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2022-09-23 12:41:01 JPMorgan CEO Slams Crypto Again, Calls Bitcoin ‘Decentralized Ponzi Scheme’

Jamie Dimon – Chief Executive Officer of JPMorgan Chase & Co. – reiterated his negative stance on the crypto industry, describing bitcoin and other digital assets as “decentralized Ponzi schemes.”. Recently, it vowed to continue offering such options even though the bear market has diminished some of the investors’ excitement in the field. JPMorgan’s top executive is known as one of the biggest critics of the cryptocurrency sector, particularly bitcoin. Over the years, he has labeled the asset “worthless” and has warned investors to stay away from it. While there’ve been many similar accusations from prominent figures, especially from the banking sector, the evidence still points to other directions. Multiple banks are being sanctioned for involvement in money laundering on a massive scale.

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2022-09-23 07:52:02 India considering GST on crypto transactions amid evaluation of sector’s legality

The Indian government is working on implementing a goods and services (GST) tax on crypto transactions as legwork for determining the legality of the sector is underway, according to a Sept. 19 Livemint report. The GST tax will become an indirect tax regime on crypto assets. According to the report, the tax rate could fall between 18% to 28%. At this stage, India’s finance ministry is working on determining the applicability of GST for crypto assets and has yet to decide whether they are declared as a good or service as the purchase is levied on services, Livemint’s two sources reported anonymously. WazirX’s Vice President Rajgopal Menon said that based on the details available at the moment, “the GST will only be applicable on margin or service fees, and not on the entire value of the asset.”.

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2022-09-23 01:41:01 China Ranks First in Global Blockchain Patent Applications

Entrepreneurs in China are filing more blockchain patents than any nation on Earth, but only a fraction of those applications are being approved. According to Jianwei Wang, the deputy director at the Ministry of Industry and Information Technology, Chinese blockchain patents account for 84% of the world’s total. In an announcement subsequently reported by the South China Morning Post, Wang said that blockchain, “accelerates integration with the economy, services for people’s livelihoods, smart cities and administrative services”. Wang did not specify over what time period his 84% claim was measured, but his comments do align with a Statista report in Jan. which measured the distribution of global blockchain patents over 2021. Further data suggests that less of those approved patents go on to become successful products than in competitor nations such as the U.S. or South Korea.

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2022-09-22 19:40:05 Helium Foundation announces migration to Solana following community vote.

The Helium Foundation has announced the migration of the Helium Network, a decentralized network powering wireless communication protocols, to the Solana blockchain after a successful community vote on the proposal. The network, which since its inception in 2019 has run its own Layer 1 blockchain, proposed the migration in August via a Helium Improvement Proposal, HIP70. The move aims to scale Helium to meet the demands of builders and users, supporting a goal to accelerate the decentralized wireless network of Helium 5G.

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2022-09-22 10:30:43 Despite the Bear Market, JPMorgan Will Keep Providing Crypto Services

The leading financial services company – JPMorgan Chase & Co. – revealed that its clients have drastically dropped their interest in using cryptocurrencies as a payment method in the past few months. However, the organization assured that it will still support consumers who want to employ digital assets as a means of payment. The ongoing crypto winter seems to have affected people’s interest in the asset class. In a recent interview for Bloomberg, Takis Georgakopoulos – Global Head of Payments at JPMorgan – said clients were much more inclined to use cryptocurrencies as a payment tool six months ago.

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2022-09-08 04:20:06 47% of Bitcoin holders remain in profit despite BTC’s 60% price drop in 2022

A significant share of Bitcoin (BTC) investors have recorded losses as the flagship cryptocurrency’s price continues to correct further below the crucial $20,000 level. However, despite some investors nursing the pain of the ongoing crash, data indicates that a big share of holders are still in profit. September 7, 47% of Bitcoin holders remain in profit at the current price while the majority at 52% are in a loss. The number of holders in profit can be considered significant, considering Bitcoin has corrected by about 59.95% in 2022. At the same time, Bitcoin is trading almost 70% from all-time high value of almost $68,000 in late 2021.

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2022-09-07 22:30:54 Bitcoin Crashes to 6-Week Lows as Crypto Markets Shed $60 Billion

The crypto market cap saw $60 billion gone daily as bitcoin slumped to a 6-week low while ETH plummeted by nearly 10%. Yesterday’s brief price pump was short-lived as bitcoin reversed its trajectory and slumped below $19,000 to mark a multi-week low. The alternative coins, many of which registered impressive increases yesterday. Ever since bitcoin lost the coveted $20,000 line at the end of last month, the asset had remained relatively quiet, with a few unsuccessful attempts to reclaim that level. The latest such example came yesterday when BTC pumped to a daily high of $20,300.

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2022-09-07 16:10:08 Bitcoin exchange inflows sink to multi-year lows

Exchange flow metrics are used to assess investor sentiment and behavior. Inflows into exchanges usually denote token holders cashing out profits. Whereas outflows typically relate to holders moving tokens off exchanges for long-term storage. Both inflows and outflows have tapered off significantly from November 2021 market highs. Exchange inflow and outflow show the total amount of Bitcoin transferred to and from exchange wallets in USD. The chart below shows that over a 30-day moving average, inflows have exceeded outflows consistently since mid-2017.

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2022-09-07 10:00:19 Bellatrix upgrade goes live, sets stage for Ethereum’s Merge

The Bellatrix hard fork has just been activate on the Beacon chain and now only the Paris event remains before Ethereum's switch to proof-of-stake. The Bellatrix upgrade was activated at epoch 144896 on the Beacon Chain and is now live. The Paris upgrade is next, and once activated, it will complete the Ethereum network’s transition to the proof-of-stake system. Earlier in the day, Ethereum co-founder Vitalik Buterin announced on Twitter that the Merge will be triggered between Sept. 13 to Sept. 15. Each Ethereum node is run on two layers, the consensus layer (‘C layer’) and the proof-of-work (PoS) layer — currently the main network — which communicates via an Application Programming Interface.

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2022-09-07 03:50:05 Almost half of Shiba Inu’s initial circulating token supply has been burned

Since its launch in August 2020, Shiba Inu has been burned in a bid to cut its 1 quadrillion circulating supply. The milestone half way point is fast approaching. Since the start of September, 329.8 million Shiba Inu tokens have been burned, according to shiba-burn-tracker.com. Shiba Inu tokens are burned on multiple occasions daily to tackle the issue of oversupply. Over the last 30 days, the most significant daily burn totaled 455,699,414 SHIB on Aug. 31. Shiba Inu’s initial supply was just short of 1 quadrillion tokens, which hinders the ability of capital inflow to impact the token price positively. The Shiba Inu community has its sights set on a $0.01 token price.

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