Wednesday 28 September 2022
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Jed McCaleb empties XRP wallet after eight-year selloff

Former Ripple Labs founder Jed McCaleb has finally ended the eight-year dump of his XRP holdings, leaving only 46.7 XRP left sitting in his famed “~tacostand” wallet. According to blockchain explorer XRP Scan, the former Ripple founder executed his last outgoing XRP transfer of 1.1 million XRP (worth $394,742.18) at 6:31 am (UTC) on July 17. Hours later, the account listed an “ACCOUNT DELETE” transaction, meaning the account will no longer exist on XRP’s ledger. The transaction marks the end of a 9 billion XRP sell-off initiated by McCaleb after leaving Ripple Labs to co-found rival payment protocol Stellar in 2014. The amount McCaleb has released over the last eight years represents around 18.6% of the total circulating supply of XRP and has been taken as welcome news by the crypto community. XRP proponent “XRP whale” proclaimed to his 57,500 followers on Twitter that with the final sell-off, one can finally own more XRP than McCaleb. On Friday, a satirical article from “The Cry..

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Otherside Metaverse demo kicks off with 4,500 participants: highlights

Around 4,500 people havejumped into the “first trip” tech demo of the Otherside Metaverse project associated with Yuga Labs’ Bored Ape Yacht Club (BAYC). The highly anticipated first trip occurred on July 16 and was open to Otherdeed NFT land owners, known as Voyagers, who have all snapped up tokenized land plots in the Otherside virtual world. It appears to have been a resounding success, with numerous community members taking to Twitter to express their enthusiasm for the event. The first trip The 4,500 Voyagers first joined a blank virtual lobby as Voyager avatars before they all followed a giant Bored Ape through a colorful portal into the Otherside Metaverse. Once the Voyagers arrived in a location called the Biogenic Swamp, they were directed towards a centrally located stadium where they could test out the avatar dynamics such as dancing, running, jumping, and emojis. From there, they were able to explore a few other select areas and interact with the environment, which feat..

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Bitcoin hodling activity resembles previous market bottoms: Glassnode

The majority of Bitcoin has been “hodled” for at least three months in behavior bearing a striking resemblance to previous Bitcoin market bottoms, says blockchain analytics firm Glassnode. In a July 16 tweet, Glassnode noted that more than 80% of the total U.S. dollar (USD)-denominated wealth invested in Bitcoin has not been touched for at least three months. This signifies that the “majority of BTC coin supply is dormant” and that hodlers are “increasingly unwilling to spend at lower prices,” said the firm. Bitcoin’s price is $21,013 at the time of writing, down almost 70% from its all-time high of $69,044 in November 2021. The current price puts around 45% of Bitcoin holders with an on-paper loss, according to crypto intelligence firm IntoTheBlock. According to the Glassnode chart, other times that saw similar levels of Bitcoin hodling were during the end of the bear markets of 2012, 2015, and 2018. Last week, Coinbase's head of institutional research, David Duong, wrote in ..

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Paraguay’s crypto framework one step away from becoming law

The Paraguayan Senate passed a bill on July 14 establishing a tax and regulatory framework for businesses operating in the cryptocurrency and the crypto mining sectors. The bill, introduced last July by Senator Fernando Silva Facetti and passed in Congress in May before reaching the Senate, calls for the formation of the Ministry of Industry and Commerce (MIC) to oversee crypto industry service providers. The bill is now one step away from being ratified as law by President Mario Abdo Benítez. A notice from Congress in May stated that the bill pertains specifically to crypto mining, commercialization, intermediation, exchange, transfer, custody, and/or administration of crypto assets or instruments that allow control over crypto assets. Local news outlet ABC reported on July 14 that companies that operate in the crypto industry would be treated the same as those dealing with securities for tax purposes. As a result, they will be exempted by the Undersecretary of State for Taxation from..

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The regulatory implications of India’s crypto transactions tax

The Indian crypto landscape lost some momentum this year as the government introduced two laws demanding crippling taxes on crypto-related unrealized gains and transactions. India’s first crypto law, which requires its citizens to pay a 30% tax on unrealized crypto gains, came into effect on April 1. A commotion among the Indian crypto community followed as investors and entrepreneurs tried to decipher the impact of the vague announcement with little or no success. Knowing that India’s second crypto law — a 1% tax deduction at source (TDS) on every transaction — would translate into an even greater impact on trading activities, numerous crypto entrepreneurs from India considered moving bases to friendlier jurisdictions. Following the imposition of additional taxes, Indian crypto exchanges reported a massive drop in trading volumes. Data from CoinGecko confirmed that trading volumes on Indian crypto exchanges are down 56.8% on average as investors eye off-shore exchanges to cut their l..

