Crypto
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India needs global collaboration to decide on crypto’s future, says finance minister
Indian finance minister Nirmala Sitharaman has called for global collaboration on cryptocurrencies, assessing their pros and cons to form a common standard and taxonomy. Addressing a question on cryptocurrency in the Lok Sabha, the lower house of the Indian parliament, Sitharaman said that the Indian central bank had advised the government to prohibit the use of cryptocurrencies as it poses a risk to financial stability. However, the government is looking for a global approach. She said: “Any legislation for regulation or banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.” She also reiterated the Indian central bank’s stance on crypto’s value is based on speculation....
Binance fined $3M over illegal operations in the Netherlands
Major global cryptocurrency exchange Binance is facing a penalty in the Netherlands after failing to obtain regulatory approval to operate in the country. The central bank of the Netherlands (DNB) has fined Binance Holdings 3.3 million euros ($3.3 million) for offering local crypto services without registration with authority. The Dutch central bank officially announced Monday that the regulator imposed the administrative fine in April 2022. The DNB pointed out that any company offering crypto services in the Netherlands is obliged to register with the central bank in compliance with the Money Laundering and Terrorist Financing Prevention Act. The regulator also mentioned that the DNB previously issued a public warning to Binance on Aug. 18, 2021. According to the announcement, the DN...
The regulatory implications of India’s crypto transactions tax
The Indian crypto landscape lost some momentum this year as the government introduced two laws demanding crippling taxes on crypto-related unrealized gains and transactions. India’s first crypto law, which requires its citizens to pay a 30% tax on unrealized crypto gains, came into effect on April 1. A commotion among the Indian crypto community followed as investors and entrepreneurs tried to decipher the impact of the vague announcement with little or no success. Knowing that India’s second crypto law — a 1% tax deduction at source (TDS) on every transaction — would translate into an even greater impact on trading activities, numerous crypto entrepreneurs from India considered moving bases to friendlier jurisdictions. Following the imposition of additional taxes, Indian crypto exchanges ...
Paraguay’s crypto framework one step away from becoming law
The Paraguayan Senate passed a bill on July 14 establishing a tax and regulatory framework for businesses operating in the cryptocurrency and the crypto mining sectors. The bill, introduced last July by Senator Fernando Silva Facetti and passed in Congress in May before reaching the Senate, calls for the formation of the Ministry of Industry and Commerce (MIC) to oversee crypto industry service providers. The bill is now one step away from being ratified as law by President Mario Abdo Benítez. A notice from Congress in May stated that the bill pertains specifically to crypto mining, commercialization, intermediation, exchange, transfer, custody, and/or administration of crypto assets or instruments that allow control over crypto assets. Local news outlet ABC reported on July 14 that compan...
Bitcoin hodling activity resembles previous market bottoms: Glassnode
The majority of Bitcoin has been “hodled” for at least three months in behavior bearing a striking resemblance to previous Bitcoin market bottoms, says blockchain analytics firm Glassnode. In a July 16 tweet, Glassnode noted that more than 80% of the total U.S. dollar (USD)-denominated wealth invested in Bitcoin has not been touched for at least three months. This signifies that the “majority of BTC coin supply is dormant” and that hodlers are “increasingly unwilling to spend at lower prices,” said the firm. Over 80% of the total USD denominated wealth invested in #Bitcoin has been HODLed for at least 3-months. This signifies that the majority of the $BTC coin supply is dormant, and HODLers are increasingly unwilling to spend at lower prices. Live Chart: https://t.co/lRtBe69Phz pic.twitter...
Otherside Metaverse demo kicks off with 4,500 participants: highlights
Around 4,500 people havejumped into the “first trip” tech demo of the Otherside Metaverse project associated with Yuga Labs’ Bored Ape Yacht Club (BAYC). The highly anticipated first trip occurred on July 16 and was open to Otherdeed NFT land owners, known as Voyagers, who have all snapped up tokenized land plots in the Otherside virtual world. It appears to have been a resounding success, with numerous community members taking to Twitter to express their enthusiasm for the event. Today’s @OthersideMeta First Trip was truly a wild experience! Jumping through the swamp portal legit gave me chills and it was insane to see 4500 voyagers running around a large, immersive space. pic.twitter.com/Nl5luxaZl3 — illuminary.eth (@illuminaryETH) July 16, 2022 The first trip The 4,500 Voyagers fi...
