MyCryptoParadise | Crypto News | Weekly 7

August 28, 2020

Reading Time: 4 minutes

What happened this week in the Crypto world?

Bitcoin had a bullish start of the week trading over $12,000 above mark but fell by 2.19 % of its value in the week ending on August 23rd. Currently trading at around $11,700 the crypto currency is said to recover and go past the $12,000 ceiling once again. On August 20th an unprecedented feat happened when YFI the Yearn.Finance DeFI protocol surpassed Bitcoin in value climbing all the way up to $14,878. Other Altcoins also experience price movements over the week reflecting a slightly bearish trend in the overall market.

Crypto News Roundup:

The crypto bullish trend cooled down a bit last week with some currencies trading in the Red. Bitcoin had a strong start of the week but fell by 2.19% in intraweek trading, currently its trading at around $11,700 mark with analysts predicting that it might cross the $12,000 mark once again. If we talk about the overall crypto market the market was cumulatively down almost two percent.

On a surprising turn of events Ethereum 2.0’s public testnet, Medalla suffered an outage over the weekend that took almost 80% of its validators offline. This incident happened due to Cloudfare outage. Prysmatic labs the team behind maintaining the testnet assured users the system will be back online after major fixes over the weekend. After coming back online the team behind it says that this incident will not delay the launch of ETH2.

The governance token from yEarn.finance (YFI) has gone up 32,000% since July-mid as millions went into the protocol, which is currently among the hottest opportunities in the DeFi space. The token passed Bitcoin in value last week shooting way unto $14,878 for a brief while, the price stabilized a little and the token is currently being traded at $13,500 range.

Stable coin Tether announced that it will now use the OMG network to facilitate deposits and withdrawals. Tether decision to use OMG comes as a means to ease the high volume issues on solely relying on the Ethereum network.

Despite statements from the company, the Polkadot redenomination created a lot of confusion for investors. The confusion arose because major trading platforms like Kraken and Binance started trading DOT three days in advance before the redenomination took place. Due to this the DOT value become almost 100x lower. The technical team behind DOT is trying to reassure their community that they will try to fix this.

Decentralized exchanges or DEX have been gaining popularity among crypto users, trading spiked almost 70% last week where $2.39 Billion was swapped. Among these DEX Uniswap is gaining a lot of popular where almost $400 million were swapped in a single day alone.

Grayscale Investments’ Bitcoin Cash Trust (BCHG) and Litecoin Trust (LTCN) saw massive demand post launch last week. After getting DTC eligibility last week the trusts soared in value where LTCN traded at a 750% plus premium while BCHG sold at a 350% plus premium.

Global News:

China:

According to a new research study conducted by Bitcoin dot com almost $50 billion in crypto was taken out of China in the last 12 months. This is a strange event considering the China only allows only $50,000 a year to be taken out, it seams that rich Chinese have figure out a way to avoid these restrictions.

Hong Kong:

There are positive developments in Hong Kong where netizens might soon have their very own cryptocurrency exchange. The firm behind the exchange received a regulatory approval from SFC the Futures commission of Hong Kong.

USA:

The IRS issued a new tax form with a special focus on Crypto. The draft form states where the person holds any financial interest in virtual currencies. The form also asks whether the filer had received, sent, exchanged or acquired virtual currency in the fiscal year of 2020. This comes amid newer regulatory approval and acceptance of crypto currencies in the U.S Legal system. However this new entry wasn’t well received. Crypto lawyers said that the statement was too broad and there was room for improvement, while some also believe that the question was down right illegal.

Canada:

Derivatives Exchange Bitmex is blocking users from Ontario Canada. Users will be blocked from making futures trades from September 1st. According to BitMex the decision comes in compliance to the Canadian regulator. The exact reason has not be shared as to why only users from Ontario but it seems that the decision was made as per the pressure from the regulator.

A Canadian Restaurant Chain Tahini just shift their reserves completely to crypto. The company announced this new change explaining that due to tough times experienced in the past months investing into Bitcoin seemed like a good financial choice.

Switzerland:

Three companies in Switzerland confirmed that they have completed requirements for AML (anti money laundering) approved bitcoin transfers.  The FATF the financial task force enforces AML to be applied on transactions higher than $1000, and it treats virtual asset service providers similar to it treats banks.  Known as the Travel Rule the transactions will exchange data identifying both sender and receiver of crypto currency.

South Korea:

South Korea is considering charging a 20% tax on crypto. The states Ministry of Economy and Finance is resisting the laws that determine taxation on crypto profits. The news was circulating from sources familiar with the matter and suggested that the government was indeed interested in taxing crypto gains from the citizens.

Iran:

In Iran the country’s Power Transmission and Distribution Company shutdown almost 1100 bitcoin mining farms running illegal in the country. The authorities were tipped off by anonymous whistleblowers who did so getting paid bounty by the government. Being an oil rich country Iran is a sought after destination for miners and the country also allowed legal mining but due to increase tariff rates some miners were running operations illegally.

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