crypto blog
First cross-chain governance proposal passes on Aave
On Monday, the first cross-chain governance proposal passed on decentralized finance, or DeFi, borrowing and lending platform Aave (AAVE). According to DeFi Llama, the amount of total value locked on Aave is approximately $12 billion. As told by its developers, a proposal executed on Aave, which is built on the Ethereum (ETH) network, was sent to the Polygon (MATIC) FxPortal. The mechanism then read the Ethereum data and passed it for validation on the Polygon network. Afterward, the Aave cross-chain governance bridge contract received this data, decoded it and queued the action, pending a timelock for finalization. The development team wrote: The Aave cross-chain governance bridge is built in a generic way to be easily adapted to operate with any chain that supports the EVM [Et...
NYDIG offering allows participating companies to pay employees in Bitcoin
The New York Digital Investment Group, or NYDIG, has launched a benefit program allowing employees of participating companies to convert a portion of their paychecks into Bitcoin. In a Tuesday announcement, the NYDIG said several firms involved with sports, entertainment and digital currencies would be among the first to offer the crypto payments, including Everbowl, MVB Bank, StretchZone, crypto analytics firm The TIE, crypto mining firm Iris Energy and Fertitta Entertainment — the conglomerate behind restaurant giant Landry’s and the National Basketball Association’s Houston Rockets. Company employees who participate in NYDIG’s Bitcoin Savings Plan can choose how much of their pay will be converted into Bitcoin (BTC), with no transaction or cold storage fees. NYDIG chief innovation...
SEC’s proposed rule on exchanges could threaten DeFi, says Crypto Mom
Hester Peirce, a commissioner for the U.S. Securities and Exchange Commission known by many in the space as Crypto Mom, is warning that a proposed rule from the agency could potentially affect the regulation of firms involved with decentralized finance. According to a Tuesday Bloomberg report, Peirce said that the 654-page proposal recently released by the SEC to amend the definition of “exchange” as defined by the Securities Exchange Act of 1934 could impact the digital asset space. The SEC commissioner reportedly opposed opening the proposal to public comment and said the text could impose additional regulations on decentralized finance, or DeFi, firms. “The proposal includes very expansive language, which, together with the chair’s apparent interest in regulating all things crypto, sugg...
Bitcoin price closes in on $40K, but pro traders are still skeptical
The Bitcoin (BTC) daily price chart seems to be making a steady recovery pattern, but some concerning indicators are coming from derivatives markets. At the moment, the futures and options markets are showing a lack of confidence from Bitcoin pro traders, but there’s a positive spin to the data. Bitcoin price at Coinbase, USD. Source: TradingView The road to $40,000 seems uncomfortably predictable, and cryptocurrency traders usually call it “manipulation” when such price movements happen. If you #bitcoin around that region, just be careful. A picture speaks a thousands words and I think mine says it all. Make it or break it time around the corner for #btc. This weekend is weekly close & monthly close as well so expect volatility and manipulation.#Crypto pic.twitter.co...
Reddit co-founder’s VC raises $500 million, targets investment in crypto
The internet entrepreneur told Wall Street Journal that a significant fraction of the funds would be injected into crypto Elsewhere, Bahamas-headquartered FTX exchange yesterday revealed it had closed a $400 million in a Series C funding round 776 Management, the venture capital firm founded by Reddit co-creator Alexis Ohanian, has secured a $500 million raise across two of its funds. Wall Street Journal shared earlier today that the firm plans to allocate a sizeable portion of the funds into cryptocurrencies. In addition to blockchain ventures, the firms will also allot the funds to projects in other niches like climate and space exploration. “I’m proud to announce @sevensevensix has raised $500M for our two newest funds, bringing our total AUM to $750M. We’re just ...
India announces a 30% tax on gains obtained from digital assets
India’s Finance Minister has announced a 30% tax on profits from crypto and other digital assets She also disclosed plans to roll out a CBDC (digital rupee) in the 2022-23 fiscal year In a move indicating India is unlikely to ban cryptocurrencies as initially suggested, Finance Minister Nirmala Sitharaman has announced that tax will apply to transactions involving virtual digital assets. As she delivered the Union Budget 2022-23 speech yesterday, the minister explained that cryptocurrencies and other digital assets such as NFTs would be liable to a 30% tax. Gifts would also be taxed at reception, and a Tax Deduction at Source (TDS) established when certain conditions are met during the transfer of a digital asset. She further explained that bar the cost of purchase, the tax would be ...
