List of questions about [Cryptocurrency]

Crypto Plunge: What’s Happening?

The cryptocurrency market is a rollercoaster, and today, it’s taken a nosedive that’s left investors scrambling for answers. If you’ve typed why is crypto down today or why is crypto going down  into Google.

The global crypto market cap has dropped to $3.24 trillion, with major players like Bitcoin (BTC) and Ethereum (ETH) facing significant declines. Whether you’re a seasoned trader in the U.S., or an investor managing portfolios in euros,

this article dives deep into why crypto is down today and what it means for your next move. Buckle up as we unpack the reasons behind this crypto crash and offer insights to help you make informed decisions.

What’s Driving the Crypto Market Down Today?

The crypto market is notoriously volatile, but today’s downturn has specific triggers that are shaking investor confidence. why crypto is down and explore the context behind the plunge.

1. Geopolitical Tensions Fuel Risk-Off Sentiment

Geopolitical uncertainty is a major driver of today’s crypto market decline. Recent escalations, particularly between Israel and Iran, have sent shockwaves through global financial markets. Investors are pulling back from risk assets like cryptocurrencies, favoring safer havens like gold or U.S. Treasury bonds. For example, a cyberattack on Iran’s largest digital asset exchange, No bitex, drained $82 million, with the Israeli-linked hacking group,  Gonjeshke Darande , claiming responsibility. This incident has heightened fears, contributing to a 1.6% drop in the global crypto market cap to $3.28 trillion as of June 18, 2025.

Navigating cryptocurrency taxes can be a headache, but TurboTax cryptocurrency tools make it easier for investors in the U.S., UK, and beyond. Whether you’re a beginner trading Bitcoin in USD or an experienced trader managing portfolios in GBP or CAD, TurboTax offers robust crypto tax software to simplify reporting. This guide explores how to do crypto taxes on TurboTax, answers whether TurboTax does crypto, and provides tips for seamless tax filing in 2025.

Does TurboTax Do Crypto?

Yes, TurboTax supports cryptocurrency transactions, making it a top choice for crypto tax software. It integrates with major exchanges like Coinbase, Binance, and Kraken, allowing users to import trading data directly. This feature is especially helpful for U.S. investors filing with the IRS or UK investors reporting to HMRC, ensuring compliance with local tax laws.

• Why it matters: TurboTax streamlines reporting for capital gains, losses, and income from crypto trading or staking.
• Best for: Beginners and experienced traders in countries with complex crypto tax regulations.
• Key feature: Automatic import of up to thousands of transactions, saving time and reducing errors.

how to do crypto taxes on TurboTax?

Heres a step-by-step guide tailored to your trading experience and location:

1.Choose the Right TurboTax Version:

2.Import Your Transactions:

Connect your crypto exchange accounts (e.g., BYDFi, Coinbase) to TurboTax. TurboTax aggregates data from platforms like Bitcoin (BTC), Ethereum (ETH), and more, calculating gains or losses automatically.

For manual entry, download CSV files from your exchange and upload them to TurboTax.

3.Categorize Transactions:

Classify trades, staking rewards, or airdrops as capital gains or income, per IRS (U.S.) or HMRC (UK) guidelines. TurboTax guides beginners through prompts, while experts can customize entries for complex DeFi or NFT transactions

4.Review and File:

TurboTax generates IRS Form 8949 for U.S. users or equivalent forms for other countries, ensuring compliance. Double-check calculations, especially if trading in multiple currencies (USD, GBP, CAD).

