Announcement: BingX Partners with Blockpit to Enhance Crypto Tax Reporting for Users Globally
BingX is excited to announce its strategic partnership with Blockpit, a renowned European crypto tax solution provider. As of August 8, 2024, BingX users can effortlessly manage tax obligations with Blockpit, saving both time and money. Blockpit provides legal security, ensuring compliance with ever-changing regulations, and giving BingX users significant improvement in trading experience and confidence in their investments. BingX users receive a 15% discount on their first Blockpit license as a bonus.
With this collaboration, BingX users gain access to Blockpit’s cutting-edge tax reporting capabilities, enabling them to manage their tax obligations and streamline their financial planning effortlessly. The advanced portfolio management tools provided by Blockpit also allow users to track and optimize their investments with greater precision, ensuring they can make informed decisions in real-time. Additionally, Blockpit’s tax optimization feature minimizes taxes through strategies like tax loss harvesting, by showing potential gains or losses and the holding period of assets.
BingX embraces the importance of regulatory compliance, including taxation, as an integral part of its mission to provide users with reliable financial tools. By leveraging Blockpit’s expertise in crypto tax management, BingX aims to expand its brand awareness and empower users globally, particularly in Europe, with effective solutions for managing their crypto taxes. This partnership not only enhances user confidence but also underscores BingX’s commitment to smart financial management and adherence to local regulations.
Save the date for my next AMA on X with Blockpit’s CEO and co-founder Florian Wimmer on Thursday, August 22nd. At 11 AM UTC+2. (5 PM UTC+8) Linked here.
Full press details can be found here.
Bitcoin Remains Nearly Unchanged Following CPI Data
Bitcoin has been trading in a narrow range over the past five days as traders reassess their strategies following the broad market turbulence on August 5th. During that downturn, Bitcoin dropped to a six-month low of around $49,000 before quickly rebounding to around $62,000 on August 8th. Since then, Bitcoin has been hovering between $58,000 and $62,000, with its recovery momentum slowing, especially near the critical $60,000 mark. Ethereum has also recovered, up about 14% on the week.
Last week’s period of relative calm comes after the liquidation of over $350 million in leveraged positions, which led to a spike in Bitcoin’s volatility to levels not seen since March 2023. This wave of liquidation helped reduce extreme price swings, resulting in a more stable trading environment.
As traders and investors take a cautious approach, Bitcoin’s price has settled into a sideways consolidation; this comes ahead of key U.S. economic data, including the Consumer Price Index (CPI) released on August 14th. Trading economic data showed that the US inflation rate for July was slightly lower than expected, with the year-over-year headline rate at 2.9%, just under the anticipated 3%. Despite the release of this data, Bitcoin’s price remained steady at around $61,000. The lack of movement indicates that the market was priced in for inflation numbers, causing Bitcoin’s value to remain largely unaffected.
For now, traders are holding off on making significant moves until there’s more clarity on the economic outlook. This cautious sentiment has contributed to reduced volatility and more stable prices, with Bitcoin trading within a potential bull pattern, supported at $59,000 and capped at $62,500.
Article Highlight
I was able to cover one of the most buzzed-about topics of the year with Economy Middle East: Ethereum ETF: Will other cryptos join the bandwagon? The approval of Ethereum ETFs brings more legitimacy to cryptos; check out the full details here.
BingX was voted number one in Be In Crypto’s Top Most Safe Crypto Exchanges article! The prestigious outlet highlighted our withdrawal protection, insurance coverage, and fund safety. Check out the full story here.
About Me
I’m very excited to share my interview with Cointelegraph. From social trading to comprehensive educational resources, BingX aims to make crypto trading accessible and secure for everyone. Read more about that here.
Check out the exclusive Coingape interview and gain insights into the strategic partnerships driving BingX’s growth and impact in the crypto space.
Check out my commentary on the impacts of the Bitcoin halving with Coinpost here.
Interview with Yurufuwa at TOKEN2049.
I had a fantastic chat with WU Blockchain about BRC20, BingX’s strategy in 2024, and my professional background. Check out the article linked here!
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article. Not financial advice.
