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U.S. Congress Reportedly Set for Hearing on Bitcoin's Carbon Footprint

Key Takeaways　　The House Subcommittee on Oversight and Investigations may be planning a hearing on Bitcoins carbon footprint.　　The subcommittee is reportedly working on a list of witnesses who may testify in an oversight hearing by the end of the month..　　In the last year, large mining companies have expanded operations U.S. states like New York, Texas, Alabama, and Wyoming.　　U.S. Congress may soon have its first hearing on the environmental impact of Proof-of-Work crypto mining.　　Congress May Examine Bitcoins Environmental Impact　　According to a report by The Block, the Subcommittee on Oversight and Investigations—a subcommittee of the larger House Committee on Energy and Commerce—may be planning a hearing on Bitcoins environmental impact and the carbon footprint of crypto mining.　　The Subcommittee is reportedly working on a list of witnesses who may testify in an oversight hearing by the end of this month.　　The Committee on Energy and Commerce is the oldest standing committee in the U.S. House of Representatives. It has jurisdiction over a broad set of issues pertaining to the environment, energy, healthcare, and other important infrastructure.　　It is noteworthy that the top cryptocurrency Bitcoin relies on a consensus algorithm known as Proof-of-Work. This algorithm can only be run with special computing hardware that validates new transactions

2022-01-07Deep Dive

Bitcoin Drops Below $42,000 to Lowest Level Since September

The largest cryptocurrency declined as much as 4.9% to $41,008, marking a tumble of about 40% from its record near $69,000 reached Nov. 10. Second-largest Ether dropped as much as 8.3% to its lowest level since Sept. 30. 　　The retreat comes after minutes from the Federal Reserves December meeting, published Wednesday, flagged the chance of earlier- and faster-than-expected rate hikes as well as potential balance-sheet rundown.　　“The Fed‘s intention to reduce the balance sheet in Q1 2022 is the primary cause of this sell-off,” Fundstrat strategists said in a note Thursday. “Unfortunately, no immediate support looks likely ahead of September 2021 lows at $39,573, with breaks of that leading down to last summer’s May-July bottom.”　　Bitcoin gained about 60% last year, outperforming other asset classes amid a narrative that included institutional adoption, inflation protection and investment diversification. Its struggled in recent weeks, though, amid a volatile period for financial markets. Spiking inflation is leading central banks to tighten monetary policy, threatening to reduce the liquidity tailwind that lifted a wide range of assets.

2022-01-07Deep Dive

How could the instability in developing countries alter the Bitcoin mining landscape?

Following the news about nationwide protests in Kazakhstan causing an internet blackout in the Bitcoin mining country that resulted in a significant hash rate drop, said by Alan Konevsky, Chief Legal Officer at PrimeBlock.　　PrimeBlock is a digital asset mining and infrastructure provider, currently operating roughly 1,000 PH/s in hashing capacity, equivalent to around 0.6% of the total global Bitcoin hash rate–with mining facilities spread across the United States and Canada.　　Konevsky commented on recent developments in Kazakhstan and Kosovo, and shed some light on their impact on the industry, from an insider perspective.Developing countries struggling to keep up　　Crypto mining aside, developing countries like Kazakhstan and Kosovo have limited electrical grids–not able to handle high demand. 　　“Power generation and distribution infrastructure is often a weak point,” Konevsky said, pointing to the bottleneck for developing countries struggling to keep up with technological advances.　　“Political instability feeds into–and flows from–such struggles and exacerbated their impact and duration,” he explained. 　　At the end of last year, Central Asia–from western Kazakhstan to southern Tajikistan–suffered from power and energy shortages after being hit by a severe drought, limiting the hydroelectricity production and, as a result–Bitcoin mining.　　In November, the Kazakhstan Electricity Grid Operating Company (KEGOC) explained that the problems

