Friday, October 7

Bitcoin price keeps falling

The price of Bitcoin continues its decreasing variation, falling by -6.04% this Monday in the last 24 hours. According to market data, the virtual currency operates this Monday away from the USD 63,421 with which it closed last Monday and even more from its historical maximum registered on the 10th of this month when it flirted with USD 69,000 per coin.

Among other things, the recent drop is attributed to the repeated warning from China. On his control of state companies so that they do not carry out activities related to cryptocurrencies, which he considers illegal.

For their part, both the US Senate and House of Representatives implemented an Infrastructure Bill last week, which was criticized (and feared) by many proponents of cryptocurrencies. It is now officially a law in the North American country.

Now, at the time of writing this note, the price of Bitcoin stands at USD 56,185. Registering according to our online crypto tool, a decrease of -6.03%. The same feeling of decline has been noted in the main cryptocurrencies in the market. Ethereum, for example, registers a drop of -6.76%, on the other hand, Solana, Binance Coin and Cardano, also present falls of more than -5%.

The cloud software company Phunware bought 398 Bitcoins

Phunware Mobile Cloud Software Company (PHUN) ad on Monday you have bought an additional 398 bitcoins. The Austin, Texas-based firm said it now has around 529 bitcoins at an average purchase price of about $ 60,191 per BTC. According to a statement Monday.

Phunware said last week that it would begin processing the initial issues of PhunCoin, available for trading on Securitize. In late October, the company said it would start accepting bitcoin as a form of payment.

Cryptocurrencies May Erode Tax Base, Says Russia’s Tax Chief

The Russian Federal Tax Service (FTS) is actively monitoring the cryptocurrency market to prevent tax evasion. Since cryptocurrencies can potentially cause “significant erosion” in Russia’s tax base, Egorov argued in an interview Monday according to the publication local RBC.

But cryptocurrency transactions are still traceable and must be reported. The official said, adding that the FTS is ready to implement automated tracking systems to process large volumes of data.

When you enter digital space, you still leave a trail somewhere. And it is a matter of time before this trace is identified, ‘Egorov said. The official also noted that the FTS is now devising ways to respond to crypto tax evasion practices. Since the authority seeks to stop such activity instead of just identifying it.

Indian companies ride the cryptocurrency wave despite uncertain regulatory framework

While the Indian administration is trying to recruit lawmakers for a progressive encryption law, recent reports also suggest otherwise. With watchdogs like the central bank taking a cautious stance on the sector, India could allow only pre-approved tokens to be traded.

Recently, Swadeshi Jagaran Manch (SJM), a political organization in the country, also suggested that the government ensure that cryptographic and mining data remains on national servers. Despite the current uncertainty in the regulatory environment, Indian startups are betting heavily on the asset class.

According to data from Tracxn, India now has around 400 cryptocurrency startups, including 12 NFT players. Of which, about 100 crypto-related companies were born in 2021 alone.

Biden renames Powell Fed chairman and names Brainard vice chairman

United States President Joe Biden has re-nominated Jerome Powell as the next Federal Reserve Chairman, after much speculation that Fed Governor Lael Brainard could replace him to lead the central bank during the years. next four years.

With Powell as president and Brainard as vice president, Biden said which he hopes the duo will help keep the focus on low inflation, stable prices and provide more jobs for the American people. In addition to addressing Biden’s stance on climate change.

Now economists have previously stated that the differences between the positions of the two candidates. Both in the regulation of digital assets and in economic policy. They are so mild and subtle that either option probably wouldn’t have made much of a difference to the cryptocurrency industry or markets.

Jerome Powell was appointed Fed Chairman by the Trump administration and took office in February 2018, for a four-year term ending in February 2022. His term as a member of the Board of Governors will expire on January 31, 2028 .