This week’s top 5 crypto news

What crypto news touched us this week? Find our top 5 cryptocurrency news of the week every Saturday.

Is bitcoin worthless?

In the last few days, two prominent representatives of the international financial world have attracted attention with their statements. Both Christine Lagarde and Bill Gates think a little about the world’s most important cryptocurrency. They described Bitcoin as worthless.

Microsoft founder Bill Gates is one of the best known and most controversial personalities in the financial world. But unlike his fellow billionaires, Gates says he does not own any bitcoins.

Worthless to society

In a discussion on Reddit, he rejected a similar question, stating that he would rather invest in companies than in cryptocurrencies. He prefers a valuable output that, unlike other investments, cryptocurrencies like bitcoin do not contribute to a society.

As early as February this year, investors warned against investing in cryptocurrencies that they could lose a lot of money. In his opinion, those who do not have as much wealth as Elon Musk should rather keep their hands off it.

LUNA rises after 273 million tokens burned, though Do Kwon rejects the idea

Terra (LUNA) holders have over 273 million LUNA to the founder and CEO of Terraform LabsDo Kwon, specified burn address to reduce token supply – an idea that Do Kwon does not support.

At the request of some members of the community, the CEO shared a burning address over the weekend. A token holder then shared the address of the Terra Research Forum, a space where developers and users discuss Terra protocols, and encouraged the community to burn some of their tokens.

“Show that you really like Luna and take the initiative and burn some of your coins, are not you true followers?” said the user.

Many in the community supported the plan, and some claimed they had already sent some tokens to the address. “Fantastic. Burned something K just for the culture,” said one user.

As of Monday morning (9:15), the Burn address has received 273.35 million tokens ($ 52,000), according to Bitquery.io. Given that LUNA’s current supply is above 6.5 Trn, the amount of combustion is trivial. Still, it seems to have had a positive impact on the price of the coin.

Crypto Bear Market is here: How to invest now?

Bitcoin (BTC) has fallen almost 40% year-to-date, while most leading altcoins have fallen 50% to 70% since the beginning of 2022. So it is fair to say that we are in a bear market. However, that does not mean you have to leave the crypto markets just because we have a bad first half of the year.

Read on to learn how to cope with the storm in the current crypto-market climate.

What happened?

The crypto markets have cooled off earlier this year after issuing a record 2021. Last year, we saw record cryptocurrencies, an exploding NFT market with JPEGs selling for millions, and a burgeoning DeFi market expanding beyond Ethereum ( ETH) and became multi-chain.

Today the situation is different. We have fallen sharply from all-time highs. While BTC and ETH have “only” lost about 60% of their value since their highs, several leading altcoins have lost more than 90%.

Higher taxes could pave the way for cryptocurrencies – Davos

Industrialized countries from around the world are striving for increased tax cooperation, which could lead to increased taxation of companies, but also of private assets within the framework of the so-called wealth tax, as noted by participants in a panel at this year’s World Economic Forum in Davos. Among other things, this development could lead to a tightening of the global tax rules for crypto assets and crypto companies.

The panel debate “A Reimagined Global Tax System” was dominated by votes for higher wealth and capital taxes. Panelists commented on the October 2021 international agreement to avoid base erosion and profit shifting (BEPS), which has so far been signed by 141 countries and jurisdictions, all of which are committed to introducing a global minimum corporate tax rate of 15%.

Mathias Cormann, Secretary General of Organization for Economic Co-operation and Development (OECD)said new rules are needed to enable tax administrations around the world to fully enforce their corporate tax laws.

Cryptocurrency flows will be negative, continued headwinds likely

After strong approaches the previous week, the inflow of cryptocurrencies turned negative last week, bringing total assets under management to their lowest levels since July 2021. In addition, both the on-chain signals and the cryptocurrency derivatives market paint a bleak picture for the near future. future.

According to the crypto investment and analysis firm Coin shares Crypto-mutual funds lost a total of $ 141 million in capital last week, a significant drop from the $ 274 million added the previous week.

Outflows in the past week have mostly affected Bitcoin (BTC) -supported funds, which have experienced outflows of nearly $ 154 million. Other funds with a single asset experienced little change during the week, with Ethereum funds (ETH) losing $ 0.3 million and Solana funds (SOL) winning $ 0.5 million.

A notable exception, however, are the so-called multi-asset funds, ie funds backed by two or more cryptocurrencies. These funds experienced $ 9.7 million in inflows, with CoinShares indicating that investors see these funds as “safer versus single-track investment products” in volatile times.

Follow our affiliate links:

Buy your cryptos PrimeXBTnext generation trading platform

Secure your cryptocurrencies on wallets like general ledgers and Treasure

Participate in your crypto transactions anonymously NordVPN

Leave a Comment