cryptocurrencies
White House office seeks public opinion on crypto-climate implications
The Office of Science and Technology Policy (OSTP), an Executive Office of the President of the United States, commenced a study to identify the scope for offsetting energy use and climate changes related to digital assets. On March 9, United States President Joe Biden signed an executive order, directing various federal agencies to examine implications of digital assets on six key areas — consumer and investor protection, financial stability, financial inclusion, responsible innovation, the United States’ global financial leadership and combating illicit financial activity. As a part of the initiative, the OSTP invited the general public and other stakeholders to share their viewpoints on various factors that contribute to the energy use and climate impacts of all types of digital a...
Loopring (LRC) price surges by 50% after GameStop NFT marketplace integration
Filling multiple needs within the cryptocurrency community is one way a project can set itself apart from the competition and new attract users and liquidity to its ecosystem. Loopring aims to do exactly this by aiming to offer a EVM-based solution with low fees where DeFi and NFT developers and investors can transact. The layer-two (L2) scaling solution utilizes zk-Rollups to provide fast, low-cost transactions and the project has been gaining traction throughout the month of March. Data from Cointelegraph Markets Pro and TradingView shows that the price of LRC gained 57% between March 21 and March 23 as its price increased from $0.78 to $1.23 amidst a spike in its 24-hour trading volume to $2.75 billion. LRC/USDT 4-hour chart. Source: TradingView Three developments that have helped...
What is front-running in crypto and NFT trading?
Wash trading is when an investor sells and buys the same asset to inflate the value of security artificially. On the other hand, a front-running attack on a blockchain occurs when a malicious user discovers a swap transaction after it has been broadcasted but before it has been finalized and reorders transactions to their benefit. The NFT market is particularly susceptible to a practice known as wash trading. Several NFT trading platforms allow users to trade without identifying themselves by connecting their wallets to the site. This means that a single user can establish many wallets and link them to a platform. After that, a person can control both sides of an NFT trade, selling it from one wallet and buying it from another. The trade volume increases as numerous similar trans...
Cryptocurrency vs. Stocks: Key differences explained
Both the crypto and the stock markets are volatile and subject to external influences. However, there are also differences between them. When we’re talking about cryptocurrency vs. stocks, there is a big difference in how they are traded. Cryptocurrency can be bought at a cryptocurrency exchange, whereas you can buy stocks at the stock exchange. Of course, there are differences in the exchanges and opening hours, as previously described. Normally, the crypto market is more volatile than the stock market. However, the stock market is also subject to volatility due to interest rate changes and uncertain situations like war, inflation rate and monetary policy changes. But, what about trading costs in cryptocurrency vs. stocks? Basically, transaction fees do not a...
Coinbase to track off-platform crypto transfers in Canada, Singapore, Japan
Citing compliance with local jurisdictions, crypto exchange Coinbase announced to soon collect additional information from users based in Canada, Singapore and Japan. Effective from April 1, Coinbase users from Canada, Singapore and Japan will be required to provide additional information while sending cryptocurrencies to a different (non-Coinbase) platform. However, while Singaporean and Japanese investors will be required to share additional information about the recipient for every single off-platform transaction, Canadians sending less than $801 (1,000 CAD) will be exempted from this requirement. Screenshot of Coinbase requesting recipient information from Canadian users. Source: Coinbase As shown in the above screenshot, Canadian users will need to share the full name and ...
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...
Exxon Mobil is using excess natural gas to power crypto mining: Report
United States-based energy producer Exxon Mobil has reportedly been running a pilot program aimed at using the energy from excess gas to power crypto mining rigs — and it may be expanding its operations to four other countries. In a Thursday report, Bloomberg said Exxon Mobil had inked a deal with Crusoe Energy to use excess gas from oil wells in North Dakota to run Bitcoin (BTC) miners. The project reportedly uses 18 million cubic feet of natural gas per month — roughly 0.4% of the oil giant’s reported operations in the state, producing 158 million cubic feet of natural gas each day. The company launched the pilot program in January 2021 and is now reportedly considering expanding to Nigeria, Argentina, Guyana, and Germany in addition to launching a similar project in Alaska. Cointelegrap...
Bitcoin hits $44K, but traders want to see a few daily closes here before a move higher
Morale across the cryptocurrency ecosystem is rising on March 24 as several days of positive moves have helped lift Bitcoin (BTC) back above $44,000 and Ether bulls took control at $3,100. The climbing price of BTC comes amid a backdrop of surging inflation and rising interest rates, which could see up to seven hikes over the course of 2022, according to Minneapolis Federal Reserve President Neel Kashkari. BTC/USDT 1-day chart. Source: TradingView Data from Cointelegraph Markets Pro and TradingView shows that after trading near $43,000 throughout the morning session on March , a midday spike lifted the price of BTC to an intraday high at $44,186 where it bumped up against a major resistance zone. Bitcoin needs to flip $44,000 into support A look at the weekly chart shows that “Bitcoi...
Crypto rallies to $2T market cap as institutions signal readiness to enter
Bitcoin (BTC) and the broader cryptocurrency market rallied on Thursday, as the total value of digital assets crossed $2 trillion for the first time in over three weeks amid signs of a clear shift in market sentiment — headlined by Goldman Sachs, no less. BTC printed an intraday high of $44,253, having gained more than 3% during the session, according to data from Cointelegraph Markets Pro and TradingView. The largest cryptocurrency by market capitalization has now recovered over 33% from its January low. The total crypto market cap has gained over 7% since Monday to reach nearly $2.1 trillion, according to Coingecko data. The market capitalization figure also reached $2 trillion on CoinMarketCap. While not bullish, Bitcoin’s Fear & Greed Index has escaped “extreme fear” and is n...
Digital currencies could get a boost from the international crisis: Blackrock CEO
Larry Fink, the CEO of the world’s largest asset manager BlackRock, believes the ongoing Russia – Ukraine crisis has boosted the case for digital currencies as a tool of settlement for international transactions. In a shareholders letter, Fink noted that the ongoing war would force nations to reassess their currency dependencies which could eventually make way for a global digital payment network, reported Reuters He said the war has put an end to the globalization forces at work over the past 30 years. Fink’s observation about the boost in the digital currency market is quite spot on, as trade sanctions on Russia have already led many countries that import oil and gas from them to look for alternate payment networks beyond centralized SWIFT. India is reportedly developing a direct I...
Ethereum price breaks through $3K, but analysts warn that a retest is needed
The cryptocurrency market continues to forge ahead on March 23 despite facing headwinds on multiple fronts. At the moment, global conflict, rising inflation and widespread economic uncertainty are taking a toll on financial markets and helping to highlight the need for a diversified investmen portfolio. Altcoins have managed to gain some ground in recent days, led by Ethereum, the top smart contract platform, which managed to climb back to the major support and resistance zone at $3,000 where bulls are now battling for control. ETH/USDT 1-day chart. Source: TradingView Here’s a look at what several analysts in the market are saying about the path forward for Ether and whether or not further upside is expected in the short-term. Upcoming test of $3,125 A general overview of the recent...
