Bitcoin Mining Difficulty Surges, EU Tightens Crypto Tax Grip, & Reddit’s Shift from Community Points

Written by BTSE

October 18, 2023

Bitcoin Mining Difficulty Surges, EU Tightens Crypto Tax Grip, & Reddit's Shift from Community Points

Bitcoin (BTC) displayed resilience, dipping to $28,100 and then rebounding near $28,500 as the sun rose in Asia, marking a slight uptick over 24 hours. In contrast, Ethereum (ETH) slipped 1.8% to around $1,560, hitting its lowest in 15 months compared to BTC. In the DeFi sector, UniSwap’s token (UNI) declined by almost 7% following Uniswap Labs’ announcement of a 0.15% fee imposition on specific trades from Tuesday. Furthermore, the Sui blockchain’s native token (SUI) dropped 7.6% after South Korean Financial Supervisory Service’s director hinted at possible token supply manipulation by the Sui team through staking, an allegation the Sui Foundation promptly labeled as “materially false.”


What to Watch Out for Today


1. Bitcoin Mining Difficulty Soars Pre-Halving: Bitcoin mining has become even more challenging with a 6.47% rise in its difficulty level, reaching an all-time high. What’s pushing this? The Bitcoin halving event is about 6.5 months away and some foresee rising energy costs due to global tensions. What’s the takeaway? Miners are likely scrambling to maximize returns, so crypto investors, brace yourselves for potential market turbulence as the halving event nears. Long Bitcoin?


2. EU Sets Sight on Crypto Tax Oversight: The European Union is clamping down on crypto, with new rules that share data on individual crypto holdings among tax authorities. What’s the big deal? This move ensures crypto companies report customer holdings, covering a spectrum from stablecoins to NFTs. The directive is to tackle tax fraud and align with the EU’s other regulations. How does this matter? Crypto service providers in the EU, gear up for stricter reporting standards. For potential investors, this is a sign to understand the legal landscape before diving deep.


3. Reddit Pulls Back from Community Points: Reddit is discontinuing its Community Points and Special Memberships. The reason? Challenges in scalability and a hazy regulatory environment. But there’s a twist – while it shelves these features, Reddit isn’t abandoning its core concepts and will redirect resources accordingly. Why should you care? If you’re into meme tokens like MOONs and BRICKs or are keen on Reddit’s crypto ventures, recalibrate your strategies based on their shifting approach. 


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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