Cosmos and Avalanche are ahead of the potential bullish move in the crypto market, hitting new all-time highs this weekend. This and more news in this handy daily roundup so you're always up to date with the latest events happening within the crypto world.
Cryptocurrencies and altcoins
📍A batch of 616 BTC moves after 9 years of inactivity. The 616 bitcoins, currently valued at $28,2 million, contained in a BTC address inactive for 9 years, were transferred to a new BTC address this weekend. The data on-chain show that the transfer was made with a commission fee of 84 cents.
The bitcoins, received in 2012, were worth about $8.100 at the time, when Bitcoin was trading at around $13 per unit. However, 9 years later, with one Bitcoin valued at $45.850 per BTC, the lot is worth almost $30 million.
📍Cosmos and Avalanche hit new all-time highs. Amid a static crypto market, the cryptocurrencies, Cosmos (ATOM) y Avalanches (AVAX) recently marked new all-time highs. Yesterday, ATOM reached a value of $44,42 per unit for the first time, showing a growth of 116% in the last month. ATOM's share price is being boosted by the launch of Emeris, a blockchain-based interface DeFi cross-chain. On the other hand, AVAX reached $75,28 on Saturday, showing a growth of 71% in the last 30 days.
Despite the crypto market remaining static, analysts predict an upcoming bullish movement, which could boost the price of major cryptocurrencies by up to 30%.
Bitcoin and Blockchain Adoption
📍Cryptocurrency portal Crypto Ready ranks California as the most suitable state for crypto adoption. The United States is the country most prepared for crypto adoption, both due to its infrastructure and the favorable legislation for cryptocurrencies established in several states of the country. According to the Crypto Ready portal, of all the states of the United States, California is the one that classify as the most suitable for cryptocurrency adoption. California has 2.473 cryptocurrency ATMs in its jurisdiction and one of the most interested populations in crypto assets, which is why it received a score of 5,7 / 10. However, it is worth remembering that there are no established laws for cryptocurrencies in California.
Other states primed for mass cryptocurrency adoption include New Jersey, Texas, Florida, and New York. According to Crypto Ready rankings, these states received scores between 5,4 and 4,2 based on the number of cryptocurrency ATMs installed and the search interest of their residents. Of all these, Texas ranks as one of the most preferred destinations globally for bitcoin and other cryptocurrency miners.
📍AMC Entertainment will begin accepting cryptocurrency payments this year. The largest movie theater company in the United States and one of the 4 largest worldwide, announced its plans to accept payments in cryptocurrencies by the end of this year. According to reported AMC CEO Adam Aron via Twitter, the entertainment giant will accept cryptocurrencies as Bitcoin, Ethereum, Litecoin y Bitcoin Cash.
The crypto community expressed its support for the entertainment giant's adoption of crypto. However, it asked that instead of Ethereum, payments with other popular cryptocurrencies such as Cardano y Dogecoin, due to Ethereum's currently high gas costs.
NFT and DeFi Markets
📍SushiSwap pseudo-anonymous co-founder 0xMaxi announces partial withdrawal from DeFi protocolIn a post shared via Twitter, 0xMaxi announced that he would be stepping down as lead developer of SushiSwap, one of the most important protocols in the blockchain decentralized finance ecosystem.
According to him, he has dedicated a lot of time to SuhiSwap, to the point of putting his work on the DeFi protocol above his physical and mental health and his family. 0xMaxi notes that he will not abandon the protocol, but will instead dedicate himself to advising on its development, devoting the necessary time to himself and his family. “I will always be there for SushiSwap, but in the future I will be in a different role”, the developer reported.
📍Animoca Brands acquires majority stake in NFT platform Bondly. According to reported Blockchain and NFT gaming developer Bondly’s majority stake in Bondly will help empower true digital ownership through NFTs, which is crucial for the future of gaming and the development of the metaverse. In its statement, the company noted that Bondly’s technology, launchpad, and NFT bridge will be integrated into Animoca Brands’ gaming products.
Development and Technology
📍CryptoFed, the first legally recognized DAO in the United States, files with the SEC. CryptoFed he presented 10 and S-1 forms with the U.S. Securities and Exchange Commission (SEC) to request permission from the financial regulator to register two independent stablecoins. Called Ducat and Locke, the two stablecoins are utility tokens that will serve CryptoFed’s goals.
Firstly, the DAO points out that Ducat will be a utility token stable value and limited issuance token that will be used for daily transactions, accounting and store of value, while Locke will be a governance token with a finite issuance of 10.000 billion units. CryptoFed is the first DAO (Decentralized Autonomous Organization) legally licensed and registered on July 1 of this year in the state of Wyoming.
Rules and Regulations
📍New concerns emerge over US infrastructure bill. Law professor Abraham Sutherland of the advocacy group Proof of Stake Alliance (POSA) tweeted that an amendment to Section 6050I of the tax code had been factored into the infrastructure bill. He notes that in addition to cryptocurrency intermediaries and brokers, users who receive digital assets will also be required to report and declare transactions involving amounts equal to or greater than $10.000. Failure to do so could result in a felony if the bill becomes law.
If the infrastructure bill passes, the provision would force recipients of cryptocurrencies, and even NFTs, to verify, collect and report on the sender, with a wealth of personal data such as social security number and the nature of the transaction, within a 15-day period. Sutherland noted that this provision may have gone unnoticed in the bill because it uses old language, which does not directly reference cryptocurrencies or digital assets.
📍Binance is investigated by the CFTC for insider trading. According to informs Bloomberg, the cryptocurrency exchange, is under scrutiny and investigation by the United States Commodity Futures Trading Commission (CFTC) due to reports of possible insider trading. The exchange claims that its policy is zero tolerance for the abuse of insider information for personal gain, so it has launched the relevant internal investigations to find those responsible.
IMPORTANT: Bit2Me News reminds you that before making an investment you must educate yourself and know where you invest your money, as well as the pros and cons of the system. Everything written here is for informational and educational purposes and should not, under any circumstances, be taken as investment advice or recommendations. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
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