Crypto Newsletter

Meitu loses $17.3M on Bitcoin, gains $14.7M on Ether

Meitu has reported losses of $17.3 million on its Bitcoin holdings, with its Ether investment having gained $14.7 million despite the recent crypto downturn.

The developer of popular Photoshop-style apps spent a total of $100 million on BTC and ETH between March and April this year, acquiring a total of 940.89 BTC for $49.5 million, and 31,000 ETH for $50.5 million.

Visa users spent more than $1 billion worth of cryptocurrency in the first half of 2021

According to a CNBC report, payment giant Visa users spent more than $1 billion worth of cryptocurrency assets globally on goods and services through their crypto-linked cards in the first half of 2021. During an interview with CNBC, Visa CFO Vasant Prabhu highlighted the growing popularity of Bitcoin and other cryptocurrencies in recent years. The US-based payment firm also mentioned that it is planning to create an ecosystem to increase the usage of cryptocurrency assets.

Bitcoin drops by $2,000. $185 million in longs go ‘rekt’

Bitcoin fell by nearly $2,000 this morning, ‘liquidating’ $200 million worth of futures positions in the past 12 hours and bringing down much of the crypto market alongside.

Liquidations, for the uninitiated, occur when leveraged positions are automatically closed out by exchanges/brokerages as a “safety mechanism.” Futures and margin traders—who borrow capital from exchanges (usually in multiples) to place bigger bets—put up a small collateral amount before placing a trade.

XRP Price Analysis: XRP Bears Take Control As Price Eyes Fall to Sub $0.60

XRP has been one of the weaker alts the last few weeks as price has nearly stayed within a 10 cent range. The SEC lawsuit against Ripple Labs is still dragging on as not much progress has been made. This has created a barrier for many institutions and investors who would like to invest in XRP. Projections for a conclusion on the lawsuit stand around the first quarter of 2022. Many believe once the lawsuit against Ripple Labs is lifted, XRP can see a massive price surge as it is one of the only top 10 coins that has yet to mark a new high this cycle.

Russia Drafting Law on Confiscation of Crypto Assets

Russia is preparing amendments to the current legislation to allow for the confiscation of crypto assets found to be proceeds from crime, Tass reported Wednesday.

New York proposes a bill that would require public officials to disclose their crypto holdings

According to public records, the bill, submitted on July 2, sponsored by State Senator Rachel May, would require public officials in the state to disclose their crypto holdings above the $1,000 threshold on an annual basis. The proposed law aims to “close the loophole on cryptocurrency assets, like bitcoin, on the state’s financial disclosure statement and add transparency regarding individuals’ interest in this type of digital financial property.”

33 face heat in Korea over alleged $1.48 billion in crypto transfers

Seoul’s Central Customs has prosecuted, fined, or is currently investigating 33 individuals who were allegedly involved in 1.69 trillion won ($1.48 billion) worth of illegal overseas cryptocurrency transactions in South Korea, The Korea Times reported today.

The individuals were caught as part of a pan-government investigation and have allegedly committed financial crimes such as fraud and money laundering. Namely, 14 suspects are currently being prosecuted, 15 were fined, and another four continue to remain under investigation.

Visa's crypto partnerships grow by 43% in four months

he number of Visa's partnerships with crypto firms has grown by 43% in the last four months.

Visa now has 50 active partnerships, up from 35 just four months ago, the company's head of crypto, Cuy Sheffield, told The Block. That means 50 crypto firms have launched or are set to launch debit and credit cards with the payments technology giant.

Crypto Social Network Blockster Is on Track to Reach Exponential Growth With 255,000 Waitlist Subscribers

The all-in-one crypto social network Blockster is on track to achieve exponential growth, with over 255,000 users joining the project’s waitlist before the launch.

And this shouldn’t come as a surprise.

Poland financial regulator issues public warning about Binance

As Binance faces scrutiny from regulators around the globe, Poland’s finance watchdog has issued a consumer warning about the cryptocurrency exchange.

On Wednesday, the Polish Financial Supervision Authority (PFSA) published a statement on Binance’s growing regulatory issues around the world, stressing that the company’s operations are unregulated in Central European countries.