2022-01-07Deep Dive

Crypto traders to pay 15% of their gains as tax in Thailand

The Republic of Thailand has broken the news that crypto traders in the country will now have to pay a capital gain tax of 15%, on all of their crypto trades.Thailand introduces new crypto tax law　　On January 6th, the Bangkok Post disclosed that the Thailand Finance Ministry reported that players in the crypto industry such as investors and mining operations would be subject to the new tax law.　　The countrys Revenue Department is closely watching the industry, with eyes peeled to make more revenues from the crypto sector, which recorded an impressive trading volume in 2021.　　Surprisingly, the new tax law pardoned crypto-asset exchanges. This translates to the fact that crypto exchanges would not pay the 15% crypto tax gain. Notably, several of these exchanges have affiliations with big banks and wealthy business individuals in Thailand.　　For example, the foremost bank in Thailand recently acquired the largest exchange in the country, Bitkub, in November by buying a 51% stake in the exchange. Equally, the country‘s largest food monopoly CP Group owns Upbit Thailand, one of the country’s notable exchanges.　　Another good example is Zipmex Thailand. It has an affiliation with the Bank of Ayudhya. Recall that the exchange raised over $40 million from the

2022-01-07Deep Dive

GameStop Turn To NFTs, Plans To Launch Marketplace Later In The Year

GameStop To Build NFT Marketplace　　According to the WSJ story, the company has employed more than 20 individuals to oversee the unit, which is developing an online hub for buying, selling, and trading NFTs of virtual videogame artifacts like avatar clothing and weaponry.　　GameStop launched its NFT website last year and has been inviting creators to join the platform.　　The company is also close to signing deals with two crypto startups to exchange technology and co-invest in the creation of blockchain and NFT-based games, as well as other NFT-related initiatives. According to the report, the store plans to get into similar deals with a dozen or more crypto startups this year and invest millions of dollars in them.　　GameStop restructured its leadership team and board of directors last year, appointing activist investor Ryan Cohen as chairman.This has has pushed GameStop to become more tech-focused.GME Price Rise In Response　　Last January, GameStops stock skyrocketed after Reddit stock traders began buying the shares. The stock began trading at $18 in 2021 and reached a high of $483 a year later. Multiple congressional hearings and federal agency probes were held as a result of the unprecedented volatility.　　The stock of GameStop ended at $131 on Thursday, but has already

2022-01-07Deep Dive

Fed's Minutes Report 'Bludgeons' Global Markets — Stocks, Crypto, Precious Metals Slip in Value

Minutes from the U.S. Federal Reserves policy meeting on December 14-15 show that the central bank is being persistent about unwinding quantitive easing (QE) tactics and that it views ultra-low interest rates as no longer necessary. Global markets immediately dropped after the news was published as stock markets roiled, crypto markets shed billions, and precious metals like gold slipped a hair in value as well.　　US Central Bank Policy Meeting Suggests the QE and Low-Interest Rate Fiesta Is Coming to an End, Global Markets Lose Billions　　Recently published notes from the Fed meeting last month indicate that the U.S. central bank thinks the economy is healthy enough to unwind major asset purchases and increase the benchmark interest rate. Mizuho Bank‘s Vishnu Varathan wrote in a report that the minutes update from the Fed “bludgeoned the markets” after it was published. Barron’s financial author Randall W. Forsyth wrote that investors being “surprised, is somewhat surprising.”　　During the last 24 hours, stock markets and crypto asset markets have slipped considerably in value. Nasdaq and NYSE have rebounded a hair during the morning trading sessions on January 6, 2022. Prices shown in this screenshot were recorded at 11:40 a.m. (EST).　　Fed chair Jerome Powell gave no details

2022-01-07Deep Dive

Report: Pakistan Likely to Earn Billions From Cryptocurrency

According to a document produced by a Pakistani policy advisory board, the country is likely to earn billions of dollars from crypto-asset holders. Yet for this to happen, the country first needs to create the appropriate regulatory framework for crypto assets.　　 Cryptocurrencies Could Boost Reserves　　Pakistan may potentially raise billions of dollars from crypto assets held by its nationals or by residents with dual citizenship, a policy document produced by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has said.　　According to a report in The Business Recorder, the document titled “Prospect of Cryptocurrencies: A Context of Pakistan Policy Brief” asserts that Pakistan could also use the crypto assets to help boost the countrys reserves.　　However, before it adopts the recommendations of the policy document, Pakistan needs to craft a regulatory framework as well as a national cryptocurrency strategy. This, according to the report, must be done in order to protect the countrys economic interests.　　Concerning the volatility of cryptocurrencies, the policy document reportedly recommends their recognition as an asset class. In addition, the report also explains how cryptocurrency exchange-traded funds (ETFs) are likely to attract both domestic and foreign investors. Such a crypto ETF could ostensibly help the Pakistan Stock Exchange

