Greetings to all crypto enthusiasts and blockchain evangelists from the crypto flipsider. Today is Monday, the 26th of April, which means it’s time for a weekend news review.
In today’s digest:
- Cardano becomes a new payment method in Shopify (NYSE:SHOP) or WooComerce
- SEC comments that banning Bitcoin is tricky
- Executive Chairman of Ripple claims that Bitcoin’s Proof-of-Work’s Energy Consumption may bring down Bitcoin
- SEC’s another shot for Ripple
- Solana took over VeChain and USD coin
- Ethereum gains momentum
- Oppositely to China’s new rhetoric, South Korea’s leaders suggest to shut down crypto
- Doesn’t Biden like crypto?
Market News:
The market is finally recovering from the dip. As we mentioned in the previous news digest, we are still in the bull market. There was no reason for panic.
Cardano Becomes a New Payment Method at Shopify or WooComerce
Cardano is upgrading and moving ahead. Moreover, this is not the only good news for the coin. The crypto reclaimed previous positions from Dogecoin and became the 6th cryptocurrency by market capitalization again.
Flipsider:
- The coin may be overvalued right now. Most of its developments are promising but still are blue-sky thinking. For example, the introduction of smart contracts. It sounds good but feels like Tesla (NASDAQ:TSLA) from the world of crypto.
SEC is Sceptical About U.S. Government’s Intention to Ban Bitcoin
SEC Commissioner Hester Peirce claimed, “It’s very difficult to ban something that’s essentially a peer-to-peer technology.” In this way, he commented previous intention of the U.S. government regulations that touched cryptocurrency users.
Flipsider:
- It’s unlikely that the USA will hold this rhetoric, taking into consideration their conquering with China. So far, the Asian giant shifted its tone to the positive one.
Ripple’s Chris Larsen Forecasts Bitcoin’s Fall due to its Proof-of-Work’s Energy Consumption
He said that Bitcoin should move away from proof-of-work. Also, he added that it’s a massive drain on power consumption and a “growing source” of CO2 emissions.
Flipsider:
- Please, compare apples to apples. Look at how much other industries are consuming and emitting. Also, Bitcoin has the potential to use renewable energy as well. Thus, it can become cleaner and cleaner in the future.
Heating Up of the Ripple’s Lawsuit
The federal court didn’t accept a defendant’s argument. This meant that the XRP token could be deemed a security.
Flipsider:
- The battle between SEC and XRP is raging on. The current sentiment is that Ripple has the ability to win. If not, it can walk away, hit only by a slight tremor.
Market Moves and Trends:
The market recovered from the red. All coins show green light on charts, except Dogecoin. That is what we warned in our article: please, be conscious when making sudden decisions. Speculators are waiting for newbies.
Solana Took Over VeChain and USD Coin
The coin gained more than 23% and is leading the chart for today. Moreover, it reached a new all-time high of $46 for the time of writing this article.
Flipsider:
- Solana wants to overcome Ethereum as its main competitor due to the similarity of the currencies. If Ethereum doesn’t decrease gas fees, this will be the truth.
Ethereum Rallies to $2,300 as Gas Fees Drop
In the previous digest, we mentioned that Ethereum experienced a slight drop after a rise. During the weekend, it resumed to going up. This happened due to gas fees drop.
What’s next???
South Korea’s Top Financial Regulator Suggests All Crypto Exchanges Could Be Shut Down
Eun Sung-soo, chairman of the Financial Services Commission of South Korea, announced that all country’s cryptocurrency exchanges could be closed in September due to South Korea’s anti-money laundering (AML) law.
Flipsider:
- The same situation as with the United States. Soon enough, big governments start to see profits in crypto implementation and establishment. Take a look at Norway, for instance.
Biden’s Tax Plan Makes Crypto Users Feel Uncomfortable
The new tax proposal remains a threat to Bitcoin whales. Some sources claim that bitcoiners may run to Altcoins.
Flipsider:
- The statement is a priory wrong! According to the new President’s proposal, all the transactions that gain profit shall be taxable, no matter if they are in Bitcoin or any other crypto.
- Furthermore, banning crypto or overtaxing may be a “shoot oneself in the foot” for major governments.
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