Why TurboTax Is a Top Crypto Tax Software

TurboTax stands out for its user-friendly interface and robust crypto support, making it ideal for:

• Beginners: Simple prompts guide new traders in the U.S. or Canada through tax reporting.
• Experienced traders: Advanced features handle high-volume trades or DeFi activities.
• Global users: While U.S.-focused, TurboTax’s tools can adapt for investors in the UK, Australia, or EU, though local regulations vary (e.g., ATO rules in Australia).Key Considerations for Crypto Taxes
• Local Regulations: U.S. investors face IRS scrutiny on crypto gains, while UK traders report to HMRC. Check your country’s tax laws to avoid penalties.
• Currency Impact: If trading in GBP, EUR, or AUD, convert crypto gains to your local currency for accurate reporting.
• Trading Experience: Beginners should stick to major coins like Bitcoin, while experts may need TurboTax for complex transactions like staking or cross-chain transfers (e.g., via the Wormhole protocol).
• Cost Tracking: Use TurboTax to track your cost basis, especially for volatile assets like Bitcoin or Ethereum.

Tips for Stress-Free Crypto Tax Filing

• Use Trusted Exchanges: Platforms like BYDFi provide detailed transaction histories compatible with TurboTax.
• Stay Organized: Track trades year-round to avoid last-minute stress during tax season.
• Monitor Market Trends: Follow crypto news on platforms like X to stay informed about tax law changes or price movements affecting your gains.
• Consult a Professional: For complex portfolios, pair TurboTax with a crypto tax accountant, especially in countries with strict regulations like the U.S. or EU.

Why 2025 Is the Year to Master Crypto Taxes

With crypto adoption soaring and tax authorities tightening regulations, 2025 is the perfect time to streamline your tax process. TurboTax cryptocurrency tools make reporting easy, whether you’re a Bitcoin beginner in New York or a DeFi expert in London. By staying compliant, you can focus on growing your portfolio.

Ready to Simplify Your Crypto Taxes?

Why Bitcoin Derivatives Are the Hottest Trend in Crypto Today

If you’ve been curious about crypto derivatives or wondering how traders make huge profits—or face enormous losses—without even holding Bitcoin directly, you’re not alone. Bitcoin derivatives have taken the cryptocurrency world by storm. These financial instruments are changing the way people trade crypto, allowing both seasoned investors and beginners to potentially amplify profits—but also exposing them to intense risks if they aren’t careful.

What Are Crypto Derivatives?

Crypto derivatives are essentially contracts whose value is tied to the price of an underlying cryptocurrency, like Bitcoin or Ethereum. Unlike buying Bitcoin outright, where you own the digital coin and store it in a wallet, derivatives let you speculate on price movements. In simpler terms, you can profit if the price goes up or down without actually holding the cryptocurrency itself.

The rise of crypto derivatives mirrors the evolution in traditional finance, where instruments like futures, options, and swaps have long been used to manage risk and leverage opportunities. Today, these tools have found a natural home in crypto, where market volatility and 24/7 trading create both extraordinary possibilities and potential pitfalls.

Why Are Crypto Derivatives So Popular?

There are several reasons why crypto derivatives have become a favorite among traders:

1- Leverage: Borrowed funds can magnify gains—but also amplify losses.

2- Flexibility: Profit whether Bitcoin’s price rises or falls.

3- Hedging: Protect your crypto portfolio from sudden downturns.

4- Accessibility: Trade anytime from anywhere, whether in USD, EUR, or stablecoins like USDT.

When you decide to use a Crypto ATM, you are paying for one primary benefit: convenience. But what is the actual price of that convenience? While the machines are straightforward to use, their fee structures can be opaque, often costing you far more than you realize. As a responsible investor, understanding these costs is non-negotiable. This guide will shine a light on the fees, breaking down exactly how they work and what you are truly paying.

The Two Fees You Pay: The Obvious and The Hidden

The total cost of a Crypto ATM transaction is typically made up of two distinct parts. The first is the service fee. This is the most transparent cost, usually displayed on the screen as a direct percentage of your transaction. It is a commission that the ATM operator charges for their service, and it can range anywhere from 5% to over 10%.

The second, and often much larger cost, is the exchange rate spread. This is the hidden fee. The price the ATM offers you for Bitcoin is not the real-time market price that you would see on an online exchange. The ATM operator adds a significant markup, or "spread," to the price. Think of it like exchanging currency at an airport kiosk versus at a bank; you always get a worse rate at the kiosk. This spread can easily be an additional 5% to 10% above the true market rate.

