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Crypto Exchange Regulation Check

Bitmain reportedly suspends Bitcoin miner orders amid booming secondhand supply

Chinese mining giant Bitmain is reportedly scrambling to respond to market conditions amid a major crackdown on crypto mining activity by local authorities.　　According to a Wednesday report by Chinese news agency Sina Finance, Bitmain has halted global spot sales for its new Bitcoin (BTC) mining devices in order to avoid losses by customers amid massive selling on the secondary market.　　By postponing the sales, Bitmain intends to help miners exiting the industry get better prices for mining equipment and protect the firm from further price declines over the longer term, Bloomberg reported. A Bitmain spokesperson said that the company will continue supporting future delivery of devices used to mine smaller altcoins. The representative did not elaborate on when Bitmain expects to resume global spot delivery.　　Arthur Li, founder of Bitmain-backed mining startup Sai Technology, highlighted massive selling pressure for top-tier Bitmain miners in the secondhand market. Some of the flagship miner devices from Bitmain and rival Whatsminer are now sold at around 150 yuan ($23) for each terahash per second, down from 600 yuan ($93) in April, when Bitcoin hit an all-time high above $64,000.　　A sharp decline in ASIC Bitcoin miner prices comes in line with a major price drop of Nvidia

2021-06-24Deep Dive

JPMorgan Survey: 49% of Institutional Investors Agree BTC Is 'Rat Poison' as Warren Buffett Says

Investment bank JPMorgan conducted a survey of thousands of investors from 1,500 institutions and found that 49% of them think that cryptocurrency is either “rat poison squared,” the term used by Berkshire Hathaway CEO Warren Buffett to describe bitcoin, or “a temporary fad.”　　49% of Investors Told JPMorgan Cryptocurrency Is a Fad or ‘Rat Poison Squared’　　JPMorgan released the results of a survey it conducted at the firm‘s 24th Macro, Quantitative it was attended by some 3,000 investors from around 1,500 institutions. Marko Kolanovic and Dubravko Lakos-Bujas, two of JPMorgan’s top strategists, wrote:　　“Investors‘ view on cryptocurrency’s future is very divided.”　　The survey results show that 42% of investors feel that cryptocurrency is here to stay and 9% even believe that it will become an important asset.　　However, 49% of investors agree with Berkshire Hathaway CEO Warren Buffett and said that cryptocurrency is “rat poison squared.” Moreover, 16% of respondents see cryptocurrency as a temporary fad.　　JPMorgans survey results. Source: CNBC anchor Carl Quintanilla　　In terms of regulation, 81% of investors surveyed expect tighter regulations of cryptocurrency and 95% believe fraud is “somewhat or very much prevalent” in the crypto world.　　JPMorgan further found that only 10% of investors trade cryptocurrencies. Of those that do not, only 20%

2021-06-24Deep Dive

MP Lodges Constitutional Challenge to Bukele’s Bitcoin Bill

Another Salvadorian MP has launched a bid to derail President Nayib Bukeles bitcoin (BTC) adoption bill – and has teamed up with a lawyer as part of his effort.　　As reported last week, two lawmakers from the opposition Farabundo Martí National Liberation Front (FMNL) party last week lodged a bid to amend the bill, which has already been passed in parliament with what the President labeled a “supermajority” backing. It has also been published in the executives Official Gazette, meaning that barring a last-minute intervention, it will promulgate in around two months.　　The FMNL MPs proposal will be examined by a house committee. And now judges could have a bill-binning proposal to look at, too.　　Per the media outlets ElSalvador.com and El Mundo, a fellow FMNL MP, Jaime Guevara, the representative for the northern department of Morazán, has joined forces with a lawyer named Óscar Artero.　　The duo stated that they represented a “group of citizens” who were disgruntled with the bill and presented their case before the Constitutional Court. They labeled the National Assembly vote on the bill a “flawed and perverse process that lacked legality.”　　The MP was quoted as stating:　　“I am bringing a lawsuit of unconstitutionality against the [...] Bitcoin Law. It

2021-06-23Deep Dive

El Salvador’s Opposition Party Files Lawsuit Against Bitcoin Legal Tender Legislation

