US Government’s new Infrastructure bill can force every crypto service (Even DeFi) to have KYC for their users.
Bitcoin again crossed $40K, and the Ethereum upgrade is scheduled on 5th August. A lot of VC money is flowing in crypto companies. This is an excellent sign and shows smart money is still bullish on Crypto and its future.
Meanwhile, A new provision has been added in the new infrastructure bill that expands the Tax Code’s definition of “broker” to capture nearly everyone in Crypto, including non-custodial actors like miners, forcing them all to KYC users. Don’t let this happen. Take Action.
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Now, let’s see what happened last week in Crypto.
1. The Bank of America Worldwide Research Team Issued an Article Outlining the Advantages of Making Bitcoin Legal Tender in El Salvador
On June 5, during the Bitcoin 2021 conference, President Nayib Bukele delivered a pre-recorded announcement: El Salvador would be the first country in the world to accept Bitcoin as legal cash.
On June 8, barely three days following that announcement, the Legislative Assembly approved the Bitcoin Bill, indicating that El Salvador will implement this proposal in about three months.
In the early hours of today, the Bank of America worldwide research team issued an article outlining the advantages of making Bitcoin legal tender in El Salvador.
2. Bitcoin Price Exceeds $41,000 Following the Longest Streak in 8 Years
After a 10-day winning streak that was the longest in eight years for the largest cryptocurrency, the price was hovering above $41,000, the highest since May. (The price slid down to $40,000 at the time of writing this article.)
Source: Trading view
In mid-April, Bitcoin reached an all-time high near $64,400 as market enthusiasm peaked and the U.S. exchange Coinbase went public via a direct stock listing. However, the price fell over the next few months as China cracked down on cryptocurrency mining and exchanges, and regulators around the world tightened industry restrictions.
3. Biden to Step Up Crypto Tax Enforcement to Help Fund the United States’ $1 Trillion Infrastructure Plan
US President Joe Biden and Congress have reached an agreement on the outlines of a $1 trillion bipartisan infrastructure package that includes measures to strengthen tax enforcement surrounding crypto assets.
Taxing cryptocurrency transactions to fund the United States’ infrastructure plan
- The White House stated that President Joe Biden and a bipartisan group of senators had reached an agreement on the details of a “once-in-a-generation investment” in the United States’ infrastructure.
- Measures to strengthen tax enforcement around crypto-assets were tacked on at the last moment to the infrastructure law in order to obtain revenue to support the development plan.
- The proposal/bill will be considered by the Senate, according to the White House, who added that “in total, the plan involves $550 billion in a new public/federal investment in America’s infrastructure.”
- The $550 billion will be spent on roads, bridges, high-speed internet, public transportation, electric vehicles, airports, and maritime ports, among other things, in the next eight years.
- Cryptocurrency transactions are estimated to raise an additional $28 billion as a result of the rules.
4. Bitcoin has been Added to GoldenTree’s Balance Sheet
According to The Street, GoldenTree Asset Management, a New York-based firm with $45 billion under management, has been adding an undisclosed amount of bitcoin to its balance sheet.
With the investment/purchase, the credit-focused firm has become the latest Wall Street institution to invest in the largest cryptocurrency.
GoldenTree, led by founder and Chief Investment Officer Steven Tananbaum, is considering employing cryptocurrency investment expertise as it shifts its focus to the market.
5. Over $4.3 billion of Bitcoin has been Pulled from Exchanges in the Last Four Days!
6. Ethereum London Upgrade — August 5th, 2021
With an Ethereum upgrade scheduled for the early hours of August 5, much of the focus has been on EIP-1559, a critical code modification that will burn transaction fees, removing some ETH from circulation.
Gas tokens like GST2 and CHI, which developers utilize to secure lower rates while deploying smart contracts, will be rendered obsolete.
7. Crypto Punk sold for 2250 Eth
Vaynerchuk’s bid of 1600 ETH for CryptoPunk #2140 is the fourth-highest amount paid for a CryptoPunk to date. Just a few hours later, the third-highest payout was made — a whooping 2,250 ETH ($5.4 million) for CryptoPunk #5217.