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Burdensome but not a threat: How new EU law can affect stablecoins

The year 2022 saw not only drastic dips in leading cryptocurrencies and financial markets in general but also major legislative frameworks for crypto in prominent jurisdictions. And while the “crypto bill,” co-sponsored by United States senators Cynthia Lummis and Kirsten Gillibrand, still has a long way to go, its European counterpart, the Markets in Crypto-Assets (MiCA), had finally made it through Tripartite negotiations. On June 30, Stefan Berger, European Parliament member and rapporteur for the MiCA regulation, revealed that a “balanced” deal had been struck, which has made the European Union the first continent with crypto-asset regulation. Is the deal really that “balanced,” and how could it affect crypto at large and some of its most important sectors in particular? No direct ban, but tighter scrutinyThe industry met the latest MiCA draft with a mixed response — the cautious optimism of some experts was counterweighted by the diagnosis of “unworkability” on Twitter. While th..

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Bitty Kitty: Cat spoils Bitcoin node during price crash with ‘dirty protest’

A Bitcoin node is a pivotal piece of the Bitcoin (BTC) protocol. For bad actors, attacking nodes and bringing them offline is a sound strategy to undermine the network’s resilience. For one British Bitcoiner, such an attack took place, as the actions of his feline friend rendered his Bitcoin node “unreachable.” Bodl_hodler (who wishes to remain anonymous) told Cointelegraph that he “started running Raspberry Pi as Umbrel node January 2021,” as he wished to contribute to the overall decentralization of the Bitcoin network. Below is a picture of node in question before the attack. Notice the air vents on the node —a crucial element of the saga. Bodl's Bitcoin node. Source: @Bodl_HodlThe node ran smoothly since connection, confirming Bitcoin blocks on average every 10 minutes as per the difficulty adjustment. However, in late May 2022, when the price began to tumble under $30,000, Bodl “Went to log into the node for the first time in a while and it couldn’t be found on the network.” ..

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Could Bitcoin miners’ troubles trigger a ‘death spiral’ for BTC price?

A July 9 post by @PricedinBTC on the "cost to mine Bitcoin" in the United States gathered the crypto community's attention, especially considering the recent headlines that BTC miners have made. The crypto bear market and growing energy costs have caused a perfect storm for the mining sector and this has led some companies to lay off employees and others to defer all capital expenditures. Some went as far as raising concerns of Bitcoin miners hitting a “death spiral.” However, Raymond Nasser, the CEO of Arthur Mining, a professional mining company operating in the United States told Cointelegraph that their margins don't full concur with the data from @PricedinBTC. Arthur Mining's current capacity is 25 megawatts (MW) and the company focuses on environmentally friendly energy sources. At first, one could dismiss their numbers as listed companies like Marathon Digital Holdings have 300 MW plants, but these rely on the traditional grid energy — even if a portion of the p..

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Top 5 cryptocurrencies to watch this week: BTC, ETH, MATIC, FTT, ETC

The United States equities markets recovered from their intra-week lows last week, suggesting demand exists at lower levels. On similar lines, Bitcoin (BTC) also recovered from $18,910 last week, indicating that traders may be getting back into risky assets. However, analysts remain divided in their opinion on the recovery in Bitcoin. While some believe that the relief rally is a bull trap, others expect the up-move to retest the crucial resistance at the 200-week moving average ($22,626). Crypto market data daily view. Source:Coin360The current bear phase has damaged sentiment as seen from the Crypto Fear and Greed Index, which has remained in the “extreme fear” zone since May 6. According to Philip Swift, creator of on-chain analytics platform LookIntoBitcoin, the time spent in the “extreme fear” category is longer than during the 2018 Bitcoin bear market. Could the sentiment stage a turn around boosting crypto prices higher? Let’s study the charts of the top-5 cryptocurrencies to ..

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6 Questions for Lisa Fridman of Quadrata

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes! This week, our 6 Questions go to Lisa Fridman, the president and co-founder of Quadrata, a network that brings an identity and compliance layer to DeFi across existing public blockchains. Lisa Fridman was previously the head of blockchain strategy at Springcoin (Spring Labs). Prior to joining Spring Labs, Lisa served as a co-head of strategy at Martlet Asset Management, CEO of PAAMCO Europe and the global head of research at PAAMCO. Lisa is an experienced investor and a business builder. Throughout her career, she has worked closely with institutions, delivering bespoke solutions. She received her Master of Business Administration and graduated summa cum laude with a Bachelor of Arts in Business Economics from the University of California, Los Angeles. 1 — What does decentralization mean to you, and why is it important?Decentr..

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