The Crypto Market Topped $2 Trillion for the First Time Since May, and 6 Other Key Things That Happened in Crypto This Past Week

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

The Crypto Market Topped $2 Trillion for the First Time Since May, and 6 Other Key Things That Happened in Crypto This Past Week

By Crypto Global News

The top cryptocurrencies by market value saw a boost in price over the weekend.

Bitcoin topped $48,000 on Saturday, which lifted the value of the entire cryptocurrency market above $2 trillion for the first time since May. Altcoins, like ether, dogecoin and cardano, jumped as well.

This comes despite a relatively tough past week for the industry. From the Senate passing the infrastructure bill without an amendment to its crypto tax reporting provision to over $600 million in crypto stolen in a record DeFi, or decentralized finance, hack, here are six things worth knowing.

1. Senate passes infrastructure bill without an amendment to crypto tax provision

After contention over the language in its provision on cryptocurrency tax reporting, the Senate passed the $1 trillion infrastructure bill on Tuesday without an amendment. Now, many House democrats are urging for change, just like crypto advocates and many Senators attempted prior.

Currently, the bill defines a “broker” as “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person,” which crypto advocates say is too broad. As written, it could potentially target miners, developers, stakers and others who do not have customers and therefore wouldn’t have access to the information needed to comply.

Since the infrastructure bill passed in the Senate, members of the House, including Reps. Ro Khanna, D-Calif., Eric Swalwell, D-Calif., Anna Eshoo, D-Calif., Bill Foster, D-Ill., and Darren Soto, D-Fla., have urged for adjustment and called for the definition of a “broker” to be narrowed.

If the House amends the bill, it would then be sent back to the Senate for another vote before proceeding to President Joe Biden’s desk.

But to avoid further delay, the U.S. Treasury Department plans to clarify its definition of a “broker” without amending the bill, Bloomberg reports, citing a Treasury official. The bill would remain unchanged, but the Treasury would verbally promise not to target non-brokers when later writing the tax law.

Policymakers are set to meet this week to discuss.

2. A record $600 million was stolen in a DeFi hack

DeFi platform Poly Network announced on Tuesday that it was hacked. Initially, over $600 million was stolen, making it one of the largest DeFi hacks to date, but nearly all of it was returned later in the week.

The person claiming to be the hacker said the theft was done “for fun” in a Q&A embedded within a digital currency transaction on Wednesday.

During the Q&A, they also gave a reason for returning the funds, saying: “That’s always the plan! I am _not_ very interested in money! I know it hurts when people are attacked, but shouldn’t they learn something from those hacks?”

On Monday, Poly Network announced that it will launch a $500,000 bug bounty program to prevent hacks going forward.

3. Coinbase reports that Ethereum trading volume was higher than bitcoin’s for the first time in Q2

In its second quarter earnings report released on Tuesday, cryptocurrency exchange Coinbase reported revenue that was stronger than analysts had expected. It brought in $2.23 billion in revenue and $1.6 billion in net profit.

Coinbase also reported that total trading volume on the platform went beyond bitcoin during the quarter. For the first time, Ethereum trading volume was higher than bitcoin trading volume.

4. Walmart is hiring a digital currency and cryptocurrency product lead

Walmart is looking to add a “digital currency and cryptocurrency product lead” to its team, according to a recent job listing.

The company is seeking to hire someone to “own and drive the digital currency strategy for Walmart.”

“As an expert in digital currencies/cryptocurrency and blockchain-related technologies, you will drive the vision for the product and capabilities roadmap. You will provide the leadership to identify technology and customer trends and the investments needed to build on those trends,” the job posting reads.

In July, Amazon announced it was seeking to hire a similar role.

5. Mark Cuban and Elon Musk agree that dogecoin is ‘strongest’ as medium of exchange

Meme-inspired cryptocurrency dogecoin surged on Monday morning, hitting 35 cents, according to CoinMarketCap.

This boost came after billionaire investor Mark Cuban told CNBC Make It that “the community for doge is the strongest when it comes to using it as a medium of exchange.” On Twitter, Elon Musk, CEO of Tesla and SpaceX, said that he agrees.

“I’ve been saying this for a while,” Musk tweeted on Saturday.

Though Cuban had support from Musk, many bitcoin maximalists didn’t agree. While explaining his position on Twitter, Cuban revealed that he personally owns $494 worth of dogecoin. Cuban also said that while he doesn’t prefer dogecoin over bitcoin, dogecoin does have its advantages.

In addition to dogecoin, both Musk and Cuban own bitcoin and ether, among other digital coins.

6. Microsoft’s research department proposes use of Ethereum blockchain for anti-piracy

In a paper titled “Argus: A Fully Transparent Incentive System for Anti-Piracy Campaigns,” Microsoft, Alibaba and Carnegie Mellon University researchers proposed the use of the Ethereum blockchain to combat piracy, Cointelegraph first reported.

“To the best of our knowledge, [Argus] is the first public anti-piracy system which … is efficient and economically practical to run on a public blockchain,” the researchers wrote.

Argus would run on Ethereum to allow informants to remain anonymous, among other things, which would be a useful, but also necessary, component of its system, the researchers said in their paper.

“Anti-piracy is fundamentally a procedure that relies on collecting data from the open anonymous population, so how to incentivize credible reporting is a question at the center of the problem,” the researchers wrote. “With the security and practicality of Argus, we hope real-world anti-piracy campaigns will be truly effective by shifting to a fully transparent incentive mechanism.”

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Support the ANR from as little as $50 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Related News

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Leave a Reply

Your email address will not be published.

Play Video

McIntyre Report
Political Talk Show

Episode 146

How you can advertise on Truthbook.social

Jamie McIntyre
TruthBook.social Videos

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Ukraine. Military Summary And Analysis 06.10.2022

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

TruthTalks business partnership

Ideal for freedom movement activists, influencers, digital nomads, content creators and those who refuse to be silenced and want to expose the Globalists Agenda .

Truth Talks Partner Opportunity

Click here to learn more about this opportunity and how 12 online clients per year can earn you $203,000 USD per annum

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY