02.07.[News of the day] • Ukraine has passed a law that treats the CBDC in the same way as cash and other articles

Welcome to today’s overview of crypto news on 02. 07.

MARKETS

BTC has been struggling in recent days after reaching a 12-day high of $ 36,600 on Tuesday. At that moment, the bears regained control and reversed the price trajectory for the next 72 hours. At first, BTC sank below $ 35,000, and despite a brief attempt to recover some of its losses, its value continued to decline. It peaked yesterday when the cryptocurrency fell another 5% to its lowest position in five days, $ 32,600.

Since then, the asset has rebounded and recovered $ 33,000, where it is today. However, all of the past weekends have started with unfavorable price movements, so there are concerns that the scenario could repeat itself and BTC could lose another significant chunk of value.

The situation is relatively similar for altcoins. Most of them rode at higher levels at the beginning of the working week, followed by retracements, and now they are atypically calm. ETH jumped well above $ 2,250 on Tuesday, but failed to continue growing. It has lost $ 200 since then.

Technical analysis: Altcoin Index

Cryptocurrencies

JPMorgan analysts are in favor of Ethereum and staking

Analysts at JP Morgan Investment Bank on Wall Street said staking would become a source of income for both institutional and retail investors. Contrary to the position of Jamie Dimon, the bank’s CEO, who denigrates cryptocurrencies, analysts say in a weekly report that the popularity of blockchains operating more energy-efficient networks than BTC will grow.

According to the staking report, the crypto industry currently generates an estimated $ 9 billion a year in revenue.

Researchers predict that Ethereum’s transition to proof-of-stake after the launch of ETH 2.0 next year will support the adoption of an alternative consensus mechanism and staking. This could lead to a sharp increase in staking payments to $ 20 billion after the launch of ETH 2.0 and $ 40 billion by 2025, Forbes said.

Banks, crypto exchanges, companies

Robinhood received 34% of the crypto’s revenue in the first quarter thanks to Dogecoin

The company stated this in the first public offer of shares, which it submitted to the US Securities and Exchange Commission on July 1. Robinhood revealed that the meme token accounted for 34% of its crypto revenue in the first quarter.

Revenues derived from Dogecoin accounted for 6% of the firm’s total revenues for the period, while crypto transactions as a whole accounted for 17%, according to CNBC.

Robinhood blasted the user base this year as the cryptocurrency bull market attracted new traders. During the first two months of 2021, more than six million new accounts were opened on the platform.

The South Korean crypto exchange Bithumb bans trading for employees

The South Korean crypto exchange Bithumb has introduced new policies that prohibit employees from investing in or trading in cryptocurrencies through Bithumb accounts.

The new policy is in line with the official announcement published on July 2. It follows several decisions by regulators in the country, which specifically focus on crypto exchanges, as they seek to restrict the market and protect investors.

CEO Back Young Heo said the stock market would focus on strengthening internal regulations “to increase the transparency of transactions and ban investments.” He also referred to previous rules already in place, which prohibit the leakage of undisclosed information, unfair commercial practices and market manipulation.

CBDC, Regulation

Thailand and the Cayman Islands have taken action against Binance

Binance, the leading trade-based crypto exchange, continues to face regulatory scrutiny over the legality of its operations in some countries.

The Thai Securities and Exchange Commission (SEC) and the Cayman Islands Monetary Authority (CIMA) are the latest financial regulators to announce regulatory action against Binance.

The Thai SEC announced on Friday that the office had filed a criminal complaint against Binance and opened criminal proceedings and an investigation over the alleged operation of the digital assets business without a license. The Office stated that Binance provided cryptocurrency trading services through its website by “matching orders or securing counterparties or providing a system or facilitating the conclusion of an agreement”.

Ukraine has passed a law that treats the CBDC in the same way as cash

Ukraine’s parliamentary body, the Verkhovna Rada, has approved a law on payment services, which introduces the digital hryvnia as a payment standard.

The CBDC has not yet been launched and is currently in the research and development phase, but the law suggests that the country’s leaders are keen to digitize their economies. Ukraine thus became one of the few countries that took the job and passed the CBDC recognition law. Other countries may have more developed CBDCs, but have yet to enact them.

The changes to the Payment Services Act mention the CBDC only briefly, but pave the way for adoption, which will take place once the digital currency is officially issued.

Foreign cryptocurrency exchanges could face 18% tax in India

While India’s central bank is hostile to local digital asset exchanges, the country appears to want to introduce a new tax on foreign trading venues, which have recently gained significant market share.

The world’s second most populous country continues to struggle with cryptocurrency regulations and legislation. The latest report on the matter claims that foreign digital asset exchanges may be subject to new taxation.

More specifically, they could be required to pay GST if they are found to have customers operating in India. According to the report, almost all such trading platforms now do not pay taxes. However, if the new proposal enters into force, it will be taxed at 18%.