An opposition party in El Salvador and some public members have filed a complaint against the governments bitcoin legal tender law, which they view as unconstitutional.　　El Salvadors Bitcoin Law Faces Pushback From Opposition　　Just days after the World Bank declined El Salvadors request to provide technical assistance in the implementation of the bitcoin law, the South American nation has hit another snag.　　Jaime Guevara, the deputy of the opposition party Farabundo Marti National Liberation Front (FMLN), has joined arms with some citizens and moved to oppose the new bitcoin adoption program, according to a June 21 report by Spanish news publication El Mundo.　　One of the lead plaintiffs in the lawsuit, Oscar Artero, asserted that President Nayib Bukele‘s bitcoin law lacks a legal basis and was created “to loot people’s pockets.” “It is tax-exempt, they want to force us to trade,” Artero added. He also argued that the bitcoin legislation lacks legality and foundation and failed to take into account the potentially harmful effects that it could cause to the country.　　The plaintiffs are hoping that the newly appointed magistrates of the Constitutional Chamber of the Supreme Court of Justice (CSJ) will side with them. This could prove difficult as Bukele‘s New Ideas (Nuevas

2021-06-23Deep Dive

​Heads Up for These Fake Exchangers!

As a smash hit, investment in cryptocurrencies has been a hotbed of illegal trading platforms growing with abandon. As a result, a lot of investors are swindled and harmed. In this case, two fake exchanges are disclosed herein, which you are well recommended to stay away from!　　Bitswap　　After an acquaintance with a so-called ‘tutor’ online, Mr. Zhao was guided to conduct several investments via Huobi which ended up with profits, thus investing all his savings in this regard. The ‘tutor’ then tempted Mr. Zhao to transfer his money to Bitswap and his account was frozen soon after.　　According to Bitswap, another USD 100,000 was required if Mr. Zhao attempted to unfreeze his account. Owing to the lack of money, he turned to his ‘tutor’ who was thereby annoyed and blacklisted him online.　　In fact, Bitswap is nothing but a fake exchange without official websites or customer services.　　Bitz　　Playing tricks similar to Bitswap, ‘tutors’ from Bitz provide users with some basic knowledge of digital currencies and mainly teach them how to top up USDT throng Bitz. Users accounts are frozen soon after their recharging, and taxes are a precondition for successful withdrawals! Obviously, profiting from taxing users is a fraud, riding a wave of unclear

2021-06-23Deep Dive

Indians could be charged an extra 2% tax on Bitcoin and crypto ‘purchased abroad’

Bitcoin (BTC) and other cryptocurrencies bought from exchanges outside the country could cost Indian investors additional tax, while the tax department is looking into whether crypto falls subject to the 2% equalization levy, reported the Economic Times.　　Google tax　　Services provided in India by overseas e-commerce companies are subject to the equalization levy, also colloquially called the “Google tax” but the experts are still uncertain how its applicable to crypto.　　“The way the new equalization levy is worded and defined, it appears that it will also be applicable on cryptocurrency bought from an exchange not based in India,” tax expert and founder of Transaction Square tax-advisory company, Girish Vanvari, told Economic Times, adding:　　“In the absence of any guidelines on the treatment of crypto assets, there is ambiguity in how these would be treated under the tax laws and Foreign Exchange Management Act.”　　According to his interpretation, the levy, which is usually meant for foreign corporations, would apply to the selling prices, meaning exchanges might add it to the cost of cryptos.　　Missing guidelines　　In 2020 India expanded the scope of the equalization levy to cover “e-commerce supplies or services,” not exempting business-to-customer transactions.　　The 2021 Finance Bill clarifies that the equalization levy now includes online marketplaces that

2021-06-23Deep Dive

Bitcoin heading for worst quarter since start of 2018 bear market

Bitcoin is poised to post its worst-performing quarter since the start of the 2018 bear trend.　　The current quarter is also on track to be the second-worst on record for BTC in the almost eight years since the start of 2014.　　According to crypto data aggregator, Skew, Bitcoin is currently down nearly 46% for the quarter, the weakest quarter since Q1 2018 — when it shed approximately 50% of its value over just three months amid the fall-out from 2017s all-time highs.　　Since the start of 2019, Q2 2021 is just the fourth quarter that has seen a drawdown for Bitcoin‘s value, with BTC’s price falling roughly 10.6% during Q1 of 2020, 13.6% in Q4 2019, and 21.5% in Q3 2019.　　Big guys offloading BTC　　According to CoinShares June 21 Digital Asset Fund Flows weekly report, institutional investors have continued to offload Bitcoin exposure for the sixth consecutive week, with BTC-tracking investment products experiencing $89 million in outflows over seven days.　　Overall, crypto investment products combined saw a third consecutive week of outflows, with investors removing $79 million from the sector last week. However, CoinShares notes that multi-asset products saw inflows of $10 million, followed by Polkadot with $1.2 million, and Ripple with $800,000.　　Institutions are not

