Digital currency, especially the original crypto, Bitcoin was established to formulate a form of money that can be accessible and trusted globally. It was launched after the breakdown of the US housing market, and it was evident that the aspiration of Bitcoin at least was to annex fiat currency. But since then Bitcoin and other digital currencies have come a long way facing many hurdles and disruptions. But today in 2021 it has gained and is still gaining popularity as the masses have started to accept cryptocurrency and have also started to understand the effectiveness and uses of digital currencies. In this article, we will see all the latest crypto updates.
The main aim of cryptocurrency was to become a medium of exchange but as of now, it is used as a medium of investment even though they are highly volatile. For this reason, it has chancers to replace the fiat currencies and so the governments of several nations have stopped or are trying to stop any dealing with digital currencies as these cryptocurrencies are highly fluctuating in nature. Let us have a look at the latest crypto news today alongside the other latest crypto updates.
Latest Crypto Updates: Cryptocurrency Price Today
The price of digital currencies continues to be a mix of green and red on 30 July 2021. The global digital currency market capitalization is $1.58 trillion, which is an increase of 2.81% over the last day while the volume of the total cryptocurrency market in the last 24 hours is $75.61 billion which marks a decrease of 16.83%.
The stablecoin volume is now $57.71 billion which is 76.33% of the combined crypto market in the 24 hours volume, as seen in the latest crypto updates. The price of Bitcoin is present at $36,982.76 and its control over the crypto industry is 47.55% which is a decrease of 0.81% over the day. Now let us have a look at the latest crypto updates on the value of the top 5 cryptos.
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Secret Tax Loophole For Cryptocurrency Holders
Recent weeks have witnessed a range of cryptocurrency news forming the latest crypto updates, from Tesla asserting its hold on Bitcoin and its plan to restart accepting Bitcoin soon to the city of Miami prevailing to talk up MiamiCoins which is its own digital currency token that will be utilized to fund the development projects in the Magic City.
In the meantime, some digital currency market investors are happy with the decent 46% decrease from the industry’s all time high in May. This is because of the tax loophole which has been ruling the headlines in recent times. This particular loophole deals with the crypto losses differently compared to the losses that are associated with an asset such as a stock.
The loophole that may sound a little mystical for all the average Americans works in this manner.
The crypto investors can sell their assets at loss. They can utilize the loss to wipe out or whittle down their capital gains tax on other investment options that they are presently into. And then they can buy back the crypto assets that are sold by them at a loss to ensure that they are ready when there is a rebound of the price. Whereas in a normal scenario they will have to wait for a month to do the same thing with a stock.
Luno: First Ever Cryptocurrency Exchange In Malaysia
Luno Malaysia has successfully become the first registered digital currency exchange in the country, portraying that the system of digital payment can prevail in a progressive and fair regulatory environment. The country manager Aaron Tang said that having a regulatory structure for digital currency is important as it puts the fundamentals to formulate relationships with other sectors such as the banking institutions. Aaron Tang in a statement asserted that,
“We have worked closely with the Securities Commission Malaysia (SSM) in helping it to understand the cryptocurrency industry better as it goes through the regulatory process. As a result, the SSM was efficient in introducing cryptocurrency-specific regulation, and we are proud to become the first registered cryptocurrency exchange in Malaysia. This has shown that it can exist in a fair and progressive regulatory environment.”
As per the statements made by Tang, the country is storing more than RM1 billion of the virtual assets on behalf of nearly 300,000 customers and also processing more than RM4.2 billion by the end of 2021 which indicates a positive trend in the demand for cryptocurrency in Malaysia.
Tang further added that,
“Regulators like SSM and Bank Negara Malaysia are opening up the way for investors, traders, and individuals to maximize the benefits of a new financial system such as cryptocurrency. Today, there are three approved digital asset exchanges in Malaysia, further showcasing the Malaysian regulator’s readiness to uphold the regulatory framework of the cryptocurrency industry in Malaysia.”
