Crypto Flipsider News – Aug 9 – Infrastructure Bill, Gold Crash, Tether, Cardano Alonzo, Axie Infinity, OpenSea By DailyCoin
Crypto Flipsider News – August 9th – Infrastructure bill, Gold Crash, Tether, Cardano Alonzo, Axie Infinity, OpenSea
- Vote on the infrastructure draft postponed to Tuesday. It can go into effect without friendlier crypto changes.
- The gold price crashes and tests the resistance of $ 45,000.
- Tether adds 1 billion USDT to its supply on the TRON network.
- Cardanos Testnet for the Alonzo update integrates users
- NFT Records: $ 1 Billion in Axie Infinity. All-time high for OpenSea’s daily transaction volume.
Vote on the infrastructure law postponed to Tuesday, which can come into force without friendlier crypto changes.
The U.S. Senate has postponed the final vote on the original $ 1 trillion infrastructure bill to collect $ 28 billion from crypto taxes to Tuesday. The majority of senators agreed to close the discussions on Tuesday as the Saturday vote ended with no consensus on amendments. Some of the changes offer to exclude BTC miners from tax obligations.
The crypto room was very critical of the concept of the different taxation rules that apply to Proof-of-Work (PoW) and Proof-of-Stake (PoS) companies:
- Coinbase CEO Brian Armstrong says, “The government is trying to pick winners and losers.”
- Elon Musk supports him and adds: “There is no crisis that forces hasty legislation.”
- Cardano founder Charles Hoskinson has urged Americans to put pressure on Congressmen and Senators and offers to support those politicians who are long-term opposed to such crypto taxation.
- China’s crackdown on bitcoin mining strengthened the position of bitcoin miners in the US. Does that also mean that Bitcoin has gained more powerful lobbyists than the rest of the crypto industry? We will see.
The gold price is falling. Bitcoin tests $ 45,000 resistance
The price of gold fell sharply below $ 1,700 an ounce on Monday morning, seeing the sharpest drop in a single day since it began to decline in June. The main reasons for this are that the US unemployment rate fell to 5.4% while wage growth accelerated.
Meanwhile, digital gold Bitcoin rebounded to test the $ 45,000 resistance level on Sunday.
This is the biggest spike BTC has seen since May. Bitcoin is up 18% since June 28, the same period that gold began to fall.
- Bitcoin has a negative correlation with gold. If the gold price continues to fall, this could be the catalyst for a Bitcoin price spike. Despite this. Bitcoin is still nearly 30% below its ATH.
- A falling unemployment rate increases the chance that the US Federal Reserve will cut its stimulus packages.
Tether adds 1 billion USDT to its supply on the TRON network
Most of Tether, more than half, is now traded on the TRON network. Currently, 53.5% of the total USDT supply (62 billion) is based on the TRON network, while the network ranks second.
Today Whale Alert noticed that another billion had been minted and sent to the TRON network. As we reported in the August 6th summary, the stablecoin is losing its positions to major competitors: Circles USDC and Binance USD (BUSD). Additionally, Tether’s offering has increased 2-fold since the beginning of this year, while its two main competitors have increased 6 and 12-fold, respectively.
- While debates about whether or not Tether is fully backed by real money are still going on, it’s ironic that a Hong Kong-based company is minting US dollar stablecoins and sending them to a Singapore network, with a CEO doing the research from . supports the Communist Party school. It’s probably just a coincidence.
Cardanos Testnet for the Alonzo update is user onboarding
Alonzo’s Purple update was likely the second most anticipated event in the crypto world after Ethereum’s London hard fork. Since the latter happened a few days ago, the focus of the community has shifted to the big update of the fifth largest crypto.
According to the Input Output Twitter account (IOHK is the driving force behind), the upgrade has started adding users to the testnet. Previously, the environment was only available to a closed group of 500 users. Once the onboarding process is complete, the hard fork will happen. NFT minting is already available on the network, while full smart contract support is expected to arrive by the end of this month.
- In contrast to Ethereum, Cardano’s price has improved moderately. On the other hand, the hard fork has not yet fully happened. So we’ll have to wait to see the final results.
NFT records: $ 1 billion in Axie Infinity. All-time high for OpenSea’s daily transaction volume
- Axie Infinity’s trading volume has reached the $ 1 billion mark. In addition, the creators announced that the total number of active players has exceeded 1 million. It is important to note that the game is only in the alpha phase. The mainstream release for iOS and Android is expected to take place in late 2021 / early 2022.
- OpenSea, the largest NFT marketplace, hit a new record daily transaction volume of USD 78,810,100. It came after it was previously announced that OpenSea had managed to capture 90% of the total NFT market and also hit a weekly all-time high of $ 100 million.
- The NFT surge was quick and furious. However, the higher you are, the further you have to fall. On the flip side, there’s always the possibility that NFTs will play with completely different rules than the rest of crypto as a whole.
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