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07.10.[News of the day] • Russia wants to limit purchases of cryptocurrencies by non-accredited investors • and other articles

4 min read

Welcome to today’s overview of crypto news:

MARKETS

October is still a very favorable month for BTC, at least for now. The primary cryptocurrency was initially at just over $ 43,000, but in the first few days it jumped to around $ 48,000, where it stopped for a moment. After a short retreat of $ 1,000, it started up again and touched $ 50,000 for the first time since the beginning of September. This time, however, it penetrated above this level and approached $ 52,000.

The bulls weren’t done yet because they were still pushing the asset north. This resulted in another impressive increase, which brought BTC to a daily high of just under $ 56,000.

Altcoins have also jumped higher against the dollar in recent days. For example, ETH fell well below $ 3,000 during the slump at the end of September. Since then, however, the second largest cryptocurrency has recovered more than $ 700 and is currently above $ 3,600.

BTC analysis – bullrun confirmed, price is short term overheated

Cryptocurrencies

Shiba Inu outperforms Litecoin, Chainlink and BTC Cash according to market capitalization

Shiba Inu (SHIB), a cryptocurrency inspired by a hunting dog breed from Japan, has now become one of the 15 largest cryptocurrencies by market capitalization. According to CoinMarketCap, the cryptocurrency, created in late 2020 by an anonymous developer named Ryoshi, has now topped Litecoin, Chainlink and BTC Cash.

SHIB is only 18% since recovering its all-time high on May 10th.

The imitation of Dogecoin grew by more than 300 percent in just one week and became the most powerful cryptocurrency in an environment of extremely strong interest from retailers. Shiba Inu’s daily volume reached $ 19.4 billion and is currently the most traded cryptocurrency in Binance, Coinbase and Huobi.

Dogecoin, the original dog meme coin, has fallen by 5% in the last 24 hours.

Influencer David Gokhshtein draws attention to the massive rise of DOGE, SHIB, FLOKI

PAC Protocol CEO David Gokhshtein pointed out on Twitter that the prices of SHIB and FLOKI have risen massively in recent days. David Gokhstein, also a former Republican candidate for Congress, mentioned in his recent tweet the most popular coin meme pumped by Elon Musk.

Shiba Inu (SHIB) and Floki Inu (FLOKI), as well as Dogecoin, were inspired by the Japanese dog breed Shiba Inu. Over the past week, SHIB has shown a staggering rise, firing an incredible 317.35%.

The rally was first driven by news of an anonymous whale, which bought six trillion over the weekend and then three purchases worth a total of SHIB 276 billion.

Banks, crypto exchanges, companies

Ripple’s competitor, Stellar, has entered into a partnership with MoneyGram

The Stellar Development Foundation, a non-profit Delaware-based company that supports the development of the Stellar protocol, has entered into a partnership with MoneyGram, a money transfer company.

The USD Coin, the second largest stablecoin launched on the Stellar blockchain in early February, will serve as a bridging currency to facilitate quick payments. United Texas Bank will be responsible for settling the transactions, which will ensure the immediate conversion of USD stablecoin to fiat currency (and vice versa).

The pilot phase of the project will start in the fourth quarter of this year. It is not clear when the service will be available worldwide. Based on this report, Stellar Lumens (XLM) strengthened by more than 15%.

CBDC, Regulation

Financial watchdogs welcome the SEC’s investigation into insider trading in the Fed

Better Markets, a non-profit independent organization that promotes public interest in financial markets, said it would welcome any action by the Securities and Exchange Commission (SEC) to investigate insider trading in the Fed.

Dennis Kelleher, co-founder and president of Better Markets, said on October 6 that a thorough and independent investigation by the SEC was so important. He said the organization welcomed the SEC’s de facto confirmation of a pandemic trafficking investigation by a number of Federal Reserve leaders.

The Australian tax authorities warn: taxpayers are on the hook of cryptocurrency income tax

The Australian Tax Authority warns cryptocurrency investors to be aware of their reporting obligations and is concerned about the lack of compliance and the fact that many investors may not be aware that cryptocurrencies are taxed in the same way as stock trading.

In response to questions from the Senate Committee on Australia as a Technology and Financial Center, the Australian Tax Office (ATO) said it believed there were a large number of incorrect reports of cryptocurrency trading in the country, largely due to misunderstandings rather than intentional non-compliance. .

According to its instructions, private taxpayers are subject to the capital gains tax (CGT) regime on each sale, exchange or exchange of cryptocurrencies and must state the net capital gain or loss in their tax return. However, if taxpayers hold the cryptocurrency for at least 12 months, they are entitled to a CGT rebate and any gains or losses can be offset against capital gains from other investments.

Russia wants to limit purchases of cryptocurrencies by non-accredited investors

Anatoly Aksakov, chairman of Russia’s State Duma committee on financial markets, says Russia must pass new laws to protect retail investors from possible losses when investing in cryptocurrencies, the local Interfax news agency reported on Wednesday.

To this end, lawmakers in the country’s parliament are considering new legislation that would limit investment in cryptocurrencies by non-accredited investors, he said.

The official made his remarks during an event supported by the Russian Central Bank dedicated to the protection of financial consumers.

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