This situation in Malaysia highlights the need for cryptocurrency exchanges to work closely with the local regulators to put into action appropriate regulatory structures that will benefit both customers and industry players. This is one of the most crucial latest crypto updates this week.
Cryptocurrency Users Increased In Last 6 Months
This is breaking crypto news that the number of crypto users has increased in the first half of 2021. According to a report, the total number of digital currency users reached 221 million in June 2021. Just 6 months before that the total number of crypto users was just 106 million. It also found that the most significant driving factor behind this massive increase in Bitcoin but altcoins like Dogecoins, and Shiba Inu also witnessed a rise.
According to the study, immense growth has been seen in Bitcoin and Ethereum, but in user count, Bitcoin still has a massive lead.
The largest jump was witnessed in April and May, where the B bitcoin users increased from 90 million to 108 million and Ethereum users from 16 million to 20 million.
This increase was likely influenced by events like Tesla’s $1.5 billion Bitcoin purchase in February, and PayPal’s integration with Bitcoin in March. Later when Elon criticized the energy usage of Bitcoin, both Bitcoin and Ethereum that run on Proof of Work fell while the Altcoins increased.
In April, Ethereum and Bitcoin constituted 75% of all crypto users. In the next month just after Elon asserted his comment on the energy use of Proof of Work, Ethereum and Bitcoin saw a decline of 63% of all the crypto users. But the number of total crypto users still continued to increase, most significantly in altcoins which witnessed a hike from 25% in April to 37% in May.
Miami Coins To Fund City Initiatives
Here is another live crypto news. 30% of the revenue that is being driven by the latest cryptocurrency “MiamiCoins” will be utilized to fund the city initiatives. According to Miami Mayor Francis Suarez,
“The City of Miami could end up earning millions of dollars as a result of the popularity of MiamiCoin because obviously, Miami has now become the bitcoin capital of the world.”
He further added that,
“And we’re focusing on differentiating our economy by creating the new wave of technological products that will incentivize people to move to Miami and be part of our tech ecosystem.”
The City Officials are working with CityCoins which is a company that is formulating digital currencies for municipalities to establish the new digital token. This Miami based currency will be available for the mining of digital currency on August 3, as per the company, and will be the first of its kind to reach the market.
Mining is the process of formulating new digital currencies and also maintaining the ledger of all the digital transactions that are taking place. According to the CityCoins, MiamiCoins will provide an,
“Ongoing crypto revenue stream for the city” that could be put towards a variety of investments. The city of Miami can elect to use its growing crypto treasury to benefit the city and its constituents — think new public spaces, improvements to infrastructure, hosting city events, recruiting startups, and more.”
Saurez has a plan to make Miami the hub for cryptocurrency. In June he extended support to Bitcoin miners in China who were facing opposition from the Chinese Government to shift to Miami and promoted the supply of cheap nuclear energy to the city that can be harnessed by digital currency mining. In an interview, Saurez told,
“We want to make sure that our city has an opportunity to compete. We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here.”
CityCoins asserted that tech founders have shifted to the city “en masse”. CityCoins through their website said that,
“Miami has long been a center of culture and innovation in the U.S., and over the last year the city has increasingly taken center stage as a tech and crypto startup city due to technologically progressive leadership.”
It also said that,
“The city’s leadership is embracing crypto and offering support for the tech industry as a whole.”
Latest Crypto Update: Cryptocurrency Payouts For Gamers
This is the latest update about cryptocurrency in India. The online gaming world has many crypto enthusiasts with words spreading quickly about this word changing form of money that crosses the fiat currency. The relative anonymity, global network, speed, and the lack of fees all became very lucrative with coins standing out whenever someone would do an online search for an alternative system of money.
With so many gamers liking and talking about Bitcoin and Ethereum, it did not take much time for the gaming industry to expand their payment method. For many years the online gambling platform realized that they cannot reach the whole target audience because of the drawback that has been put upon them but using the payment method of the fiat currency.
