IRS Memo Says Crypto Earned for “Microtasks” is Taxable – August 31

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $11,730

Bitcoin has had a bullish weekend, with price rallying from the $11,400 range to over $11,700 to start the week today.

Top-20 altcoins had a strong weekend of price action too, which has tapered off a little over the last 24 hours. Ethereum is up 6% today, XRP 1%, and Litecoin is up 4%.

Top Stories for August 31, 2020 πŸ”₯

πŸ‘‰ IRS Memo Says Crypto Earned for “Microtasks” is Taxable

A memorandum from the US Internal Revenue Service (IRS) has stated that cryptocurrency earned from “microtasks” is still taxable.

Microtasks are small efforts made by people in exchange for a reward or payment, such as leaving app reviews or processing data.

The IRS claims that such microtask rewards and payments of as little as $1 in cryptocurrency will be taxed.

πŸ‘‰ Uniswap Trading Volume Surpasses That of Coinbase

Decentralized exchange Uniswap surpassed Coinbase in 24-hour trading volume yesterday, in a DeFi-first milestone.

Uniswap’s volume over the 24-hour period was $426 million, almost $80 million more than Coinbase’s $348 million for the same day.

Uniswap secured $11 million in funding earlier this month to fund the development of version 3.0 of it’s protocol.

πŸ‘‰ A New YAM is in Town: SushiSwap Reaches $700M in TVL in 3 Days

It seems like the DeFi meme-coin craze isn’t over – “SushiSwap”, a clone of the Uniswap decentralized exchange, has just reached $700 million total value locked (TVL) within 3 days of launch.

SushiSwap has its very own governance token – SUSHI – which can be used to vote for updates and changes to the platform.