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Speculators flock to Arbitrum IOU tokens ahead of this week’s ARB airdrop

Developers from the Arbitrum Foundation announced the launch of Arbitrum DAO and its native governance token, ARB, on March 16. Eligible users and developers will receive 12.75% of the token’s total supply of 10 billion on March 23, when the token will be deployed. 

Speculation around ARB began soon after the token launch announcement on OTC desks, derivatives exchanges and spot exchanges via IOUs (I Owe You).

BitMEX launched the derivatives contract for ARB June futures on Monday around 11 p.m. EST. The futures contracts were trading at around $1.30 at the time of writing, implying that traders are betting that ARB’s price will be near this amount by June’s end.

The futures contract allows speculators to bet on the token’s price and Arbitrum airdrop receivers to hedge their holdings. Eligible ARB holders can buy a short futures contract to sell ARB tokens at a specific amount, protecting them against the downside in the token’s price post-launch on Thursday.

ARB/USDT monthly derivatives contract price on BitMEX. Source: BitMEX

Some private Discord and Telegram OTC desks are witnessing active trading of ARB tokens for prices between $1 to $1.50. This trade is executed via a transfer of ownership of Ethereum wallets that are eligible for ARB airdrop.

Altcoins

Speculators flock to Arbitrum IOU tokens ahead of this week’s ARB airdrop

Developers from the Arbitrum Foundation announced the launch of Arbitrum DAO and its native governance token, ARB, on March 16. Eligible users and developers will receive 12.75% of the token’s total supply of 10 billion on March 23, when the token will be deployed. 

Speculation around ARB began soon after the token launch announcement on OTC desks, derivatives exchanges and spot exchanges via IOUs (I Owe You).

BitMEX launched the derivatives contract for ARB June futures on Monday around 11 p.m. EST. The futures contracts were trading at around $1.30 at the time of writing, implying that traders are betting that ARB’s price will be near this amount by June’s end.

The futures contract allows speculators to bet on the token’s price and Arbitrum airdrop receivers to hedge their holdings. Eligible ARB holders can buy a short futures contract to sell ARB tokens at a specific amount, protecting them against the downside in the token’s price post-launch on Thursday.

ARB/USDT monthly derivatives contract price on BitMEX. Source: BitMEX

Some private Discord and Telegram OTC desks are witnessing active trading of ARB tokens for prices between $1 to $1.50. This trade is executed via a transfer of ownership of Ethereum wallets that are eligible for ARB airdrop.

Market Analysis

IRS calls for public feedback on taxing NFTs as collectibles

Those wishing to offer feedback to the IRS on having NFTs treated as collectibles, such as coins or works of art, have until June 19 to submit comments.

Regulations

Why is Bitcoin rising amid collapsing banks? Watch The Market Report

On this week’s episode of The Market Report, Cointelegraph’s resident expert explains why Bitcoin is rising and why banks are collapsing.

Bitcoin

Congressional privacy proposals could kill scores of blockchain projects

Lawmakers may be on the brink of scaring blockchain projects into moving offshore or causing them to shut down altogether.

Regulations

DeFi insurance payouts amounted to $34.4M in 2022: Report

Ninety percent of all DeFi insurance claims paid out since inception were distributed in 2022, according to OpenCover.

Blockchain

These 3 Cointelegraph Markets Pro alerts generated a cumulative profit of over 100%

Newsquakes™, Twitter Volume and Most Active On-Chain alerts helped Cointelegraph Markets Pro users find three assets that had big moves.

Bitcoin

7 real-world cloud computing examples to know

From streaming videos to cloud storage solutions, cloud computing has become an integral part of our everyday lives.

Blockchain

ZenGo uncovers 'red pill attack' vulnerability in popular Web3 apps

The vulnerability has since been patched, although it affected a number of leading transaction simulation vendors.

