Cryptheory: Crypto and Internet

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06.01.[News of the day] • JPMorgan issues bear warnings about Ethereum • and other articles

5 min read

Welcome to today’s overview:


The last few days seemed relatively unusual for BTC, as the asset remained relatively calm around $ 47,000. A few exceptions arose and quickly disappeared when the bears stopped every attempt to grow relatively quickly.

However, everything has changed in the past 24 hours. When the BTC again cost around $ 47,000, it quickly began to lose value. In a matter of hours, it fell by more than $ 5,000 and dropped to the intraday bottom of $ 42,500.

This 11% daily decline meant that BTC had reached its lowest price limit since September 30, below $ 43,000. It has added several hundred dollars since then, but is still below that particular threshold.

As usual, when the BTC heads sharply south, the altcoins did the same. ETH toyed with $ 3,800 for several days before a market-wide correction pushed the second-largest cryptocurrency to its current price range below $ 3,400, a 12% daily decline.

BTC analysis – 9% drop in a single day. Where is the next stop?

ETH Analysis – Price is on flag support. Will it end with a breakthrough?


Monero (XMR) is listed on the decentralized crypto exchange Crypton

Crypton Exchange has announced the launch of the private cryptocurrency Monero on its trading platform, which is accessible to all without KYC requirements. A new XMR / USDT trading pair has been added to the platform. Monero will be the first third-party coin added to the stock market by the Utopia P2P ecosystem.

Crypton is part of the Utopia peer-to-peer network operating on an anonymous blockchain ecosystem built purely on the p2p architecture without centralized data storage. The network was designed with the privacy of its users in mind. Utopia provides secure messaging, browsing, and exchange between users, as well as secure file sharing using built-in tools.

The Monero community can now buy, sell and securely exchange cryptocurrencies without any limits or restrictions. According to an exchange press release, Crypton executes each transaction without a trace and allows trading with a minimum of data provided by each user.

JPMorgan issues bear warnings about Ethereum

JPMorgan analyst Chase Nikolaos Panigirtzoglou predicted in a recent research report that ETH will continue to lose its dominance in the decentralized finance sector.

In order to increase the scalability of the network, it will be divided into independent shards. Sharding is undoubtedly one of the main features of the much-anticipated Ethereum 2.0 upgrade.

However, as the shard chain phase is not expected to start until 2023, Panigirtzoglou believes that by then it will be “too late” for the current leader to catch up with the rest of the market.

Ethereum’s share of the decentralized finance market has been steadily declining over the last year. According to data provided by DefiLlama, Ethereum’s dominance reached more than 97% last January, but its share of the total value locked in DeFi protocols has now shrunk to just 63% due to rapid growth from competitors.


Banks, crypto exchanges, companies

Binance introduces a “fair way” to buy the NFT

Due to growing demand, it is becoming increasingly difficult to purchase non-fungible tokens (NFTs) when they are first launched. Due to limited supply and high demand, some NFT drops sold out just seconds after release.

As a result, users who are interested in buying newly released collections have no choice but to wait until the original owners decide to turn to the NFT in order to make a profit, with the result that they have to pay more or cannot get any at all.

For this reason, Binance has introduced a subscription mechanism, which gives everyone the same opportunity to buy newly issued NFTs in its marketplace. The new NFT marketplace subscription mechanism allows users to have a better chance of buying NFTs, by limiting the amount of NFT purchases allowed per person and by a random buyer selection process.

Cryptobank Sygnum is now worth $ 800 million

Sygnum, a regulated cryptobank and asset manager, received $ 90 million in the B-Series funding round. The value of the company is now $ 800 million.

Sun Hung Kai & Co. listed on the Hong Kong Stock Exchange, which provides financial services, led Sygnum’s B-Series funding. Other investors in this round were Animoca Brands, SBI Holdings, Siam Commercial Bank’s SCB 10X digital investment division and Meta Investments, a Canadian investment company.

As with all previous fundraising rounds, Sygnum employees also participated in the B-Series round. These employees, co-founders, board members and the management team continue to hold a majority stake in the company, Sygnum said.

CBDC, Regulation

Thailand has imposed a capital gains tax

Thailand is intensifying its regulatory stance on cryptocurrencies, and the latest step is a capital gains tax on crypto traders in the kingdom.

According to the Thai Ministry of Finance, profits from cryptocurrency trading will now be subject to a 15% capital gains tax.

According to a January 6 report in the Bangkok Post, the ministry recommended cryptocurrency traders to accurately state their income when filing tax returns this year. It did not specify whether this would apply to unrealized gains.

Salvador is preparing a regulatory framework for issuing controversial BTC bonds

BTC bonds will soon have the necessary legal basis. In a recent television interview, Alejandro Zelaya, the Salvadoran finance minister, said he would send the necessary laws to Congress soon. Salvador is said to initially issue bonds worth $ 1 billion, which will have a ten-year maturity and carry a coupon of 6.5%. The BTC that covers them will be locked for five years.

The project announced by President Bukele at Labitconf 2021 includes plans to build Bitcoin City. As part of a scheme worthy of MicroStrategy, Salvador will spend half the money building Bitcoin City and buy for the other half more BTC. For this plan to work, it must first sell the bonds. And for them to exist, a regulatory framework is needed.

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