Backpack: Today, all users with active positions will receive double loyalty points. Users can apply for compensation in case of unexpected loss during maintenance period.
On July 3rd, Backpack officially announced on social media that "today all hodlers will receive double loyalty point rewards. For users who have encountered unexpected losses during the maintenance period, please send an email to the official Backpack mailbox, and we will provide compensation after investigation and confirmation."
4 minutes ago
U.S. Senator Cynthia Lummis Introduces Comprehensive Cryptocurrency Tax Reform Bill, Proposing Tax Exemption for Small Transactions and Elimination of Double Taxation on Staking
On July 3rd, U.S. Senator Cynthia Lummis introduced a comprehensive digital asset tax bill today. This has achieved several key victories for the crypto industry and is striving to create a level playing field for all American digital asset users.
Cynthia Lummis stated, "To maintain America's competitive edge, we must reform the tax law to adapt to the digital economy instead of burdening digital asset users. Public input on this legislation is welcome as we aim to present it to the President's desk soon." According to the Joint Committee on Taxation, it is estimated that the bill will generate approximately $600 million in net revenue between fiscal years 2025 and 2034. The bill proposes reforms to various digital asset tax issues, including:
· Exemption of small transactions from tax: Establish a $300 de minimis rule.
· Elimination of double taxation for miners and stakers.
· Tax parity between digital assets and traditional financial assets (such as lending, wash sales, mark-to-
4 minutes ago
Analyst: Bitcoin Nearing All-Time High But Traders Still Showing Bearish Sentiment, Surge in Short Positions Could Trigger Potential "Short Squeeze"
On July 3rd, Coindesk analyst Oliver Knight pointed out that although the trading price of Bitcoin exceeded $110,000 and was approaching its all-time high, traders still demonstrated bearish sentiment. The long/short ratio decreased significantly from 1.223 (favoring longs) to 0.858 (favoring shorts).
The data indicates that the open short positions have increased from $32 billion to $35 billion, suggesting an inflow of funds into bearish positions and a lack of confidence in Bitcoin's continuous upward trend. Currently, Bitcoin is still fluctuating between $100,000 and $110,000. Technical indicators such as the RSI show bearish divergence. Traders in this range are using short-term strategies for arbitrage.
With the increase in short positions, there is also a potential bullish situation in the market: a short squeeze. If Bitcoin breaks above its all-time high and triggers forced liquidation points and stop-loss orders for shorts, it could quickly increase buying pressure and furthe
4 minutes ago
US Stock BMNR Extends Gain to 121.98%, Weekly Gain Exceeds 2944%
On July 3rd, based on market data, the stock price of Bitmine Immersion (BMNR) in the US has witnessed a 121.98% increase. It is currently trading at $129.86, with a weekly gain exceeding 2944%.
Bitmine Immersion (BMNR) previously announced the completion of a $250 million large-scale private placement. The raised funds will mainly be used to increase their holdings of Ethereum and are intended to be used as a core reserve asset. Meanwhile, they will continue to maintain their core Bitcoin mining business.
4 minutes ago
US Stock BMNR Extends Gain to 64.2%
On July 3rd, based on market data, the stock price of Bitmine Immersion (BMNR) has seen a significant surge of 64.2%, currently trading at $96.06. It has achieved a weekly gain of more than 2117%.
Bitmine Immersion previously announced the successful completion of a $250 million large-scale private placement. The raised funds will mainly be used to increase their holdings of Ethereum and is intended to designate it as a core reserve asset. Meanwhile, they will continue to maintain their core Bitcoin mining business.
4 minutes ago
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