Blockfolio rides off into the sunset, but it’s a new dawn for FTX App

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DOGE For Dogs: Burger King Brazil Now Accepts Dogecoin For Dog Food

Burger King Brazil has announced that customers can now purchase “dogpper” dog food using the Dogecoin (DOGE) cryptocurrency.

Burger King Brazil Accepts Dogecoin As Payment For Dog Biscuits

The fast-food chain has introduced a new product called Dogpper, a meat-flavored dog snack in the shape of a bone.

The name of the Dogpper is a spin on Burger King’s most popular product, “The Whopper”. The item is aimed at customers with canine pets who wish to share something with their pets when ordering from the restaurant-chain.

At select locations, the Brazilian version of Burger King has announced that customers can pay for these Dogppers using Dogecoin.

According to the company’s website, the service has been up since Monday. However, the firm advises customers to first check availability of delivery at their location.

Each of these dog snacks costs 3 DOGE. Though, Dogecoin payments aren’t the only method to buy these, of course. The Brazilian Real (RBL) will also work.

Related Reading | Dogecoin Co-Founder Says He Doesn’t Plan To Return To Crypto, Here’s Why

To buy Dogppers, users need to select the amount on the website, and fill up the registration form. Once done, the website will display Burger King Brazil’s DOGE address, which the customer has to send the Dogecoin on. The item can also be purchased on mobile apps like Uber Eats, Ifood, and 99 Food.

The food-chain giant also recommends that customers only order a maximum of 5 Dogppers due to availability reasons.

The Dogpper product itself isn’t new. The snack has already been available in Burger King restaurants in Argentina since 2019.

Related Reading | Ethereum Founder Joins Dogecoin Founder In Leaving Crypto Industry Behind

At the moment, it’s unknown whether Burger King will allow Dogecoin payments for other products on their menu. And if the company will also accept other cryptos in the future, and expand schemes like this to other franchises outside Brazil.

A portion of the proceeds from Dogpper will go to an animal protection NGO, according to BK Brazil. The product will only be available for a limited period of time.

Just a few days ago, Coinbase Commerce announced that users can now checkout using DOGE. Thus, Dogeoin has become the 7th crypto added to the service.

DOGE Price

At the time of writing, Dogecoin’s price floats around $0.203, up 6% in the last 7 days. Over the past month, the cryptocurrency has dropped 22% in value.

Here is a chart showing the trend in DOGE’s price over the last three months:

Dogecoin DOGE Price Chart

Dogecoin's price seems to be on an overall uptrend in the past week | Source: DOGEUSD on TradingView

After a continuous downwards trajectory since the crash in May, Dogecoin has finally seemed to pick up an upwards trend over the past few days.

Featured image from Burger King BR, chart from TradingView.com

Bitcoin Bullish Signal: BTC Exchange Reserve Plummets

Bitcoin exchange reserve has fallen off a cliff, on-chain analysis shows. This behavior is usually a bullish indicator for the BTC market.

Bitcoin All Exchanges Reserve Is Down

As pointed out by a CryptoQuant post, the BTC all exchanges reserve indicator has surged downhill over the past couple of days.

The Bitcoin all exchanges reserve is an indicator that shows the amount of BTC stored in wallets of all exchanges. When the metric’s value goes up, it means more investors are sending their crypto to exchanges.

More BTC in exchanges implies a selling pressure. On the other hand, when its value goes down, it means investors are sending their coins from exchange wallets to personal ones.

Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist

Here is a chart showing the trend in the value of the BTC all exchanges reserve over the last two months:

Bitcoin All Exchanges Reserve

The BTC all exchanges reserve seems to have steeply declined | Source: CryptoQuant

As the above graph shows, the metric has fallen down with quite the steep slope. Just over the past two days, the indicator has dropped more than 100K Bitcoin in value!

Since the value of the indicator going down means more BTC moving out of exchanges, it might mean that there is a buying pressure in the market. The price should be affected positively by this.

