News updates April 02, 2022

1. Bitcoin, Binance Coin, Tron, and Algorand Daily Price Analyses – 1 April Roundup"

* The global crypto market is in gain as it has added 4.72% over the last 24 hours.

* Bitcoin is continuing with an increasing pace of gains; these amount to 3.87%.

* Binance Coin is also in full swing, adding 7.65% over the past 24 hours.

* Tron and Algorand, also benefitting from the growing market, added 5.35% and 5.75%, respectively.  

The global crypto market has continued to gain value as the market has been favorable for most of the coins. If we look at the performance of the top coins in the market, Bitcoin, Ethereum, and other currencies have gathered gains of significant worth. The result has been an increase in the value of the overall market. The market has continued relatively better compared to the previous performance.

Bitcoin has remained the top coin in the market because of its bulk and its services and uses. As the sphere of influence for Bitcoin is growing, there has been an increase in the services that it provides. Vitalik Buterin, the founder of Ethereum, has praised Bitcoin for ‘maximalism.’ Even though he posted about it on April Fools’ day, the pros of Bitcoin can’t be negated. On the other hand, he also took shots at Ethereum.

As Web 3.0 is in a developmental phase, experts have called for a free-trade agreement for the metaverse. The mentioned change will bring about many changes regarding the ease of the investors. As they are subject to various regulations across various countries, it creates problems instead of solving them.

2. 

1) BTC speeds up its gains

Bitcoin has been performing well since the last day as it has recovered from the hard situations it faced. The result of these changes is an increase in its pace. As the situation is turning favorable, Bitcoin might be able to bag more gains.

The data for the last 24 hours shows that Bitcoin has gained 4.72% over the last 24 hours. If we compare its weekly performance, its gains remained at about 5.14%. The price for Bitcoin is stabilizing at about a $45K threshold level. Its current price is in the $46,531.87 range.

If we look at its market cap value, it is estimated to be $882,758,451,204. In contrast, the 24-hour trading volume of Bitcoin is about $37,294,047,484. The same amount in the native currency of Bitcoin is estimated to be $802,710 BTC.

2) BNB growing even faster

Binance Coin has also responded well to the enhancing market situation. As the changes ensued, Binance Coin took a bullish position to utilize the improving situation. For the last 24 hours, its performance shows that the gains have increased their pace.

The data for the last 24 hours shows that the Binance coin has gained 7.65%. The seven-day gains for this coin are about 10.01% which means that its recovery process is faster this time. The current price value for Binance Coin is in the $449.87 range.

The current market cap value for Binance Coin is $74,280,869,690. If we compare the 24-hour trading volume, it is about $2,746,915,810. The circulating supply of it remained at $165,116,761 BNB.

3) TRX recovering losses

Tron has also seen an improvement in the market after the situation began to stabilize. If we look at its performance for the last 24 hours, it shows a significant increase, as evident from its graph. It suffered dips as the result of bearishness in the market.

The recent data says that Tron has gained 5.35% over the last 24 hours. If we compare the weekly performance, Tron has added 17.97%. The latter is quite impressive as the gains are more than Bitcoin and Ethereum. The current price for Tron is about $0.07554.

The market cap value for Tron is estimated to be $7,677,636,589. If we compare the 24-hour trading volume value, it is about $1,102,309,984.

4) ALGO is still in fluctuations

Algorand has been going through fluctuations for the last few days. The result has been the inability to see a significant rise in value. The data for the last 24 hours shows that Algorand has added 5.75%. In comparison, the gains for the last seven days are about 8.17%.

The current price value for ALGO is in the $0.9563 range. The market cap value for it is estimated to be $6,348,326,095. If we compare the 24-hour trading volume, it is about $262,390,484. The circulating supply for Algorand remained at 6,638,289,997 ALGO.

Final Thoughts

The global crypto market has regained value as the situation has turned favorable. The change in the situation has led to speedy improvement of the market cap value. The global market cap is estimated to be $2.15T which saw an improvement from $2.13T. The market cap value is expected to improve further as the indicators don’t show any negative trend on the side of Bitcoin or any major altcoin.

3. Bitcoin network difficulty reaches all-time high as miners pursue 2M BTC:

Bitcoin’s hash rate maintained a stronghold throughout the year as it compliments the new ATH for BTC network difficulty.

