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Reporting cryptocurrency when filing taxes can help investors offset their losses. 2022 was tough for the crypto market. A recent report published by security services platform Immunefi found that the crypto industry lost a total of $3.9 billion in 2022.  Detrimental losses such as these are often concerning for crypto investors, yet there may be a silver lining behind decreasing assets for investors reporting crypto on their taxes. Lisa Greene-Lewis, a certified public accountant at TurboTax, told Cointelegraph that while crypto investors made huge gains in 2021, this changed drastically in 2022. “We have seen a crypto winter occur, and TurboTax wants to help investors cope with their losses,” she said. According to Greene-Lewis, tax-loss harvesting is the most important notion to keep in mind when it comes to saving money when filing taxes. She said: “With crypto, you can offset gains with losses. Any leftover losses can be offset up to $3,000 against ordinary income like wages. Los...

Market uncertainty calls for an opportunity to take advantage of disruptive innovation which has historically "gained share during turbulent times," says ARK Invest CEO. ARK Invest CEO Cathie Wood believes that digital wallets and blockchain tech were among “game-changing innovations” that the equity markets largely ignored in 2022.  In a Jan. 12 blog post on the ARK Invest website, Wood suggested that the equity market faced a “wall of worry” in 2022, caused by fears of entrenched inflation and higher interest rates, and largely ignored a number of innovative technologies. Wood highlighted that digital wallets are “replacing cash and credit cards,” noting that they overtook cash as the top transaction method for offline commerce in 2020. Further arguing that digital wallets should not be overlooked, she noted that they also accounted for approximately 50% of global online commerce in 2021. After the most difficult year ever in the equity market for innovation-based str...