2022-01-07Deep Dive

Europe's Securities Watchdog Seeks Feedback on Regulations Ahead of DLT Pilot

ESMA, the European Securities and Markets Authority, has set out to establish if EU authorities need to amend existing regulations in order to facilitate the trading and settlement of tokenized securities. The regulator is now seeking opinions on the matter ahead of launching a pilot regime for market infrastructures based on distributed ledger technology (DLT).　　ESMA Gathers Stakeholders Input on DLT Pilot Regime for Securities　　The European securities watchdog ESMA is accepting public comments on the potential update of regulations concerning the implementation of DLT solutions in the market. The authority has to assess whether some regulatory technical standards (RTS) developed under the Markets in Financial Instruments Regulation (MIFIR) need to be amended in order to be applied to securities issued, traded, and recorded on DLT.　　The standards in question pertain to trade transparency and data reporting requirements, ESMA notes in a “Call for Evidence” document published this week, which seeks feedback from various stakeholders. These include trading venues, securities settlement systems and entities planning to operate under its DLT pilot regime, and other market participants that intend to use DLT market infrastructures.　　The announcement notes that the text of the DLT pilot is not finalized yet but as an agreement between the European

2022-01-07Deep Dive

Thailand imposes 15% capital gain tax on cryptocurrency

Thailand‘s regulatory authority has decided to levy a 15 percent capital gains tax on all cryptocurrency profits, following the considerable growth in the size and value of the country’s digital asset market in 2021.　　With this latest development, all taxpayers who benefit from cryptocurrencies, including investors and mining operators, will be liable to a 15% withholding tax, citing an anonymous source within the Finance Ministry, Bangkok Post reported. However, crypto exchanges have been exempted from the capital gains tax.　　Strengthening supervision on the crypto market　　The Revenue Department seeks to strengthen its supervision over the growing local cryptocurrency trading. Notably, the Thai Revenue Department can consider profits from cryptocurrency traders as taxable income under Section 40 of the Royal Decree modifying Revenue Code No.19. A capital gains tax is a tax on the profit realized on the sale of a non-inventory asset.　　Although, it is not clear if the capital gains will be levied only after the digital currencies were converted to Thai baht or other stable coins as well.　　Meanwhile, to avoid legal penalties as profits from trading, the ministry suggests that investors identify their crypto income while paying their taxes in 2022.　　BoT against cryptocurrencies trading　　In December 2021, the Bank of Thailand (BoT) had

2022-01-07Deep Dive

Almost $10 billion was poured into crypto funds by institutional investors in 2021

There is no doubt that 2021 was a great year for the crypto industry as the space witnessed a level of interest never seen before in its entire history. This could be seen with the level of institutional interest and investment in the space which rose massively within that period.　　Crypto institutional investments top $9 billion in 2021　　CoinShares, in its annual report, has revealed that institutional investors invested more in the space than in previous times. According to the report, there was a 36% increase in fund inflow to digital assets in the year.　　In the report, the digital asset investment and management company wrote that crypto asset funds saw a massive inflow in 2021 hitting $9.3 billion.　　It also indicated that the figure is 36% higher than the year before (2020). However, the increased inflow of 2021 was well below the figure of 2019 when it was well over 800%.　　Per CoinShares, institutional investment in the space signals the current level of maturity in the space.　　“This represents a maturing industry, with total assets under management (AuM) ending the year at US$62.5bn in 2021 versus just US$2.8bn at the end of 2019.”　　The report also captures the fact that many other coins have been added

2022-01-06Deep Dive
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