Weekly search volume on the world’s biggest search engine for “cryptocurrency” has hit a new all-time high both in the U.S. and worldwide, according to data shared by Google Trends’ official Twitter account.

The U.S. Treasury Department has announced that it’s taking steps to crack down on cryptocurrency market transactions, requiring any transaction above $10,000 or more to be reported to the Internal Revenue Service.

Nasdaq-listed cryptocurrency exchange Coinbase is reportedly in the process of acquiring asset management firm Osprey Funds. The talks are said to be at a high level and informal at this stage.

Sponsored: Invictus Capital, the alternative investment firm offering a range of dollar-denominated backed blockchain-based investment funds, has so far offered investors unparalleled returns. In the last year the top-performing funds, Crypto20 and Crypto10 Hedged, have achieved an increase of 979% and 441% respectively, and the Invictus Margin Lending (IML) fund boasted an industry-leading performance of 20% APY.

Top stories in the Crypto Roundup today:

• Google Search Volume for Cryptocurrency Hits New All-Time High
• U.S. Treasury: Crypto Transactions Over $10,000 Should Be Reported
• Coinbase Reportedly In Process of Acquiring Asset Management Firm Osprey Funds
• Sponsored: Learn More About Invictus Capital's $10,000 Giveaway

Google Search Volume for Cryptocurrency Hits New All-Time High

Weekly search volume on the world’s biggest search engine for “cryptocurrency” has hit a new all-time high both in the U.S. and worldwide, according to data shared by Google Trends’ official Twitter account.

Search volume for cryptocurrency peaked when the price of bitcoin started dropping from a $57,000 high and included searches related to “what happened to cryptocurrency today” and “should I sell my crypto.”

Behind the increasing search interest was the crypto market crash seen earlier this week, with Bitcoin plunging to $32,000 before recovering to $39,000, and Ethereum dropping from a $4,300 all-time high down to $1,900.

Cryptocurrency prices started dropping shortly after Tesla CEO Elon Musk revealed that the electric car maker would no longer accept bitcoin payments over environmental concerns.

U.S. Treasury: Crypto Transactions Over $10,000 Should Be Reported

The U.S. Treasury Department has announced that it’s taking steps to crack down on cryptocurrency market transactions, requiring any transaction above $10,000 or more to be reported to the Internal Revenue Service.

In a press release, the Treasury Department wrote:

“As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on.”

The reporting, it added, is necessary to “minimize the incentives and opportunity to shift income out of the new information reporting regime,” even though cryptocurrencies represent a small share of current business transactions.

Per the Treasury, cryptocurrency “already poses a significant detection problem by facilitating illegal activity broadly including tax evasion.” It’s worth noting cash transactions above $10,000 are already subject to IRS reporting requirements.

Coinbase Reportedly In Process of Acquiring Asset Management Firm Osprey Funds

Nasdaq-listed cryptocurrency exchange Coinbase is reportedly in the process of acquiring asset management firm Osprey Funds. The talks are said to be at a high level and informal at this stage.

Coinbase has enough funds for an acquisition after its public listing in April and the announcement of a $1.25 billion offering of convertible notes. The exchange has been making acquisitions over the last few years, buying companies such as crypto prime broker Tagomi, infrastructure shop Bison Trails, and data platform Skew.

Osprey is known for its bitcoin fund, and for launching a fund specializing in Polkadot. Coinbase is the custodian for Osprey’s DOT fund. Asset management would be a new business for Coinbase to be in.

Liquidations by Day on Compound

Wednesday, May 19 was an interesting day all over the crypto space, as can be seen in the sudden spike in liquidations on Compound. The prices of most cryptoassets plunged that day, with BTC hitting a $32,000 low and ETH dropping below $2,000.

Learn More About Invictus Capital's $10,000 Giveaway

Invictus Capital, the alternative investment firm offering a range of dollar-denominated backed blockchain-based investment funds, has so far offered investors unparalleled returns. In the last year the top-performing funds, Crypto20 and Crypto10 Hedged, have achieved an increase of 979% and 441% respectively, and the Invictus Margin Lending (IML) fund boasted an industry-leading performance of 20% APY.

The total assets under management (AUM) of funds managed by the company's team of veteran investment professionals peaked at $112 million in February, and ended the quarter at just over $100 million — a 50% growth over the quarter. The InvictusCapital.com token (ICAP), which allows loyal investors the chance to share in Invictus Capital’s success, has appreciated over 400% since its launch in Q1 this year. 

As part of the company’s broader plan to become a global leader in alternative asset investing, Invictus has integrated Binance Smart Chain based assets for fund investments. This integration solves the pain of high fees associated with using Ethereum and Bitcoin.

To celebrate the newly launched Binance Smart Chain (BSC) feature, a $10,000 giveaway will be distributed randomly to ten lucky users. 

The promotion starts on 30 April 2021 and ends on 31 May 2021 at 11:59 GMT and it’s not available to U.S. residents. Read more about the promotion rules here.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.

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