Bitcoin Rally hits $2 trillion in cryptocurrency market cap
Coinbase “Ethereum Volume Overtakes Bitcoin for the First Time in Q2”
Musk, Cuban Support Dogecoin
Due to the recent bitcoin rally, the total market capitalization of cryptocurrencies has exceeded $2 trillion (2338 trillion won) in about three months. According to CNBC, a U.S. economic media outlet on the 16th (local time), the bitcoin transaction price on the 14th broke through the $48,000 mark, the highest since May 17th.
CNBC has compiled six cryptocurrency market issues in one week.
◆ U.S. Senate Passes Infrastructure Bill Without Amending Crypto Tax Provisions
A $1 trillion infrastructure investment bill passed the U.S. Senate on the 10th. Of that, $28 billion will be taxed on the cryptocurrency industry. The law is expected to be enacted after review by the House of Representatives.
As a result, it has been argued that the ‘Infrastructure Act’ will not affect the cryptocurrency industry immediately. According to a CNBC report on the 11th, it was analyzed that the tax reporting requirements of the Investment Act will not cause any disruption to operations as cryptocurrency companies are already reporting cryptocurrency taxes in accordance with the US Internal Revenue Service (IRS) format. Leah Wald, CEO of Valkyrie Digital Asset, a digital asset manager, said, “This bill will not be implemented until 2023 at the earliest, so the Infrastructure Investment Act will not have a substantial impact on the cryptocurrency market in the short term.”
◆ 700 billion won cryptocurrency hacked… Give back most of the hackers
It has been confirmed that hackers who stole the largest cryptocurrency ever from the Poly Network, the platform of DeFi, a blockchain-based decentralized financial market, returned almost all of the stolen assets.
According to major foreign media such as Reuters on the 12th, the Poly Network said that most of the $610 million (about 700 billion won) it had been hacked was returned. On the 10th, the Polly Network demanded that hackers take back thousands of cryptocurrencies, including Ethereum, and that they would take legal action and return the stolen coins.
Experts believe that the hackers decided to return the stolen coins because they were large and difficult to launder. Tom Robinson, co-founder of blockchain company Elliptic, said, “Even if cryptocurrency can be stolen, it is very difficult to launder or monetize due to the transparency of the blockchain and the extensive use of blockchain analysis by financial institutions.”
◆ Coinbase “Ethereum transaction volume in Q2 surpasses Bitcoin for the first time”
Coinbase, which announced its earnings on the 10th, said that in the second quarter, total Ethereum transaction volume (26%) surpassed Bitcoin (24%) for the first time. Bitcoin accounted for 39% of the total transaction volume in the first quarter, but declined to 24% in the second quarter. Coinbase explains that transactions have diversified beyond Bitcoin to other digital assets such as Ethereum.
In this regard, Coinbase Chief Financial Officer Alesia Haas told CNBC in an interview with CNBC that the non-fungible token (NFT) craze, Ethereum 2.0 deposit contract lockup, ETH increase, and the shift from proof-of-work (PoW) to proof-of-stake (PoS) consensus algorithm. Three reasons were presented, including a gradual transition.
◆ Following Amazon, Walmart Hires Cryptocurrency Product Leader
Walmart, a large American retailer, announced that it would hire a general manager of cryptocurrency products, drawing attention from the market. On the 15th, foreign media reported this by citing a job posting posted by Walmart on LinkedIn. The person to be hired will not only develop a digital currency strategy and product roadmap at Walmart, but will also be responsible for cryptocurrency-related investments and partnerships.
Last month, Amazon also posted a job announcement for digital currency and blockchain experts. After the job announcement, there were also some media reports that it was considering accepting Bitcoin as a payment method, but Amazon vehemently denied it.
◆ Musk Cuban Supports Dogecoin
Tesla CEO Elon Musk, a self-proclaimed ‘Dogefather’, supported Mark Cuban’s praise of Dogecoin. Billionaire investor Mark Cuban, owner of the Dallas Mavericks basketball team, said in an interview with CNBC on the 13th that “Dogecoin is the most powerful means of exchange.” Musk agreed, saying, “I’ve been saying this for a while,” and the price of Dogecoin went up significantly. At one point on the 16th, Dogecoin soared to $0.35.
◆ MS, research on how to use blockchain to prevent illegal copying of contents
Microsoft (MS) collaborated with Alibaba and Carnegie Mellon University (CMU) to study the use of blockchain technology to prevent piracy. ‘ was revealed. In this paper, Microsoft proposed the ‘Argus’ system that utilizes the transparency of Ethereum blockchain technology and data collected from anonymous piracy informants.
