🔍
🔴 Infrastructure Bill Impacting Crypto | This Week in Crypto – Nov 22, 2021 - YouTube
Channel: 99Bitcoins
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The controversial U.S. infrastructure
bill becomes law,
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Square reveals its DEX,
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and a crypto exchange stamps its name
on a major US sports venue.
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These stories and more
this week in crypto.
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Hi, I’m Nate Martin
from 99Bitcoins.com,
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and here’s what’s happened
this week in crypto.
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Hundreds of billions of dollars of value
were wiped off in a market-wide dip
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just a week after the crypto market
had peaked.
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The dip brought the price of Bitcoin
back down below $57,000
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and other major cryptocurrencies
also suffered
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double digit drops in value
before stabilising.
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President Joe Biden signed
the Infrastructure Bill
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containing controversial crypto
reporting requirements.
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A portion of the measure
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expands the definition of ‘broker’
for tax purposes
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which includes entities such as miners
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that don’t actually facilitate
transactions.
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It also requires recipients of transactions
of over $10,000
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to verify the sender’s personal information
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which raises concerns
in the crypto industry.
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The rehabilitation plan
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to compensate creditors from
the now-defunct crypto exchange Mt. Gox
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has been finalized.
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The trustee reportedly has roughly
150,000 BTC to repay creditors.
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Once the biggest Bitcoin exchange
in the world,
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Mt. Gox was hacked,
subsequently collapsed,
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then declared bankruptcy in 2011
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which affected nearly 24,000 creditors —
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mainly those holding cryptocurrency.
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Square released a whitepaper detailing
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the features of its new peer-to-peer
token swap platform, tbDEX.
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Unlike most decentralized exchanges,
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tbDEX will not utilize a trustless model
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and will require all participants
to provide KYC identification,
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but users will be able to connect
their wallets to the exchange
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and swap coins directly
one with another.
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The world’s largest crypto exchange, Binance,
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has published a forthright doctrine entitled
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“10 Fundamental Rights for Crypto Users.”
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Statements on the list address issues
such as financial inclusion,
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regulation, personal data privacy,
reliable security,
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and rules around the selling
of crypto derivatives
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in the face of calls for increased
crypto regulation.
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Gemini, the cryptocurrency exchange
founded by the Winklevoss twins,
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plans to raise $400 million
in its next funding round.
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If successful,
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that would put the company at a total
valuation upwards of $7 billion.
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The exchange is joining the growing list
of top crypto-related companies,
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including Coinbase and ConsenSys,
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taking advantage of favorable market
conditions to raise fresh capital.
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According to a recent survey,
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nearly two thirds of Generation Z respondents
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believe they could become millionaires
by investing in cryptocurrencies.
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This generation has a greater acceptance
of all things digital
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while also having concerns about finances.
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The study concluded that if you couple that
with Gen Z’s greater appetite for risk,
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it's not surprising that they are hoping
for a quick fix.
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One of the biggest sports and entertainment
venues in the United States,
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the Staples Center in Los Angeles,
will be renamed Crypto.com Arena.
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Singapore-based exchange, Crypto.com,
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is paying around $700m for the naming rights
to the 20,000-seat venue,
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which is home to four professional
sports teams,
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and hosts more than 250 events
and nearly 4 million visitors each year.
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A huge thanks to Unstoppable Domains
for being our sponsor this week.
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On November 23rd,
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Unstoppable Domains and Crypto.com
will release
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exclusive premium domain names.
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Use Crypto.com Pay to receive
a 10% rebate back in CRO.
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And if you buy one of these 5 domains,
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you will receive an NFT artwork
by artist TraumaAmnesia.
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Click the link to get started!
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That’s what’s happened
this week in crypto,
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see you next week.
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