8. Wealthfront Adds Crypto With Addition of Bitcoin, Ethereum Trusts
Wealthfront’s renewed interest in portfolio customization has resulted in the company now offering Bitcoin and Ethereum trusts that are benchmarked against CoinDesk indices.
According to Wealthfront’s blog post, the new investment options are intended to make it “easy to obtain exposure to Bitcoin and Ethereum right in your Wealthfront portfolio, no wallets required.” The trusts give “indirect exposure to cryptocurrency,” and investors who purchase units will be limited to allocating no more than 10% of their portfolio to the trusts.
“We limit your allocation to [crypto trusts] because, as fiduciaries, we always act in your best interests, and these assets can be riskier and more volatile than most ETFs.”
Investors will also be unable to borrow against their crypto assets using the robo’s portfolio line of credit. The Risk Parity Fund is likewise ineligible for the PLOC product, which is available to clients with a taxable investment account of at least $25,000 in it.
9. To Compensate for Gas Costs, the 1inch Foundation Intends to Give 10 Million Tokens
Only users who stake 100,000 1INCH or more will be refunded in full for their gas prices.
Beginning September 1, the non-profit arm of decentralised exchange aggregator 1inch promises to distribute more than $23 million to customers.
The 1inch Foundation will begin issuing 10 million of its native 1INCH tokens in an effort to reimburse customers who stake the tokens for gas costs. The foundation intends to pay monthly refunds to anyone who stakes the token between the first swap of the month and the day 1INCH is distributed.
According to the foundation, it will continue to refund gas fees to consumers in accordance with the parameters suggested until it has distributed 10 million 1INCH tokens. According to the initiative, the idea of such a programme originated with community members through the 1inch Network’s governance forum.
10. Germany will Allow Institutional Funds to Hold up to 20% of Their Assets in Cryptocurrency
A new law that goes into effect on Monday will allow so-called Spezialfonds with specified investment restrictions to invest up to 20% of their assets in Bitcoin and other crypto assets.
The funds, which are solely accessible to institutional investors such as pension funds and insurers, presently manage over 1.8 trillion euros ($2.1 trillion).
11. Ethereum Whale Bought 1 % of All the Crypto Punk NFTs
On Friday evening, a wallet purchased approximately 100 of them at rates ranging from 24 to 29 ETH. That’s a cost of more than $6 million.
CryptoPunks are non-fungible tokens (NFTs), which are blockchain-based rights of ownership to an attached item, in this case 10,000 pixelated images of punky-looking characters, each with its own distinguishing features. Punks are classed as Alien, Ape, Zombie, or Human, with non-humans being the most common.
12. Hedge Funds Buying NFT’s
13. Binance Shut Crypto Derivatives Trading to Users in Germany, Italy, and the Netherlands
Binance shut down crypto derivatives trading for users in Germany, Italy, and the Netherlands. Binance intends to discontinue its crypto futures trading offering in the European Union in the near future.
New users from these countries will no longer be allowed to establish accounts with Binance to trade crypto derivatives. Binance said it will disclose a date later for existing customers, and users from these countries will have 90 days from that date to close their open holdings.
14. Binance has Completed the Integration of the Polygon Wallet
Binance has fully incorporated the Polygon (MATIC) mainnet onto its platform. Binance traders can now deposit and withdraw MATIC using their Binance accounts while also interacting with decentralised applications (DApps) such as Sushiswap, Balancer, Aave, and others.
This connection is intended to ensure that traders can use the DApps in a cost-effective and efficient manner without relying on the existing Polygon bridge.
According to the business, transactions should now be less expensive than using the standard Polygon-Ethereum bridge.
While this announcement focuses on the MATIC mainnet coin, Binance also plans to offer MATIC-related ERC20, BEP2, and BEP20 tokens.
15. Coinbase Ventures has Invested in an Ethereum-based Streaming Network.
The Ethereum-based video streaming network announced a $20 million Series B fundraising round.