Backlash pushes Thailand to cancel a planned 15% levy on crypto gains
Thailand has cancelled proposed plans to implement a tax on cryptocurrencies The proposal had seen pushback from both industry stakeholders and the public. Thailand has halted plans to enforce a 15% withholding tax on cryptocurrency transactions. According to a Financial Times report published yesterday, the government resorted to dropping the plan altogether following sustained disapproval from members of the public. Stakeholders in the industry had also become anxious over the potential impact of excessive taxation on a still-growing crypto sector. However, the government seems to have found a middle-ground as the new rules would allow investors to offset their losses against gains annually. Crypto traders will report their proceeds from mining or trading crypto assets as capital ga...
Analysts argue sell-off isn’t over even as crypto and stocks recover into the new month
Bitcoin and other top cryptocurrencies have posted modest gains since yesterday Market experts, however, believe January’s equities market slump could be an indication of a looming larger correction The crypto market is seeing a sense of stability on the first day of February after charting a recovery curve yesterday. Bitcoin (BTC), Binance Coin (BNB) and Cardano (ADA) are all up by roughly 4% on the day, while Ethereum (ETH), Solana (SOL), Polkadot (DOT) and Terra (LUNA) have double-digit gains in the last 24 hours. Solana’s native coin is up by over 20%, while Terra’s coin LUNA has seen a price upswing of almost 19% in the same period. Notwithstanding the green arrows in the market, industry experts maintain that the tide is not yet out as many market factors still hang...
El Salvador President affirms Bitcoin price surge is inevitable
Nayib Bukele believes that the price of Bitcoin will soon rocket El Salvador’s Minister of Finance has responded to the IMF’s demands to drop Bitcoin as a legal currency El Salvador President Nayib Bukele has once again publicly expressed his bullish view on Bitcoin, predicting that in “just a matter of time,” the crypto asset would see enormous gains in price. Scarcity to fuel Bitcoin price uptrend Yesterday, Bukele posited that Bitcoin’s maximum supply of 21 million coins might not be adequate to serve the demand as adoption rises. He anticipates that Bitcoin’s increased adoption and scarcity would be a catalyst for the predicted upthrust. “There are more than 50 million millionaires in the world. Imagine when each one of them decides they s...
Interesting centralized exchange tokens worth your attention at the start of February, 2022
BNB saw an increase in trading volume by 15% in the last 24 hours. CRO saw an increase in its value by 4% in the last 24 hours. FTX saw an increase in its trading volume by 152% in the last 24 hours. Binance Coin (BNB), Crypto.com Coin (CRO), and FTX Token (FTT) are all cryptocurrency tokens that are utilized by cryptocurrency exchanges. They provide numerous benefits on the exchanges they are based on to the holders of the tokens, such as discounts, access to features, or staking opportunities. Each token has a high level of utility associated with it and, as such, can increase in value throughout the following months. Should you buy Binance Coin (BNB)? On February 1, 2022, Binance Coin (BNB) had a value of $383. The all-time high value of Binance Coin (BNB) was on May 10, 2021, when the ...
Central Bank of Jordan reveals CBDC plans
Central Bank of Jordan (CBJ) has revealed that it is researching issuing a digital currency. The central bank digital currency (CBDC) would be linked to the Jordanian dinar and have legal standing. Adel Al Sharkas, the governor of CBJ, has reportedly stated that his institution is researching the option of creating a legal digital currency. He also predicted that cryptocurrency trading might eventually be permitted in Jordan once the appropriate legislation is in place. He said: “With regards to the plans to issue a Jordanian digital currency, a study is underway to develop a legal digital currency linked to Jordanian dinar. It is possible in the future to allow cryptocurrency trading, after enacting [the] legislation and regulations.” Per the report, Sharkas’ comments were made duri...
Russia houses $200B worth of crypto, Kremlin estimates
Russian citizens reportedly own 16.5 trillion rubles ($214 billion) worth of cryptocurrencies, according to government estimates. A Bloomberg report noted that Russians own about 12% of the total global crypto holdings. The crypto holdings estimates were calculated by analyzing IP addresses of some of the most significant crypto exchange users in the country along with a few other data points, said two people working with Kremlin. The crypto holdings analysis of Russian citizens is being carried out to get an overview of the crypto market and formulate new regulations. The proposals are yet to be finalized. The estimates are believed to be on the lower side, given crypto regulations are not yet clear in the country and many users prefer to use anonymous tools to carry out their transa...
