This week in coins: Market free-fall slows, Universal Music partners with LimeWire, G7 seeks regulation

This week in coins. Illustration by Mitchell Braver to decrypt

While much of the industry’s attention has been spent on autopsies and recovery from Terra disease Historic collapse Simultaneous market crash, zoom out and bigger picture survey show a more optimistic week than last week.

For a start, the market’s seven-week free fall has finally slowed.

Leading Bitcoin actually rose 0.69% to $29265Ethereum is down just 0.88% over the seven days to $1,968, as of this writing.

There were no significant losses among the top 40 cryptocurrencies by market capitalization. A few projects boomed, with BNB exploding 10% to $307, privacy coin Monero increasing 24% to $175, and Cosmos adding 9% to $10.86.

What is the view from the wreckage?

TerraUSD (UST), formerly a stablecoin pegged to the dollar, is currently trading at a fraction of over 6 cents. Meanwhile, LUNA, the coin that gave the floor tanks a value, is currently worth about $1,000.

About two weeks ago, there were 342 million LUNAs in circulation. Today, there are just over 6.5 trillion.

News of the week

On Monday, the Australian Taxation Office issued a statment She identified her four main priorities for “Tax Time 2022”, among which were Taxing capital gains from crypto. ATO Assistant Commissioner Tim Loh said: “Through our data collection, we know that many Australians are buying, selling or exchanging digital currencies and assets, so it is important for people to understand what this means for their tax obligations.”

Loh also received a stark warning to crypto investors who might report losses: “Remember that you cannot compensate cryptocurrency losses for your salary and wages.” according to ATO . Guidelinescarry forward the net capital loss could entitle the taxpayer to reduce future capital gains, but not on any other income.

Australian authorities are keen to quickly regulate cryptocurrency and have promised to do so To bring the sector “out of the shadows” With a “world-leading” regulatory framework. On Friday, the country’s largest bank, the Commonwealth Bank of Australia, Cryptocurrency trading pilot suspended. Commonwealth Bank CEO Matt Komen stressed the volatility of crypto assets and recommended further regulation in this week’s technical briefing.

According to Monday’s release by CoinShares,Digital Asset Fund streaming weekly” while Market crash last week Institutions almost poured out 300 million dollars in Bitcoin exchange-traded funds. CoinShares Head of Research, James Butterfly, said: Decrypt: “It’s the biggest [investment in Bitcoin funds] since October 2021, and has been ranked among the nineteenth largest since records began in 2015.”

Via Twitter that day, Twitch co-founder Kevin Lin announced that his gaming company, Web3 Metatheory, had raised 24 million dollars In a funding round led by Andreessen Horowitz.

Metatheory currently uses NFTs in a file dust collectors The game, although under Lin is expected to have more blockchain-based titles. “After moving away from Twitch to explore the next step in the industry, I truly believe that blockchain will open the door to more possibilities and have a huge impact in the gaming, storytelling and community building space,” he said in a statement.

On Tuesday, South Korean newspapers reported that the country’s Financial Services Commission (FSC) and Financial Supervision Service (FSS) have started “Emergency Inspections In the local cryptocurrency exchanges after the collapse of Terra. On the same day, the press reported that conservative lawmaker Yoon Chang-hyun is calling for hearings Unscrupulous profiteering by some of the country’s largest cryptocurrency exchanges during the LUNA crisis.

The image giant announced Getty Images Tuesday It is partnering with Candy Digital for Digital Collectibles to convert some of the previously unseen images in its 500 million library of people into NFT images, which will be sold in the Candy Market.

Former music sharing service LimeWire – which announced its own services Algorand Market in March—He said on Tuesday that The major label Universal Music Group signed to its platform. The deal will allow artists at Universal or its many imprints – Interscope, Def Jam, Motown, Geffen, EMI and Virgin – to unlock token collectibles across the upcoming LimeWire Market.

Testifying before a congressional subcommittee on Wednesday, US Securities and Exchange Commission (SEC) Chairman Gary Gensler told crypto exchanges to register with the Securities and Exchange Commission “or, frankly, we will continue to bring in and use what Congress has given us, in enforcement and examination functions.” we’ve got. “

While Gensler’s words could not spark a goosebumps on the likes of Binance and Coinbase, they do indicate a bright spotlight on Washington’s cryptocurrency. Speaking on video at this year’s Chainalysis Links conference on Wednesday, CFTC Chairman Rustin Behnam said the US derivatives regulator will continue to add more resources to combat the Fraud and manipulation in the crypto markets.

Elsewhere, the recent market crash was enough to frighten the world’s seven largest economies into multilateral action. Thursday, Reuters It stated that a draft letter from the finance ministers and central bank governors of the Group of Seven countries calling on the Switzerland-based Financial Stability Board (FSB) to move forward”Consistent and comprehensive organization“Before the next G7 meeting in Germany.

Panama President Laurentino Cortizo told a Bloomberg reporter Thursday He may veto a crypto bill approved by his country’s legislature last month. Cortizo wants a guarantee that the bill will comply with global anti-money laundering standards before it is approved. If it passes, Panamanians will be able to pay for things with cryptocurrency. The bill also states that Bitcoin, Ethereum, XRP, Litecoin and Stellar will all be accepted.

On Friday, a group of Republicans in Congress introduced a bill to “protect” investors’ ability to do so Add Bitcoin to your 401(k) retirement plans. If passed, the bill would prevent the Department of Labor from restricting the type of investments that 401(k) account holders can add to their retirement savings, such as Bitcoin, that Fidelity Investments plans to make available Later this year.

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