Chainalysis released a report today where it revealed that retail investors, and not institutional investors, were behind the crypto panic wave that spawned during Black Wednesday. We tell you!
It wasn’t institutional crypto investors!
As we have previously commented on Crypto Trend, the crypto market has experienced a surge of new institutional investors. Among them, Tesla, MicroStrategy and Square. And, while this has favored the adoption of crypto, it has also raised concern given that these firms could have the power to alter the market.
However, and contrary to what many would think, the liquidations we observed yesterday that sparked a crypto panic wave were essentially caused by retail investors, according to data from Chainalysis.
The report called “Intel Market Report” was the space in which Philip Gradwell, chief economist at Chainalysis, revealed that “much of the sales come from people with assets already on stock exchanges, who tend to be retail investors».
Charles Hoskinson offered advice to Elon Musk
Charles Hoskinson, creator of Cardano, has posted a video on his YouTube channel where he provided a number of tips to Elon Musk for the development of the crypto meme Dogecoin.
So Hoskinson commented: “You have programming skills. Pay attention to that. Finally you can make smart contracts in DOGE and have those DOGE-related apps. You don’t need the Blockchain to mine. What do you think? You have side chains. You have some great things for lite customers. And then, of course, you’ll have a much more reasonable difficulty system, retargeting system, and you’re resistant to ASICs(application-specific integrated circuit)».
So Cardano’s creator would be listing to Elon Musk all the strengths Dogecoin has.
Canada’s Central Bank has something to say about crypto ETH
Today the Bank of Canada post its annual review of vulnerabilities and risks in the financial sector. In this regard, he stated that, despite their increasing volatility, the intrinsic value of crypto assets like Bitcoin and Ethereum is “difficult to establish.”
Thus the bank has issued a warning about crypto, describing such assets as “high risk.”
Biden, the Tax Plan and crypto transactions
Today the U.S. Treasury Department released a report describing the Biden administration’s tax compliance plan. How does this affect the crypto market? Well, a new requirement has been included for companies to report cryptocurrency transfers of $ 10,000 or more to the IRS.
In this way, the report stated that,”as with cash transactions, companies receiving crypto assets with a fair market value of over $ 10,000 would also be reported».
Thus the Department considers that leveraging information from crypto companies is essential. Since, “instead of introducing new requirements for taxpayers, it’s a proven way to improve compliance».
In a few lines…
- Instagram is organize an event for non-expendable token creators (NFT).
- A Stack Funds report anticipates that Bitcoin dominance is likely to experience a rebound soon.
- In addition, a Chinese Bitcoin company, BIT Mining Limited, announced an investment in a crypto mining data center in Texas.
Relate