Blockchain

Neal Stephenson on the metaverse: ‘It's happening in a different way’

Author Neal Stephenson said that many Web3 problems come from projects wanting to financialize everything very quickly.

Blockchain

Mt. Gox creditor saga: What lessons has the Bitcoin community learned?

The downfall of Mt. Gox continues to highlight the importance of greater transparency and accountability within the cryptocurrency industry.

Bitcoin

Best and worst countries for crypto taxes — plus crypto tax tips

So you’ve struck it rich in crypto? You’ll want to head to one of these countries to keep your newfound wealth.

Ethereum

Best and worst countries for crypto taxes — plus crypto tax tips

So you’ve struck it rich in crypto? You’ll want to head to one of these countries to keep your newfound wealth.

Regulations

Best and worst countries for crypto taxes — plus crypto tax tips

So you’ve struck it rich in crypto? You’ll want to head to one of these countries to keep your newfound wealth.

Bitcoin

Best and worst countries for crypto taxes — plus crypto tax tips

So you’ve struck it rich in crypto? You’ll want to head to one of these countries to keep your newfound wealth.

Blockchain

Best and worst countries for crypto taxes — plus crypto tax tips

Tax is a nightmare for compliance. And crypto taxes — which include a variety of innovative mechanisms and products that have no analog in traditional finance — are 10 times worse.

Complicating matters even further, the global industry operates across borders and jurisdictions. But there are definitely better and worse countries for the newly crypto-rich to base themselves as tax havens — even Americans who get followed around by the IRS with its hand out no matter where they are.

(The information provided is not legal or financial advice and should serve only as a starting point for further research.)

To start off, we need to define what income and capital gains are.

What is income for crypto tax?

Income tax generally covers things such as wages, dividends, interest and royalties. Within the context of digital assets, these might include income earned via mining, staking, lending, crypto-denominated salaries and even airdrops. 

Switzerland gets an A for effort with crypto taxes
Market Analysis

Best and worst countries for crypto taxes — plus crypto tax tips

Tax is a nightmare for compliance. And crypto taxes — which include a variety of innovative mechanisms and products that have no analog in traditional finance — are 10 times worse.

Complicating matters even further, the global industry operates across borders and jurisdictions. But there are definitely better and worse countries for the newly crypto-rich to base themselves as tax havens — even Americans who get followed around by the IRS with its hand out no matter where they are.

(The information provided is not legal or financial advice and should serve only as a starting point for further research.)

To start off, we need to define what income and capital gains are.

What is income for crypto tax?

Income tax generally covers things such as wages, dividends, interest and royalties. Within the context of digital assets, these might include income earned via mining, staking, lending, crypto-denominated salaries and even airdrops. 

Switzerland gets an A for effort with crypto taxes
Altcoins

Best and worst countries for crypto taxes — plus crypto tax tips

Tax is a nightmare for compliance. And crypto taxes — which include a variety of innovative mechanisms and products that have no analog in traditional finance — are 10 times worse.

Complicating matters even further, the global industry operates across borders and jurisdictions. But there are definitely better and worse countries for the newly crypto-rich to base themselves as tax havens — even Americans who get followed around by the IRS with its hand out no matter where they are.

(The information provided is not legal or financial advice and should serve only as a starting point for further research.)

To start off, we need to define what income and capital gains are.

What is income for crypto tax?

Income tax generally covers things such as wages, dividends, interest and royalties. Within the context of digital assets, these might include income earned via mining, staking, lending, crypto-denominated salaries and even airdrops. 

Switzerland gets an A for effort with crypto taxes
Weekly Overview

Web3 a hot topic at SXSW despite bear market and declining interest in NFTs

Web3 was a major theme at SXSW 2023, yet previous hype around NFTs and building during a bear market may be contributing factors to Web3 adoption.

Blockchain

SVB contagion: Australia reportedly asks banks to report on crypto

Australia’s prudential regulator has reportedly told banks to improve reporting on crypto assets and provide daily updates.

Bitcoin

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