Just when the Bitcoin (BTC) miners helped release the 19th millionth BTC in circulation on Friday, the BTC network’s mining difficulty reciprocated by reaching an all-time high of 28.587 trillion. 

Bitcoin’s network difficulty correlates to the computational power required to mine BTC blocks, which currently demands an estimated hash rate of 201.84 exahash per second (EH/s), according to data from Blockchain.com.

Supporting the spike in the network difficulty, Bitcoin’s hash rate maintained a stronghold throughout the year while breaking into an all-time high of 248.11 EH/s on Feb. 13.

A higher hash rate ensures resilience against double-spending attacks, which is the process of reversing BTC transactions over the blockchain by contributing to at least 51% of the Bitcoin hash rate. 

Back on Mar. 4, roughly a month before reaching an all-time high, the BTC network difficulty experienced a slight decline from 27.96 trillion to 27.55 trillion, which eventually fell down to 27.45 trillion until Mar. 30. Prior to that, the resilient Bitcoin network grew consistently since July 2021.

With just 2 million BTC left to mine as rewards and an influx of Bitcoin miners from across the world, the BTC network is expected to increasingly grow stronger as it supports the thriving community. it is estimated that the remaining 2 million BTC (out of the total supply of 21 million) will be eventually mined roughly by the year 2140 owing to factors including halving. 

Terra smash-buys $139M Bitcoin, wallet reaches 31,000 

On Mar. 30, a Terra wallet belonging to LFG (Luna Foundation Guard) amassed $139 million in BTC, bringing its total coffers up to 31,000 BTC or $1.47 billion.

4. Law Project Presented in Argentinian Senate Proposes to Tax Undeclared Cryptocurrency Held Outside the Country:

A new law project presented in the Argentinian Senate is seeking to start a fund to pay for part of the debt the country has with the International Monetary Fund (IMF). The project, which is being pushed by members of the ruling party, would establish that Argentinian citizens have to pay taxes for certain assets held outside the country, including cryptocurrencies.

Argentinian Law Project to Tax Foreign Properties:

A new law project presented in the Argentinian senate proposes a way of paying the debt of more than $44 billion that the country has with the International Monetary Fund (IMF). The law, called “National Fund For The Cancellation Of The Debt With The IMF,” implements a system that, if approved, will tax several key elements that Argentinians possess in foreign lands.

According to the project, all kinds of properties outside of the country would be taxed, including any amount of fiat currencies, properties, stocks, credits, and cryptocurrencies, constituting an emergency input coming from these undeclared goods outside of the country. The payment of these taxes will have to be in foreign currency (U.S. dollars), deposited directly to the accounts of the Argentinian tax authority (AFIP).

Percentages and Strategy:

Argentinian citizens will have to pay a certain percentage of the value of these funds depending on the way and time periods in which they declare their properties and cryptocurrency to the tax authority. Article number nine in the law proposal declares:

The contribution to be paid by the taxpayers indicated in Article 6 will be the one that results from applying, on all the assets object of this law, the rate of twenty percent (20%).

This rate applies to all taxpayers declaring these assets voluntarily in the six months after the approval of the law. After this period ends, the rate applied by the law is increased to 35% of the value of the goods, stocks, and cryptocurrency held outside the country. In other circumstances, this rate can climb as high as 50%.

The penalties proposed for not complying with the duties declared in the law include prison time and fines. To have sufficient data for its application, the figure of a collaborator, which points to possible offenders with evidence, is also defined in the project. Collaborators receive a part of the funds collected by the tax authority, which can be as high as 30% depending on the importance of the case examined.

5. Turkish Prosecutor Seeks 40564-Year Jail Term for Crypto Exchange CEO Over Alleged $24M Fraud:

A cryptocurrency exchange boss alongside his cohort of executives could face the longest jail term in crypto history if found guilty over an alleged $24 million fraud.

A Bloomberg report on Friday revealed that a Turkish prosecutor has issued an international arrest warrant for the founders and executives of Thodex crypto exchange one year after the company halted its operations. 

40,564 Years in Prison?

The report noted that prosecutors are seeking up to 40,564 years of jail terms for all 21 executives, including the company’s CEO, Faruk Fatih Ozer, who fled with customers’ assets worth about millions of dollars. 

So far, Turkish authorities have arrested 62 people who allegedly had ties to Thodex. The suspects were apprehended in concurrent raids carried out in different cities of the country, including Istanbul.

Police also raided the company’s headquarters located in the Asian part of Istanbul and seized both computers and other digital properties. 

