Crypto News of the Day (22.7.) | Plan B: Bitcoin should already reach $ 25,000 • DeFi fever sends ETH fees to two-year highs • and more

We have prepared for you an overview of the most important things that happened during the last day in the cryptoworld. Welcome to crypto news of the day.

Markets

According to historically convincing technical indicators, Bitcoin could jump over $ 10,000 in the coming days and weeks. On Tuesday, the reference cryptocurrency broke out of the narrow band in which it had been moving for the past few weeks. The upward trend was due to the development of the global market, which grew due to the decision of the European Union to help $ 2 trillion. More in our today’s TA on BTC.

Cryptocurrencies

Plan B: Bitcoin should already reach $ 25,000

The analyst, known as Plan B, firmly believes in the “stock-to-flow” model he created for BTC and publishes daily prices and market updates on his Twitter profile (based on his mathematical model). According to a tweet, Bitcoin should now cost $ 25,000, given the “correlation and integration with the S&P 500 over the past decade.”

P2P trading volumes with BTC are growing rapidly, India is leading

Peer-to-peer (P2P) trading with BTC this week reached a new ATH in 6 countries, with India taking the lead. The most important countries are India with $ 3.4 million, Ghana with $ 1.7 million, the Philippines and Argentina with $ 1 million, Mexico with $ 700,000 and Egypt with $ 150,000.

Chinese BSN has announced support for another six popular blockchains

Tezos, NEO, Nervos, EOS, IRISnet and Ethereum are now supported by the Chinese Blockchain Service Network (BSN). However, users in mainland China will not be able to use these platforms. From August 10, BSN developers will be able to transfer decentralized applications (Dapps) built on one of these blockchains and use them in BSN for users based abroad. According to reports, BSN aims to expand its support each month with a list of 3-5 new public blockchains.

Cryptocurrency exchanges, Banks

Canadian regulator has reached a deal with the owners of the Coinsquare crypto exchange

The Ontario Securities and Exchange Commission (OSC) in Canada has reached an agreement with the Coinsquare crypto exchange and its management after admitting to wash trading practices. As part of the settlement, Cole Diamond and Virgile Rostand agreed to resign their positions and paid fines of $ 1 million and $ 900,000.

DeFi

DeFi fever sent ETH fees to two-year highs

Data Coin Metrics shows median transaction fees on ETH are just below $ 0.50 – the highest since early August 2018. Connor Abendschien, a research analyst at Digital Assets Data, said the “massive increase in the number of “ERC-20 stablecoins

Coin Metrics analysts say the increase in transaction fees is due to increased network usage related to DeFi. The total value locked in DeFi projects recently exceeded $ 3 billion, according to DeFi Pulse.

Yearn Finance token is the last darling of DeFi investors, according to publishers it is worthless

The latest DeFi token to enter the scene is Yearn’s YFI, which the issuers themselves have described as “worthless.” However, its price has risen sharply since the beginning, and $ 150 million has been raised from deposits. Yearn Finance issued a token a few days ago stating that it was for platform management use only and that those “not interested in platform management should stay away from it.”

Regulations, CBDC

USA is lagging behind in the race for the CBDC

Digital dollars and digital currencies of central banks have become a hot topic in the last year. China’s plans for a digital yuan, along with Facebook’s Libra project, have raised calls for a digital dollar. However, despite growing calls for the Federal Reserve to start working on the digital dollar, the United States is lagging behind digital currency projects anywhere in the world, the former head of the Commodity Trading Commission (CFTC) warned.

Japan’s third largest bank has joined a blockchain consortium

Sumitomo Mitsui Bank Corporation (SMBC), facing a disruption caused by the new coronavirus and the need to function effectively during crises, signed a letter of intent to join the Coneta Beta Network and concluded a Komgo membership agreement. is a Swiss blockchain – based commodity trading platform with shareholders from banking, oil and trade. SMBC is the third largest bank in terms of assets in Japan.

South Korea finalizes plan to tax cryptocurrency profits 20%

The South Korean government has completed its plan to charge 20% income tax on crypto transactions. The country’s Ministry of Economy and Finance on Wednesday changed its tax law, adding that the annual income of more than 2.5 million won (~ $ 2,000) from crypt trading will be subject to 20% tax for the population. Income less than this amount will not be taxable.

Thank you for your time and reading our crypto news of the day.