreds of other cryptos in its wake. It is decentralised, meaning that it operates free of any central control or the oversight of banks or governments and instead relies on peer-to-peer technology to facilitate instant payments. Transactions are verified by individuals called miners through high-powered computers. An increasing number of more traditional finance firms are investing heavily in the Bitcoin market, acknowledging some of its advantages such as high accessibility and proven security. Despite its popularity, Bitcoin has a dark side: its massive carbon footprint. Here are 8 Bitcoin facts to understand why this cryptocurrency is so bad for the environment.

1. The Value of Cryptos and Bitcoins Has Skyrocketed

Cryptocurrencies became popular in 2019 when pseudonymous developer Satoshi Nakamoto launched Bitcoin, the first decentralised cryptocurrency. Since its debut, the total cryptocurrency market cap has reached over USD$3 trillion. In 2021, the price of Bitcoin has reached an all-time high, exceeding USD$65,000 in value.

Figure 1: Bitcoin Market Price in USD$, 2009-2022

2. Creating Bitcoin is a Very Intricate Process

New Bitcoins are created through a process called mining, which consists of solving mathematical puzzles. As competition for this cryptocurrency grew, these puzzles became increasingly difficult, making it impossible to solve them with normal computers (CPUs). Miners now use much more efficient computers called ASIC systems, which require a substantially higher amount of electricity to work. Bitcoin also uses a software code, known as Proof of Work (PoW), that necessitates the use of massive computer arrays to validate and secure the ever-growing number of transactions worldwide.

3. Bitcoin Data Centres are Huge and Expensive to Run

Bitcoins are created in massive data centres, often referred to as mining farms. They consist of thousands of ASIC servers that cost anywhere from a few hundred dollars up to about USD$10,000. These servers are typically kept running incessantly as they are continually mining for Bitcoins. It is imperative to have massive cooling systems in mining farms to prevent servers from overheating. This, however, significantly increases the electricity costs associated with running these massive data centres.

4. Bitcoin Mining Requires Huge Amounts of Electricity

Bitcoins require massive amounts of energy. Each transaction uses around 2,100 kilowatt-hours, equivalent to what the average US household consumes in two months.

Furthermore, Bitcoin mining uses on average 91 terawatts-hours of electricity annually, a rate nearly seven times higher than that used to power Google searches worldwide and about 0.5% of the worlds electricity. In a year, countries like Finland, Sweden, the Netherlands, and Greece use roughly the same amount of energy. Furthermore, the fragile energy grids of some countries are threatened by crypto mining as they struggle to handle the power-intensive process. Several cities in Iran, Kazakhstan, as well as Kosovo, have often experienced long blackouts due to Bitcoin mining activities.

5. The Environmental Footprint of Bitcoins is Concerning

According to estimates, Bitcoin emits some 57 million tons of carbon dioxide annually, nearly half a ton of CO2 for every transaction. Offsetting such a huge amount of emissions would require planting 300 million trees. Furthermore, a 2018 study published in Nature Climate Change suggested that in 16 to 22 years time, the use of Bitcoin alone could push the world beyond the 2 degree Celsius warming threshold for climate catastrophe.

6. Some Countries Banned Bitcoin or Even Cryptocurrencies Altogether

Nine countries currently have a full ban on cryptocurrencies: Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia. While many governments cited environmental concerns to justify their decision, many believe that these moves come as a way to protect their financial systems. Following Chinas ban on Bitcoin, many operations moved to the US. Kentucky is by far the state that produces more carbon from cryptocurrency mining than any other, currently providing 18.7% of Bitcoins collective computing power for mining, second to New Yorks 19.9%.

7. Most Bitcoin Farms Worldwide Rely on Fossil Fuels

Bitcoin farms are often located in countries that heavily rely on fossil fuels, such as Kazakhstan, Iran, and Kosovo, raising concerns among environmentalists. Here, the already energy-intensive process has an even higher environmental impact than in countries that diversify their energy sources using renewables or even nuclear energy. In the US, Bitcoin miners often revive polluting coal plants that are on the verge of bankruptcy, accounting for a huge rise in emissions and threatening a partial resurrection of coal in the country. Others are using fracked gas, another energy source that is responsible for heating the planet.

8. What Alternatives Do We Have to Bitcoin and Are These Any Better?

The short answer is yes. There are so many better alternatives to the worlds most well-known cryptocurrency. On average, other cryptos use 99% less electricity than Bitcoin. According to a recent campaign launched by Greenpeace with the slogan Change the Code, not the Climate, a simple change in Bitcoins software code could significantly decrease the energy it requires to be created and used. If this were to happen, it would not be the first time: one of Bitcoins main competitors, Ethereum, recently announced its transition to a less energy-intensive code, cutting its electricity usage by 99.9% and drastically reducing its impact on the environment.

