Crypto news
Rapper Drake donates $1 Million in Bitcoin to the Lebron James Family Foundation
Drake revealed he recently won a bet while playing roulette on Stake, promising to donate the winnings Earlier this month, the Canadian rapper announced a live betting event in partnership with Stake.com, intending to give his winnings to fans I PROMISE School (IPS), under the Lebron James Family Foundation (LJFF), is set to receive a crypto donation from Hollywood phenomenon and Canadian rapper Drake. In an announcement posted on his Instagram page, Drake disclosed that the donation was part of winnings he collected playing roulette on Canadian cryptocurrency betting platform Stake.com. The music celebrity termed it his biggest hit ever. “Speaking of memorable nights, I had an incredible night last night playing roulette on Stake.com. It was my biggest hit ever,” he said, addi...
Finance Redefined: Hoskinson talks about DApps, Coinbase Cloud launches Avalanche tools and more
The week was filled with ups and downs for the decentralized finance (DeFi) space, with several tokens registered new weekly highs. Cardano founder admitted he was wrong about his bold prediction on the number of decentralized applications (DApps) in the Cardano ecosystem, and Coinbase Cloud released a new developer tool suite for the Avalanche blockchain. SushiSwap community introduced a new proposal for a legal structure to mitigate risks for token holders and members of the Sushi protocol. We had another week another DeFi exploit with Li Finance becoming the latest victim. On the price side, most DeFi tokens in the top 100 registered double-digit gains, and the total value locked (TVL) in the DeFi market blossomed to over $130 billion. Charles Hoskinson cheekily admits he was wrong abou...
Crypto tax policy framework passes India’s parliament despite pushback from lawmakers
A tax framework on cryptocurrencies introduced by India’s Finance Minister Nirmala Sitharaman will become law in the country after being passed as an amendment to the Finance Bill. On Friday, India’s lower house of parliament, the Lok Sabha, passed the 2022 Finance Bill, which included 39 amendments proposed by Sitharaman. The amendment on crypto established a 30% tax targeting digital asset and nonfungible token transactions and did not allow for deductions from trading losses while calculating income. In addition, taxpayers in India will have an additional 1% tax deducted at source, or TDS. As per the new amendment proposed in the Finance bill 2022 to sections of crypto tax. Loss cant be set off against any profit. Similar to betting tax rules. #reducecryptotax — Aditya Singh (@CryptooAd...
Ethereum price hits $3.2K as anticipation builds ahead of the ‘Merge’
The week-long uptrend in the cryptocurrency market has begun to awaken bullish crypto investors and the successful March 15 launch of the Ethereum “merge” on the Kiln testnet has the community excited about the upcoming switch to proof-of-stake (POS). Data from Cointelegraph Markets Pro and TradingView shows that since the successful launch on Kiln, the price of Ether has climbed 25% from $2,500 to a daily high at $3,193 on March 25 as traders look to lock in their positions ahead of the merge. ETH/USDT 1-day chart. Source: TradingView Here’s a look at what analysts in the market are saying could happen with the price of Ether as the merge approaches and how the switch to POS could affect its price long term. A clear breakout from the downtrend The turnaround in Ether pri...
Crypto Biz: Do you believe in Ethereum killers? Put your money where your mouth is, March 18–24
While crypto markets are still in a state of “fear,” as evidenced by Bitcoin’s Fear & Greed Index, the industry as a whole is giving us reasons to be bullish. Large venture funding rounds, growing adoption of decentralized governance models and new institutional-grade product offerings suggest that crypto is more than just daily chart patterns. This week’s Crypto Biz newsletter looks at a new Grayscale product that’s giving accredited investors more ways to bet on the so-called “Ethereum killers.” We also document two funding stories and draw your attention to the latest developments surrounding El Salvador’s Bitcoin (BTC) bond. Grayscale launches smart contract fund for Ethereum competitors Grayscale Investments, the world’s largest digital asset manager, has officially launched...
Senators Lummis and Gillibrand are collaborating on a new digital assets bill
The two US senators are working on a bill addressing, among others issues, consumer protection and taxes The news of the bill being drafted follows a crypto directive recently signed by President Biden US Senators Cynthis Lummis and Kirsten Gillibrand are looking to table a bill that will touch on several issues within the digital assets industry, “Thrilled to be working with [Gillibrand] on a bipartisan framework to create clarity, establish responsible sideboards, & ensure reasonable consumer protections. With feedback, this legislation will allow the digital assets industry to innovate and flourish in America,” Lummis posted earlier today. Some of the aspects that will feature in the regulatory framework are privacy, banking, and crypto taxation, Bloomberg reports.. The forthco...
