Crypto World Analysis

2022-05-17 15:39:02 Portugal Makes U-Turn on Cryptocurrency Tax

Portuguese Minister of Finance Fernando Medina said cryptocurrencies will be subject to taxation in the near future, according to comments in the nation's parliament on Friday, as reported by Sapo.“Many countries already have systems, many countries are building their models in relation to this subject and we will build our own,” Medina said on the taxation of crypto.

"The government has said that [it] will move forward with the taxation of crypto," Susana Duarte, an associated partner at Abreu Advogados law firm in Lisbon, told CoinDesk. While she confirmed the new policy will include a capital gains tax, the government, she said, has not yet explained how staking or yield farming might be affected.Portugal was previously considered a tax haven for cryptocurrency investors, in part due to an effective capital gains rate of zero.

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2022-05-16 16:51:02 Terra (LUNA) trading volume surge 200% as market adjusts to death spiral

It took just seven days for the Terra (LUNA) ecosystem to spiral down as prices came crashing from $85 on May 5 to nearly $0 on May 12. As the market slowly gained clarity on what transpired, the trading volume of LUNA saw a steep recovery of over 200% over the weekend.

As a result of UST de-pegging, which crashed the LUNA market, LUNA investors mirrored the price dip as CoinGecko recorded the decline of trading volumes to $178.6 million on May 13 — a number that was last seen in February 2021.Terraform Labs CEO and co-founder Do Kwon sought damage control on the same day as he proposed a revival plan for Terra’s comeback, which involves compensating UST and LUNA holders for holding the tokens during the crash.

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2022-05-15 13:19:02 El Salvador’s over $100 million Bitcoin purchase is now worth $66 million

El Salvador’s Bitcoin (BTC) investment is performing poorly, with the value of the more than 2,000 units it holds falling by about $40 million. The decline in value results from Bitcoin falling to its lowest price in more than a year due to the current market realities.

El Salvador has spent around $105 million on its Bitcoin purchases, but the value of its holdings was around $66 million as of May 12.President Nayib Bukele made Bitcoin legal tender in the country in September 2021 to improve its economy. El Salvador also became the first sovereign nation to buy Bitcoin.Per CryptoSlate data, BTC’s value has fallen 45% since El Salvador bought its first coins.However, the losses have not deterred the country, as President Bukele revealed that he took advantage of the recent price decline to purchase an additional 500 BTC.

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2022-05-14 07:24:02 UK YouTuber KSI’s $2.8 Million LUNA Investment is Virtually Worthless

Popular British YouTuber and rapper JJ Olatunji, commonly known as KSI, recently revealed that he has lost over $2.8 million in LUNA following the cryptocurrency’s freefall over the past few days.However, less than 48 hours later, the rapper tweeted that he had lost nearly all his investment. The total value of his LUNA position had tumbled to a little over $1,000 within two days.

LUNA, the native token of the Terra ecosystem, was designed to help maintain the $1 peg of Terra’s algorithmic stablecoin, UST. But when the stablecoin depegged on May 9 and slipped below 40 cents, the effect was catastrophic for LUNA. The cryptocurrency all of its value, crashing from $62 on May 9 to essentially zero at the time of writing.

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2022-05-13 17:39:02 Binance Futures delists coin-margined LUNA perpetual contracts

Amid the collapsing Terra network’s cryptocurrencies Luna (LUNA) and TerraUSD (UST), crypto exchange Binance continues deactivating related trading services.Binance’s derivatives arm Binance Futures has delisted coin-margined LUNA perpetual contracts, the firm officially announced on Thursday.

Binance Futures has also started conducting automatic settlements on the contracts, reducing the leverage tiers and updating margin tiers for coin-margined LUNA perpetual contracts.As such, the 8x leverage tier is now the max leverage tier available on Binance for LUNA perpetual contracts, replacing the earlier maximum available leverage of 21-25x. 11-20x leverage is reduced to 7x, while 6-10x leverage is replaced with a 6x leverage tier, according to the updated data.

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2022-05-13 14:08:22 1inch Sets New Records - Aggregator's Volume Reached Over $2 Billion

Despite the fall of the cryptocurrency market, the trading volume in the Ethereum network on the platform 1inch.io reached a historical maximum of $2 billion per day. Exchanges also showed record volumes - more than 6 million.

The global geopolitical crisis gave a boost to DeFi's development. The beneficiaries of this development were large aggregators like 1inch. This platform began to get more institutional clients, as evidenced by the sharp rise in volumes.

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2022-05-12 17:17:02 Terraform Labs CEO Do Kwon Outlines Terra's Path Forward for LUNA, UST Stablecoin

Do Kwon, the founder and CEO of Terraform Labs, has broken his Twitter silence to reveal the Terra network's next steps in the wake of this week's crash."I understand the last 72 hours have been extremely tough on all of you - know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this," Kwon wrote.

With Terra's native dollar-pegged stablecoin UST having crashed as low as $0.30, Kwon's primary objective at the moment appears to be to bring the stablecoin back to $1.As for the impact on LUNA, which has dropped by over 90% in the last 24 hours, it remains to be seen.To re-peg UST, Kwon has proposed an increase the supply of LUNA on the market in order to absorb investors' attempts to offload the broken stablecoin.The proposal would essentially lean into the network's native mint-and-burn mechanism.

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2022-05-11 15:22:02 Mike Novogratz Says More Pain Will Come For The Crypto Market

On 9 May, Mike Novogratz, popular American investor and CEO of Galaxy Investment Partners, appeared in an interview with CNBC’s Squawk Box. In the interview, Mike shared his prediction on the near future situation of the crypto market and claimed that a huge downfall will come.

Mike was questioned by the host about what he thinks about the future ups and downs of Bitcoin price. Then Mike said that Bitcoin will show a significant correlation with Nasdaq.American investors also predicted that Nasdaq could be at 12,000 and after that, it will be at 10,500. Mike also asserted to see the current situation, that we are not in that Covid pandemic phase, so here we need something new to move forward with huge inflow.

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2022-05-10 21:52:41 Acta Finance - wNFT giveaway!

To celebrate the near launch, the ActaFi team is giving away 200 wNFTs.
100 wNFTs with 50$ each in a 35% APR Staking contract
100 wNFTs with 50$ each in a 25% APR Staking contract


Participate here
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Winners are picked 14th May
wNFTs are airdropped on 15th May

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Staking
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Address Milestones.
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wNFTs

The ACTA token will have 5 utilities
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Stake required ACTA amount for DAO Title
Stake required ACTA amount for Launchpad Tier levels

https://www.actafi.org

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2022-05-10 19:43:02 Binance takes legal action against fake billboard ads in Turkey

Trying to cash in on Binance’s popularity in the country, scammers in Turkey have been found to rent numerous billboards to advertise fake Binance-themed opportunities.Binance TR, the Turkish arm of crypto exchange Binance, has warned investors in the region of an ongoing scam attempt that targets crypto investors via fake Binance-branded billboards and hoardings.

Turkey is home to a large number of crypto investors that account for over 7% of the total traffic to Binance’s primary platform through a desktop browser, as evidenced by data from Similarweb. Trying to cash in on Binance’s popularity in the country, scammers in Turkey have been found to rent numerous billboards to advertise fake Binance-themed opportunities.

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