Cryptocurrency

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On June 28, the National Council voted to approve an amendment that will reduce personal income tax on profits gained from the sale of cryptocurrencies held by the user for at least one year. Continue Reading on Coin Telegraph More

He may still have roughly 8,000 ETH unsold that he is storing on Binance with a potential profit of $14.7 million. @lookonchain assumed that this sell-off performed by the whale likely impacted the ETH price, pushing it down nearly 1.8%.By now, however, ETH has recovered the losses and even grown more, demonstrating a rise by 2.26% overall. As of this writing, Ethereum is per coin on the Binance exchange.@lookonchain pointed out that the aforementioned whale is well-known to be a “smart whale” as he always buys crypto when it hits lows and sells as soon as the price spikes, when he has a “100% win rate in ETH trading.”This article was originally published on U.Today More

Woo elaborated on his theory, stating that the potential increase in Bitcoin’s market cap, coupled with the rise in its realized cap, would pave the way for such a price surge. However, he also highlighted that the timing of these institutional investments would have a significant impact on Bitcoin’s price trajectory.”The estimate of $310,000 per Bitcoin really depends on whether these institutional players deploy their investments during a bearish or bullish phase of the market,” Woo explained. For a bearish phase, we might see falling to around $128,000, but in a bullish case, BTC should surge to almost $400,000.These figures were met with some skepticism, particularly around the assumption that these institutions could simply choose to direct a percentage of their AUM toward Bitcoin. Responding to these concerns, Woo clarified that his response was a hypothetical one to a question posed by a user.”It’s not that simple,” Woo said. He explained, emphasizing that asset allocation decisions are not solely determined by these institutions. They act as custodians of their clients’ funds, and investment choices ultimately rest with the clients themselves.He went on to explain that wealth management can be split into two categories: those driven by investor decisions and those at the discretion of the wealth manager. Therefore, any significant move into Bitcoin would likely require approval from these institutions’ investors.This article was originally published on U.Today More

According to sources close to officials, the stricter regulations would include clamping down on the level of computing power in chips that are exported. The sources say an update to the rules could come by late July. Continue Reading on Coin Telegraph More

On June 28, the Australian Department of the Treasury published an official statement addressing potential policy responses to debanking in Australia. Debanking occurs when a bank declines to provide services to a customer, citing issues like Anti-Money Laundering (AML), sanctions compliance, reputational risk considerations and others, the authority noted.Continue Reading on Coin Telegraph More

Paysafe will no longer support bank transfers of euros to and from Binance via the Single Euro Payments Area network from Sept. 25, according to a spokesperson for the world’s largest crypto exchange. “Following a strategic review, we have taken the decision to cease offering our embedded wallet solution to Binance across the region,” London-based Paysafe said in an emailed statement. “Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months.”Binance was already under pressure in Europe, where Belgian authorities this month ordered it to stop local operations and French prosecutors are investigating it for aggravated money laundering. Its share of euro-denominated crypto trading has tumbled to 13% this year, research firm Kaiko said June 20. Underscoring the impact from losing access to payment networks, overall pound-denominated trading volume across exchanges has fallen since Paysafe in mid-March said it would stop providing support to Binance for withdrawals and deposits in the UK, data from Kaiko show. At the time, Paysafe said it would continue to support Binance in Europe and Latin America. Paysafe’s decision to cut Binance off in the UK took full effect in May. Binance “will be changing the provider,” the spokesperson said in a statement late Wednesday in New York, adding that “all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on Binance.com remain unaffected.”Binance faces a web of probes around the world and has been dropped by some payments providers wary of regulatory fallout. Its Australia platform was cut off from a key local currency withdrawal route at the start of June.The US Securities & Exchange Commission earlier this month accused Binance and its founder Changpeng ‘CZ’ Zhao of mishandling customer funds, misleading investors and regulators, and breaking securities rules. Binance has called the SEC action “disappointing” and said that it intends to defend its platform “vigorously.” Zhao and Binance also face a lawsuit from the Commodity Futures Trading Commission. In the wake of the SEC’s action, Binance.US told users that payment and banking partners had signaled an intent to pause support for the exchange’s dollar channels. Its US market share has almost evaporated, Kaiko said earlier.BNB, the native token of Binance, advanced 1.8% to $225 as of 9:22 a.m. in London on Thursday, part of a broader rise in digital assets. It’s slumped about 30% this quarter, buffeted by the SEC’s lawsuit.(Updates with comment from Paysafe in third paragraph.)©2023 Bloomberg L.P. More

The RBI has been a steadfast critic of cryptocurrency, but it was particularly articulate about the problems it sees with stablecoin “from an EMDE [emerging markets and developing economies] perspective.” It listed six specific problems, even though:Continue Reading on Coin Telegraph More