India’s most popular short video app Changari partners with Fashion TV
India’s fastest-growing and most popular short video app Chingari has inked an exclusive partnership with Fashion TV (FTV), a leading fashion and lifestyle broadcasting television channel. This is the first time that Fashion TV is collaborating with a video app around the world. The partnership will allow Chingari, which is powered by Gari Network native token GARI, to play Fashion TV content on its app. The two (Chinagri and Fashion TV) have also collaborated in launching 100 GARI Panda NFTs. The holders of these NFTs will be granted access to exclusive fashion shows and parties by Fashion TV and access to the Fashion Metaverse among many more. After partnering, the CEO and Co-founder of the Chingari app, Mr. Sumit Ghosh, said: “We are extremely happy to announce the partnership of Chinga...
Weekly Report: Thailand, Honduras and Malaysia mull over crypto adoption as Ireland and UK regulators clamp down on ads
Honduras’ central bank has denied any plans of adopting a Bitcoin legal tender The Thai SEC cites risks to financial and economic stability as the reason why it has banned crypto payments The Central Bank of Ireland warns against the “risky and speculative nature” of crypto and the aggressive promotion/ ads coming with it The Bank of England says the Ukraine situation has made it even more essential to establish effective policies frameworks around crypto Malaysia’s ministry of finance stands firm against the idea of legalising crypto, says the country will focus on a CBDC instead This week, the focus has been on crypto regulation, with authorities and market regulators around the world making statements in that regard. Here are the details: Honduras central bank di...
Did rapper YG just flex a $30M BTC stack in his new music video?
Keenon Dequan Ray Jackson, the rapper who goes by the name YG, appears to show off a fat $30 million stack of Bitcoin (BTC) in his latest music video. The reveal appears to either be an eye-watering — but possibly fake — flex, or a crafty bit of product placement, as a cold storage device from crypto wallet provider Ledger is featured prominently in the video. The social team from Ledger was on it immediately too: We see you! @YG knows how to secure those bags of #bitcoin … not your keys, no your coins. — Ledger (@Ledger) February 11, 2022 In one of the scenes of the music video for the song titled “Scared Money” featuring J. Cole and Moneybagg Yo, YG is seen holding a Ledger wallet close to a smartphone which has a screen bearing a wallet application with more than $30.6 million of BTC in...
Korean crypto exchanges are now in compliance with the Travel Rule
South Korean crypto exchanges have reached the government-mandated deadline to come into compliance with the so-called Travel Rule, but not all industry players are pleased with the measure. Starting today, Korean exchanges will flag any crypto transfers worth more than roughly $821. Transfers higher than that value will be restricted to user-verified wallets and a select number of exchanges that have adopted their anti-money laundering system. The Travel Rule is a set of guidelines issued by the international financial watchdog Financial Action Task Force (FATF) designed to help authorities track the movement of virtual assets between virtual asset service providers (VASP) such as crypto exchanges or digital asset issuers. A source from a local centralized exchange today praised the regul...
LG Electronics adds blockchain and crypto as new areas of business
South Korean tech giant LG Electronics has officially added blockchain and cryptocurrency as new business areas in its corporate charter. According to a local South Korean news report, LG added two distinct crypto-related objectives during its annual general meeting on Thursday, March 24. The objectives include “the development and selling of blockchain-based software” and “the sale and brokerage of cryptocurrency,” which led to conjecture whether LG would establish some form of crypto exchange. When asked about the company’s intention to start its own exchange or platform, an LG spokesperson tempered any speculation, stating, “Nothing has been decided yet. We just mentioned business areas in a broad manner.” Rumors concerning LG creating a crypto-related marketplace emer...
Cardano pares most of its Q1 losses as ADA rebounds 60% in a month — What’s next?
Cardano (ADA) inched higher on March 25, putting itself on course recoup a great portion of losses that it had incurred in the first two months of this year. Cardano: not so bullish yet? ADA’s price jumped by around 7.5% in trading Friday, reaching $1.19 over a month after bottoming out at around $0.75. The Cardano token’s huge rebound move netted around 60% in gains. Nonetheless, it remained at the risk of losing its upside momentum in the coming weeks. At the core of this bearish analogy is a multi-month descending channel pattern, with a reliable track record of causing and limiting ADA’s rebound attempts simultaneously since September 2021. The channel’s upper trendline particularly has served as an ideal selloff zone, now being tested again as resistance, as sh...
