Jon Kutsmeda TV's video: CRYPTO BLITZ -- Nov 07 2021 -- The Sunday Signal

Welcome to the Crypto Blitz, where I “tackle” all things crypto, and the week’s biggest news in digital assets. After surging 7,500% in under 4 hours, the ‘Squid Game’ cryptocurrency crashed to $0, wiping out all investors. Several celebrities and politicians announced they have chosen to take at least a portion, if not all of their income in Bitcoin. The names included comedian and podcaster Joe Rogan, NFL quarterback Aaron Rodgers, newly elected NYC Mayor Eric Adams, as well as Miami mayor Francis Suarez, and Tampa Bay mayor Jane Castor. The Commonwealth Bank of Australia will become the country’s first bank to offer customers the ability to buy, sell and hold the cryptocurrencies bitcoin, Ethereum, bitcoin cash, and Litecoin. The NFT NYC Conference kicked off on Monday to more than 5,000 attendees and satellite event participants. The highlights from the event were many, including an announcement by Quentin Tarantino that he is auctioning off seven exclusive NFT’s that will feature hand-written uncut scenes from the original Pulp Fiction screenplay, which for 25 years has remained in his office untouched. During the final day of the event the topic of conversation among panelists and spectators was regulation and taxation. Specifically, some very unfriendly legislation that was inserted into the $1.5 trillion infrastructure bill, which was just passed late Saturday evening. A provision in the bill amends tax code section 6050i to now include cryptocurrency and digital asset transactions. Under the law, which was written almost 40 years ago, in-person CASH transactions over $10,000 require the RECIPIENT to record the nature of the transaction, and verify the sender’s personal information by collecting their Social Security number and other related information on a form that is submitted to the government. Unlike other tax code violations, failure to comply with collecting the information and submitting the form within 15 days of the transaction is treated as a felony. This creates a tremendous obstacle for the NFT community, especially the artists who would be required to collect this information since they are the recipients of the funds. Certain exchanges and marketplaces that KYC their customers, will likely already have this information, but it will be the burden of the artist, or whoever receives the proceeds from a sale, to file the form or potentially face felony charges. On a more positive note, Ethereum set a new all-time high, while Bitcoin remained above $60,000. The biggest gainers on the week worth noting were Solana, Avalanche, and Polkadot, each up over 20%, with Solana leading the pack up 30%. The biggest losers were HEX and SHIBA both down over 10%, with DOGE also down slightly at the end of the week. …and that’ll do it, for this week’s Crypto Blitz. Every Sunday Jon Kutsmeda recaps the previous week in financial markets on the "Sunday Signal". He also discusses the week ahead while sharing pro level insight from expert guests. This clip is from an episode that was aired on Nov 07, 2021 for a segment called the "Crypto Blitz". To make sure you always get your weekend finance fix, please subscribe to my channel. (https://youtube.com/user/JonKutsmeda) You can also follow @TheSundaySignal on twitter (https://twitter.com/TheSundaySignal) and Jon on Instagram. (https://www.instagram.com/JonKutsmeda/)