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Bitcoin (BTC) rallied 6.42% on Friday (May 3). Following a 1.16% gain on Thursday (May 2), BTC closed the session at $62,938. Investors reacted to the US Jobs Report and ISM Services PMI Survey. Weaker-than-expected data rekindled investor expectations of a September Fed interest rate cut. Average hourly earnings rose 3.9% year-on-year in April after ...
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In the context of cryptocurrencies, “cost basis” refers to the initial outlay paid for digital assets. It is an important consideration when calculating capital gains or losses from the sale or disposal of cryptocurrencies. The capital gains or losses on an investor’s crypto sale are calculated as the selling price minus the cost basis. To avoid tax ...