Bitcoin's trading volume has been declining in recent weeks while alternative cryptocurrencies (altcoins) such as ether have risen to new highs in price. BTC, the world's most valuable cryptocurrency by market capitalization, has dropped roughly 2% in the last week, compared to ETH's 1.5 percent gain and Solana's SOL token's 17 percent gain.
Because of falling trading volume, the crypto exchange had a negative earnings surprise in the second quarter. The cryptocurrency exchange's stock has risen roughly 40% in the last month, compared to a 10% rise in bitcoin and a 25% rise in ether during the same period.
The crypto business was concerned about a tax reporting provision in the bill that aimed to broaden the IRS' definition of a broker. Under the existing tax rules, all brokers would be required to report transactions.
Bakkt Holdings, which is owned and run by the Intercontinental Exchange, is one of the major regulated cryptocurrency platforms that offers Bitcoin services to its customers. Bakkt's clients will be able to buy, sell, send, hold, and spend ether, Ethereum's native coin (ETH). They will also be able to send ETH straight to family and friends using the Bakkt App.
The Federal Bureau of Investigation (FBI) has issued a warning about an increase in fraudulent schemes involving cryptocurrency automated teller machines (ATMs) and quick response (QR) codes.
Scammers are urging victims to use physical crypto ATMs and QR codes to complete financial transactions, according to the FBI.
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