You might also like: Environmentally Friendly Cryptocurrency: 5 Leading Cryptos and 3 Ways Others a Follow Suit

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8 Bitcoin Facts: Why is This Cryptocurrency Bad for The Environment? - EARTH.ORG

Cryptocurrency holders often want to put their assets into an entity for a host of reasons, such as asset protection, arranging negotiated management rights and exit planning. This post discusses basic federal income tax issues related to holding cryptocurrency inside a partnership (meaning any entity taxed under Subchapter K* of the Internal Revenue Code; the Code).

The IRS treats cryptocurrency as a form of property, and generally the Code does not immediately tax property contributions to partnerships. However, there are important exceptions to the nonrecognition rule, the most prominent of which is Code Section 721(b). The foregoing exception states that the general nonrecognition rule does not apply for a transfer to a partnership that would be an investment company under Code Section 351.

The Treasury Regulations provide that a transfer of property is treated as a transfer to a partnership investment company if two conditions apply. First, the transfer results in diversification of the transferors interests, and second, immediately after its receipt of property, more than 80% of the value of the partnerships assets (excluding cash and nonconvertible debt obligations from consideration): (i) are held for investment purposes, and (ii) consist of readily marketable stocks or securities. Diversification requires each investor to transfer different appreciated assets to the same partnership (contributing identical assets obviously provides no diversification). With respect to the ultimate composition of contributed assets, a portfolio is considered diversified when not more than 25% of the total assets of the partnership are invested in the stock or securities of any one issuer, and not more than 50% of the value of total assets is invested in the stock and securities of five or fewer issuers. Stated differently and simplistically, the diversification rule is one of the Codes toll charges on attempts to use Subchapter K to create mutual fund type investments on a tax deferred basis.

If a cryptocurrency is classified as a commodity under the Code, it may avoid the partnership investment company rules, because commodities are not included in the definition of stock or securities on which such rules rely. However, while unlikely, if a cryptocurrency is considered to be a form of financial contract, obligation to pay, or money (under the Code, money has classically been interpreted as the physical, electronic, or book representation of currency issued by the U.S. government), then the partnership investment company rules could be applicable. Cryptocurrency holders would be wise to review any new guidance discussing cryptocurrency classification. Also, as new guidance is released the partnership rules must be reexamined to determine if any assumptions on treatment are still accurate. A partnership agreement, for example, may need to be amended to account for new guidance and memorialize any necessary changes.

Cryptocurrency may have a tax basis different from its value. That raises several partnership tax concerns. First, contributors of appreciated property typically have to account for the built-in gain existing at the time of contribution whenever the partnership disposes of such an asset. Second, if the partnership attempts to distribute appreciated cryptocurrency to a non-contributing partner, the Codes mixing bowl rules may apply. The mixing bowl rules attempt to prevent both (i) shifting pre-contribution gain to a non-contributing partner and (ii) exchanging non-like kind property on a tax-free basis.

In the case of partnership distributions, the Code treats the distribution of marketable securities as money instead of property. When partnerships distribute money to partners in excess of the partners tax bases in the partnership, gain results (this does not apply if (a) property is returned to the contributor; (b) the partnership is an investment company; or (c) the partner is an eligible partner, which exceptions are beyond the scope of this post). Thus, cryptocurrency classification again becomes important. If the IRS issues future guidance indicating cryptocurrencies are monies, or courts issue rulings finding the same, partnerships that hold such assets will need to evaluate their distribution policy and partnership agreements.

Even more esoteric partnership accounting issues arise when considering reverse section 704(c) allocations for partnerships heavy on cryptocurrency assets. Reverse section 704(c) allocations arise when a partnership creates a book-tax difference by booking up or down its assets (e.g. such as when a new partner joins a partnership). The Treasury Regulations have special reverse section 704(c) rules for securities partnerships. A securities partnership is one that is not registered under the Investment Company Act of 1940 and (i) makes book allocations relative to book capital accounts, excepting reasonable special allocations for management services; (ii) on each book-up/down date, the partnership holds qualified financial assets that comprise at least 90% of the fair market value of the partnerships non-cash assets; and (iii) the partnership reasonably expects, as of the end of the first tax year in which the special rules are adopted, to revalue (book-up or down) at least annually. The special rules essentially allow securities partnerships to aggregate gains and losses from qualified financial assets using any reasonable Code Section 704(c) method. For these purposes, qualified financial assets are actively traded personal property. Certain cryptocurrencies may well be considered qualified financial assets, so the securities partnership rules may come into play. In such cases, partners should carefully review their partnership agreements to ensure they do not receive unwelcome allocation surprises.

*Partnership tax rules are very complex. This post is neither exhaustive nor intended to provide a detailed discussion of how Subchapter K applies to cryptocurrency investors. Specific questions should be addressed based on the individual facts and circumstances of the transaction and taxpayers involved.

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Thoughts on Cryptocurrency and Tax Partnerships | Gray Reed - JDSupra - JD Supra