06.08. [News of the day] • Indian Olympic medalists receive free cryptocurrencies • and other articles

Welcome to today’s overview of crypto news:

MARKETS

BTC is in the green on a 24-hour scale. The cryptocurrency set off, exceeding the $ 40,000 mark and reaching a maximum of $ 41,400. However, after adding more than $ 4,000 in a matter of hours, it has receded slightly and is currently just under $ 41,000.

Altcoins have also enjoyed growth over the past 24 hours, led by ETH. The network behind the second largest cryptocurrency went through the long-awaited London hard yesterday yesterday, and the price of the asset reacted well.

After falling to $ 2,550, ETH rose sharply, adding approximately $ 300 in value. As a result, the price reached USD 2,850, recording a new two-month high. It is currently trading just under $ 2,800.

BTC analysis – volumes are rising and price is testing the main resistance again

Cryptocurrencies

The success of London Hardfork gave Vitalik Buterin more confidence in the transition to ETH 2.0

Just a day after the expected upgrade of the Ethereum blockchain, Buterin noted that this event paved the way for the transition to ETH 2.0. He also described the EIP-1559 as “the most important part of the hardware.”

Less than 24 hours later after the upgrade, the consequences are already apparent, with more than 10 million destroyed in ETH. Vitalik Buterin also believes that hardfork is “proof that the Ethereum ecosystem is capable of making significant changes.” That’s why he feels more confident about the upcoming merger with ETH 2.0.

The transition will mark the end of Ethereum and its current state as a proof of work blockchain network. Instead, it will move entirely to a consensual proof of stake algorithm, which should solve some of the most pressing issues, such as scalability and predictability of fees.

Indian Olympic medalists will receive free cryptocurrencies

Indian athletes who won medals at the Tokyo Olympics have received a promise of free cryptocurrencies from the Indian crypto exchange Bitbns, according to a report in the Economic Times.

Bitbns will create systematic investment plans denominated (SIP) in Bitcoin and Ethereum worth approximately $ 2,695 for gold medalists, $ 1,348 for silver medalists and $ 674 for bronze medalists.

The funds will be credited to the medalists’ accounts and will be accessible to them after completing the know-your-customer (KYC) procedures. SIPs will be structured over a period of 3 to 5 years.

Banks, crypto exchanges, companies

Coinbase integrates Apple Pay and Google Pay for crypto purchases

The San Francisco cryptocurrency Exchange, Coinbase, has announced that it will integrate Apple Pay and Google Pay to make it easier to purchase cryptocurrencies, according to a blog post published on August 6. Users will now be able to purchase assets on Coinbase using payment cards linked to the two payment services. Currently, only Apple Pay is integrated, but Google Pay integration is expected to come later in the fall.

The exchange also announced that it has enabled immediate withdrawals of up to $ 100,000 through real-time payments (RTP). This allows customers in the United States with linked bank accounts to pay up to $ 100,000 per transaction instantly and securely. It used to take a few days for the selection to complete.

Xiaomi retailer in Portugal is now accepting BTC payments

Chinese electronics manufacturer Xiaomi is the latest global company to engage in the crypto industry, as its official Portuguese store now accepts payments in cryptocurrencies.

Mi Store Portugal, the official Xiaomi retailer, announced on Facebook on Wednesday that it now allows customers to purchase devices using five cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Dash (DASH) and the Utrust token (UTK).

The new payment option is made possible by a partnership with Utrust, a European payment platform using blockchain technology.

Binance closes crypto derivative accounts for new users in Hong Kong

The head of the Binance exchange, Changpeng Zhao (often known as simply CZ), announced on Twitter that Binance will immediately stop opening new accounts for trading in crypto derivatives for new users in Hong Kong.

New Binance users from Hong Kong can no longer open futures accounts and we will wind-down access for existing users.

This is one of many proactive measures Binance is taking to help establish crypto compliance best practices worldwide.

– CZ 🔶 Binance (@cz_binance) August 6, 2021

It will also restrict access to trading in crypto futures and other derivatives for holders of existing accounts.

According to a blog post shared by CZ, existing users in Hong Kong have three months (90 days) to close their positions in crypto futures, options and tokens traded on leverage and margin products offered by Binance.

Binance will be the first major crypto exchange to reduce access to crypto derivatives trading in Hong Kong. It is part of the exchange’s current policy and its strong commitment to compliance.

As previously reported by the media, the Hong Kong regulator (the local Securities and Futures Commission) has announced that the Binance Group is not licensed to carry out any regulated activities in Hong Kong.

CBDC, Regulation

Biden dealt a blow to the crypto industry and backed a plan for proof-of-stake taxation

The Biden administration surprisingly supported an amendment to an important law in the US Senate that would impose burdensome or even unenforceable tax obligations on a broad segment of the crypto industry.

The amendment in question, tabled by Senators Rob Portman (R-Oh) and Mark Warner (D-Va), would grant an exemption from the tax reporting obligation, but only to validators and developers who have worked on proof-of-work (PoW) networks. – which would essentially benefit BTC over other networks that use proof-of-stake (PoS) and other consensus mechanisms.

However, the final fate of the pair of crypto amendments is still in motion, as Senator Lummis said the vote – scheduled for Thursday night – is now likely to take place on Saturday.