A Real-World Example: The True Cost in Action

Let's make this tangible with a simple example. Imagine you want to buy $1,000 worth of Bitcoin.

• The Real Market Price: Let's say the current market price for Bitcoin on an online exchange is $60,000.
• The ATM's Inflated Price: The ATM might set its own price at $66,000, which includes a 10% spread.
• The Service Fee: The machine also charges a 5% service fee on your  1,000,whichis  50 .

So, your $1,000 in cash is now only $950 of purchasing power. And you are buying at the inflated price of $66,000. The amount of Bitcoin you actually receive is $950 divided by $66,000, which is approximately 0.0144 BTC.

Now, compare that to an online exchange. Your $1,000, minus a small trading fee (e.g., 0.5% or $5), gives you $995 of purchasing power at the real market price of $60,000. You would receive approximately 0.0166 BTC. In this common scenario, you received about 15% less crypto for the same amount of cash by using the ATM.

Why Are the Fees So High?

These high fees are not arbitrary; they are the result of the ATM operator's business model. They have to pay for the expensive physical hardware, rent for the retail space, cash handling and armored car services, software licensing, and customer support. All of these high overhead costs are passed directly on to you, the user.

The Smart Choice for Your Capital

While a Crypto ATM offers a quick solution for a specific need, it is an extremely expensive way to build a portfolio. The combination of service fees and the exchange rate spread creates a significant and unavoidable drag on your investment from the very start. For a complete overview of the machines, you can read our main guide: [What Is a Crypto ATM? A Beginner's Guide].

For e-commerce merchants, chargeback fraud is a silent killer of profits. A customer buys a product, receives it, and then disputes the charge with their credit card company, leading to forced refunds and penalty fees for you. This practice, often called "friendly fraud," costs businesses billions. But there is a technology that stops it completely: cryptocurrency.

What is Chargeback Fraud and Why Does it Happen?

The traditional payment system is built to favor the consumer. If a cardholder claims a transaction was unauthorized or the product wasn't delivered, the burden of proof falls on the merchant. This system is easily abused, leaving you with lost products, lost revenue, and penalty fees.

The Blockchain Solution: Irreversible Transactions

Cryptocurrency transactions, once confirmed on the blockchain, are final and irreversible. There is no central authority like a bank that can step in and reverse a payment. When a customer sends you Bitcoin or another crypto, the payment is yours permanently. The concept of a chargeback simply does not exist.

The Benefits for Your Business:

•100% Protection from Friendly Fraud: You will never lose a sale to a fraudulent dispute again.

•Reduced Administrative Burden: No more wasting hours gathering evidence and fighting with payment processors.

•Increased Security: You take control of your revenue without needing to rely on a third party to validate your sales.

How to Get Started

The first step to gaining this protection is to implement a crypto payment gateway on your website. This service will handle the customer checkout process securely. (You can learn more in our main guide to the best crypto payment gateways).

Securing Your Revenue for the Long Term

Eliminating chargebacks means your revenue is truly yours. The final step is to manage that revenue on a secure and professional platform. Whether you want to hold your crypto, trade it for other assets, or convert it to cash, using a trusted exchange is crucial for financial management.

Key Takeaways:

• Any project promising "guaranteed returns" is statistically likely to be a Ponzi scheme.
• Scammers often use aggressive marketing tactics like unsolicited DMs and countdown timers to create false urgency.
• Verifying the team and reading the whitepaper are the most effective ways to identify crypto scam red flags early.

Identifying crypto scam red flags is the most important skill an investor can learn. As we move through 2026, scammers are using Artificial Intelligence and deepfakes to create increasingly sophisticated traps.

They no longer look like poorly written emails from a "Prince." They look like professional investment firms with slick websites and celebrity endorsements. However, no matter how polished the scam looks, the underlying mechanics are always the same. By learning to spot these five specific warning signs, you can protect your portfolio from theft.

