- $2.5b In BTC Moved Off Crypto Exchanges
- Congress and Israel Propose Reporting Crypto Transactions, Crypto Taxes, Binance Launches Tax Reporting Tool
- Uniswap Hints At Partnerships With Paypal And Stripe
- Bitboy Youtube Channel Banned For Crypto Shilling
- Vitalik-featured NFT Animation ‘Stoner Cats’ Lifted Gas Fees
Institutional Confidence Is Back: $2.5b In BTC Moved Off Crypto Exchanges
Nearly $2.5 billion in Bitcoins were taken out from crypto exchanges. This is over 63K of Bitcoins. The move indicates the return of big money’s confidence in the largest crypto.
Institutional investors have lowered their money inflows into crypto or even sold off since May, as Bitcoin failed to retest new highs and started to fall.
Bitcoin sits at around $40K at the time of publishing. This is nearly 30% growth since July 20th when the dominant crypto stopped falling. The price jump was mostly related to positive context around BTC; institutions buying exposure to BTC through Grayscale, BTC integration with Twitter, Amazon (NASDAQ:AMZN) BTC payment rumors and Bitcoin’s short squeeze.
Flipsider:
- Whales are regaining their confidence, but not some skeptical analytics. They say that Bitcoin might sit in the $40k zone for a while as miners and traders will take their profits and cash out inspired by the current price spike. Even skeptics do not neglect the possibility of a new rally.
Israel Asks To Report Transactions Over $61k, Us Congress Wants The Same, Binance Launches Tax Reporting Tool
- The US Congress may receive $28 billion from crypto investors by applying new information reporting requirements to exchanges and other parties. The draft language could mean many individuals interacting with crypto may have to start reporting their transactions. Israel also published a draft law that will force crypto investors to report holdings above $61K to tax authorities.
- In the meantime, the crypto exchange Binance is adapting by launching a tax reporting tool that will allow its users to transfer their transaction history to a third party and obtain overviews of their tax liabilities.
Flipsider:
- “Catch me if you can” should be a new slogan of some crypto exchanges. While bill proposals look great on paper, let’s wait to see if government plans will perform successfully in reality.
Uniswap Hinted at Possible Partnerships with PayPal and Stripe and Then Changed its Mind
A video which recently circulated online seems to suggest that Uniswap is looking to expand its operations and move into the mainstream.
During a recent speech at the Ethereum Community Conference Ashleigh Schap, Uniswap’s growth lead, mentioned that the company is in conversation with Paypal, Stripe and other well-known fintech brands to introduce DeFi to more potential users.
The prospective relationship between Uniswap and established Fintech companies could offer greater variety to consumers and fulfill the existing demand for cryptocurrencies.
Paypal might be one to benefit from the alliance as it has recently come under scrutiny for their decision to step into a tie-in with the ADL.
Flipsider:
- Uniswap should maintain vigilance when choosing intermediaries to deal with as it would hurt its competitive advantage in the eyes of the DeFi crowd if it gets in bed with the wrong organization. Moreover, the video was deleted from YouTube after Uniswap’s request. It seems its management decided that the announcement was released too early.
Bit Boy Fights To Remain On Youtube – Cash Me Outside, How Bow Dah?
- Bit Boy, aka Ben Armstrong, was banned from YouTube. However, it is still unclear whether Ben was suspended temporarily or banned indefinitely; he still has a chance to appeal YouTube’s decision to ban his channel.
- Bit Boy himself shared the news on Twitter to get more support: “Tonight @TeamYouTube deleted my YouTube channel. The censorship and unfair crackdown on #crypto have gone too far.” He continued, “If you want to see YouTube give me my channel back so we can share education and news with you, let @teamyoutube know.”
- Nevertheless, Bit Boy has some confidence to call his channel “educational.”
URGENT: Like & Retweet NOW!Tonight @TeamYouTube deleted my YouTube channel. The censorship and unfair crackdown on #crypto has gone too far.If you want to see YouTube give me my channel back so we can share education and news with you, let @teamyoutube know. pic.twitter.com/zH0XoPdSFu— Ben Armstrong (@Bitboy_Crypto) July 29, 2021
Flipsider:
- Schiller got kicked in the nuts. On the other hand, we live in a “cancel” culture, which is too unforgiving sometimes.
Vitalik-Featured NFT Animation ‘Stoner Cats’ Lifted Gas Fees
The Stoner Cats and Vitalik Buterin story is still in high rotation in the media. Whether it’s a well-prepared promotional campaign or a coincidence of events, Ethereum’s founder appears in the digest for the third time in a row.
On the other hand, the news is not so bullish this time. Although Mila Kunis’ animation NFTs were sold out in just half an hour bringing around $8M in total, they caused some trouble for the creators. To be precise, the gas fees spiked from $9.50 all the way up to $33 right after they sold out. This overwhelmed the network and caused some transactions to fail.
Flipsider:
- I would like to raise the question about whether Vitalik cares about his popularity or Ethereum users. However, let’s wait several more years for the ETH 2.0 update
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