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Bitcoin Price Today – October 12th, 2019

by Alan Daniel
, Bitcoin Price Today – October 12th, 2019

The bitcoin price today is $8374.03. With that, let’s take a look at the latest events that might be present in the bitcoin price today.

Bitcoin Price Today and Crypto Events

Bitcoin ETF Proposal Does Not Meet SEC Requirements

The U.S. Securities Exchange Commission (SEC) has rejected the Bitwise bitcoin exchange-traded fund (ETF) proposal again, to no one’s surprise. It seems like the SEC is still not ready to accept the Bitwise bitcoin ETF proposal and will keep it on hold for now. The regulators doesn’t believe that the current plan will contribute to stability, safety, and the protection of bitcoin investors. Bitwise is just one organization among many who’ve filed their bitcoin ETF proposals to face regulatory hurdles.

Cryptocurrency investors are split on the value of a bitcoin ETF and if it makes sense in a “not your keys, not your coins” era. If the main value of the blockchain is to dis-intermediate and connect investors directly to digital assets, the deployment of ETFs and other third party offerings may not adhere to decentralization principles.

Key players in the bitcoin ETF sector include Bitwise Asset Management and NYSE Arca.

The IRS Clarifies Cryptocurrency Taxes

Uncle Sam, or more specifically, the IRS, is helping you understand what you need to know about bitcoin and cryptocurrency taxes. Cryptocurrency investors can use these guidelines to minimize their current tax confusion on crypto asset holdings. The Internal Revenue Service notes essential issues such as cryptocurrency forks. The IRS also offers guidance on ways to assess and report earned cryptocurrency. Further, it states how to assess what you will owe to the Internal Revenue Service when you divest your cryptocurrencies.

Here’s what you need to know.

Forks are treated as ordinary income and taxed at market value at the time that it was received according to the investors’ tax bracket.

Forks are still a contentious issue for a variety of reasons. For example, you might have an EOS or an ETC that decides to conduct an amicable fork, thereby creating a new blockchain distributing tokens equivalent to an existing holding. But there’s a problem with this rule, and if one were to go by the new tax guidelines, they would be taxed on no real gains.

Finally, a digital currency might continue to swing in value; investors might sell later, capture less value, and be liable for the initial higher value. There’s still a long way to go on cryptocurrency taxes and how investors should pay taxes on their holdings. Also, cryptocurrencies are often treated like commodities or assets. Using it as a currency would be counter-intuitive. The IRS will still deem spends of cryptocurrency as a sale and therefore a taxable event.

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