US SENATOR WHO WROTE CONTROVERSIAL CRYPTO TAX RULES PROPOSES SOME REVISIONS

August 10, 2021

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TL:DR

Happy Tuesday, everyone! This is our fourth newsletter giving you a weekly overview of crypto-news from across the globe.

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Here is the top crypto-news from last week.

MARKETS

▲ Bitcoin

$45,890.99

+19.56%

▲ Ethereum

$3,175.11

+25.58%

▲ Cardano

$1.72

+26.19%

▲ Litecoin

$166.24

+19.53%

▲ Binance Coin

$382.17

+17.79%

*Cryptocurrency data as of Tuesday at 7:00pm PST. 7d % Average

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Weekly Review

Last week’s market perfomance

Last week Bitcoin finally crossed $40,000; however, the following week was a little “grumpy” for Bitcoin as it remained between $38,000 to $40,000 until on Saturday where it finally crossed $43,000 first time since May. Apart from Bitcoin, Ethereum saw a spike in its prices because of its new update. We cover all about it in this newsletter.

Technology

India’s Olympic winners to get free Bitcoin

Yes, you heard that right! If you’re playing in the Olympics and win any medal for India, you’ll be greeted with free Bitcoin upon your return to the country. This has been announced by Bitbns, an Indian-based cryptocurrency exchange that has promised free Bitcoin for Olympic medalists. As promised by the startup, they will provide a very systematic investment plan based on the help of mainly Bitcoin and Ethereum.

TRIVIA

The Shiba Inu is a Japanese breed of dog that has become popular as an online meme and is associated with which cryptocurrency?

A. Litecoin B. Lucky Coin C. Dogecoin D. Stellar

Answer Below.

Technology

Ethereum successfully burns over 36% of its new coins in just 2 Days

EIP 1559 or a.k.a. the London Hard Fork update, which, to your surprise, has nothing to do with the London, England’s capital – is a significant update on Ethereum that has promised to ensure that the transaction fees remain the same. While many have welcomed this, which can be seen in Ethereum’s price hike at about $3,173 from $2,700, many experts term the update “temporary”.

Finance

Binance.US CEO quit’S his job citing “Strategic differences”

Serving Binance for about three months, former CEO of Binance US Brian Brooks quits his job. The reason he suggested is quite simple, which is “Strategic differences” from the main Binance’s office and vision. While we cannot be sure about the actual reason behind his resignation, this is another blow for Binance, which is already under immense scrutiny from legislators in different countries.

World Policy

US Senator who wrote controversial crypto tax rules proposes some revisions

After a major uproar within the US, Senator Mark Warner submits a “modest” revision over his previously submitted crypto tax rules. However, looking at the revised bill, there’s not much that has changed; thus, the controversial statements remain controversial, but now it protects miners, software and hardware developers. Time will tell with how many people react to it, but one thing for sure is, the entire crypto community is hooked right now to see where the bill goes.

Coin Market Calendar

Date	Project	Website
08/12	AirNFTs	$AIRT
08/17	Kryptomon	$KMON
08/18	Polytrade	$TRADE

Connect to our shareable calendar here.

Finance

JP Morgan offers an In-house Bitcoin fund to wealthy clients

JP Morgan, the world-renowned Private Bank’s wealth management, passively manages an In-house Bitcoin wealth management fund in which some of its wealthy clients can invest. CoinDesk first broke the news that this particular fund has not yet received any attention from the clients; however, JP Morgan suggests it only recently held a launch call. If this venture is a success, this could very well mean JP Morgan will have more similar Crypto-lend funds.

Closing

Google changes policy to allow crypto ads again

Google, the world’s most visited search engine, has allowed crypto ads to run again on their platforms; however, with some restrictions, which could mean the ads will not be for altcoins, at least for now. Regardless, this is still great news as many cryptocurrency products and services can be advertised starting in the US.

While we think this week has been quite intense for cryptocurrencies overall. There are some successes, along with some issues which we’ve observed. Tell us what you think about the new Ethereum update and do you think it will prove to be a game changer for Ethereum?

TRIVIA ANSWER

C. Dogecoin

Originally formed as a joke, Dogecoin was created by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. They wanted to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. In addition, they wanted to distance it from the controversial history of other coins. Dogecoin was officially launched on December 6, 2013, and within the first 30 days, there were over a million visitors to Dogecoin.com.