Is the Project Promising Guaranteed Returns?

The biggest of all crypto scam red flags is the promise of guaranteed profit. In financial markets, risk and reward are inseparable. If a platform claims you will earn 1% daily or double your money in a month with "zero risk," it is a lie.

Legitimate crypto investments fluctuate. Bitcoin crashes. DeFi yields drop. A project claiming to have an "AI Trading Bot" that never loses money is simply a Ponzi scheme using new deposits to pay off old investors.

Are You Receiving Unsolicited Messages?

Legitimate crypto projects do not slide into your DMs. If you receive a message on Telegram, X, or Discord from a stranger offering an "exclusive opportunity," it is a scam.

Scammers rely on numbers. They blast thousands of messages hoping one person bites. Real founders are busy building software; they are not messaging random users to ask for 0.5 ETH. If someone messages you first, block them immediately.

Is the Team Anonymous or Fake?

While Bitcoin was founded by an anonymous creator, most modern projects should have a public team. One of the major crypto scam red flags is a website that lists no team members or uses stock photos of models.

Do a reverse image search on the CEO's photo. Check their LinkedIn profiles. If the CEO has no digital footprint prior to last month, they likely do not exist. Scammers prefer anonymity so they can vanish without consequences when the rug pull happens.

Does the Whitepaper Make Sense?

Every legitimate crypto project has a "whitepaper" explaining the technology. Scammers often copy-paste these documents from other projects or fill them with meaningless buzzwords.

Read the documentation. If it is full of jargon like "quantum-algorithmic-liquidity" but doesn't actually explain how the revenue is generated, be suspicious. Complexity is often a mask for fraud. If you can't understand the business model, don't invest in it.

Are They Using Pressure Tactics?

Scammers want you to act before you think. They use countdown timers, "limited slots available," or claims that the price will skyrocket in the next hour.

This artificial urgency is a psychological trick. They are trying to induce FOMO (Fear Of Missing Out). Legitimate investment opportunities will still be there tomorrow. If someone is pressuring you to send money right now, it is almost certainly a trap.

Conclusion

The crypto market offers incredible opportunities, but it is a minefield for the unprepared. By keeping a sharp eye out for crypto scam red flags, you can separate the future unicorns from the future rug pulls.

If you're ready to explore the vibrant ecosystem of Solana—from DeFi to NFTs—you'll need a passport. You need a secure place to store your assets and a tool to interact with all the applications. For millions of users, that passport is the Phantom app.

Phantom is the most popular and widely used crypto wallet for the Solana blockchain. But before you dive in, it's critical to understand what it is and how to use it safely.

What is the Phantom App

Phantom is a non custodial cryptocurrency wallet, available as both a browser extension and a mobile application. The term non custodial is crucial, as it means you, and only you, have full control over your private keys and your digital assets. While it was built specifically for the Solana blockchain and its SPL tokens, it has since expanded to support other networks, making it a versatile tool for Web3 users.

Core Features and Capabilities

The Phantom app provides a comprehensive suite of tools that go far beyond simply storing crypto. Its primary function is to act as a secure and seamless bridge to the world of decentralized applications. Users can store their Solana (SOL), and other tokens, as well as manage their NFT collections in a visually appealing gallery. The wallet allows for one click connections to DeFi protocols, NFT marketplaces, and blockchain games. It also has built in features that allow users to swap tokens directly within the wallet and to stake their SOL to earn rewards.

Why Phantom is So Popular

Phantom's success can be attributed to two main factors. First and foremost is its exceptional user experience. The wallet features a clean, intuitive, and modern interface that makes navigating the complexities of Web3 feel simple and accessible, even for beginners. This focus on design set a new standard for crypto wallets. Second is its forward thinking approach to a multi chain future. Recognizing that users operate across multiple blockchains, Phantom has expanded its support to include Ethereum and Polygon, allowing users to manage assets from different ecosystems within a single, familiar application.

