Day: May 25, 2022

Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund

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Crypto prices have been exploring new lows for weeks and currently it’s unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout. Here’s a look at three Polkadot ecosystem protocols that have seen their token prices trend higher in recent days. Acala launches a $250 million aUSD ecosystem fund…

Brazil’s Federal Revenue now requires citizens to pay taxes on like-kind crypto trades

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Brazil’s Federal Reserve (RFB) has declared that Brazilian investors in the crypto-assets market must pay income tax on transactions that involve the like-kind exchange of cryptocurrencies; for example, Bitcoin (BTC) for Ethereum (ETH). The RFB’s declaration was published in the Diário Oficial da União and was the result of a consultation made by a citizen of the country to the regulator. At the end of last year, the group issued an opinion in which it claimed that trading between cryptocurrency pairs is taxable even if there is no conversion to the…

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Circle Asks US Fed Not to Step on Its Toes by Launching a Digital Dollar

“A host of companies, including Circle, have leveraged blockchain technology to support trillions of dollars of economic activity with fiat-referenced stablecoins,” the company told the Fed in a letter released Wednesday, meant to respond to the Fed’s invitation to comment on a January report. “The introduction of a CBDC by the Federal Reserve could have a chilling effect on new innovations.” Source AsksCircleDigitalDollarFedLaunchingStepToes CryptoX Portal

Billionaire Investor Bill Ackman Says Unless the Fed Aggressively Hikes Rates, Stock Market Could Crash, ‘Catalyzing an Economic Collapse’ – Economics Bitcoin News

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Billionaire hedge fund manager and founder of Pershing Square Capital Management, Bill Ackman, believes “inflation is out of control.” The investor thinks that if the Federal Reserve “doesn’t do its job” by applying “aggressive monetary tightening,” the U.S. economy could collapse. Pershing Square Founder Bill Ackman Thinks ‘Inflation Is out of Control’ While the headlines talk about the Federal Reserve’s chair, Jerome Powell, getting “aggressive” with monetary policy by implementing rate hikes and revealing the central bank would tighten large asset purchases this summer, many economists and financial players don’t…

Binance signs MOU with Kazakhstan to further crypto adoption and regulation

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Cryptocurrency exchange Binance has signed a memorandum of understanding, or MOU, with the government of Kazakhstan to bolster “virtual asset market development” in the central Asian country.  The signing of the MOU, which is between Binance and Kazakhstan’s Ministry of Digital Development, Innovations and Aerospace Industry, took place on Wednesday during Changpang Zhao’s official visit to the country. The Binance CEO met with Kazakh President Kassym-Jomart Tokayev, First Deputy Chief of Staff Timur Suleimenov and Bagdat Musin, the minister overseeing the country’s digital innovation strategy. Under the framework, Binance will…

JPMorgan places BTC fair price at $38K, declares crypto a preferred alternative asset

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JPMorgan has placed Bitcoin’s (BTC) fair price at $38,000, which is 28% higher than its current level of around $29,500, according to a note the bank issued to clients on Wednesday. “The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for Bitcoin and crypto markets more generally,” the note said. Bank strategist Nikolaos Panigirtzoglou was the lead author of that document. A bank investors’ note placed Bitcoin’s fair value at the same level in February. It was trading around…