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Law Commission for England and Wales proposes reforms for digital assets

The Law Commission of England and Wales is proposing a number of law reforms to provide wider recognition and legal protections for cryptocurrency and digital asset users. The institution is reviewing existing legislation on digital assets at the request of the British government in an effort to accommodate the space as it continues to grow in reach and use. The Law Commission announced the call for public consultation from legal experts, technologists and users on Thursday. The proposal highlights the evolving nature and multi-faceted use of cryptocurrencies, nonfungible tokens (NFTs) and other digital assets. Cryptocurrencies are used as a means of payment, store of value and as a digital representation of ownership or rights to equities and debt securities. The Law Commission seeks to deliver “wider recognition and legal protections for digital assets” to give a wider range of people, businesses and institutions access to the burgeoning sector. The consultation paper examines how pe..

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Crypto mining still profitable in the long-term, expert says

From the great migration to the bear market, crypto miners went through many challenges throughout the year including a shift in profitability. However, according to Steve Bassi, an expert in Bitcoin (BTC) and Ether (ETH) mining, crypto mining may still be profitable if we look at its long-term prospects. As the costs of application-specific integrated circuit (ASIC) miners hover around $8,000 to $12,000, and electricity costs take up more than half of the projected income — the current estimated time frame when a miner could cover the cost of one device is five to six years. Commenting on the topic, Bassi said that while mining income certainly looks bleak in the short run, it will change as time goes by. He said: “In the long run, we’re expecting another BTC halving in 2024. So, a long-term holder could do well mining in the short term and perhaps selling when block reward goes down in 2024.”If prices don’t change in the coming years, things can go sour for miners as the devices are..

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GameFi industry to see $2.8 billion valuation in six years

A recent report from Absolute Reports projects massive growth for the GameFi industry within the next six years. The research has the play-to-earn nonfungible token (NFT) game industry with an estimated value of $2.8 billion within the time span from 2022–2028. Moreover, the compound annual growth rate of the industry is 20.4% in the same six-year period. This forecast comes in the midst of a raging crypto bear market, which leaves little room for projects and industries with no substance. The report highlights the leaders in this field of play-to-earn game development which include Sky Mavis, Dapper Labs, Decentraland, Immutable and The Sandbox. Furthermore, it breaks down GameFi by type, console and market region. Though it’s not only the report which points to a favorable future for the Web3 gaming industry, as research from Cointelegraph also highlights interest from venture capitalist investors during the down season. For example, Animoca Brands recently acquired three companie..

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Bitcoin ‘bear market rally continues’ after BTC price jumps to $23.4K

Bitcoin (BTC) consolidated higher into July 28 after United States monetary policy changes fueled optimism in risk assets. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewFed hike instils fresh crypto optimismData from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to highs of $23,452 on Bitstamp overnight. The pair had reacted strongly to the latest Federal Reserve key rate hike, despite this conforming to market predictions. Subsequent comments from Fed Chair Jerome Powell added to the breakout’s momentum. “I think the reason this is providing some relief to the equity market is the Fed is acknowledging that there can be an impact on growth, to the economy, based on their policy,” Gargi Chaudhuri, head of asset management giant BlackRock’s iShares investment strategy Americas, told CNBC: “They’re recognizing there are two sides of this — there’s a growth tradeoff to fight inflation. The recognition is something we heard today that we didn’t hear before.”..

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Critic of Bitcoin’s ‘one-percenters’ still positive about future of digital assets

A future without digital assets is hardly imaginable but Bitcoin (BTC) is far from being perfect by design, according to a finance professor at the London School of Economics (LSE). LSE financial professor Igor Makarov believes that digital money and digassets will undoubtedly be part of the future of finance and their efficiency will depend much on their design. In an interview with Cointelegraph, Makarov said that there has not been much evidence that Bitcoin can become a store of value as it has been extremely volatile over the past 10 years. Since Bitcoin’s volatility remains high despite its massive rise in value and increased liquidity, there is no guarantee that its price will become more stable one day, he said. “Without any government backing Bitcoin, the cryptocurrency’s value depends on the willingness of the general public to hold it, which, in turn depends on changing investor sentiment and its standing against other cryptocurrencies,” Makarov stated. The professor also as..

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‘Bullish rate hike’ — Why crypto spiked today in the face of bad news

The cryptocurrency markets have been pumping since the announcement of a 75 basis point interest rate hike in the United States, with experts explaining that the markets may have been initially bracing for much worse. On July 27, the price of Bitcoin (BTC) surged around 8% to the mid $22,500 mark following the Federal Open Markets Committee (FOMC) decision to raise interest rates yet again. Many other top crypto assets surged in price as well, with Ether (ETH), Polkadot (DOT) and Polygon (MATIC) all seeing notable double-digit gains over the past 24 hours. Quantum Economics founder and CEO Mati Greenspan on Wednesday jokingly questioned whether this was a “bullish rate hike” on Twitter. Speaking with Cointelegraph, Greenspan noted that investors were clearly expecting worse and suggested this latest bounce is nothing out of the ordinary: “Markets love going up on Fed days, even when their decision is to be tough. Powell is particularly skilled at delivering bad news. Clearly investo..

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