Security and Trust

As a non custodial wallet, Phantom's security model is centered on user responsibility. The safety of your funds depends on the secure storage of your secret recovery phrase. The app itself has been independently audited to ensure its code is secure. For users seeking an

You will be given a 12-word secret recovery phrase. This is the single most important piece of information you will ever receive in crypto.

• It is the master key to your funds. Anyone who has this phrase can access your wallet and steal everything in it, from anywhere in the world.
• Write it down on paper. Store it in multiple, secure, offline locations.
• NEVER store it as a screenshot, in a text file, or in a password manager.
• NEVER give it to anyone. No support staff, no admin, no friendly helper will ever ask for it. Anyone who does is a scammer.

If you lose this phrase, your funds are gone forever. There is no "forgot password" option.

Your First Step: Funding Your Wallet

Your new Phantom wallet is empty. To start using it, you need to fund it with Solana's native coin, SOL, which is used to pay for transaction fees. The best way to do this is to acquire SOL on a secure and trusted centralized exchange.

Alright, let's have a frank chat. Have you ever looked into VeChain, maybe even bought some VET, and then suddenly saw this other token called VTHO? It can be a little confusing, right? You might be thinking, "Did I miss something? Why are there two? Do I need both?"

Believe me, you are not the first person to ask this, and it's a fantastic question. It shows you're thinking like a smart investor, wanting to understand the mechanics of what you're getting into. Many projects can feel overly complicated, but I promise you, this one is actually quite simple—and even brilliant—once you see the logic behind it.

Think of It Like a Car and Its Fuel

This is the easiest way to understand the relationship between VET and VTHO.

• VeChain Token (VET) is your car. It's your asset, your investment. It represents your ownership stake in the VeChain network. The more VET you hold, the bigger and better your "car" is within the ecosystem. It holds the primary value and is what you buy and trade on an exchange like BYDFi.
• VeChainThor Energy (VTHO) is the fuel. You need fuel to make a car run, right? In the same way, you need VTHO to make things happen on the VeChain blockchain. Every time someone uses the network—whether it's Walmart tracking a shipment or a developer uploading a smart contract—it costs a little bit of "fuel." VTHO is that fuel.

So, VET is the value token, and VTHO is the energy or "gas" token that powers the network's operations.

Why Bother With Two Tokens? The Genius Reason

This is where you'll really start to appreciate the forethought of the VeChain team. The two-token system was designed to solve a huge problem that plagues other blockchains like Ethereum: unpredictable fees.

Have you ever tried to make a transaction on another network and the fee was ridiculously high and always changing? That's a nightmare for regular users, but it's completely unacceptable for a business. A company like BMW or Walmart needs to know exactly what its operational costs will be. They can't run a global supply chain on a network where transaction fees could suddenly jump 500% in an hour.

By separating the value token (VET) from the gas token (VTHO), VeChain protects you and its enterprise users from this volatility. The price of VET can go up and down with the market, but the network can adjust how much VTHO is needed for a transaction to keep the actual cost stable and predictable. This is a massive advantage and a key reason why serious companies are building on VeChain.

The Best Part? You Don't Even Have to Buy the Fuel

This is the part that should make you smile. How do you get the VTHO "fuel"? You don't have to go out and buy it.

Simply by holding VET in your wallet, you automatically generate VTHO.

It's like having a car that produces its own fuel just by sitting in your garage. It's a built-in reward for being a VET holder and supporting the network. This makes the entire ecosystem self-sustaining. The more people who hold VET, the more VTHO is generated, ensuring there's always enough fuel to power the network's growth.

You're Now Ahead of the Curve

See? It's not so complicated after all. You now understand a core feature of VeChain that leaves many others scratching their heads. You see that the two-token system isn't a bug; it's a feature—a brilliant solution for real-world business adoption and a rewarding mechanism for investors like you.

You were looking for clarity, and now you have it. You can see the smart, sustainable model VeChain is built on.