A daily round-up of the most interesting news stories on the cryptocurrency market- and its sub-sectors like DeFi and NFT.
Friday has started re-animating the global crypto market that had largely been in red on price yesterday. The market cap is up by 4.91% and is currently valued at $1.76 trillion. Comparatively, the trading volume is down by 6.41% and stands at $68.87 billion in the last 24 hours. The world’s most-valued cryptocurrency, Bitcoin, registered gains of around 3.40%.. Along with Bitcoin, Ethereum also bagged gains of 5.06% and is trading at $2,835 as of the time of writing.
The DeFi market is also seen healthy as it stood close to the $80 billion mark today. Although MakerDAO continues to dominate the space, it is down by a large percentage (-11.34%) today. Whereas, most of other protocols including Curve Finance, Convex Finance, and Aave are seen making positive gains over the last day.
NFTs also made green candles on the chart and registered a weekly trading volume of $1179.69 million in the last 24 hours. Like always, art and collectibles NFTs dominated the sales while gaming-based NFTs struggled to reach the $5 million mark in overall sales.
News Around The Globe
While the Indian community awaits clarifications on taxes, Vivek Johri, Chairman, Central Board of Indirect Taxes and Custom, said in an interview that “when a person does a transaction on an exchange located abroad, he will have to pay GST in India on reverse charge basis.” On the other hand, for crypto exchanges and other crypto-related service providers, the GST is chargeable to their supply of service.
Securities and Exchange Commissioner, Hester Peirce aka Cryptomom, expects that the commission may not introduce direct crypto regulation this year. She also suggested that the SEC may regulate through enforcement this year in order to accommodate cryptocurrencies.
Thailand had plans to implement a 15% withholding tax on crypto profits, which will not go into effect because the proposition has received a negative response from the local traders and investors. Any profit derived from cryptocurrencies will not only incur a 15% tax on capital gains.
US lawmakers today have reintroduced a bill that would give some relief to retail investors. The proposed bill would exempt users from paying taxes on all crypto payments of less than $200.
After the second-biggest hack in DeFi history, the parent company of Wormhole, Jump Crypto has stepped into backstop funds, which was essential to prevent the widespread damage in the Solana DeFi ecosystem. Reportedly, Jump Crypto has replaced the lost 120k ETH.
Cardano, the 3rd generation blockchain network, has increased the block size by 11 percent to reduce the congestion as activities on the network scales up. The move comes in response to the increasing load on the network that had spiked about 93% about a week ago.
A layer 2 solution on the Arbitrum blockchain, Ideamarket launches is native governance and utility token $IMO. These tokens can be used for creating, commenting, and voting on proposals in the Commonwealth forums – a subsection of Ideamarket to engage the community.
Akropolis, a comprehensive suite of tools that allows developers to build dApps, has integrated Clover Finance wallet in its decentralized application. This will allow users to trade and hold cryptocurrencies and NFTs securely on mobile, web and browser extension.
A report by Chainlysis suggests that NFT creators are doing “wash trading”, which simply means that they are buying their own NFTs to inflate the price. The report identifies and tracks various NFTs that were sold back and forth for a minimum 25 times by several similar wallets.
Paris Hilton has launched autobiographical NFTs dubbed “Paris: Past Lives, New Beginnings’ ‘ on Origin Story marketplace, featuring Superplastic’s synthetic superstar, Dayzee.
John Legend, twelve time Grammy-award winner, has set foot into the NFT bandwagon with his own music NFT platform.
An NFT of a trash can today sold for $252k, proving yet again the NFT hype is real. The image, called 64 Gallon Toter, showcases a plastic bin “glitching.
Airdrops and Freebies
Pulsechain, a hard fork of Ethereum blockchain to be launched by 2022, is offering users a 1 to 1 copy of their holdings of ERC-20 and ERC-721 tokens in their wallet.
Another DeFi platform called Germ Finance is giving away 200,000 $GERM native tokens worth $30,000 to 1,000 participants.
A decentralized social protocol MetaGrail is offeringa prize pool of worth 11.52 billion $GRAIL tokens in an airdrop. Along with the reward, the platform announces that it will give away 115.2 million divisible tokens to be awarded each day.