- Crypto and traditional markets each turned higher today. $BTC and $ETH are up 0.79% and 1.91%, while SPX and NDQ are up 0.75% and 1.16%. This comes as the dollar (DXY) continues to fall - down 0.31%. Most altcoins have lagged today compared to bitcoin and ethereum. For example, alt-layer ones $NEAR and $AVAX are down 0.15% and 0.89%, and $SOL is up just 0.59%. An exception to this is the decentralized exchange $GMX, which has risen 3.35% and continued its outperformance since the collapse of FTX. Coinbase ($COIN) has also performed great today - up 4.07%, despite founder Brian Armstrong stating yesterday that the exchange's revenues are set to be cut by 50% or more this year.
- The European Commission plans to make crypto companies and protocols report user holdings to tax authorities to prevent tax evasion with crypto. Paolo Gentiloni, EU Commissioner for tax, stated, "Anonymity means that many crypto-asset users making significant profits fall under the radar of national tax authorities. This is not acceptable." The Commission is still working on how to enforce these measures with companies outside the bloc. Enforcement may be challenging in an industry where protocols can operate entirely online and have anonymous or pseudonymous teams. The Commission believes that its new plans may generate as much as 2.4 billion euros ($2.5 billion) in tax revenue by making tax evasion more difficult.
- Early access for staking for Chainlink ($LINK) began on Tuesday, and access for the public opened today. Within the first 30 minutes on Tuesday, 7 million tokens ($51 million) were staked by holders. Chainlink is a decentralized oracle network that provides price feeds and other data for blockchains. The staking pool is currently in beta and capped at 25 million LINK, although Chainlink plans to scale up to 75 million LINK in the future. Staking is a key mechanism on Chainlink that intends to increase the network's security, enable community participation, and generate sustainable rewards for stakers through user service fees and native token emissions. The yield to stakers is currently 4.75%.
EU Looks to Increase Regulation and Chainlink Staking Begins
Dec 8, 2022
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