• Bitcoin rally ends, price steadies at USD 7,220
  • TenCent headhunting for a new head of blockchain research
  • Thomson Reuters to release crypto tax planning tool

It was a rally on Monday but one that has failed to gain more traction on Tuesday, as long traders seem to have lost steam on Christmas eve.

Bitcoin trading volume, as to be expected, is back to lower levels, and volatility has also dropped off in Europe, and we should expect to see more of the same in American trading zones later. As of now, Bitcoin is stable around USD 7,220 at 11:30 am London time (CoinDesk).

Along with the end of that rally, altcoins in the Top 20 have also withered, with ETH dropping back below USD 130, LTC ending at USD 41.3 and XRP closer to 19 cents than to 20 cents as Bitcoin dominance sticks around at 69%. (CoinMarketCap).

One huge piece of bullish news comes out from China, where popular WeChat developers Tencent has announced plans to form a digital currency research group that hopes to further advance the field of blockchain technology research.

As reported by local media outlet iFeng, the household name has apparently told its workers that it is now headhunting for a person to lead the new research group. The new division is going to focus on Tencent’s work in digital payments, augmented with blockchain technology.

There wasn’t much in the article, except that when queried by a Beijing Commercial Daily reporter, Tencent did not deny the announcement but did not provide any further information. The internal notice had purportedly said that it was actively responding to the call of the:

“Opinions of the Central Committee of the Communist Party of China on Supporting Shenzhen to Build a Socialist Pioneering Demonstration Zone with Chinese Characteristics” on “Innovative Applications such as Digital Currency Research and Mobile Payment in Shenzhen”.

The notice also says that the WXG WeChat business group-WeChat payment line, and all other financial lines will be reporting to relevant business group leaders for review and decision. TenCent apparently has been involved in blockchain-related research at least since 2015, with several milestones since, including a completed “blockchain ecological platform” in 2018 and a “2019 Tencent Blockchain White Paper” released just recently.

Will Tencent overtake the likes of Facebook in building a corporate-driven version of a digital currency based on blockchain? Only time will tell!

Meanwhile, global media conglomerate Thomson Reuters has partnered with crypto accountancy Verady, to build a new tax tool for crypto.

The new tool, a “Virtual Currency Organizer”, will be included in the Thomson Reuters GoSystem Tax RS product, targeted at individuals who will be reporting cryptocurrency transactions on tax form 1040. According to Thomson Reuters, the tool will be a single point of data entry and review for digital asset transactions. It covers the comprehensive slew of exchanges, forks, purchases and payment for services rendered.

Users of Varady’s Ledgible blockchain accounting platform will soon also be able to call up reports made just for Thomson Reuters’ GoSystem Tax and Ultra Tax products. Verady CEO Kell Canty told Cointelegraph:

“Once Ledgible users have integrated their wallet and exchange activity, they’ll be able to notify their accounting professionals that the data is ready to go. Tax preparers can then bring that data into the GoSystem Tax product, placing it in the virtual currency organizer.”

With only a week left to the year, it still seems as if Thomson Reuters will launch its Virtual Currency Organizer sometime in 2019, but it won’t be the first product it sells related to crypto. It already features a digital asset price data feed dubbed “Cryptocurrency Real Time Rates”. In June 2018, the media giant also released the latest version of its MarketPsych Indices (TRMI) that collated information on market sentiment data for the top 100 cryptocurrencies by market capitalization.

 

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