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2022-06-16 09:13:02 Brazil’s New Proposal Seeks to Recognize Bitcoin, Crypto as Legal Financial Assets

While it’s still early to speculate if Brazil is following in El Salvador’s footsteps, the latest proposal demonstrates the country racing towards meaningfully regulating the crypto industry as adoption reaches a pivotal stage.

While the proposed addition will not necessarily make crypto legal tender in the country, it will help the asset class to be used as a financial asset for various purposes, including means of exchange or payment, or instrument of access to goods and services or investment. The bill is headed to the South American country’s legislators, who will now hold discussions before the additions are passed by the Senate and are signed into law by the president.

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2022-06-15 10:58:02 Crypto Markets Erased $300B in Days, Bitcoin Dipped to $20.8K

Bitcoin kept plunging in the past 24 hours to a new multi-year low of under $21,000. Most of the altcoins followed suit with massive price losses. ETH is among the leaders in this adverse trend as it dipped below $1,100.

It’s safe to say that the bears have complete control over the market. Just a week ago, BTC challenged $32,000 on a few occasions but to no avail. The subsequent rejections brought the cryptocurrency south to around $30,000.The record-setting inflation numbers from the US pushed it down to $29,000 on Friday before the situation took another turn for the worse during the weekend and on Monday. At first, BTC dumped to $27,000 before slipping to $25,000. Yesterday, though, bitcoin lost another sizeable chunk of value and dumped to just under $21,000, resulting in over $1 billion in liquidations.

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2022-06-14 10:36:02 Show Me The Money! More Than 64% Of People Buy NFTs Just To Profit, Survey Shows

Many people are beginning to wonder whether it is really worth it to spend thousands or even millions of dollars on something that can be obtained for free on the internet, given the increasing popularity of NFTs.

According to recent study conducted by Finder.com, around 3% of American internet users currently own a non-fungible token. Finder conducted an online survey of over 28,000 individuals from 20 nations to compare NFT consumption, discovering that the United States ranked third-last for its usage. Since non-fungible tokens are based on a commodity-like technology, their users stand to profit financially from their use. It is possible to validate NFTs without a central authority, and to use a digital signature to verify their ownership and originality, thanks to the blockchain.

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2022-06-13 10:48:02 Bank of Canada: Crypto Needs to Be Regulated Before it Gets Too Big

The recent price plunge of cryptocurrencies has alarmed global authorities about the risk in some projects – like Terra’s ecosystem. In the context that regulatory overhauls targeting the industry may be around the corner, the Central Bank of Canada also voiced the urgency of imposing such rules before the sector has become so big.

Carolyn Rogers – Bank of Canada Senior Deputy Governor – said in an interview with Reuters that regulating the industry has become increasingly pressing as more people have invested in the asset class. She was worried that as the industry keeps growing rapidly, attracting new investors who may not understand the risk involved, a violent price drop may eventually lead to a spillover effect onto the broader financial system.

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2022-06-12 11:52:02 Bitcoin Spot To Derivatives Flow Forms Historical Bullish Pattern

On-chain data shows the Bitcoin flow from spot exchanges to derivatives exchanges is currently painting a trend that has historically been bullish for the crypto’s price. As pointed out by an analyst in a CryptoQuant post, the BTC spot to derivatives flow may be hinting at a bullish outcome for the crypto.

When the value of this metric rises, it means a higher number of coins are now being transferred to derivatives exchanges from spot as investors look to open futures positions. In the past, the indicator’s value has usually moved faster whenever the price of the crypto has observed a large decrease. Now, here is a chart that shows the trend in the Bitcoin spot exchanges to derivatives exchanges flow over the last few years.

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2022-06-11 13:04:02 CZ visits Palau to kick off BNB Chain-supported ID NFTs for digital residency program

The Republic of Palau announced Friday that it will issue identification cards to its digital residents in the form of nonfungible tokens (NFTs) on Binance’s BNB Chain blockchain. Binance founder and CEO Changpeng Zhao (CZ) was on hand in the Pacific island nation for the unveiling of the NFTs and to meet with Palauan President Surangel S. Whipps, Jr.

Palau introduced its Root Name System (RNS) Digital Residency program in January. California-based Cryptic Labs took part in the development of the program, which provides global citizens with identity cards issued by the government of Palau. Physical cards already exist. Planned uses for the new RNS ID NFTs include Know Your Customer (KYC) functions, access to digital banking, verified on-chain signatures and accessing services requiring government-issued identification.

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2022-06-11 09:33:23 Terra employees reportedly confirmed to the SEC that Do Kwon cashed out $80 million a month prior to the $LUNA and $UST crash.

Do Kwon has reportedly not received any official payment from Terraform Labs but has cashed out $80 million a months before the LUNA and UST crash. And Luna is also under investigation from the SEC because his blockchain service is used to buy US equities. Troubles for Do Kwon. Fair to say the team had $15 billion worth of tokens when it was trading north of $100. $80 million per month wouldn’t be out of the ordinary.

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2022-06-10 11:27:02 Terra’s Do Kwon loses appeal to block SEC subpoena over Mirror Protocol

Do Kwon, the founder of collapsed Terra (LUNA) ecosystem, has lost an appeal attempting to block the honouring of subpoenas by the Securities Exchange Commission (SEC) over an ongoing investigation into the Mirror Protocol.

The U.S. Second Circuit rejected the appeal arguing that SEC had followed the correct procedure in serving Kwon with the subpoenas, court documents published on June 8 indicate. The four-judge bench upheld the lower court’s decisions noting that the regulatory agency complied with federal rules when it served Kwon and his company Terraform Labs. Kwon was initially served by the SEC while in the U.S. attending a cryptocurrency conference in New York in September 2021.

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