Russian Market

2022-05-01 12:06:16 Market Overview

BTC price trades below $39K

The Top-10 are traded in red zone:
LUNA -5.8%
XRP -5.6%
SOL -5.5%

Market cap: $1.81T (-2.56%)
BTC dominance: 39.86% (+0.67%)
Fear & Greed Index: 22 (Extreme Fear) Open / Comment

2022-04-30 20:36:07 Germany eases staking and lending laws

The Federal Ministry of Finance in Germany has announced the removal of the draft bill that required a minimum 10-year period for tax-free selling of crypto gains from staking and lending. As such, Germans can now sell their crypto assets tax-free after 1 year of staking and lending. In fact, this is the usual holding period for tax-free selling of crypto gains.

Staking and lending allow users to lock in their cryptocurrencies for some time in networks or platforms in order to receive rewards, interest, and new crypto. Previously, users were required to hold their cryptocurrencies for 10 years after staking and lending, so that they could be sold tax-free.

According to the Coincub survey, Germany has overtaken Singapore as the most crypto-friendly country in the world. Crypto adoption among Germans has more than doubled in just a year.

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2022-04-30 18:05:20 Hacker exploited Fei Protocol for $80 million

Ethereum-based DeFi platforms Rari Capital and Fei Protocol lost around $80 million worth of tokens in an exploit on Saturday, according to on-chain data.

In a series of transactions, the attacker apparently transferred around $80 million of Wrapped Ethereum from the protocol to his personal wallet.

Fei Protocol also posted a tweet saying they are aware of an exploit in several Rari Fuse pools. They suspended all borrowing operations on them to prevent further stealing of funds. The protocol offered the hacker a $10 million bounty for returning stolen funds.

The cause of the exploit is reportedly due to a typical reentrancy vulnerability, a common vulnerability in Ethereum-based smart contracts.

Fei is an Ethereum-based protocol that uses tokenomics to maintain the 1:1 dollar peg for its stablecoin Fei USD.

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2022-04-30 13:28:58 Cuban Central Bank announces crypto licenses

The Central Bank of Cuba (BCC) has declared that virtual asset service companies would be granted licenses. The rules will come into effect on May 16, 2022.

The license will be available to both Cuban and foreign individuals and organizations. It will be valid for one year, with the possibility of a second year extension. Before giving a license, the bank said it would assess the legality, socioeconomic interest, and project features of any request.

All crypto-related operations would be permitted as long as they did not incorporate digital representations of fiat currency, securities, or other financial instruments widely employed in traditional economic models. Service providers who have been licensed cannot stop operating without the permission of the central bank.

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2022-04-30 11:55:39 Market Overview

BTC price trades below $39K

The Top-10 are traded in red zone:
SOL -3.7%
ETH -3.2%
XRP -2.5%

Market cap: $1.86T (-2.12%)
BTC dominance: 39.45% (-0.17%)
Fear & Greed Index: 20 (Extreme Fear) Open / Comment

2022-04-29 21:30:05 Standard Chartered Bank sees Ethereum hit $35,000

Geoffrey Kendrick, head of crypto research at British banking giant Standard Chartered, says the price of Ethereum could still reach the $35,000 target in the long term.

Kendrick points to the fact that institutional money continues to flow into crypto despite the sell-off. In turn, the price of Ethereum should also benefit after the upcoming transition to Proof-of-Stake The network upgrade is expected to take place later this year. The analyst also named Avalanche and Polkadot as Ethereum's main competitors.

It is worth being skeptical of his prediction, as earlier in September 2021, Kendrick stated that Bitcoin would peak at around $100,000 in early 2022.

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2022-04-29 17:29:43 South Korean crypto exec and army captain arrested for spying for North

A 38-year-old chief executive of a crypto exchange and a 29-year-old active army captain has been arrested in South Korea for leaking military secrets to North Korea. Both are charged with "violating the national security law."

The two were paid in crypto "at the behest of a North Korean agent," South Korean police reported. Authorities determined the agent was from North Korea based on statements gathered from the two arrested individuals. The army captain allegedly passed on login information for South Korea's Joint Command & Control System, a military internal communications network, to the suspected North Korean agent.

The agent allegedly paid the crypto exchange executive $600,000 and the army captain roughly $38,000 in crypto. This is reportedly the first time a "civilian and active-duty military captain were caught trying to obtain military secrets" in South Korea, according to officials.

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2022-04-29 17:14:08 US Core PCE price index plateauing inflation

The Federal Reserve's preferred measure of US inflation eased from multi-decade highs last month. US Core PCE Price index for March came in at 5.2%, lower than 5.3% February's print and analysts' expectations for March. In contrast, the employment cost index (ICE) for Q1 exceeded expectations coming in at 1.4%.

Upward pressures on prices may be behind, and now an important question is whether growth in futures prices will mean-revert to lower levels or will they remain at elevated levels. If it’s the latter, it may not provide too much optimism to stocks, whereas the former would reduce the uncertainty regarding Fed's tightening plans, and hence provide a more favourable environment for stocks.

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2022-04-29 15:54:48 Bitcoin doesn't meet requirements of reserve currency, says Swiss National Bank

The Swiss National Bank (SNB) is against buying and holding Bitcoin as a reserve currency, Chairman Thomas Jordan said at the central bank's annual general meeting on Friday.

He pointed out that to buy BTC is not a problem, and the central bank of Switzerland can either make a direct BTC purchase or invest in a BTC-based product pretty quickly. However, this can only happen if the SNB believes that Bitcoin should be on its balance sheet.

"From the current perspective we do not believe Bitcoin meets the requirements of currency reserves, that's why we have until now decided not to have Bitcoin on our balance sheet," Thomas Jordan added.

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2022-04-29 13:09:24 Panama approves bill regulating сrypto

The National Assembly of Panama has approved a bill regulating the use of digital assets such as BTC in the country and will also provide a legal framework for DAOs and STOs. Now the law must be signed by the president of the country before it comes into force.

According to Congressman Gabriel Silva, this will help Panama "become a hub of innovation and technology in Latin America." According to the bill, Panamanians will be able to buy everyday goods with cryptocurrency if they want to.

Moreover, the law provides that cryptocurrencies will now be a valid form of payment "for any legal civil or commercial operation," including the payment of taxes, fees, and duties to the government. The full list of eligible cryptocurrencies will be published later, but for now, the law highlights Bitcoin, Ethereum, XRP, Litecoin, and Stellar, among a handful of other coins.

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