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Cryptocurrencies are our life! Get an Overview of Market News

22.06.[News of the day] • Elon Musk approves potential reduction in Dogecoin fees • and other articles

4 min read

Welcome to today’s overview of crypto news:

MARKETS

BTC erased some of its recent losses and recovered to just over $ 36,000. At that moment, however, another FUD from China appeared and reversed the price trajectory relatively quickly. Within days, BTC had lost another significant chunk of value, dropping to just over $ 31,000 yesterday. It became the lowest price limit of this asset since the beginning of June. Since then, the bulls have attempted a brief recovery that brought BTC to an intraday high of just over $ 33,000.

The growing dominance of BTC means that altcoins have fallen in value. ETH has fallen again by 5% and is currently just above $ 1,900. It is worth noting that the ETH was well above $ 2,600 less than a week ago.

Cryptocurrencies

Elon Musk approves potential reduction in Dogecoin fees

Tesla CEO Elon Musk, the largest and most influential supporter of Dogecoin in the community, contributed to the debate on efforts to reduce transaction fees for DOGE. One of Dogecoin’s developers, Ross Nicoll, wrote on Twitter that he intended to convince opponents that the developers were able to reduce DOGE’s current transaction fees.

Elon Musk said in the discussion that reducing fees would be an important improvement. In this discussion, which Nicoll launched in the spring, the community discusses the best way to reduce Doge’s fees to keep miners motivated.

As early as mid-May, Musk shared his vision of how the Doge’s parameters could be improved to be a better unit of payment than BTC. Among them was a 100 percent reduction in transaction fees for DOGE. Ideally, according to Musk, Dogecoin should be fast enough and its transaction fees cheap so that buying a cup of coffee for DOGE doesn’t cost more than the coffee itself.

Banks, crypto exchanges, companies

A publicly listed Chinese mining company has already sent miners to Kazakhstan

BIT Mining, formerly known as 500.com, an online sports betting company based in Shenzhen, which focused on BTC mining last year, has already delivered some of its equipment to Kazakhstan.

A mining company listed on the New York Stock Exchange said on Monday’s announcement that it had delivered the first batch of mining equipment to the Central Asian country. The first batch, which had already been shipped, contained 320 mining machines with a total computing power of 18.2 petahashes per second and should be operational by June 27, BIT Mining said. It will send another two batches with a total of 2,600 mining machines to the same facility by 1 July.

The South Korean crypto exchange Upbit will sue the Pica Project after the coin is delisted

Upbit, South Korea’s largest cryptocurrency exchange, is preparing legal action against the cryptocurrency issuer Pica Project, whose tokens it has removed from its platform. Amid a fierce battle over the number of Pica coins on the market and Pica Project’s claim that Upbit has embezzled at least 4.5 million of its coins, the stock market is suing the coin issuer for what it calls malicious misinformation.

Upbit ruled the Pica coin out of trading last Thursday after it said in March that it had found evidence that the sale of the coin had not been properly notified to investors. According to Upbit, about 120 million Pica coins were to be in circulation in March, but in reality there were a total of about 330 million coins in circulation. The Pica project responded to this claim in a blog post just last week. He said on Thursday that he considered Upbit’s reasons for excluding its coin from trading difficult to understand.

CBDC, Regulation

Bybit allegedly violates Ontario’s securities laws

The Ontario Securities and Exchange Commission (OSC) claims that Bybit has violated securities laws, adding to the list of crypto echanges which are investigating.

The Ontario Securities and Exchange Commission (OSC) has formally accused Bybit of violating securities laws, making it the latest entity to be targeted by the regulator. On June 21, the office released an official statement alleging that the stock exchange had not complied with Ontario’s securities laws. In addition, as previously stated, it intends to warn cryptocurrency trading platforms that non-compliance with securities laws will result in regulatory action.

Existing Indian law could impose a 2% tax on cryptocurrencies purchased on foreign exchanges

According to local sources, the Indian government’s 2% “balancing fee” could be extended to cryptoactive assets purchased on offshore exchanges. According to a report by the Economic Times on June 22, analysts conclude that the current law could require a 2% fee to be added to the settlement price of cryptocurrencies purchased on foreign crypto exchanges operating in the Indian market.

The balancing fee was first introduced by the government in 2016, introducing a 6% rate on payments for e-commerce supplies and services to non-resident companies without a permanent establishment in India.

However, the countervailing tax was updated in mid-2020. based abroad that serve Indian customers.

The Vice Governor of the Bank of Israel has confirmed that a digital shekel pilot project is underway

The Central Bank of Israel has reportedly issued the digital currency through a digital shekel pilot test.

According to a report in Monday by the Jerusalem Post, the vice-governor of the Bank of Israel, Andrew Abir, said that the financial institution had launched a digital shekel pilot program. Speaking at the Fair Value Forum of IDC, Herzliya Abir added that he was not optimistic about the bank issuing the digital currency of the central bank, or CBDC, although he confirmed that the pilot test was underway.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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