The fundraising for Livepeer was led by Digital Currency Group and included large venture capitalists such as Coinbase Ventures, CoinFund, Northzone, 6th Man Ventures, and Animal Ventures. According to the statement, Livepeer’s recent funding will be utilized to develop an in-house protocol to test broadcast use cases such as scene categorization, object recognition, song-title detection, and video fingerprinting.
16. Avalanche Launches a New Bridge, Preparing DApps for Widespread Usage
According to a Medium post from the firm, Avalanche (AVAX) is replacing its months-old Avalanche-Ethereum Bridge, or AEB, with the aptly titled Avalanche Bridge, or AB. This modern bridge is said to be five times less expensive than the previous one and will serve as a “growth engine” for the project’s future.
The new bridge is said to be five times cheaper, faster, and more secure than the previous one. According to the corporation, it is intended to serve as a “growth engine” for future expansion.
AB is now available to developers and users, and all old AEB assets should be carried over. This upgrade is taking place in tandem with the network’s wallet and explorer upgrades in order to deliver “next-generation advancements” to all elements of the network.
Emin Gün Sirer, CEO of Ava Labs, stated:
“The new Avalanche Bridge is a leap forward in bridging technology, but most importantly, it is a dramatic improvement in experience for users and developers across the Avalanche community. It will be a growth engine for the next phase of growth on Avalanche, and set a new standard for secure and efficient cross-chain interoperability.”
17. Paypal Announces Plans to Expand Cryptocurrency Services Through a “Super App”
During Paypal’s second-quarter earnings conference call on Wednesday, CEO Dan Schulman discussed his company’s crypto ambitions plans as well as the progress of the impending “super app.”
“I’m pleased to report that the initial version of our new consumer wallet super app is code complete and we are now beginning to slowly ramp,” Schulman stated:
New features will include high yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications, as well as additional crypto capabilities and customized deals and offers.
“Each wallet will be uniquely driven by our advanced AI and machine learning capabilities in order to enhance each customer’s experiences and opportunities,” he added.
Dan Schulman further added:
We’re right in the middle of some open banking integration, which will increase the ability to fully integrate into ACH and do faster payments. We’re going to launch hopefully, maybe even next month in the UK, open up trading there. We’re working right now on transfers to third party wallets and we really want to make sure that we create a very seamless process for taxes and tax reporting.
18. No Signs of a Bear Market What So Ever — Willi Woo
Have a close look at the green dots which indicate the run. The brighter and bigger the green dot is, the closer to the top we are at. If compared to the last bull run, this bull run is just getting started.
19. Bank of America, Coinbase, and FTX all Participate in the Series D Funding Round for Paxos
Paxos, a New York-based blockchain infrastructure firm that focuses on providing clearing and tokenization services to other traditional firms, has received investments from two main cryptocurrency exchanges and the second-largest U.S. bank. Bank of America, FTX, and Coinbase all participated as “strategic investors” in the company’s most recent Series D investment round, which began in April.
Paxos CEO Charles Cascarilla stated:
Paxos uses innovative technology to build the regulated infrastructure that will facilitate an open, accessible, and digital economy. We’re defining this space and are excited to grow our enterprise solutions besides these market leaders.
20.Uniswap is in Talks With PayPal and Robinhood, According to a Leaked Video
The video was deleted at Hayden’s request and he reasoned it out as below:
21. A 12-year-old boy Earns More than $160,000 by Selling an 8-bit Whale-Inspired NFT Collection
Benyamin Ahmed, a 12-year-old youngster from a London suburb, earned more than $160,000 by selling an NFT collection. The NFT collection is based on an 8-bit stock image of a blue whale.
Each Weird Whale image has unique characteristics that can make it rarer and more expensive than the others in the collection. The 120th photograph in the collection went for $6,000.
According to Decrypt, that image is also the sixth rarest Weird Whale NFT out of a total of 3,350 accessible.
Author: Eth!c@l Aka Kumar
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Crypto Regulation / Eth Upgrade / 12-Year-old ‘Weird Whale’ Nft was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.