Welcome to today’s overview of crypto news:
From last week’s all-time high, the price of cryptocurrency has been declining. The result was several falls below $ 60,000 before the bulls tried to rise further. However, it stopped at the level of 64,000 USD and BTC began to lose value again.
The asset struggled to drop below $ 60,000 when a fast price pump headed north with several thousand dollars. However, when everything seemed to be going well, the situation changed dramatically.
Within minutes, BTC had dropped below $ 56,500. Interestingly, BTC recovered just as quickly and regained 60,000 UDDs. To date, the cryptocurrency is just below $ 61,000.
The most significant news coming from the altcoin space is the new historical maximum of Ethereum. Just yesterday, the second largest cryptocurrency fell briefly below $ 3,900. However, the inflow and outflow changed rapidly, its value began to rise rapidly and lowered the $ 4,400 mark at the beginning of today.
A major Indonesian Islamic organization claims cryptocurrencies to be “haram” – or banned
A branch of one of Indonesia’s largest Islamic organizations, Nahdlatul Ulama (NU) in East Java, has issued a fatwa in which it considers the use of cryptocurrencies to be “haram” or prohibited under Islamic law.
Fatwa is a non-binding legal view of Islamic law reached through a discussion called the bahtsul masail. The Bahtsul masail was attended by representatives of the leadership of the Nahdlatul Ulama branch (PCNU) and several Islamic boarding schools from all over East Java.
Interest in cryptocurrencies in Indonesia has risen sharply in the last year. Earlier this month, a Coinformant report reported that there was a massive increase in the number of people dealing with cryptocurrency articles in Indonesia during 2021 by 1,772%.
Banks, crypto exchanges, companies
MicroStrategy increased BTC holdings by 8,957 BTC in the third quarter
According to its quarterly financial results, MicroStrategy increased BTC holdings by 8,957 BTC in the third quarter of 2021. The company noted that it will continue to focus significantly on BTC as part of its corporate strategy.
On October 28, MicroStrategy released its financial results for the third quarter of 2021, revealing that it had increased its total BTC holdings by 8,957 BTC. At the current price of BTC of approximately $ 61,500, the new addition is $ 550.85 million.
Huobi will end trading in crypto derivatives in China today
Colin Wu, a Chinese journalist and blogger who deals with everything related to blockchain and cryptocurrencies, announced on Twitter that Huobi will stop trading all cryptocurrency futures and other derivatives for users in mainland China, according to an announcement this autumn.
Earlier, Huobi was the first exchange to announce that it had decided to withdraw from mainland China due to a continuing ban on cryptocurrencies imposed by the Chinese government. The Huobi example was followed by other cryptocurrency trading platforms and cryptographic companies, including mining pools.
Russia’s cryptocurrency market is worth $ 500 billion despite poor regulation
Russia’s cryptocurrency market has grown to hundreds of billions of dollars despite the lack of adequate cryptocurrency regulation, says one of the industry’s top managers.
Sergei Chitrov, the founder of the Russian cryptocurrency action Blockchain Life, spoke on October 27 at VII. Blockchain Life Forum in Moscow keynote speech on the state of cryptocurrency regulation in Russia.
Based on his own industry knowledge and market knowledge, Chitrov estimated the value of the Russian cryptocurrency market at up to 40 trillion rubles, or more than $ 550 billion. He also argued that Russian crypto-enterprises could generate taxes worth up to 284 billion rubles ($ 4 billion) a year if the Russian government provided the industry with more convenient regulation.
Biden’s bill on spending addresses the tax gap in cryptocurrencies
US President Joe Biden’s $ 1.75 trillion in infrastructure spending bill could close the cryptocurrency tax gap, as detailed in the bill. The “Build Back Better” bill, as it is also called, is a large-scale bill that includes several initiatives, with cryptocurrency taxation serving as one way of financing expenditures.
According to the press of the Rules Committee, transactions with cryptocurrencies fall under the constructive sales rule and are therefore subject to capital gains tax. The bill defines cryptocurrencies or digital assets as “any digital representation of value that is recorded in a secure distributed ledger or any similar technology.”
The rule prevents potential tax abuse that could result simultaneously from derivatives or short sales. It also states that part of the funding will be allocated to the IRS for monitoring and compliance processes.