Last-minute additions to the bipartisan infrastructure deal in the United States Senate saw lawmakers propose expanded cryptocurrency taxation to raise an additional $28 billion in revenue. The latest proposal will implement more strict rules on businesses dealing with crypto, expand reporting requirements for brokers, and mandate that crypto-asset transactions worth more than $10,000 are reported to the Internal Revenue Service.
XRP has had a wild last 24 hours of trading as it was once the highest gainer in the top 100 for the day. Earlier today, news dropped that the Japan to Philippines corridor went live for Ripple’s ODL service which utilizes XRP. This shows a strong use case is occurring for XRP as it is being used as a bridge currency for cross border transfers. Once this news dropped, XRP shot nearly 20% in about an hour.
Solana-based cross-chain exchange Saber raised $7.7 million in a seed funding round.
The platform launched last month and enables the cross-chain exchange of stablecoins and wrapped assets. Saber Labs, the development team behind Saber, announced the funding round on July 28.
The mayor of Miami, Florida is spotlighting the city’s very own cryptocurrency. The new digital asset is designed to generate millions of dollars for the city’s economy – if people embrace it.
Stronghold Digital Mining, a Bitcoin mining company, has filed an S-1 form with the U.S. SEC for a $100 million initial public offering (IPO). More so, the firm plans to list its Class A common stock on Nasdaq with the ticker SDIG.
Blockchain technology has already revolutionized a number of industries and while its impact is mostly felt on the financial industry, it can be used to create a greener world. It could for example be used to bolster renewable energy or incentivize sustainable practices.
A top trader is mapping out Ethereum’s path ahead, predicting that the asset will follow in Cardano’s footsteps.
In a series of tweets, pseudonymous crypto trader Capo notes that Cardano (ADA) recently retraced against Bitcoin (BTC), indicating that a similar move could be in store for Ethereum (ETH), the second-largest asset by market cap.
Tesla CEO Elon Musk has hinted how many bitcoins Tesla owns after revealing that the fair market value of its bitcoin holdings was $1.47 billion as of June 30.
Bitcoin price is currently hovering around the $40,000 mark after breaking out of the $35k resistance and forming good support at $38,800. The top cryptocurrency hit a monthly high of $40,816 earlier today before retracing under $40K again. The on-chain data suggest traders have turned bullish again as they expect BTC to solidify its position above $40K.
Authorities in Brazil have seized over $33 million in a crypto laundering investigation involving more than a dozen fictitious companies. Brazilian authorities have been probing the money laundering ring for some time now and claim that even the crypto exchanges were in on the crime. Brazilian civil police announced the seizure of R172 million ($33.3 million) in an official statement from two individuals and 17 legal entities.