Crypto News Not to Miss Out

Research: the bear market will make the crypto space healthier

KPMG researchers say slower growth of investments shouldn’t be considered a sign of decline. The flow of investments in the crypto market hasn’t dried up. In H1 2022, crypto-focused companies attracted $14.2 billion. It’s a sign of market maturity. Some projects without a long-term vision will die out, but the companies with “clear and strong value propositions” will strengthen their positions.

The International Monetary Fund claims crypto is no longer a “niche asset” as more people use it as a payment and storing savings option.

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Germany, Italy & Switzerland are the top 3 countries for crypto tax for residents

According to Coincub research, Germany is the #1 with its zero tax on gains if crypto assets are stored for more than a year. Italy is the #2 and offers exemption from tax on crypto gains that aren’t over €51,000. In Switzerland gains for crypto investments of up to $18,000 are tax-exempt (however, it depends on the canton).

Belgium is the worst country for crypto investors, with its 33% tax which can soar up to 50% if your gains are considered professional income.

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Binance brings soulbound tokens to its users

Binance Account Bound tokens will prove the identity of those who have already completed KYC. They will be allowed to mint unique tokens and revoke them.

The initial gas fee is 1 BUSD.

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zkBNB on BNB Chain to scale blockchain

The zero-knowledge proof solution will help reduce transaction fees, increase their speed, and enhance security. It will allow for the “transfer of BNB and BEP20/BEP721/BEP1155 tokens between BSC and zkBNB.”

The solution supports up to 100 million addresses and allows handling 5,000–10,000 transactions per second.

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The US may ban PoW mining

The White House report suggests that miners should reduce their carbon footprint. If the industry isn’t greener, authorities could ban energy-consuming mining. The move is obvious, considering the US share of mining which surged from 3.5% to 38% in two years.

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Users lose interest in NFTs

StockApps.com reports the interest fell to its all-time low point at 14 in August. For example, OpenSea trading volumes have fallen by 99% compared to the highs in May. It may be a result of the bear market trends. Additionally, NFTs have lost the effect of novelty.

However, NFTs won’t die out as the underlying technology is revolutionary and has many use cases, experts say. So, the market will become more stable in the future.

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Binance and Blockchain.com are among the top 10 websites for spoofing attacks

As per Bitdefender, Binance and Blockchain.com make up 77% of spoofing attacks for the targeted sites. Both companies say they combat attacks, and phishing sites are removed.

The #1 type of attack is replacing numbers or letters, e.g., G00gle instead of Google.

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Franklin Templeton announces metaverse-related exchange-traded fund

Silicon Valley’s investment company will allow European investors to back companies that impact or are expected to impact the metaverse development. The fund will track the Solactive Global Metaverse Innovation Net Total Return Index, which covers these companies.

Solactive considers the metaverse one of the most promising areas for investment, as its value is expected to hit $5trillion by 2030.

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