Recently a user reported a transaction made with Bitcoin, which became the largest transaction in the history of cryptocurrencies, with more than 88 thousand BTC moved. This ‌ ‌and‌ ‌more‌ ‌news‌ in‌ ‌this‌ ‌practical‌ ‌summary‌ ‌daily so that‌ ‌you are always‌ ‌informed‌ with‌ ‌events ‌ ‌most‌ ‌recent‌ ‌that‌ ‌occur‌ ‌within‌ ‌the‌ ‌crypto‌ ‌world.‌ ‌
📍 ‌A Twitter user under the pseudonym The Moon has just revealed what the Bitcoin transaction represents (BTC) biggest in history. With a total of 88.857 BTC and only $3,54 USD in commission fee, this is literally the largest Bitcoin transaction recorded so far.
The value involved in the recent transaction amounts to more than $1,189 billion, according to the current price of the cryptocurrency at press time, which stands at $13.649 USD per unit. Although it cannot be verified who is behind this operation, Prices.org, an investment and marketing company in cryptocurrencies, , reveals that the address is associated with Xapo, a Hong Kong company run by Binance.
📍 ‌Bitcoin continues to experience growth in value, as the bullish trend continues. One of the best-known providers of data and statistics for cryptocurrencies, CoinMarketCap, points out, at the close of this edition, that the value of BTC grew by 5,48% on the day and has a cumulative increase of 14,03% in the last 7 days. One of the factors that has had the most influence on this growth is the recent Spanish President Pedro Sánchez’s announcement of Paypal to include cryptocurrency buying and selling services on its platform.
Source: CoinMarketCap
Bitcoin's growth marks a new 16-month high for the cryptocurrency, which is up 87% so far this year. The market-leading cryptocurrency continues to show bullish signs despite declines in global stock markets, such as the Wall Street, which registered a 2% drop at the beginning of the week. Analysts expect the cryptocurrency to continue maintaining its growth in the coming days.
📍‌ Cashaa, a renowned Indian bank, announced its partnership with the Multi-State United Credit Cooperative Society of India, with the aim of creating a company that provides cryptocurrency financial services to millions of users in the country. According to the announcement, UNICAS, as the new company will be called, will initially host over 34 branches in northern India, and will later expand its services with a total of 100 branches across the country.
UNICAS will enter operations next year and will be the gateway for millions of citizens to easily access cryptocurrency-based products, such as loans and more. Users will also be able to enjoy basic services essential to interact in this ecosystem, such as buying, selling, exchanging and storing cryptocurrencies. Cashaa's plans also extend to the creation of training centers within its own branches, which will promote education and knowledge about cryptocurrencies, new technologies and digital finance.
📍 ‌The United States Internal Revenue Service, the IRS, published a recent instructive where it seeks to clear up several of the doubts that arose in relation to its annual tax return form for holders of cryptocurrencies and digital assets. According to the agency, US citizens must declare their holdings in cryptocurrencies and digital assets, with the exception of those who have kept their assets unchanged since before 2020. That is, all those cryptocurrency users who have not bought, sold, transferred or received cryptocurrencies of other users so far this year, are exempt from paying taxes on their digital assets.
Those users who have only moved their assets to their own addresses or wallets are also included in the IRS cryptocurrency tax return exceptions. However, all those who have carried out commercial operations, transfers, exchange of goods and services, or who have sent or received cryptocurrencies from third parties must declare their earnings and holdings in cryptocurrencies before the regulatory entity.
📍 ‌The Open DeFi Alliance incorporates 8 new members to its organization, in addition to announcing the launch of a western division, which aims to foster unity between world leaders in the sector DeFi, for the creation of a global cooperative consortium that focuses on innovation, risk management and liquidity strategies.
The top 8 DeFi projects that joined the Open DeFi Alliance include: AAVE, Balancer, Ocean Ventures, BlockScience, dYdX, Outlier Ventures, Quantstamp, and SuperRare. Now the organization encompasses a total of 16 decentralized companies and projects and includes 4 of the largest DeFi protocols that are positioned in the markets by total value locked, according to shows DeFiPulse.
📍 ‌DBS, one of Asia's largest banks, will launch a new platform dedicated to trading Bitcoin and other cryptocurrencies. The project, called DBS Digital Exchange, will be a digital platform that integrates innovative solutions to harness the vast potential of private markets and digital currencies. The platform will allow the exchange of various fiat currencies for cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) y Ripple (XRP).
📍‌ In one conversation in line with Dan Schulman, president of PayPal, Marcos GalperĂn, co-founder and CEO of Mercado Libre and Mercado Pago, argued that cryptocurrencies have functions similar to those of gold, so they work perfectly as reserve-of-value assets. Galperin stated that in the future cryptocurrencies can replace gold in this function, noting that these assets will become legal tender.
Likewise, Galperin pointed out that the future of cryptocurrencies, such as Bitcoin, as a means of payment may not be as promising as their store of value function. This is due to the scalability problems and the energy cost involved in its processes, considering that it is not convenient for the ecological environment in which we currently live, with global warming and energy problems worldwide.
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