Crypto World Analysis

2022-09-23 13:52:06 ​​ Latest Crypto News, Updates, Analysis and Deeper Insights in the whole Crypto space.

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2022-09-23 10:03:02 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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2022-09-22 09:24:02 M. Saylor’s MicroStrategy buys the dip purchasing over 300 Bitcoins

MicroStrategy has bought an additional 301 Bitcoins at the average price of $19,851 per coin, which amounts to around $6 million for the entire purchase, its founder and former CEO Michael Saylor said on September 20. As the United States Securities and Exchange Commission (SEC) report on the purchase shows.

MicroStrategy has a long history of holding fast in the face of market volatility, which its CFO Phong Le described as the strategy to “buy and hold,” as Finbold reported back in January 2022. More recently, in June 2022, Saylor affirmed that his company had anticipated the flagship digital asset’s volatility when it adopted a Bitcoin strategy and has “structured its balance sheet so that it could continue to HODL through adversity.”. MicroStrategy was one of the first corporate players to hold cash in Bitcoin.

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2022-09-21 08:20:04 Tribe DAO Votes to Repay Rari Capital Hack Victims—Again

Although it’s been a long road for victims of the Rari Capital hack, it appears as if their journey is once again at its end. Following several rounds of voting and governance proposals, Tribe DAO—the entity spawned from a token merger between Rari Capital and Fei Protocol—today confirmed that it would repay victims of the Rari hack.

The proposal is just one move following the DAO's announced dissolution. Other components of the dissolution included redeeming FEI for DAI, offering TRIBE token holders pro-rata shares of the DAO's assets, and removing all of Tribe's governance powers. According to on-chain voting platform Tally, where the vote was conducted, 99% of votes were in favor of full reimbursement. “If passed, this proposal would issue a payment to those affected by the Fuse Hack corresponding to the full amount stolen by the hacker,” read the poll.

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2022-09-20 11:12:02 Stablecoin Adjusted On-Chain Volume Reaches New Highs

Stablecoins continue to break into the mainstream due to their use in settling cross-border payments and in the process reached a new milestone in adjusted transaction volume in August. The use of stablecoins in cross-border transactions is far cheaper and faster than in centralized systems.

This has led to an adjusted on-chain volume of approximately $866 billion throughout August. In August of 2021, the crypto market bounced back from a brief bearish period that began three months prior. It was during this time that due BTC was removed as a payment method for Tesla-related products. In terms of stablecoin volume, August 2022 was an 86% year-over-year (YoY) gain from August 2021’s figure of $464 billion.

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2022-09-19 10:27:02 The US DoJ Established a Unit of Prosecutors to Limit Crypto Crime

The DOJ doubled down on its efforts to crack down on criminals that employ digital assets by forming “National Cryptocurrency Enforcement Team.”. Earlier this year, the DOJ established another division, called “National Cryptocurrency Enforcement Team” and appointed cybersecurity prosecutor – Eun Young Choi – as its head.

In a recent interview for The Wall Street Journal, the DOJ revealed its determination to limit the usage of cryptocurrencies in crimes such as money laundering and terrorism financing. As such, it formed a unit of federal prosecutors named “The Digital Asset Coordinators Network.” The specialists are expected to employ their expertise to identify and prevent such illicit activities. Apart from hunting down crypto scammers and bringing them to justice, the newly-introduced division will educate other government officials.

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2022-09-18 12:15:08 Ethereum Liquidations Top $127M Amid Post-Merge Volatility

The successful merge carried out by the Ethereum network this week hasn’t staved off the effects of crypto’s ongoing bear market, with Ethereum’s price down around 8% in the past 24 hours. Ethereum, the second largest cryptocurrency by market cap, is currently trading hands around $1,460, down 8.2% over the past 24 hours, according to CoinMarketCap.

Over the past seven days, Ethereum shed more than 14% of its value, tumbling from $1,740.88 on Wednesday to as low as $1,448.95 in the early trading hours of Friday. Daily trading volumes were also down 19.11% to $20 billion in the last 24 hours. This bearish price shift also led to over $127.4 million in Ethereum liquidations, according to data from Coinglass. More than 80% of these liquidations, over $103 million, were long positions from bullish crypto traders.

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2022-09-17 13:06:02 Suspension of Withdrawals: Poolin Brings in IOU Tokens to Mitigate the Impact

The company said it is exploring multiple options, including new investments and asset liquidation, to solve liquidity issues. Poolin, the embattled crypto mining pool service provider, will offer freshly-minted IOU tokens to its users whose assets are frozen after the platform suspended withdrawals last week. The distribution of IOU tokens will be made today, the 15th of September.

The IOUs will be minted under the ERC-20 protocol on Ethereum, the China-based company said in an official statement on its website. Last week, the firm suspended withdrawals, flash trade, and internal transfers in the face of mass withdrawals threatening to wipe off liquidity and disrupt operations. It said that extreme step was taken to preserve liquidity and work towards finding a solution to the liquidity crisis. The company also introduced two zero-fee mining schemes to encourage users.

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2022-09-07 12:29:29 Eth whales (holders of >100Eth) are growing leading up to the Sep 15 $ETH merge

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2022-09-07 10:11:02 Australia creates special crypto police unit to crack down on money laundering

In the first four months of 2022, crypto scam losses in Australia grew 166% to $140 million, compared to the same period in 2021. Amid a rise in cryptocurrency-related crimes, Australia’s Federal Police has set up a new cryptocurrency unit to crack down on money laundering, the Australian Financial Review reported on September 5.

Australian Transaction Reports and Analysis Centre (AUSTRAC), a government financial intelligence agency, warned in April that cryptocurrencies are becoming increasingly lucrative for criminals. AUSTRAC deputy chief executive said that the anonymity and ease of cross-border transactions in crypto make the asset class attractive to the likes of Neo-Nazis. The crypto unit was set up after the AFP crossed its target of seizing $600 million in criminal proceeds two years ahead of schedule.

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