Dogecoin co-founder sold some of his Ether at a low price to make ‘negative money’
- Sell ETH to pay 2022 taxes on NFT sales
- Ethereum Recovers $1,400
Billy Marcus, who co-created the original meme coin DOGE with Jackson Palmer in 2013, took to Twitter to comment on current cryptocurrency prices and taxes on cryptocurrencies and NFTs.
He sold a “large amount of ETH” in late December before the price spiked by about 20%.
Sell ETH to pay 2022 taxes on NFT sales
Markus said he had to sell part of this Ethereum while it was trading at the $1,190 level to pay taxes last year. Ethereum hit its new low on December 20th. Three days ago, the price was hovering in the $1,170 range, but on December 20th, the price increased, reaching $1,210 and then up to $1,220.
Therefore, the Dogecoin co-founder had to sell the cryptocurrency a little early. “Welcome to this rally, folks,” he added sarcastically.
Sold lots of ether for $1190 to pay taxes for 2022
Welcome to this rally, everyone🤣
— Shibetoshi Nakamoto (@BillyM2k) January 12, 2023
In a comment thread, Markus said that he had sold some NFTs earlier in the year and would have to pay taxes using fiat-converted ETH. According to his explanation, the state of California and the U.S. Internal Revenue Service charge sellers “53 percent of the selling price at the exact moment of sale.”
As reported by U.Today, in early February 2022, Markus tweeted that he had submitted three NFTs from a collection he created on the OpenSea crypto market. Their lowest price was 0.088 ETH per unit.
He described these non-fungible tokens as “little dog pixel art NFTs with big dreams.”
I sold my NFT. When you do business with cryptocurrencies, you always have to pay taxes, but you were actually making negative money because you owed more debt than your cryptocurrencies were worth.
Ethereum Recovers $1,400
Over the past 24 hours, the second-largest cryptocurrency, ETH, followed the leading coin, BTC, as the latter suddenly regained $18,000 and continued to grow, according to CoinMarketCap. Ethereum, following in Bitcoin’s footsteps, rose almost 5%. This has seen 12% growth over the past week.
In the first week of January, Ethereum surged from $1,262 to $1,340, up about 10% in a few days. Now, following Bitcoin’s surge, Ether was able to recapture her $1,400 level.
The ETH community has been holding high hopes since mid-September, when the Merge upgrade was implemented and Ethereum moved from a proof-of-work consensus model to a proof-of-stake model. , Environmentally Friendly.
Bitcoin maximalists like Max Kaiser continue to call Ethereum a “centralized scam.”
Withdrawals from Ethereum 2.0 deposit contracts will begin after the Shanghai upgrade, which is scheduled to begin in February, so many expect stakers to withdraw large amounts of Ether from there.
This could lead to further price drops. As reported by U.Today over the weekend, several anonymous whales reached $400 by betting on ETH by the end of June. So they bought his 26,000 ETH put option at a $400 strike price (the price at which he could sell ETH even if it fell).