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07/24/2022

Holding Stablecoins Was More Profitable Than Fiat in 2022: Report

CryptoQuant – a blockchain analytics firm – has released a report evaluating data around stablecoins and their peg-robustness. It found that holding almost any of the current top stablecoins throughout 2022 was slightly more profitable than holding actual U.S. dollars. According to the report, the historical mean daily closing price for nearly all top stablecoins is slightly above $1.00, based on volume-weighted price closing data spanning back to 2017.

07/24/2022

Finnish Customs Sold Seized Almost 2,000 Bitcoins

According to the official announcement, the customs seized the funds during drug busts and had been legally forfeited to the state following court rulings. The bulk of the digital assets in various criminal investigations was confiscated in raids before 2018. Last year’s bull run catapulted the stash’s worth to $130 million. However, failing to time the market right cost the authorities a significant fortune.Finland revealed plans to donate seized Bitcoin to Ukraine in April this year.

07/24/2022

Ethereum Outflows Hit Record High On Exchanges, Claims Glassnode Data

Now, an analytics firm, Glassnode claims that exchanges are witnessing a record high outflows of Ethereum alongside the price surge. As per the analytic platform, when looking at Ethereum’s weekly moving average, the exchanges have seen an outflow of 65,319.938 Ethereum, marking it as an all-time high. Currently at the time of publication, Ethereum has seen a leg up by 8.25% as the currency is selling at $1,626 in the last 24hrs. Also when the last seven days performance is considered, the lead altcoin has surged by 32%.

07/24/2022

South Korea Proposes to Defer Planned Crypto Tax Until 2025

The tax plans for the digital asset sector were originally to kick in from January 2022. But in December 2021, the previous government deferred it for a year after massive backlash from investors. The digital asset taxation issue also figured in the Presidential poll campaigns early this year, in which the incumbent President emerged as a pro-crypto leader. The South Korean government is working on the “Digital Asset Basic Act,” a regulatory framework for the digital ecosystem in the country, and it’s likely to be introduced in 2024. The tax reforms introduced today are part of the new government’s economic policy roadmap.

07/24/2022

Vitalik Buterin considers Ethereum development only ‘55% complete’ after The Merge

Ethereum founder Vitalik Buterin sees Ethereum’s history moving off-chain to reduce the protocol’s complexity. Speaking on the main stage of EthCC on July 21 about the long-term future of Ethereum, Vitalik stated that Ethereum is going through a transitional state and its development is only “40% complete.” The merge is coming around September when Ethereum finally moves to proof of stake, the surge relates to the implementation of sharding, the verge brings in verkle trees, the purge will reduce the hard drive space needed for validators, and the splurge will do “all the other fun stuff.”

07/24/2022

Japan’s crypto self-regulatory system reportedly falling apart

In 2018, Japan established the Japan Virtual Currency Exchange Association (JVCEA) and tasked the body with self-regulating the crypto industry. The government hoped that the industry body would be able to come up with dynamic policies for the industry and gave the body the power to penalize exchanges. The regulator also highlighted a lack of communication between JVCEA directors, its secretariat and member operators, resulting in poor management of the industry body, the FT report said.

07/24/2022

The UK to Introduce Bill For Stablecoins Payments

The United Kingdom regulator will propose using stablecoin– cryptocurrencies whose prices are pegged to another asset– for payment in the Parliament on Wednesday. UK Finance Minister, Nadhim Zahawi, will present the Financial Services and Market Bill in Parliament on July 20 to transfer the UK financial services sector. UK finance members believe crypto assets and stablecoins can change the financial environment and establish the nation as a global leader in digital finance, post-Brexit. The Financial services and Market bill will set standards for using stablecoins as payments due to the rise of crypto in retail and other businesses.

07/24/2022

Tesla Sold Its Bitcoin Because of COVID Lockdowns in China

During Today's Tesla earnings call, Tesla CEO Elon explained the reason for the company’s sale of 75% of its Bitcoin holdings, worth approximately $936 million, as noted in its Q2 earnings report. Although China had eased COVID restrictions in major cities at the end of May.As a result, China’s “zero COVID policy” is again being put to the test, prompting new warnings of larger economic headwinds.

07/24/2022

US senator blasts SEC for non-judicial actions against crypto companies

Emmer posted a video on July 19 showing his conversation at the House Committee on Financial Services where he accused the SEC of politicizing regulations. He went on to grill SEC Enforcement Director Gurbir Grewal over SEC’s unethical “industry sweeps” against crypto companies. The Senator went on to enquire whether these sweeps against crypto companies fall under the jurisdiction of the SEC and what actions the commission takes against companies that don’t volunteer for such voluntary questioning.

07/24/2022

Gemini receives virtual asset service provider license in Ireland

New York-based crypto trading platform Gemini claims to be the first one to get registered as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland (CBI). Earlier, in February 2022, a company received an Electronic Money Institution (EMI) authorization from the CBI. Individuals and institutions in Ireland now can access Gemini’s exchange and custody services to buy, sell, and store over 100 cryptocurrencies along with the euro and British pound.

07/24/2022

Samsung’s new mining chips will be 45% more efficient

Tech giant Samsung said it is currently working on new 3-nanometer(nm) mining chips that will be 45% more energy efficient. The new chips are estimated to have 23% higher performance and are expected to significantly reduce carbon emissions in the mining industry. The company started working on the chips in late 2021, with help from its various subsidiaries, including Ansys, Cadence, Siemens, and Synopsys. Samsung also said that 2nm chips will be released by 2025 while announcing the 3nm one. Later, it integrated the blockchain infrastructures into its smartphones. Its Galaxy model smartphones with Ethereum integration and TRON blockchain integrations have been widely publicized during 2019.

07/24/2022

BitMart Elite NFT-Based Membership Program Launches

BitMart is thrilled to announce an innovation to the NFT and Web3 space: an industry-first tokenized month-long membership program. BitMart will be airdropping users an NFT that, when held in a BitMart wallet, will provide users with access to unique benefits across many BitMart products. Unlike many NFTs, which are simply digital art, this NFT represents proof of membership, offering an elite status to BitMart users that comes with exclusive member benefits.

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