Controversial U.S. infrastructure bill becomes law, Square reveals its DEX, and a cryptocurrency exchange marks its name on a major U.S. sports site. These stories and more this week in crypto.
Hundreds of billions of dollars in value were wiped out in a market-wide drop just a week after the crypto market peaked. The drop took the price of Bitcoin below $ 57,000 and other major cryptocurrencies also suffered double-digit declines before leveling off.
President Joe Biden signed the infrastructure bill containing controversial crypto reporting requirements. Part of the measure expands the definition of “broker” for tax purposes, to include entities such as minors who do not actually facilitate transactions. It also requires recipients of transactions over $ 10,000 to verify the sender’s personal information, raising concerns in the crypto industry.
The rehabilitation plan to compensate creditors of the now defunct crypto exchange Mt. Gox has been finalized. The trustee would have around 150,000 BTC to pay off the creditors. Once the world’s largest Bitcoin exchange, Mt. Gox was hacked, then collapsed, and then declared bankruptcy in 2011, affecting nearly 24,000 creditors, mostly those who held cryptocurrencies.
Square has published a white paper detailing the functionality of its new peer-to-peer token exchange platform, tbDEX. Unlike most decentralized exchanges, tbDEX will not use a trustless model and require all participants to provide a KYC ID, but users will be able to connect their wallets to the exchange and exchange coins directly with each other.
The world’s largest crypto exchange, Binance, has published a straightforward doctrine titled “10 Fundamental Rights for Crypto Users.” Statements on the list address issues such as financial inclusion, regulation, privacy of personal data, reliable security, and rules regarding the sale of crypto derivatives in the face of calls for increased crypto regulation.
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, plans to raise $ 400 million in its next funding round. If successful, that would place the company at a total valuation of over $ 7 billion. The exchange joins the growing list of leading crypto-related companies, including Coinbase and ConsenSys, taking advantage of favorable market conditions to raise new capital.
According to a recent survey, nearly two-thirds of Gen Z respondents believe they could become millionaires by investing in cryptocurrencies. This generation has a greater acceptance of everything digital while being preoccupied with finances. The study concluded that if you associate this with Gen Z’s increased risk appetite, it’s no surprise that they’re hoping for a quick fix.
One of the largest sports and entertainment venues in the United States, the Staples Center in Los Angeles, will be renamed Crypto.com Arena. Singapore-based exchange Crypto.com pays around $ 700 million for naming rights to the 20,000-seat site, which is home to four professional sports teams and hosts more than 250 events and nearly 4 million visitors each year .
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That’s what happened this week in crypto, see you next week.