CryptoTastic

2022-12-14 09:57:13 European Parliament terminates crypto-friendly Eva Kaili's term of office

The European Parliament voted to terminate crypto-friendly vice-president Eva Kaili's term of office by a double majority. Kaili's termination results from ongoing investigations involving some European Parliament members and staff. 625 votes favored Kaili's termination, while only one voted against and two abstained. The action was unanimously approved today after the Conference of Presidents triggered the procedure. The Conference of Presidents is shocked and deeply concerned about the recent revelations on corruption and criminal influence in the decision-making processes in the European Parliament.

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2022-12-13 16:43:25 Bitcoin’s 2022 realized losses is almost double the size of realized profit

According to the chart, Bitcoin had a realized loss of $195 billion in 2022. This means that several holders sold their BTCs for less than they bought them. Most of these losses occurred in February, May, June, and November. These periods are significant as various events ranging from the Russian-Ukraine war to the failure of crypto projects like Terra’s UST, led to massive sell-offs resulting in these losses. The two highest capitulations in 2022 happened during Terra’s implosion in May and June. Investors lost over $14 billion and $20 billion, respectively. the price performance of the digital asset.

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2022-12-12 20:25:52 Celsius issues latest update regarding customer withdrawals after court ruling

Collapsed cryptocurrency lending platform Celsius Network has issued the latest update on the progress of allowing customer withdrawals as the bankruptcy hearings continue. Celsius should return deposits to specific customers. Celsius noted that the platform would launch communication with the affected customers on the implications of the ruling and the next course of action, the company said in a series of tweets on December 8.  Celsius clarified the type of assets the company will be compensating as per the ruling.

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2022-12-12 11:32:32 FTX Japan Has Until March 2023 to Cease All Operations

The Kanto Local Finance Bureau will supposedly halt FTX Japan’s activities on March 9, 2023. The Japanese authorities reportedly extended the business suspension order to FTX Japan until March 9, 2023.Initially, the company had to cease all services on December 9. According to recent coverage, the Kanto Local Finance Bureau will grant FTX Japan three more months before halting all its activities. The authorities further claimed that FTX Japan’s trading system continues to be out of order. The Japanese subsidiary of the bankrupt exchange vowed to resume customer withdrawals by the end of 2022 by developing new infrastructure.

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2022-12-11 21:36:45 Argo Blockchain accidentally reveals plans for bankruptcy

Argo Blockchain, a crypto mining company, has reportedly accidentally revealed a petition for bankruptcy. This news was reported by Will Foxley, the Content Director at Compass Mining, who shared a screenshot of the special announcement from Argo Blockchain. The announcement suggests Argo may be preparing to file for bankruptcy, per the screenshot of a document released by Foxley. Additionally, on Dec. 9, it was reported that Argo’s shares had been temporarily suspended by the UK’s Financial Conduct Authority (FCA) after the company disclosed a decline in revenue for November.

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2022-12-11 08:07:32 Rural Kenya harnesses stranded potential energy to mine BTC using hydropower

A rural village in Kenya has been using off-grid energy generated using hydropower to mine Bitcoin (BTC) and power 500 families nearby. The news was shared by Cash App Product Lead Miles Suter, along with a video and several pictures.

The model belongs to Gridless Compute, a green energy initiative based in Kenya. The company primarily focuses on providing cheap and uninterrupted energy to the rural areas of Kenya. Gridless purchases mini-grid hydropower energy generators in rural areas that the local families use to draw power from and uses the grids’ excess capacity to mine BTC.

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2022-12-10 16:11:56 UK financial reforms push for more investment in crypto businesses

UK’s financial services, in an effort to boost economic growth post-Brexit. Issuing a digital pound, experimenting with blockchain and boosting investment in crypto businesses made the cut.  The government is committing to publish a consultation on establishing a central bank digital currency for the UK. The Treasury and the Bank of England continue to investigate the digital pound, as plenty of jurisdictions around the world scramble to issue their own central bank-backed digital coin. investors to bring their funds into the UK’s crypto industry.

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2022-12-10 07:24:52 Stablecoin wars heat up as Coinbase offers fee-free swaps from USDT to USDC

Coinbase has called on users to convert their Tether stablecoins to the stablecoin it cofounded, USD Coin — while waiving fees for doing so. The exchange added that USDC delivers monthly attestations and is "always redeemable 1:1 for U.S. dollars."

Now more than ever, stability and trust are of the utmost importance to customers," the crypto exchange said in an official blog post, adding that the ability to swap USDT to USDC at no cost represents a continued effort to give users "safe, responsible ways to hold and grow their crypto. The move by Coinbase may be seen as a shot at Tether's USDT in the so-called "stablecoin wars."

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2022-12-09 09:18:11 Collapsed FTX Sought $100M Sponsorship Deal With Taylor Swift: Report

According to a Financial Times report citing people familiar with the matter, the abortive deal reportedly revolved around a potential tour sponsorship and included a ticketing arrangement with digital certificates in the form of non-fungible tokens (NFTs). One former FTX employee reportedly said that the exchange had sought a “light degree of endorsement” from Swift on social media—though Swift herself, according to a person close to the discussions, never contemplated agreeing to endorse the exchange.worth more than $100 million with Taylor Swift.

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2022-12-09 08:29:20 EU crypto taxation proposal will target firms all over the world

Companies offering EU residents crypto services will need to report on transactions to tax authorities.A new proposal from the European Commission will require crypto asset service providers of all sizes and geographical locations to report on the transactions of EU-based clients to tax authorities.

Tax authorities currently lack the necessary information to monitor proceeds obtained by using crypto-assets, which are easily traded across borders,” the European Commission wrote in a statement. “This severely limits their ability to ensure that taxes are effectively paid, which means European citizens lose important tax revenues.”The European Commission aims for the new rules to be enforced on Jan 1. 2026.

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