Authorities are currently investigating Ozer on charges of “aggravating fraud and founding a criminal organization,” the report added. 

Back in April 2021,  Turkish  security officers revealed footage of Ozer walking through passport control at Istanbul airport on his way to an unnamed location. 

Sources later disclosed that the Thodex CEO was headed to Albania and the Turkish police team had flown to four countries, including Albania, in an attempt to find him. 

Faruk Fatih Ozer remains a person of interest with a red notice attached to his name. 

The Fall of Thodex Crypto Exchange:
Thodex is a cryptocurrency exchange that was reportedly involved in a notorious rug pull sometime last year. 

Blockchain analytics firm Chainalysis reported in February that the total loss recorded in the fraud scheme amounted to $2.6 billion, but the total figure in the legal filing against the company and its executive was $24 million. 

After the fall of Thodex, Ozer released a statement from an anonymous location promising to refund investors and to return to Turkey to face charges. 

More Crypto Scams:
Meanwhile, cryptocurrency theft and fraud have been on the rise since the asset class started garnering interest from mainstream investors. 

The most recent heist was an Irish woman who was arrested for her involvement in a crypto fraud worth $1.1 million.

6. Vietnamese Government Working On Crypto Regulatory Framework

Vietnam’s Deputy Prime Minister has ordered multiple state agencies to work on a crypto regulatory framework for the country.

The order builds on existing research into both crypto regulation and the development of a CBDC.

Global crypto regulation continues; as a result, O’Leary believes there will be no more crypto winter.

7. Goldman Sachs Finds A 40% Increase In Institutional Exposure To Crypto

Institutions are not getting left behind by the crypto bandwagon. A survey by Goldman Sach reveals that the number of institutional investors with exposure to the crypto market has increased markedly.

As reported by Arcane Research, 51% of the 172 institutional clients Goldman Sachs surveyed had crypto exposure. This is an increase from 40% of exposed institutions the last time the survey was carried out.

The survey further found that 60% of the institutions had plans to increase their crypto holdings in the next one to two years.

8. South Korean Banks Apply For license To Deal In Crypto Services

South Korea recently elected pro-crypto Candidate Yoon Suk Yeol as their President. Now, The Korea Federation of Banks (KFB) and its member banks are seeking approval from the incoming administration over providing crypto services. As of now, the government prohibits local banks from cryptocurrency related operations.

According to a leaked draft report, KFB has written that banks should be allowed to provide crypto linked business, including digital assets trading, e-wallets, and more, reports Forkast. The member banks have mentioned that the virtual asset business needs to be added to the scope of their business.

9. Indonesia to impose 0.1% crypto tax starting in May: Report

The Indonesian government is reportedly planning to charge a 0.1% capital gains tax on crypto investments as well as a value-added tax, or VAT, on digital asset transactions starting from May 1.

According to a Friday Reuters report, Hestu Yoga Saksama, a spokesperson for Indonesia’s tax office, said the country will be imposing “income tax and VAT” on crypto assets “because they are a commodity as defined by the Trade Ministry” and “not a currency.” The government is still reportedly considering how to implement such taxes, but legislation passed in response to the pandemic laid the groundwork for collecting revenue on cryptocurrency transactions.

10. Indian Government Consulting With IMF, World Bank on Crypto Policy

India’s government is consulting with the International Monetary Fund (IMF), the World Bank, and Indian regulators in order to form the country’s crypto policy. “We have reached out to institutional stakeholders within the country and outside. We are taking inputs from the IMF and the World Bank and incorporating these,” said an official from the Indian ministry of finance.

11. 

19 Million Bitcoin Have Been Mined Into Circulation, 2 Million Left to Be Found

On April 1, 2022, records show that 19 million bitcoin have been mined into circulation. With the max supply set at 21 million, there’s only two million bitcoins left to be found by mining participants.

The Bitcoin (BTC) network reached a milestone on Friday, April 1, 2022, after records show that 19 million bitcoin have been mined. The watershed moment occurred at block height 730,034 and now there’s only two million left to be mined. At block height the total amount of bitcoin in existence was 19,000,004.68 BTC at 7:05 p.m. (ET)

When Satoshi Nakamoto created the Bitcoin network, the inventor set the maximum supply to 21 million, and research shows that the number is a hair less than 21 million. Some estimates indicate there will only be 20,999,817.31 BTC.