Crypto Newsletter

Opposition files a lawsuit claiming El Salvador President’s bitcoin adoption law is unconstitutional

A group of citizens joining forces with the political party Farabundo Martí National Liberation Front (FMLN) has filed a lawsuit claiming El Salvador President Bukele’s Bitcoin adoption program is unconstitutional. FMLN legislator, Jaime Guevara, led the move along with citizens, including plaintiff Óscar Artero, who characterize the country’s Bitcoin law as “lacking in legality, foundation, and did not consider the significance and harmful effects that such a law will cause to the country,” according to the local media outlet El Mundo.

MakerDAO slashes stability fees as stablecoin demand wanes

Decentralized finance lending and stablecoin protocol MakerDAO has adjusted stability fees across a wide range of crypto assets used as collateral on the platform.

The move comes as the demand for DAI and other stablecoins has cooled amid the recent crypto market retracement, with Maker hoping to drive up demand for DAI minting through the reduction in fees.

Could Paraguay emerge as a Bitcoin mining hub after China crackdown?

Bitcoin miners were dealt a blow in May as the Financial Stability and Development Committee of the State Council of China announced further controls on financial risk.

The announcement was the latest in China’s long-running friction with the cryptocurrency industry. But this time, given the Chinese Communist Party’s promotion of its digital yuan, it looks as though commercial operations, more specifically miners, are feeling the pinch and looking to move elsewhere.

With US regulators handing out $2.5B in fines since 2014, crypto is not the 'wild west' of finance

According to a report from blockchain analytics firm Elliptic, unregistered securities offerings represent more than half of all crypto fines handed out by U.S. regulators.

In Elliptic’s June 21 Sanctions Compliance in Cryptocurrencies report, the firm's co-founder and Chief Scientist, Dr. Tom Robinson writes that U.S. regulators have handed out $2.5 billion in fines for crypto-related violations since 2014.

Bitcoin (BTC) and Ethereum (ETH) On-Chain Activity Takes Massive Hit, USD Settlements Down by 60%

In the last 48 hours, the overall crypto market is down more than 10% and by 25% over the last week. Bitcoin (BTC) and Ethereum (ETH) have seen severe price corrections in this time period and this time it comes with sharply declining on-chain activity.

The on-chain active addresses for Bitcoin and Ethereum have fallen to levels seen one year back in June 2020. a majority of this fall comes during the rapid price corrections over the last month. During the period of March to early May 2021, Bitcoin address activity peaked at 1.16 million. Now it has dropped 24% from the top to 884K addresses recently.

Existing Indian law could impose 2% levy on crypto bought from offshore exchanges

According to local sources, the Indian Government’s 2% “equalisation levy” could be extended to crypto-assets purchased from off-shore exchanges.

According to a June 22 report from Economic Times, analysts are inferring that existing law could require a 2% levy to be added onto the settlement price of crypto bought from overseas-based crypto exchanges operating in India’s market.

What are Meme Coins and Tokens?

Meme coins and tokens are based on Internet memes, current events, online communities and influencers.

Since Elon Musk started championing Dogecoin, they have proliferated, with two of the most popular including Shibu Inu coin, and Safemoon.

Sub-$30K Bitcoin? Here’s the Latest BTC Price Target for Rich Dad Poor Dad Author

Personal finance author Robert Kiyosaki believes that Bitcoin will collapse below $30,000 as he sees a massive crash on the horizon.

Kiyosaki, co-author of the best-selling Rich Dad Poor Dad series, predicts in a new video that Bitcoin could go through a significant downturn as central banks around the world move against BTC and other cryptocurrencies.

McLaren Racing Announces Partnership With Tezos ($XTZ) to Build NFT Platform

McLaren Racing has announced a multi-year technical partnership with Tezos (XTZ) in order to build an “NFT fan experience platform” on an “energy-efficient blockchain network.”

According to the official press release, McLaren Racing has selected Tezos, which it called “the world’s most advanced blockchain” to become the team’s Official Technical Partner across Formula 1, INDYCAR, and esports. McLaren intends to use the Tezos network in order to create an NFT platform with “fan experience at the heart.”

The People’s Bank of China orders banks to stop providing services to crypto OTC

The People’s Bank of China has issued a statement ordering commercial banks to cut off all digital currency-related activities, including over-the-counter digital currency trading merchants. PBoC recently summoned the country’s leading banks and payment providers as part of the fresh crackdown amid the bank’s efforts to step up its CBDC pursuit. The latest is the addition of over 3,000 ATMs in Beijing to the digital yuan ecosystem.