TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Important Libra backers withdraw support for the project. Unstoppable Domains launches .crypto domains. IRS to ask if taxpayers received crypto. Ethereum and Ava Labs “Athereum” fork proposed. Binance supports XRP-pegged token, and BTC not the leading force in the crypto market anymore.
Libra Backers Withdraw Support for Libra Cryptocurrency
Four Libra backers have withdrawn support from the Facebook cryptocurrency project. Ebay, the online marketplace; Stripe, the payment processor; and Visa and Mastercard, two credit card giants, announced they were leaving the Libra Association. These former Libra backers follow Paypal, who pulled out earlier this month. This is, most likely, the result of negative regulatory sentiment from several countries around the world.
Unstoppable Domains Launches .crypto Domains
• Simplify crypto payments ✅
• Spread free speech across the globe 🌎
— Unstoppable Domains (@unstoppableweb) October 11, 2019
Unstoppable Domains, a crypto startup focused in building censorship-resistant websites, launched .crypto domains, specially tailored for cryptocurrency-related content stored on the Ethereum blockchain. These domains can be used for two main purposes: replacing cryptocurrency addresses with human-readable names, for payments, and for creating a domain that is only managed by an owner on the blockchain.
IRS to Ask Explicitly if Taxpayers Received Cryptocurrency
The US IRS (Internal Revenue Service) released a draft of its new Form 1040, Schedule 1, Additional Income and Adjustments to Income, where they will ask explicitly if the taxpayer managed any cryptocurrency in the period. The draft asks, “At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” This is part of the new policy of the IRS to push cryptocurrency traders to pay their taxes.
Ava Labs Launches Athereum, an Ethereum-Friendly Fork
Ava Labs, creators of the AVA platform and the Avalanche Consensus Protocol, is launching Athereum, a so-called spoon (a friendly fork) that’s 99% Ethereum and 1% Ava. This fork will benefit from the Avalanche Consensus and will take the vast array of applications and dApps from the Ethereum network. They will use ATH as the native token of the new platform, and developers are being encouraged to port their apps and try the possibilities.
Binance Launches XRP-Pegged Token
Binance, the world’s most important cryptocurrency exchange by volume, introduced an XRP-pegged cryptocurrency token for its decentralized arm, Binance DEX. The token, called XRP-BF2, is already available for trading through an exchange pair with Binance’s own currency, Binance Coin (BNB). This action represents another push to inject liquidity of already existing assets to the company’s decentralized exchange, as they have done before by also introducing a Bitcoin-pegged asset to fuel trading.
BTC Not the Leading Force Moving the Crypto Market
Now Bitcoin is just another cryptocurrency https://t.co/F1dXraRscy
— Bloomberg Technology (@technology) October 11, 2019
BTC price swings could have less to do with overall prices, as a growing cryptocurrency intertwined ecosystem matures, according to Indexica, a data provider. While traditional banks like JPMorgan have put the blame of the recent BTC drops onto Bakkt’s lackluster start, Indexica thinks there is a more structural reason. Indexica claims talks on a new payment system between MasterCard and R3 could have influenced the strong losses the market is experiencing lately.
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