Tag: News

Terra’s Tendermint Touch — Cosmos-Based Token Economy Hit Hard by LUNA’s Demise – Markets and Prices Bitcoin News

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Since last week’s Terra implosion and the demise of the blockchain project’s native token LUNA — and the algorithmic stablecoin terrausd (UST) — crypto tokens based on the Cosmos ecosystem have seen significant losses. Two months ago, the top Cosmos ecosystem coins collectively were worth $61.6 billion and since then, the Cosmos economy has lost more than 75% in value, dropping to $15.2 billion. Terra’s Fallout Stirs Cosmos Token Ecosystem The blockchain project Terra is a Cosmos-based network, which leverages the consensus protocol Tendermint, the Cosmos SDK, and the Inter-Blockchain…

Bitcoin․com Exchange Market Insights Report for May 2022 – Promoted Bitcoin News

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This is the May 2022 monthly market insights report by Bitcoin.com Exchange. In this and subsequent reports, expect to find a summary of crypto market performance, a macro recap, market structure analysis, and more. Crypto Market Performance May got off to a rough start as the Federal Reserve confirmed a hawkish bias on the back of lingering inflation. Markets reacted by going risk-off. The collapse of LUNA and UST added fuel to the fire, with the result that crypto markets saw historically large drawdowns. BTC reached a low of $25.4k…

Luna Foundation Guard Discloses Usage of Bitcoin Reserves – Bitcoin News

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The Luna Foundation Guard, the entity in charge of safeguarding the peg of UST, the stablecoin of the Terra ecosystem, has revealed how it used the available Bitcoin reserve before the recent debacle involving the Terra ecosystem. The organization sold part of the bitcoins owned directly, while another part was traded on different dates to try and stabilize the value of UST. The reserve was comprised of more than 80,000 BTC. Luna Foundation Guard Clarifies Reserve Movements The Luna Foundation Guard (LFG), the organization tasked with safeguarding the…

Portugal to Tax Cryptocurrency Income According to Minister of Finance – News Bitcoin News

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Portugal, one of the countries considered a crypto tax haven due to its absence of crypto-related taxation, is preparing to change this policy. Fernando Medina, minister of finance of Portugal, stated that the country is working on a framework to allow the taxation of cryptocurrency income gains following the principles of “justice” and “efficiency,” and declared that there cannot be gaps for any income gains to be obtained without taxation. Portugal to Tighten Cryptocurrency Taxation Policy Portugal, one of the countries that has been touted as a crypto…

El Salvador Adopted Bitcoin As A National Currency. Here’s How It’s Going.

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io It’s been seven months since El Salvador President Nayib Bukele declared bitcoin as a national currency, but so far, the country has seen confusion, glitchy transactions and fluctuating prices that have left most Salvadorans slow to adopt. NBC News’ Gadi Schwartz has a closer look.» Subscribe to NBC News: » Watch more NBC video: NBC News Digital is a collection of innovative and powerful news brands that deliver compelling, diverse and engaging news stories. NBC News Digital features NBCNews.com, MSNBC.com, TODAY.com, Nightly…

Indian Regulator SEBI Proposes Banning Public Figures From Endorsing Crypto Products – Regulation Bitcoin News

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The Securities and Exchange Board of India (SEBI) has reportedly proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products. The regulator also proposed that public figures be held liable for any law violations when promoting crypto products. SEBI’s Crypto Advertising and Endorsement Proposal The Securities and Exchange Board of India (SEBI), the country’s securities and commodity market regulator, has proposed prohibiting public figures, including celebrities and sportsmen, from endorsing crypto products, Businessline reported last week. In addition, the regulator proposed requiring advertisers to disclose possible…

Iran Blocks 9,200 Bank Accounts Over Suspicious Foreign Currency, Crypto Transactions – Regulation Bitcoin News

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Iran’s Ministry of Intelligence has reportedly blocked almost 10,000 bank accounts over suspicious foreign currency and cryptocurrency transactions. The action was carried out in collaboration with the country’s central bank. 9,219 Bank Accounts Blocked Iran’s Ministry of Intelligence issued a statement Saturday stating that it has blocked a number of bank accounts due to suspicious foreign currency and cryptocurrency transactions, local media reported. The ministry detailed: A total of 9,219 bank accounts belonging to 545 individuals were blocked. The statement adds that the total transaction value blocked was over 60…

Bitcoin Is Mainly Used in Underground Economy for Illicit Activities – Featured Bitcoin News

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Former Federal Reserve chairman Ben Bernanke says the main use of bitcoin is “mostly for underground economy activities and often things that are illegal or illicit.” He added, “I don’t think bitcoin is going to take over as an alternative form of money.” Ben Bernanke on Bitcoin, Cryptocurrency Former Federal Reserve chairman Ben Bernanke shared his view on bitcoin and other cryptocurrencies in an interview with CBNC Monday. Bernanke is an economist who served two terms as the chairman of the U.S. Federal Reserve, from 2006 to 2014. He oversaw…

Grayscale Launches European ETF While Urging SEC to Approve GBTC Conversion Into Spot Bitcoin ETF – Finance Bitcoin News

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Grayscale Investments has announced the launch of an exchange-traded fund (ETF) in Europe. The company’s Future of Finance UCITS ETF will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra. Grayscale Launches ETF in Europe Grayscale Investments, the world’s largest digital asset manager, announced Monday the launch of its first European exchange-traded fund (ETF) called Grayscale Future of Finance UCITS ETF (ticker: GFOF). It will list on the London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra, the company said. The announcement details: GFOF UCITS…

Terra LUNA Crash Vindicates Country’s Ban on Crypto-Related Activities – Featured Bitcoin News

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An op-ed article published in the state-backed Chinese publication Economic Daily, has suggested that the recent crash of the Terra blockchain’s LUNA and the de-pegging of the UST stablecoin vindicate the Asian country’s decision to ban crypto-related activities. In the article, the author names the interest rate hikes by the U.S. Federal Reserve and the buying and selling of crypto assets by several investment giants as the causes of the recent market crash. Impact of Recent US Interest Rate Hike An author writing for China’s state-backed publication, Economic Daily, has…