• CRYPTO NEWS • #BTC • #ETH •

2022-11-05 03:14:01 High Taxes Can Kill the Crypto Industry in India, CZ Cautions

Besides existing taxes, a new draft ITR form suggests that foreign businesses could be taxed if they have got a user base in India. India’s anti-crypto policy came into sharp focus at the prestigious Singapore Fintech Festival (2-4 November), where Binance CEO flagged high tax rates as undoing the fledgling crypto business in the country. Binance CEO Changpeng Zhao (CZ), during a panel discussion at SFF that was live-streamed, said, “India has high tax, which is probably going to kill the industry.” He was referring to new crypto taxes that became effective from April this year, media reports noted.

Best Crypto News Open / Comment

2022-11-04 20:20:18 Fidelity turns its attention to retail investors with new crypto offering

The investment powerhouse opened up a waiting list for Fidelity Crypto, which it says will offer commission-free trading of bitcoin and ether alongside traditional stock investments in one app. Other cryptocurrencies are being evaluated and could be added in the future. The product is getting rolled out just weeks after Fidelity Institutional President Michael Durbin said he sees more room for crypto in consumer portfolios. Fidelity has been quicker to embrace digital assets than most other large investment companies.

Best Crypto News Open / Comment

2022-11-04 15:14:02 ApeCoin DAO approves $4.4 million bug bounty program on Immunefi

The ApeCoin DAO has voted to approve a $4.4 million bug bounty program with ethical hacking platform Immunefi, aiming to guard its upcoming token staking mechanism from hacks. ApeCoin is a decentralized autonomous organization (DAO) that oversees the development of apecoin, a token used within Yuga Labs. According to a snapshot vote that ended today, ApeCoin DAO members approved a proposal titled AIP-134, a funding request of 1 million APE ($4.4 million) for the bounty program to go live on an ethical hacking platform called Immunefi. Under the bounty program, researchers on Immunefi's platform will win rewards for finding software flaws.

Best Crypto News Open / Comment

2022-11-04 09:14:02 China holds $3.9B worth of Bitcoin despite anti-crypto stance

CryptoQuant co-founder Ki Young Ju said the Chinese government is a crypto whale, despite its negative posture toward the industry. According to Young Ju, China holds $6 billion worth of cryptocurrencies — including 194,000 Bitcoin ($3.9 billion), 833,000 Ethereum ($1.2 billion), and several other unnamed digital assets — it seized from the PlusToken scam in 2019. The PlusToken scam was a Ponzi scheme that began in 2018 and had investors mainly from China and South Korea. Reports stated that the scheme had swindled investors off over $2 billion in digital assets in 2019. Meanwhile, CryptoQuant analysis revealed that the scammers have cashed out over 90,000 BTC using mixers through various addresses.

Best Crypto News Open / Comment

2022-11-04 03:03:01 Dogecoin Above 200-Day Moving Average by Most Since June 2021

The Twitter (TWTR)-inspired rally in the price of dogecoin (DOGE) over the past week has pushed that cryptocurrency well above its technically notable 200-day moving average. the world's richest person, closing his Twitter purchase and hope of some sort of integration with the popular social-media platform. "Dogecoin rallied over 100% last week on speculation of integration with Twitter. The surge is meaningful on its chart, noting the breakout above the 200-day MA and former peaks," Katie Stockton, founder and managing partner of Fairlead Strategies, wrote in a note to clients.

Best Crypto News Open / Comment

2022-11-03 20:39:59 Bankrupt mining provider Compute North sells assets to its former lender

Generate Capital is buying two mining facilities for $5 million from bankrupt mining hosting firm Compute North. New filings in Compute North's bankruptcy proceedings show a deal has reached the court, with counsel filing a proposed order for the sale of its stake in the Wolf Hollow, Texas, and Kearney, Nebraska, mining facilities. Compute North did not receive any other qualifying bids for the assets in the lead up to the sale, and thus cancelled the planned auction and moved to consummate the agreement with Generate Capital. There is no planned merger or restructuring plan from Generate from the sale. The agreement does not cover assets that are owned by third parties but utilized at the sites.

Best Crypto News Open / Comment

2022-11-03 15:14:02 Singapore leverages Polygon and Aave in first DeFi wholesale markets transaction

The Monetary Authority of Singapore (MAS) successfully completed a cross-currency transaction involving tokenized Japanese yen and Singapore dollar deposits as part of a pilot exploring the potential of DeFi applications in wholesale funding markets. According to a tweet from JPMorgan's Ty Lobban, the multinational investment bank first used Polygon in order to settle on Ethereum for low fees — which were necessary to reduce operating costs associated with identity verification. It then leveraged Aave's permissioned pools concept and deployed a modified version of Aave Arc in order to set specific parameters.

Best Crypto News Open / Comment

2022-11-03 09:14:00 Binance CEO would join Twitter board if Elon Musk asks

Binance CEO Changpeng Zhao says he’d be willing to join Twitter’s board of directors if invited by the social media platform’s new owner Elon Musk. "Elon’s still deciding about the board, if he asks me to do it I probably will,” Zhao said while speaking at technology conference in Lisbon, Portugal. Binance recently poured $500 million into Elon Musk’s takeover bid for social media platform Twitter, which closed last week. Despite a rocky acquisition process, Binance’s top boss stuck to his plans to lend financial support to Musk’s $44 billion bid. The crypto exchange was among dozens of outside investors which also included Qatar’s sovereign wealth fund, venture capital firm Sequoia and Fidelity.

Best Crypto News Open / Comment

2022-11-03 03:14:00 Swiss regulator includes AML provisions for crypto transactions

Switzerland’s financial regulator will include crypto in its anti-money laundering regulations. From next year, Swiss citizens will need to confirm their identity when conducting crypto transfers of over 1000 Swiss francs ($1005), the Financial Market Supervisory Authority said in a release. Finma reportedly received “numerous responses concerning the specification of the threshold for transactions with virtual currencies.” Despite the concerns raised in the consultation, the monetary regulator went forward with the previously established threshold of 1000 Swiss francs due to “risks and recent instances of abuse.”.

Best Crypto News Open / Comment

2022-11-02 20:40:00 Crypto exchange volumes hit 23-month low

Cryptocurrency exchange volume in October was just $543 billion — down from $733 billion in September — according to The Block's data dashboard. The last time levels were this low was in December 2020, when they came in at $385 billion. (The same month, bitcoin hit multiple new all-time highs, trading above $28,000.). October marked six months since the crypto downturn began and five months since the high-profile TerraUSD collapse. Prices were stagnant for most of the month before rallying last week. Volatility hit its lowest levels since July 2020 in October. North American volumes fell to just over $78 billion.

Best Crypto News Open / Comment