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- Crypto Roundup: Thailand Introduces Sandbox, IRS Tax Relief, Ripple Expands, Celsius Battles Tether
Crypto Roundup: Thailand Introduces Sandbox, IRS Tax Relief, Ripple Expands, Celsius Battles Tether
The crypto world is buzzing with developments! Thailand is taking a progressive stance by launching a sandbox for crypto service providers, offering a controlled environment for innovation. Meanwhile, the IRS has brought some relief to crypto taxpayers by easing reporting requirements for the 2025 tax year. Ripple is expanding its reach by testing its stablecoin on both Ethereum and XRP Ledger. Lastly, the legal battle in the crypto space intensifies as Celsius Network files a hefty lawsuit against Tether over a Bitcoin liquidation incident.
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Meme of the Day
Market Movements - 12 Aug 2024
The cryptocurrency market witnessed a broader downward movement on Monday, extending a sell-off seen over the weekend as sentiment towards crypto markets remained frail following a deep rout over the past month.
Bitcoin dipped by -1.13% to $59,827.66, while Ethereum increased by +1.78% to $2,689.41. BNB was down by -0.59% to $520.05, and Solana also dipped by -1.46% to $149.91.
Among altcoins, Tron declined by -0.96% to $0.127, while Toncoin was up by +1.95% to $6.61. Cardano decreased by -0.80% to $0.342, while Avalanche was in red by -0.41% to $21.54.
Movers and Shakers
In the last 24 hours, the top gainers included Sui (+20.37%), SATS (+11.53%), and Aptos (+10.37%). The top losers included MANTRA (-6.37%), Bittensor (-3.36%), and Akash Network (-3.22%).
Project Updates
Ethereum's burn rate has reached its lowest point of 2024, coinciding with historically low gas fees hovering around 2 gwei. This trend indicates a net issuance of ETH rather than the deflationary effect anticipated with the EIP-1559 upgrade.
Read more here
Binance has delisted four trading pairs: Bitcoin Gold (BTG), Monero (XMR), and Tether (USDT) against each other. These pairs are no longer tradable but users can still withdraw the underlying assets.
Read more here
Santa Monica launches a Bitcoin office to educate residents, explore economic opportunities, and position the city as a Bitcoin innovation hub.
Read more here
Tornado Cash developer Alexey Pertsev faces financial crisis in legal battle. Despite community support raising over $2M, he has urged crypto community to help him raise more funds to appeal money laundering conviction.
Read more here
Tether's recent minting of $1.3 billion in USDT has sparked speculation of a potential push for Bitcoin to break the $65,000 resistance level, fueled by increased exchange inflows and investor interest.
Read more here
Hall of Fame, Hall of Shame
South Korean CEO Faces Crypto Fraud Charges
A South Korean tech executive has been detained for running a fraudulent scheme involving Ethereum. The CEO of Wacon, identified as Byun, is accused of defrauding approximately 500 investors, primarily elderly individuals, through a Ponzi-like operation.
Read more here
Israeli Tourists Robbed of Bitcoin
Eleven Israeli tourists were violently robbed of Bitcoin and other valuables in Costa Rica. Suspected insiders tipped off a well-organized criminal group who impersonated police, to rob the tourists.
Read more here
Trivia Question: What was the first blockchain to allow for the creation and trading of user-generated tokens??
Answer at the bottom of the page
What moved in the Crypto World Today
Thailand Opens Crypto Sandbox for Testing
Thailand is introducing a sandbox for testing crypto services. The sandbox will cover six digital asset service types, and participants must meet certain qualifications. This will be a testing ground for crypto-related business ideas.
Read more here
IRS Eases Crypto Tax Reporting for 2025
The IRS is making changes to cryptocurrency tax reporting requirements for the 2025 tax year. This includes removing the requirement for taxpayers to provide wallet addresses and transaction IDs.
Read more here
Ripple Tests Stablecoin on Two Chains
Ripple's stablecoin, RLUSD, is undergoing beta testing on both Ethereum and XRP Ledger. RLUSD will be backed by US Treasuries, deposits, and cash; and the reserves would be independently audited for transparency.
Read more here
Celsius Sues Tether Over Bitcoin Liquidation
Bankrupt crypto lender Celsius sues Tether for $3.5 billion, claiming the stablecoin issuer improperly liquidated their Bitcoin collateral without proper warning. Tether denies wrongdoing, calling it a "shakedown."
Read more here
Funding Announcements
Our Canary tweets of the latest funding news:
Cayman Islands-based Web3 game studio, Moonveil Entertainment raised $3.60M in a Series A funding round led by The Spartan Group.
Read more here
DeFi protocol for private capital markets, Chateau raised undisclosed amount in Seed funding round led by Hack VC.
Read more here
Solana edge data intelligence network, 375ai raised $5M in a Seed funding round led by 6th Man Ventures (6MV).
Read more here
AI multi-chain liquidity distribution protocol, Quantlytica raised $1.10M in a funding round from Polygon, Web3Port Labs, Eureka Partners, and others.
Read more here
Solana market-governed DAO platform, MetaDAO raised $2.20M in a funding round led by Paradigm.
Read more here
TON SuperApp platform layer, TONX raised $4M in a funding round led by SNZ Holding, Summer Ventures.
Read more here
Whale Movements
Today’s Token Unlocks
Aptos (APT) - $75.40M
Worldcoin (WLD) - $8.69M
Boba Network (BOBA) - $4.68M
Coinversation Street
Our Canary brings some of the trending and informative tweets from the crypto world:
@joel_john95 shares his market thoughts:
Some thinking - some of which may be obvious, most of which may be blurry.
1. Most alts wont get bid back to ath- esp not ones beyond top 100.
2. rate cuts != everything pumps
3. there's a world where 3 assets make new ath, rest go nowhere else
4. market structures different… x.com/i/web/status/1…— Joel John (@joel_john95)
9:27 AM • Aug 5, 2024
@asxn_r thread on the Yen carry trade:
The Yen Carry Trade & Its Consequences
August has been tough for crypto assets and there has been somewhat of a capitulation as the weekend rolled into Monday. There are a few variables that explain this price action, one of which is the unwinding of the Yen carry trade.Basic… x.com/i/web/status/1…
— ASXN (@asxn_r)
5:38 PM • Aug 6, 2024
Upcoming Events
Event | Date | Location | Tickets |
|---|---|---|---|
Global Blockchain Congress 2024 Singapore | Sept 12 - 13, 2024 | Singapore | Buy here |
Ethereum Singapore 2024 | Sept 16 - 22, 2024 | Singapore | Buy here |
Trivia Question: What was the first blockchain to allow for the creation and trading of user-generated tokens??
Answer: Counterparty in 2014
How did today's dive into the crypto world resonate with you? |