Crypto Markets Mixed; Coinbase To Handover Customers Data to IRS

Date | 26-02-2018 - 03:09 PM Article Type | Stock Markets Region | World


@ cryptocurry: Behind Cryptocurrency - Crypto markets were mixed on Monday, but reports that Coinbase, the U.S. largest crypto-exchange, would turn over data of 13,000 customers to the Internal Revenue Service (IRS) have gathered some attention.

Bitcoin was trading at $9,607.4 by 1:15pm ET on the Bitfinex exchange, down 0.36% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, gained 1.14% at $848.02 on the Bitfinex exchange.

Ripple’s XRP token, was down 1.85% to $0.88910 on the Poloniex exchange.

Meanwhile, Litecoin surged 8.63% higher at $222.83.

Coinbase reportedly sent an official notice last Friday to notify 13,000 of its customers that their information, including their taxpayer ID, name, birth date, as well as historical transaction records, would be sent to the U.S. IRS.

It was reported last year that the IRS requested Coinbase to hand over even more detailed information in an attempt to catch those who cheated on their taxes.

Elsewhere, Litecoin surged more than 8%, thanks to the bullish remarks from its founder Charlie Lee on Sunday, who predicted his digital currency would be worth more than bitcoin cash this year.

“The flippening (ETH>BTC) will never happen. But the flappening (LTC>BCH) will happen this year,” said Lee on twitter. Litecoin would reportedly launch its payment platform Litepay later today.

Report came earlier this month that the processor would give Litecoin quicker transaction times than Bitcoin at lower fees. In addition to LitePay, Litecoin creator Charlie Lee also announced on his twitter account that another payment processing service LitePal would be launched later this year.

“LitePal is a Litecoin-first payment processor. We envision a cryptocurrency world where Litecoin is utilised by merchants from all over the world; one streamlined, simple, less confusing process,” said Lee.

Author: Heng V. Mony
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