Price analysis 7/15: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX
The recovery in the cryptocurrency markets is being led by Bitcoin (BTC), which has risen above the $21,000 level. However, BlockTrends analyst Caue Oliveira said that on-chain data shows a decline in “whale activity” since the month of May, barring the flurry of activity during the Terra (LUNA) — since renamed Terra Classic (LUNC) — collapse. A survey conducted in China shows that most participants believe that Bitcoin could fall much further. About 40% of the participants said they would buy Bitcoin if the price dropped to $10,000. Only 8% of the voters showed interest in buying Bitcoin if it drops to $18,000. Daily cryptocurrency market performance. Source: Coin360 Millionaire investor Kevin O’Leary told Cointelegraph that crypto markets are likely to witness “massive volatility” and en...
6 Questions for Lisa Fridman of Quadrata
We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes! This week, our 6 Questions go to Lisa Fridman, the president and co-founder of Quadrata, a network that brings an identity and compliance layer to DeFi across existing public blockchains. Lisa Fridman was previously the head of blockchain strategy at Springcoin (Spring Labs). Prior to joining Spring Labs, Lisa served as a co-head of strategy at Martlet Asset Management, CEO of PAAMCO Europe and the global head of research at PAAMCO. Lisa is an experienced investor and a business builder. Throughout her career, she has worked closely with institutions, delivering bespoke solutions. She received her Master of Business Administration...
Top 5 cryptocurrencies to watch this week: BTC, ETH, MATIC, FTT, ETC
The United States equities markets recovered from their intra-week lows last week, suggesting demand exists at lower levels. On similar lines, Bitcoin (BTC) also recovered from $18,910 last week, indicating that traders may be getting back into risky assets. However, analysts remain divided in their opinion on the recovery in Bitcoin. While some believe that the relief rally is a bull trap, others expect the up-move to retest the crucial resistance at the 200-week moving average ($22,626). Crypto market data daily view. Source: Coin360 The current bear phase has damaged sentiment as seen from the Crypto Fear and Greed Index, which has remained in the “extreme fear” zone since May 6. According to Philip Swift, creator of on-chain analytics platform LookIntoBitcoin, the time spent...
Could Bitcoin miners’ troubles trigger a ‘death spiral’ for BTC price?
A July 9 post by @PricedinBTC on the “cost to mine Bitcoin” in the United States gathered the crypto community’s attention, especially considering the recent headlines that BTC miners have made. The crypto bear market and growing energy costs have caused a perfect storm for the mining sector and this has led some companies to lay off employees and others to defer all capital expenditures. Some went as far as raising concerns of Bitcoin miners hitting a “death spiral.” In bear markets like this, inevitably a Bitcoin critic comes out and says that Bitcoin will soon collapse from a “miner death spiral”, meaning that miners will go offline because it is not profitable to run their operations, and then Bitcoin’s hash rate will fall, causing its… — Cory Klippsten (@coryklippste...
What is Bitcoin whale watching and how to track Bitcoin whales?
Whales are held responsible for sudden price fluctuations in the crypto and traditional markets every so often. Given their capability to manipulate market prices, it becomes paramount for the general Bitcoin (BTC) investors to understand the nuances that make one a whale and their overall impact on trading. Wallet addresses that contain large amounts of BTC are identified as Bitcoin whales. Dumping or transferring large amounts of BTC from one wallet to another negatively impacts the prices, resulting in losses for the smaller traders. As a result, tracking Bitcoin whales in real-time allows small-time traders to make profitable trades amid a fluctuating market. Despite Bitcoin’s global and decentralized nature, tracking down and monitoring whales simply boils down to accessing read...
The women of crypto take over Davos WEF
Many of you closely follow the gathering of the decision-makers at Davos during the annual World Economic Forum. Many of you have very strong opinions about these gatherings, which I share. Right now, however, I would like to discuss what inspired me the most during those five days of the summit. This was my first Davos event, and I could not help noticing how many women decision-makers were present, in stark contrast to similar crypto events happening in Dubai and Lisbon, for example. Yes, the Promenade at Davos was taken over by crypto companies, exceeding the traditional finance and tech presence, but it was the presence of so many women in senior positions representing every segment of the crypto industry that increased my firm belief that the future of the crypto industry is bri...
