All right welcome back everybody to altcoin daily, my name’s Austin in today’s video. I want to share with you the latest news involving polka dot involving polygon and avalanche, as well as lower cap altcoins, and much more if you’re interested in making money with cryptocurrency click subscribe right now we drop a video every single day, demystifying this cryptocurrency market. Let’s jump in starting with is this causing the crypto market sell-off, as you may or may not know, the iris has a rule that if you buy an investable asset and it goes down in that tax year, you can sell it at a loss and eventually write It off on your taxes, keep in mind I’m not a tax professional, so consult one. If you want the specific details on how this works, but essentially this is used by big big money in the space to kind of work. The system now usually you do have to hold an asset like this for at least 30 days, for this tax harvesting rule to apply, but that 30-day hold rule is not yet in effect for crypto.
So that means that anybody that bought a 55 65 50 000 bitcoin just two weeks ago, the market now dipped, so they can sell at a loss, tax harvest and then buy back in early next year. Not saying that will happen, I’m just saying smart money usually takes advantage of things like this. This is a two-minute clip watch. This bitcoin prices have tumbled over the past month down now about 25 since mid-November the decline coming at the perfect time, though, for some crypto investors, Robert frank is here to explain to us why, Robert good morning, Andrew crypto, investors have about two and a half weeks To take advantage of a tax loophole that could be ending now under current law, crypto holders are exempt from the so-called wash rule. That rule requires investors to wait at least 30 days before buying back a security that they sell for tax losses.
So if you bought bitcoin at 65 000 and you sell today for about 47, you could use that 18 000 loss to offset any gains and then immediately buy it back to stay invested in the market, and all this is likely to change next year. That’S because the democrats build back better plan includes a rule eliminating the wash rule exemption for crypto tax advisors. Recommend investors sell the tranches with the highest cost basis before january 1st.
Also starting january 1st crypto platforms like coinbase and gemini, they will be required to report customer holdings to the irs so andrew the days of under reporting your crypto taxes may be numbered, so you, but you so you think that everyone’s just trying to get sell now Or you think they’re going to try to buy in i mean how, now that the price is so low. What do you think people are doing exactly?
What’S the trade exactly if you look at the number of investors of retail investors who came into bitcoin when it was in the high 50s or 60s, it is a vast number of that retail crowd. And so what we’ve seen in the data is that a lot of them are selling and you look at well. Why would they sell at a loss?
It’S those it’s those tax losses and again, because you can just jump right back into bitcoin. Some of them may be waiting.
Some of them may be jumping back in now that lack of the wash rule allows them to stay invested but still harvest that loss, and they can use that all right. Pretty interesting. Give me your take on this down below in the video comment section.
I really would love to know how much credence you put into something like this, but as i get more info i’ll keep you updated and let’s keep moving and let’s talk about altcoins so check the timestamps down below. But let’s start with polka dot.
Parachains are now live on, polka dot, meaning the first blocks are being produced and just to clue everybody in what is a pair chain pair chains are a set of individual block chains that will run in parallel with the polka dot ecosystem, so full interoperability with the Relay chain, which is the polka dot main chain and the first pair of chains that will lease a slot on polkadot’s relay chain for up to 96 weeks, are aquila, moonbeam, parallel finance, astar and clover. So this is live. This is happening right now and in a quote from dr gavin wood, who is the co-founder of ethereum and founder of polkadot?
No single blockchain design works optimally for every use case. Each chain comes with trade-offs, making it good for some applications and not for others.
The parachain model was created with the belief that the future of web 3 will involve many different types of blockchains working together. So the first five in batch one are live and polka dot will ultimately allocate 100 pair chain slots in batches to different blockchain projects built on the network over the coming months. It’S important to understand that, while the first batch of parachain slots were allocated via an auction process, polkadot said it will not provide all slots through a similar process.
So i guess not: all 100 will be auctioned off. The first five were the next six will, but not all 100.
I guess i didn’t know that and in conclusion right now, polka dot has commenced preparations for the second batch of the parachain auction process, which is slated to begin on december 23rd 2021 and will feature a total of six auctions. If you know of a project that you would love to see in the polka dot ecosystem get a pair of chain comment below, but let’s keep moving next up. Big big big news for nft adoption as shopify now allows merchants to mint and sell nfts on their platform.
So they have teamed up, slash integrated with gig labs, which i guess is an organization that specializes in offering tools to operate with nfts and now shopify. One of the biggest e-commerce sites on the planet now has this functionality and, in their own words, are able to tap in to a thriving nft market, pretty freaking cool and by the way, it’s not just for nfts on ethereum.
But the company clarified that customers are able to mint non-fungible tokens on polygon near and flow, as well pretty cool to see the progress. As i get more information, i will keep you updated next piece of big news for x-cad network. They just had a major strategic investment with jump trading, so let’s go over exactly what this means and first off who exactly is jump trading jump trading headquartered in chicago, although they are worldwide, is a major global trading, firm, active in futures options and equities markets globally.
They are one of the biggest liquidity providers in the world for the cryptocurrency market and they have made similar investments with other notable crypto projects like chili’s, like solana. So this is a pretty big get for x-cad, because this potentially should open up some doors for them.
On the global trading markets, jump trading provides liquidity for major assets within the space and will be adding liquidity to x-cad on current and upcoming exchanges. Furthermore, jump will also be providing liquidity for x-cad’s fan tokens on any centralized exchanges they may be listed on. So x-cad is a social token and for all those creators launching their own tokens on x-cad, i guess jump trading will be providing liquidity for the fan tokens as well.
In a direct quote from xcad ceo, we have the biggest names in youtube. Now we have one of the biggest names in the investment world, we’re very excited to have major backing from jump trading and believe they will help to shape us into a major player in the crypto space.
What they have been able to achieve with other projects is incredible. Hopefully now people will start to see the direction we’re headed with x-cad, and we look forward to sharing more major partners with the community soon all right. This is the progress i’d love to see and by the way, while the mainstream media is silent on things like this, they won’t report altcoin daily will find the news and bring it to you.
So you are in the know, and next up i want to take 60 seconds and give a big. Thank you.
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Gamespad is the ultimate gaming, nft and metaverse ecosystem and animoka brands is a global leader in gamification and blockchain, with a portfolio of over 100 investments in nft, related companies and decentralized projects contributing to building the open metaverse. So just something to keep on the radar. I’M invested in this project and i liked this write-up from yahoo finance on what gamespad is gamespad is the ultimate gaming, nft and metaverse ecosystem that brings together a decentralized vc, multi-chain launchpad game incubator, as well as in-house game development, studios and much more so just interesting To me to see what the mainstream media is writing about is talking about and on top of animoka gamespad is proud to announce polygon as a strategic investor as well, so pretty interesting stuff alrighty next piece of altcoin news van eck adds polygon and avalanche to its Etn offerings so etn stands for exchange, traded notes and venek is a global investment manager that just added two coins and for context.
The company has already launched such products on bitcoin, ethereum, polkadot, solana and tron. Now two more and what i like about this is each exchange.
Traded note are fully backed by that asset. So, let’s take, for example, polygon the vanneck vectors polygon etn with the ticker v pole is fully collateralized in matic and the exchange trade. A note provides direct exposure to the digital asset which is 100 backed by polygon and is stored in cold storage at a regulated, crypto custodian with crypto insurance same thing with avalanche, and this just provides crypto exposure to the traditional world.
Now polygon and avalanche pretty cool, but that is the video. My name is austin.
Like always see you tomorrow appreciate you.