BitDigest April 2 · Issue #628

Name: FS Insight
Price range: $$$

Apr 2, 2020

Author

Gregory Landegger

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Crypto markets show small improvement overnight with 3.8% gain
FATF identifies need for US to improve AML practices
Spain warns 60,000 individuals to pay crypto taxes

Given the economic and social situation we are facing, there was understandably not as many April Fool’s Jokes as in prior years, but here is one from Bitfinex which made me laugh.

Bitcoin never sleeps so why should you?
Introducing The Bitfinex energy drink, coming soon! 😎 pic.twitter.com/srec6JQXlh
— Bitfinex (@bitfinex) April 1, 2020

The first response was just as good.

pic.twitter.com/hfmVatGh0e
— BsvTheRealBitcoin (@BsvMoonCat) April 1, 2020

The Headlines

FATF Finds US Compliance with AML Recommendations Requires Improvement

www.fatf-gafi.org

The Financial Action Task Force (FATF) believes the United States is not properly addressing the recommendation for technical compliance and effectiveness as defined by the global anti-money laundering (AML) watchdog. In a new report the FATF provided an updated to the US’ implementation of the AML framework finding the US is only compliant in 9 out of 40 different rating categories.

Spanish Revenue Service Begins Warning Individuals to Pay Taxes on Crypto Income

www.cryptonews.com

Spain’s revenue service has begun issuing over 60,000 letters warning individual of their obligation to pay taxes on cryptocurrency trading earnings. The Agencia Estatal de Administración Tributaria said it will intensify its scrutiny of digital currencies with a range of new monitoring methods coming into play.

Judge Says GRAM Injunction Extends to Non-US Investors

www.courtlistener.com

The judge presiding over the Security and Exchange Commission’s case against Telegram’s ICO, denied Telegram’s request for clarity allowing the social messaging company to distribute GRAM tokens to non-US investors. US District Judge P. Kevin Castel posted an opinion explaining that the secondary sales of GRAMS were likely to involve US purchasers and therefor defined the request.

Lawyers Argue Case Against Ripple Holds Even if XRP is Not a Security

www.courtlistener.com

Attorneys are hedging their argument in the class action suit against Ripple. Attorneys for the plaintiff have amended their case to suggest that the accusation of improper practices by the defendant would stand even under “the alternative theory that XRP is not a security.”

Crypto Maleware Running on MS-SQL Servers

www.thehackernews.com

Cybersecurity researchers have uncovered a sustained malicious campaign targeting Windows machines running MS-SQL servers. The ‘Vollgar’ maleware employs password brute-force to breach Microsoft SQL servers ] and eventually begins mining monero (xmr) and another privacy coin called vollar.

Crypto ATMs Shutting Down to Limit Spread of Coronavirus

www.cointelegraph.com

The largest crypto ATM operator has begun powering down some of its machines in an effort to halt further spread of the COVID-19 virus. Bitcoin Depot announced it was temporarily shutting off the units in high traffic areas. 10% of its 600 machines across 25 states will be in temporary lockdown for the month of April.

Hitachi to Offer PegaSyS Blockchain Solution in Japan

www.decrypt.co

Hitachi’s consulting arm will begin offering a commercial blockchain-based solution to the Japanese market. Hitachi is working with with Ethereum innovation lab ConsenSys to resell and distribute the PegaSys Plus enterprise grade blockchain software & solution platform.

Exchange, Custody and Product News

Binance to Offer Mining Pool Services

www.twitter.com

Binance CEO Changpeng Zhao (“CZ”) tweeted that the leading digital currency exchange will be introducing a new mining pool service.

Huobi Wallet Starting Lending Program

www.financemagnates.com

Huobi Wallet will be launching a digital currency lending and borrowing service allowing users to lend their crypto assets and receive monthly interest payments, with the option to roll over pledged assets for additional periods. There will be no minimum requirement for utilizing the services and the interest will be paid in cryptocurrencies or stablecoins.

Thoughts on the Ecosystem

Response to QE, Save 'Bitcoin – People's Money'

www.twitter.com

Robert Kiyosaki tweeted asking why one should save money when “QE FED counterfeiting is printing trillions of fake dollars” or ZIRPs (zero interest rate policies)” have come into effect. The Rich Dad Poor Dad author suggested investors should respond by saving “gold-god’s money or Bitcoin-people’s money.”

Reports you may have missed

Robinhood Reports Strong Crypto Revenues, SAB 121 Reversal Sees Bipartisan Support

Market Update

By Tom Couture • May 9, 2024

U.S. equity indices are showing modest gains today following weekly jobless claims coming in higher than expected, showing 231k versus 212k estimated, putting downward pressure on the DXY 0.00% (-0.21%) and rates. The $SPY has gained 0.36%, approaching the $520 mark, while the $QQQ has risen 0.14% to the $440. Crypto assets are showing larger gains, with BTC 3.40% (+1.57%) rising above $62k and ETH 2.47% (+1.05%) surpassing $3,000. The Render Networkâs mobile app, OctaneX, was featured in Appleâs keynote presentation earlier...

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Market Update

By Sean Farrell • May 8, 2024

The crypto market declined overnight, with BTC 3.40% dropping from $63k to $61k, SOL 6.95% from $150 to $145, and ETH 2.47% dipping below the $3k mark once again. The likely cause of the drawdown was upward pressure on the DXY 0.00% and a lack of follow-through in flows. Among the few outperformers of the day were RUNE 10.29% , the native token of the cross-chain swapping protocol Thorchain, and Ethereum Classic (ETC 2.25% ), possibly driven by...