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2022-07-23 20:55:05 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.

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2022-07-23 16:00:47 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.

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2022-07-23 10:05:02 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%.

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2022-07-23 06:01:13 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.

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2022-07-22 20:50:08 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.”

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2022-07-22 16:45:02 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.

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2022-07-22 09:12:40 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.

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2022-07-22 05:25:06 Bitcoin mining difficulty expected to see largest drop since China ban

Bitcoin (BTC) mining difficulty is expected to adjust downwards by about 4.5% during the next adjustment window, on July 21 at around 7 p.m. BST, according to an analysis conducted by CryptoSlate using Glassnode data. This event will mark the most significant decrease in mining difficulty since China’s crackdown on Proof-of-Work (PoW) mining in May 2021. The chart below shows four past instances of a significant downward adjustment. These occurred in March 2020, May 2020, October 2020, and July 2021, with the adjustment in July being the most significant drop.

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2022-07-21 21:05:08 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.

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2022-07-21 16:51:08 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.

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