Every day the crypto world brings plenty of exciting gossip to crypto lovers. The twists and turns brought by these latest crypto updates make crypto fascinating and unique.
Keeping this in mind, we are back with the new edition of our crypto news segment for this week. So without wasting any second, let's go straight to these top 10 latest crypto updates for this week.
Delay of Merge
The long-awaited 'Merge' that is an attempt by Ethereum to switch from Proof of work to a proof of stake model is delayed again. It was expected to deploy in June but would take several more months to launch. It is the latest in the series of previous delays from its announcement. Since it is an important sustainability plan for Ethereum to reduce its energy consumption and fasten the transactions, the whole crypto world has its eye on it. But if the delay cycle would not stop, there are chances for other blockchain networks to surpass Ethereum in this shift.
Taxation after-effects
The Newly issued rules on Cryptocurrency Taxation in India have led to a steep downturn in the Indian crypto trading market. Fear of a 30% tax on crypto profits with no option to set off losses is forcing crypto investors to put extra thought into every investment. The latest data from many crypto news portals suggests that trading on many Indian cryptocurrency exchanges has plummeted considerably in the last few weeks. The liquidity crunch can go even bigger after the 1%TDS on every crypto transaction comes into the picture from July.
Burn SHIBA, earn profit
The third spot in our list of the latest crypto updates is SHIBA INU's Burning portal. The team behind this popular Doge-inspired coin has launched a burning mechanism for holders of SHIBA coins giving them the option to burn their tokens to generate passive income. Anyone owning SHIBA coins and a Web3 wallet is eligible to burn coins. The burning of SHIBA coins will reduce their circulation supply, making the tokens scarcer.
The planned reward will be for those choosing to burn their SHIBA coins. These SHIBA investors will receive a token named burntSHIB and an RYOSHI tokens reward. Then the owners of burntSHIB will receive their share from 0.49% of all RYOSHI transactions. The SHIBA team announced this SHIBA-related crypto news through their Twitter handle.
Dorsey NFT shock
Those who know what NFTs are and are familiar with the most famous NFTs of all time must have heard about Jack Dorsey's first tweet, NFT. There was a time in 2021 when crypto entrepreneur Sina Estavithis bought this NFT for $2.9 million. When Sina put the same NFT for sale in an NFT marketplace after a year, it received the highest bid of just $6,800.
India tops, crypto rocks
This section of the latest crypto updates is about the position of India in the world of crypto. The Crypto industry has become a global burgeoning asset class in the past years. Though the Indian government has doubtful notions regarding crypto trading, a report suggests that India has the largest holders of cryptocurrency. India's 7 percent population, which means 100 million people hold the digital asset. The figure rose by around 20 percent in the first quarter of 2022. This crypto news amid the tax uncertainties seems like a positive turning point showing the level of trust Indians have shown in crypto.
Struggles of Bitcoin
Bitcoin experienced a tumultuous week with the zigzagging prices. It is due to the sustainable volatility that Bitcoin has been facing for the past few weeks. A few days back, it was trading just above the $40,000 mark and even experienced a short-lived hike of $43000. The coin crossed its crucial $40k mark with a steady drop, and it is now trading at $39,600. Some crypto experts have predicted that $36K-$37K can be the next big support for BTC, and if it fails to hold this level, the price may go down to the $30K demand zone.
Twitter creating Digital payment for creators
Twitter plans to integrate the cryptocurrency payout option as part of its content monetization strategy. It is planning to pilot this feature through a digital payments processor Stripe Inc. The eligible users of Twitter Ticketed Spaces and Super Follow programs will be capable of receiving payment from the company in USD Coin. The crypto payments can be held in crypto wallets on the Polygon network and even can be used to exchange for other currencies.
Crypto chapter
The next in our list of latest crypto updates is the addition of cryptocurrency to the study curriculum of world-class universities. Top-notch educational colleges like MIT, Stanford, Oxford, and NUS have involved Blockchain technology and its elements in their latest syllabus. Due to the rising significance of Blockchain and cryptocurrency in almost all major financial institutions globally.
Blockchain Gaming hike
According to a report published by DappRadar x BGA Games, Blockchain gaming has hiked to 2000% since the Q1 of the previous year. One big contributor to this hike is "play to earn NFT games" on the Ethereum network. Blockchain gaming has involved 1.2 million unique active wallets in just March 2022.
Elon's Twitter Saga
The last news of this week's latest crypto updates is about the CEO of Tesla, Elon Musk. He bought the majority stakes of 9.2% in Twitter a few weeks back and then refused to join the Twitter board. Now, his unexpected offer to buy a 100% stake in Twitter at a $43 billion evaluation shocked everyone. It would be interesting to see if Twitter would accept this offer.
That's it for this part of the latest crypto updates. We will be back with new and exciting crypto news soon.
