As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself constantly intrigued by the rapid pace of development and regulatory advancements. This week has been particularly exciting, with Texas and Russia exploring the creation of strategic Bitcoin reserves – it seems that BTC is gaining traction as a legitimate asset class.
This week, there have been developments in both Russia and Texas regarding the establishment of strategic Bitcoin reserves. Meanwhile, regulatory progress features Ripple Labs receiving NYDFS approval for their stablecoin, as well as plans by the Czech Republic to streamline crypto tax regulations. Let’s delve further into these topics.
Bitcoin
The Texas House of Representatives proposed a bill aimed at creating a strategic Bitcoin deposit, which could serve as a testing ground for the U.S. Treasury.
Microsoft’s stockholders declined an initiative to investigate the inclusion of Bitcoin (BTC) in the corporation’s financial portfolio strategy. This decision was made despite Michael Saylor, CEO of MicroStrategy, advocating persistently for its adoption among shareholders.
As an analyst, I find myself expressing that recently, Anton Tkachev, a member of the Russian State Duma hailing from the New People party, has officially put forth a proposition aimed at creating a Strategic Bitcoin Reserve (SBR). This move is in response to Bitcoin’s increasing prominence within our global financial landscape.
Ethereum
Two major players in the exchange-traded fund (ETF) market, BlackRock and Fidelity, have collectively invested more than half a billion dollars in Ethereum over the last two days.
Altcoins
Although Shiba Inu may have made some promises, it appears that other cryptocurrencies like Rexas Finance (RXS), Avalanche (AVAX), and Polkadot (DOT) in the market show stronger fundamentals and more compelling tokenomics.
As a researcher, I am delighted to announce that I have taken the formal step of registering Grayscale’s existing Solana Trust with the New York Stock Exchange (NYSE), transforming it into a Solana Exchange-Traded Fund (ETF) in the process. This transition aims to provide a more accessible and liquid avenue for investors to gain exposure to the Solana blockchain ecosystem.
There’s a buzz suggesting that the CEO of Ripple, Brad Garlinghouse, might be covertly putting money into the emerging DTX Exchange (DTX). This platform is anticipated to significantly disrupt the landscape of digital asset trading.
Business
Through a private offering of their native cryptocurrency, AVAX, the Avalanche Foundation managed to amass $250 million. This substantial fundraising will be utilized to facilitate the Avalanche 9000 update and drive innovation in enhancing blockchain scalability and promoting wider adoption.
To cope with international trade issues, enhance logistics effectiveness, and cater to increasing North American interest in Bitcoin mining, Bitmain has broadened its production of Bitcoin Application-Specific Integrated Circuit (ASIC) devices within the United States.
Web3
Recently, Cryptodaily had an on-site conversation with Tom Trowbridge, Co-Founder at Fluence Labs, during Devconnect in Bangkok. The aim was to gain insights into what they are constructing within the decentralized infrastructure sector. This discussion delved deeper into how decentralized computing plays a pivotal role in fostering the growth of the Web3 environment.
The innovative Quadratic Accelerator (Q/A) has made its entrance in Polygon‘s zkEVM environment, with the goal of redefining the way tokens enter the market. Early indications show a positive outlook.
More and more companies are understanding the power of artificial intelligence (AI) by deploying customized autonomous agents across various departments or units within their organizations.
Travel platform Travala, which operates on Web3 technology, has exceeded an annual income of $100 million and introduced a Treasury Reserve Plan that includes holding Bitcoin (BTC) and AVA tokens. This action underscores their dedication to the advancement and expansion of blockchain-based travel solutions.
Io.net and Mira Network have joined forces to offer a unique blend of decentralized GPU processing and sophisticated consensus mechanisms, aiming to provide quicker, more precise, and economical validation of AI results.
Regulation
After obtaining the final green light from the New York State Department of Financial Services (NYDFS), Ripple Labs is now authorized to debut its stablecoin, known as RLUSD.
In simpler terms, the U.S. Supreme Court has chosen not to intervene in favor of Nvidia, allowing a group lawsuit against the company to proceed. The lawsuit claims that Nvidia deceived investors by exaggerating the importance of cryptocurrency mining when selling graphics processors (GPUs).
The Czech Republic is currently developing new laws aimed at streamlining cryptocurrency tax responsibilities, and plans to eliminate capital gains tax on Bitcoins that have been held for a minimum of three years, effective from the year 2025.
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2024-12-15 16:18