2021-06-23Deep Dive

How Subsocial’s Polkaverse Could Be An Decentralized Alternative To Twitter

Polkadots ecosystem has been quickly expanding. The Gavin Woods project seems to be living up to the hype and could be at the forefront of an interoperable blockchain future. A new project, Polkaverse, has been launched with the goal of tackling a sector that has been heavily criticized in the past years, social media.　　Launched by Subsocial, the open platform for decentralized social networks that run on the blockchain building framework Substrate 2.0, Polkaverse is a community platform to discuss all things related to Polkadot and Kusama. Users will be able to access it via their Substrate address with a native web dApp.　　The project will have a unique approach, unlike mainstream social media it will be free from spam, irrelevant information, and the type of content that hinders the users experience. Polkaverse is based on the Subsocial networking protocol, this allows users to customize the platform or create their own social media.　　Due to the integration between the sub-network and the Kusama, Polkaverse leverages the Kusama Blockchain to display account roles with data from the on-chain identity module. In the future, the platform will receive an upgrade that will enable users to create Kusama Treasury proposals on Polkaverse and have an open

2021-06-23Deep Dive

Flashcoin’s Solution to Tesla’s Bitcoin Environmental Issues

Earlier this year, Tesla announced its plans to accept Bitcoin as a payment method for its products. However, Tesla CEO Elon Musk has reversed this decision, and Tesla has discontinued accepting Bitcoin, citing environmental reasons. On May 13th, Musk stated that the increasing fossil fuel usage for Bitcoin mining and transactions was detrimental to the environment. Musk then went on to express this opinion could alter should the situation change.　　Bitcoin mining, a process that creates Bitcoins, is a deeply energy-intensive process. A recent study by Cambridge suggests that Bitcoin mining energy consumption is climbing to the equivalent to the annual carbon footprint of Argentina. The growing environmental impact of Bitcoin has led to companies like Tesla reversing their decision on accepting Bitcoin as a payment method.　　However, while Bitcoin causes climate concerns, Elon Musk recognizes the potential of cryptocurrencies. In the same tweet, he stated that Tesla is looking at alternative cryptocurrency solutions that use less than 1% of Bitcoins energy/transaction. Flashcoin presents an innovative and sustainable solution that caters to the needs of Tesla and several organizations that intend to use a sustainable form of digital assets along with facilitating the benefits of cryptocurrency transactions.　　Flashcoin – An Environmental Friendly Sustainable

2021-06-23Deep Dive

Canada’s Largest Green Bitcoin Mining Firm Expands Public Trading With Nasqad Listing

One of the largest Canadian renewable energy-focused cryptocurrency mining firms BitFarms has been listed on the New York-based American stock exchange Market NASDAQ.　　Cryptocurrency mining firms earn transaction fees in the native token of the specific network such as bitcoin, Ethereum, and Litecoin, for securing and processing transactions on the networks.　　The firm started as a bitcoin mining farm in 2017 but has since diversified its portfolio through partnerships and established five industrial mining facilities in Quebec.　　“We are proud to be a leader in the industry in setting the highest standards for ourselves and our mining operations and to be uplifting to one of the most prestigious stock exchanges in the world.”　　Bitfarms to Become The Largest Green Crypto Mining Company　　Bitfarms prides itself as the greenest mining company on the bitcoin network and uses 99% of its hydropower to power 1% of the network. The listing is an important achievement and a significant milestone that follows years of development and ambition, Bitfarms said.　　“When Bitfarms begins trading on the Nasqad, it will be the largest publicly traded Bitcoin miner in Both America using greater than 99% hydroelectric renewable electricity.”.　　After the Nasqad debut, Bitfarms slumped 8% to $3.9 on Monday during its first day of

2021-06-23Deep Dive
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