This was the reason behind the rise in the crypto gambling platform which allows the players to make deposits in famous digital currencies, bet them on sports or play them on casino games and make the withdrawals in digital currencies. In places like India, crypto gambling is handy as it offers anonymity, processes fast, and not a single fee is required for the deposit of the cryptos.
FxPro Initiates Weekend Cryptocurrency Trading
A leading online financial broker, FxPro, recently made an announcement that the company has launched Weekend cryptocurrencies CFDs trading to allow its clients to do trading. The above mentioned feature will be made available on FxPro MT4, FxPro Edge CFD, and FxPro MT5 accounts, beginning from Saturday, 31st July.
As per an official announcement, FxPro introduced 24*7 trading on digital currencies CFDs to cater to the increasing demand of its customers. Along with that, the company highlighted a remarkable increase in interest in crypto products. In the press release by FxPro, it stated,
“Recently, FxPro expanded the Cryptocurrency CFD product list in order to keep up with client demand. As a leading global broker, we understand the importance of trading and managing such assets during weekend hours, where there are ongoing and often sharp price dynamics. Therefore, in an effort to exceed and improve on our current Cryptocurrency trading conditions, we are pleased to announce that we are now introducing weekend trading on these CFD instruments.”
At the beginning of July, FxPro reported its financial value for 2020. The broker witnessed strong growth in the net revenue and profit. The net profit of FxPro UK reached £466,597 in the year that ended on December 31, 2020, compared to a net loss of £221,724 in 2019.
Bangladesh On Not allowing Any Crypto Transactions
The Bangladesh bank once again asserted today that it does not allow trading or holding of any kind of digital currency in the country. The announcement by the central bank of Bangladesh emerged as a confusion after it sent a letter to the Criminal Investigation Department of the police that digital currency trading cannot be termed as a criminal offense even though cryptocurrencies are considered illegal under the country’s jurisdiction.
Through its website and in a circular on 24 December 2017, the Bangladesh Bank asked all its citizens to refrain from trading or holding any digital currency.
The banking regulations of this country still do not allow or even support the use of cryptocurrencies such as Ethereum, Bitcoin, Litecoin, etc. In its public notice, the Bangladesh Bank asserted that transactions through any digital currency will not be permitted according to the Foreign Exchange Regulation Act 1947, Anti-Terrorism Act 2009, and the Money Laundering Prevention Act 2012.
Nobody can claim any financial transactions that have been made through digital currency as no legal institution in the world allows such trading.
Parties with fake names conduct these digital transactions where there is a high risk of breaking the money related laws and conduct financial crimes, it said.
That is the reason, no regulator including the Bank Of Bangladesh permits trading with digital currencies. Initially, when cryptocurrencies were formulated, they did not take permission from any country, but the central banks of some nations like Singapore, Japan, the United States, the United Arab Emirates have officially accepted them in recent times.
When cryptocurrency first emerged it was opposed by many and the masses did not have a clear understanding of this alien concept of money. But with time, people have started to realize and accept the use of crypto and its benefits in the financial sectors and so its popularity has also increased. The headlines are incomplete without live crypto news. So the latest crypto updates keep on changing.
Frequently Asked Questions On Latest Crypto Updates
According to the latest crypto updates, there is a new cryptocurrency making waves, and it is known as Baby DogeCoin. Dogecoin, which is a meme coin, received a wave of popularity to become one of the biggest digital currencies this year. Now another crypto, Baby DogeCoin, is looking forward to following in its footsteps.
Crypto crash today: Crypto is under pressure for many reasons which include regulatory crackdowns on Bitcoin and looming government, environmental issues over mining crypto tokens especially Bitcoin, and a waning appetite for highly fluctuating risk assets.
As per the recent cryptocurrency news in India Bitcoin (BTC) is the most popular and highly valued crypto, despite high fluctuations over the course of its history. Bitcoin was initially formulated to be used as a system of digital payment, but experts say it is still too fluctuating to be used for that.