Terra (LUNA) has fared better than its top crypto rivals when it comes to withstanding the negative market impacts of the ongoing Ukraine-Russia conflict. LUNA’s price rallied nearly 18% this week to over $58, more than Bitcoin (BTC), whose returns in the same period came out to be a little over 1.5%. Similarly, the Terra token did better than its rival Ether (ETH), which is up around 4% this week. Top ten assets and their performances across multiple timeframes. Source: Messari Over the weekend, Bitcoin fell below its psychological support…
Month: February 2022
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A Healthy US Bitcoin Mining Industry Could Generate Significant Tax Revenue
Theoretically, the Internal Revenue Service (IRS) could look through every transaction on every blockchain to see profits and losses in each wallet or account. From there, the IRS could figure out the amount of on-chain gains it could tax. However, that raises the issue of whether those assets were sent from one wallet to another with the same owner, something that may not make it a taxable event. On top of that, there’s the difficulty of getting good information from exchanges to figure out the amount of off-chain gains the…
The case for bitcoin as ‘digital gold’ is falling apart
Bitcoin on a mound of gold. bodnarchuk | iStock Editorial | Getty Images A key investment case for bitcoin is deteriorating as geopolitical uncertainty and rising inflation hammer cryptocurrency prices. The price of bitcoin fell to a two-week low Tuesday after Russian President Vladimir Putin ordered troops into Donetsk and Luhansk, two breakaway regions in eastern Ukraine, shortly after declaring them as independent. Bitcoin is often referred to as “digital gold” by its backers. The term refers to the idea that bitcoin can provide a store of value similar to…
Web 3 Browser Opera Integrates With Ethereum Layer 2 Exchange DeversiFi
Web 3 browser Opera has integrated with decentralized finance (DeFi) trading platform DeversiFi to bring a Layer 2 Ethereum to its users. Source
Cosmos Builder Tendermint Rebrands to ‘Ignite’ as Team Shifts Focus
Ignite says it’s now a “product-first” company focused on the development of its Cosmos portfolio manager and blockchain development platform. Source
Fast Break Labs Raises $$6M in Seed Funding Round
Web 3 fantasy sports game from Fast Break Labs also saw investment from League of Legends developer Riot Games’ Thomas Vu. Source
China’s Zhejiang Province Implements Punitive Electricity Prices for Crypto Mining
The eastern Chinese province of Zhejiang said it is introducing punitive electricity prices for crypto miners, following in the footsteps of the Hainan province and Inner Mongolia region even as authorities work to eliminate the industry, which was banned last year. Source
Morgan Stanley Says Bitcoin Cannot Escape Energy Requirements
Mining for cryptocurrencies can be highly energy intensive, with bitcoin mining alone requiring the same amount of electricity as the Netherlands’ annual total power generation, or 0.5% of total global electricity consumption, Morgan Stanley said in a report entitled “ESG Considerations.” Original
Crypto community welcomes Ethereum zkSync testnet
zkSync, a provider of zero-knowledge blockchain solutions, has announced the successful deployment of its Rollup protocol on the Ethereum (ETH) testnet. The deployment is seen as a positive development by proponents of Ethereum, as it removes the need for human operators to validate transactions. Last year, the creators of zkSync described their vision for a permissionless, Turing-complete rollout that allows decentralized applications (DApps) to be deployed in a low-cost and scalable layer-2 environment. Users will supposedly have “a better” experience on this network, according to the official announcement by Matter Labs. One…