The crypto assets market extended a global slump for the second consecutive day after Bitcoin got rejected near the $42,500 region yesterday. Sellers swarmed the markets as sentiment worsened post the release of US inflation data which is at a record 7.9%, the largest increase in 40 years. Market sell off almost confirmed the US Federal reserve’s decision to hike the interest rates will be imminent next week and the European Central Bank started slowing down the stimulus program too. The crypto assets market capitalization currently stands at $1.7 trillion with a 24 hour decline of 2.2%. In this article, we will briefly cover the top stories that occurred in the crypto ecosystem.
Dogecoin (DOGE) and Shiba Inu (SHIB) are currently ranked in the top 20 crypto assets by market cap list with its price action primarily driven by strong communities. Also known as Meme coins, they have garnered the attention of the world leaders and companies who are looking to capitalize on the adoption wave. In that order, AMC, one of the largest movie theater chains in the US, has officially started to accept DOGE and SHIB as online payments through their website. The announcement came from the CEO of AMC on Twitter crediting crypto payments processor Bitpay for making it a reality.
With Turkish Lira tanking in value over the past several years, the citizens of Turkey have turned to crypto to hedge against inflation and volatility. Though Bitcoin and Tether (USDT) are the most traded on domestic exchanges, the Turks have taken a particular liking to trade Shiba Inu. Taking a step further, Turkey's finance minister met with a Turkish Shiba Inu influencer to discuss widespread adoption of the meme crypto.
Dubai passed a virtual assets law creating a legal framework for crypto assets in the emirate of Dubai and established Dubai Virtual Asset Regulatory Authority (VARA). The VARA aims to protect investors, ensure transparency and design international standards for governance. The new crypto law will require Dubai residents to register with VARA prior to engaging in crypto-related activities. Businesses dealing in virtual asset activities must also establish a presence in Dubai. These activities include operating a crypto exchange, conducting transfers of cryptocurrencies, and other services related to offering and trading tokens.
Thailand, in an effort to boost the crypto economy, has relaxed tax rules for crypto trading until the end of 2023. Starting April 1, trades of digital assets on government-approved exchanges will be exempt from a 7% value-added-tax (VAT). Transfers involving Thailand's retail central bank digital currency will also be exempt from the VAT over the same time period. Traders will also be able to deduct losses from crypto trading from taxes due on gains.
Adobe’s Behance creative social media platform is adding support for non-fungible tokens (NFTs) minted on Polygon, allowing creators to display their work. Creators can connect their Web3 wallet like Metamask to their Behance profile, and any NFTs they have created will be displayed on their Behance profile. This integration with Polygon is powered by blockchain development platform Alchemy. Reduced carbon footprint and low fees have made Polygon one of the main destinations for the NFT community.
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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.