Quote of the week: “Might not happen but it would be extremely healthy for both $BTC and alts. Be prepared either way.”- Twitter trader Galaxy. Source:
Alpha Sigma Capital Update: If you’re questioning what an NFT is, please take some time to read Alpha Sigma Capital’s article on What You Need to Know About NFTs.
United States Regulation: This week, President Biden signed the $1 trillion infrastructure bill into law. The bill contained language applicable to cryptocurrencies; the bill will implement stricter rules on reporting requirements for brokers and businesses handling cryptocurrency. Digital asset transactions worth more than $10k will have to be reported to the IRS. Many are fighting back and calling for revisions to the definition of a “broker” in the bill, including Democratic Congresspeople led by Darren Soto. Many call for miners, validators, and wallet developers to be excluded from being considered “brokers” for tax purposes. Sources: https://cointelegraph.com/news/president-biden-signs-infrastructure-bill-into-law-mandating-broker-reporting-requirements
Bitcoin Adoption Continues with ATMs in Airports: The city of Williston, North Dakota, continues to explore and adopt cryptocurrency. The city’s officials recently announced the installation of “government-hosted cryptocurrency” kiosks or ATM machines at its Williston Basin International Airport. The kiosk will allow travelers to buy and sell 40 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and Shiba Inu, among others. Source: https://cointelegraph.com/news/us-city-sets-up-bitcoin-atm-in-airport-after-crypto-payment-adoption
International Regulation Featuring Israel: This week, Israel’s new anti-money laundering (AML) and anti-terrorist financing rules for cryptocurrency assets come into effect. The new legislation covers the identification and verification of crypto recipients, reporting requirements for cryptocurrency forms, and presents a risk-based approach to deter money laundering. This will also reduce transfer blocks, allowing local banks to more easily onboard and accept cryptocurrency clients. Source: https://finance.yahoo.com/news/israel-aml-rules-may-help-195524256.html
Bitcoin Update: After the United States infrastructure bill was signed, among other market factors, Bitcoin’s price snowballed. The price of Bitcoin has plunged below $60,000. Many are hoping that a relief rally is around the corner.
NFT Mass Adoption Continues: Featuring Music Artist Post Malone:
Rapper, celebrity, Post Malone bought two Bored Ape Yacht Club NFTs for approximately 160 ETH via MoonPay. In his music video, in collaboration with The Weekend, the artist purchases the NFTs. MoonPay is a fintech startup that provides cryptocurrency payment infrastructure. Source: https://cointelegraph.com/news/post-malone-features-bayc-nfts-in-new-music-video-with-the-weeknd
And, that’s a wrap!