Hey there, welcome back! Here is a recap of all that happened in the last 24 hours in the crypto community. Taking a strategic move to improve their financial structure, Amazon shareholders urged the tech giant to acquire Bitcoin. Considering the crypto’s increase over the last week, the members urged that the purchase would enhance the firm’s growth.
The proposal, undertaken by the National Center for Public Policy Research focused on using Bitcoin as a hedge for their $88B cash reserves. Also, the shareholders pinpointed that the U.S. inflation was about 4.95% over the last four years and had risen to 9.1% in 2022. If allocated, Amazon would have to provide at least 5% of its assets to Bitcoin. Although the cryptocurrencies are highly volatile, it reflects the growing interest in the digital assets.
Michael Saylor to Present BTC Investment Case to MicrosoftOn the other hand, Ripple Labs founder Brad Garlinghouse slammed the U.S. Securities and Exchange Commission (SEC) for their lawsuits, terming it as a “war on crypto.” Recently, in an interview, Garlinghouse addressed the formation of FairShake PAC to fight against SEC’s anti-crypto conditions. He stated that if Gensler was not head of the SEC, PAC would not have been formed.
The main contributor of PAC was Ripple, which spent a whopping amount of $45 million, followed by Coinbase. Further, Garlinghouse stated that he would spend another $25M to bring in pro-crypto candidates in the future. Considering Gensler’s resignation from the SEC, Garlinghouse suggested the new administration to enhance the regulatory framework for the community.
On the legal side, Ripple’s CEO, Brad Garlinghouse, has criticized the U.S. Securities and Exchange Commission (SEC) for its aggressive actions against crypto businesses. He argues that unclear rules are hurting the industry and stopping innovation.
On the regulatory end, the Czech Republic had legislated crypto reforms to become a key member in the crypto sector. The reform includes a tax exemption for three years and also allows institutional firms and crypto investors to open bank accounts seamlessly. This step will enhance the growth and stability of crypto companies in the country. With the tax exemption, local and international investors are stated to have a carefree trade.
However, South Korea is facing challenges in issuing crypto taxation citing an impeachment crisis. Although it received support from investors and from the political front, the bill has been halted. If delayed further, it would have an adverse effect on the financial investment income tax and virtual asset tax, scheduled to be processed in January 2025. The bill, already delayed twice, is proposed to collect 20% tax from crypto gains, worth 50M Korean won. This is slightly higher than the initial 2.5M won, raising investor concerns.
Broader Crypto Market
Over the past 24 hours, the market has experienced several challenges. While Ethereum’s (ETH) strength is relative to Bitcoin, its shift can favor the altcoins. Further, ETH is now retesting its 3-year trendline, and if touched, it would erupt the market. But if not, the coin would reach $3500 again. With Bitcoin having a robust dominance in the market, several altcoins have dipped into the red zone. While DOGE fell by 8%, XRP and ADA fell by 9.83%% and 12% respectively, at time of writing. However, smaller tokens like SKICAT, Eagle AI, and DeFiChain showed significant improvement.
This Week Altcoins Watch: DOGE, MNT, CORE, JUP Eye BreakoutsOn the other hand, HAWK, the meme coin, founded by Internet sensational star Hailey Welch had created a buzz in the crypto community. The coin, which gained traction at the time of its launch, quickly dipped, leading to severe losses for investors. Several analysts stated that the TikTok star had sent her followers to pump a combined $50M into HAWK. However, denying foul play, Welch stated that her team owned only 10% of the tokens and none of them were sold. However, the steady fall in price made the community to raise questions about the authenticity of the token launch, with some citing it to be a rug-pull.