Related Reading | Survey Says! Institutional Investors Are Still Bullish On Bitcoin

A look at outflow charts of popular exchanges shows massive movement. Coinbase Pro saw 30k BTC exiting the platform on Wednesday, while Binance, the largest exchange by trading volume, saw around 29k BTC moving out of its wallets.

A couple of days back, Binance observed huge netflows. The price moved positively afterwards so that it’s possible that the all exchanges reserve plummeting will make the price go up this time too.

Bitcoin Price

At the time of writing, Bitcoin’s price is floating around $39.8k, up 24% in the last 7 days. Over the last month, the crypto has gained almost 15% in value.

Here is a chart that shows the trend in the price of BTC over the last 3 months:

Bitcoin Price Chart

BTC catches a sharp upwards trend | Source: BTCUSD on TradingView

After struggling in a range bound market for quite the while, Bitcoin has finally gained some of the volatility back. The rapid price swing of $34.5k to $39.5k was accompanied by the biggest short squeeze in the history of the coin as short sellers hurried to cut their loses.

The crypto is now testing the $40k resistance level, and if it can keep the rally up and push through, it’s likely that the coin will reach the $45k mark. However, if the level can’t be surpassed, BTC could fall back to a range bound market.

Paypal Plans to Study Transactions That Fund Extremism, Anti-Government Groups

Paypal Plans to Study Transactions That Fund Extremism, Anti-Government Groups

The payment processing giant Paypal has revealed it has partnered with the nonprofit organization the Anti-Defamation League (ADL). According to the announcement, Paypal is researching transactions settled on the payment network that allegedly fund hate groups and extremism.

Paypal to Study Transactions With the Anti-Defamation League

A report from Reuters notes that Paypal is studying transactions that involve “extremists” and that fund “hate movements.” The company will investigate and disrupt the financial flows that support specific hate groups and alleged “anti-government organizations.” The announcement notes that the initiative will be completed via ADL’s Center on Extremism.

According to Paypal’s chief risk officer and executive vice president of risk and platforms, Aaron Karczmer said the company has been working on “sophisticated systems” that help curb illegal activities.

Paypal Plans to Study Transactions That Fund Extremism, Anti-Government Groups
When the ADL announced its partnership with Paypal on Twitter, the thread got a massive number of responses criticizing the ADL’s practices.

Karczmer hopes this previous knowledge and the current systems can help create a “positive social impact.” The centralized payment processor has been known to censor transactions for quite some time. In 2010, Paypal froze the account tethered to the whistleblowing web portal Wikileaks and caused an uproar.

The combination of Mastercard, Visa, Paypal and others using a financial blockade against Wikileaks was controversial and the actions drove the website to accept bitcoin donations. In 2016, male escorts in the UK leveraged bitcoin to bypass Paypal censorship. In 2019, Paypal stopped servicing Pornhub models and by January 2020, Paypal suspended all Pornhub accounts. In September 2020, Paypal’s sophisticated infrastructure censored merchants selling tardigrade merchandise.

Extremism Considered a Slippery Slope and Debatable

The ADL’s definitions of extremism and hate are also quite debatable. For instance, five years ago the ADL classified the famous Internet frog meme “Rare Pepe” as a hate symbol. This caused the meme to get blockchained and turned into an immutable collection of non-fungible tokens.

Paypal Plans to Study Transactions That Fund Extremism, Anti-Government Groups

Moreover, the ADL’s definitions of anti-government organizations being dubbed extremists are also considered extreme by those who believe in libertarianism and think that governments are currently corrupt. The latest move by Paypal and ADL has already been criticized by activists, libertarians, and even bitcoiners.

“Bitcoin derives its value from censorship resistance,” a Redditor on the subreddit r/bitcoin said on July 26. “Paypal, your days of forced-relevance are over,” the individual added.

The former American Civil Liberties Union (ACLU) director, Ira Glasser, explains how banning hate speech is a never-ending slippery slope. “When people say they want to ban hate speech, what they mean is they want to ban speech that they hate,” Glasser stressed in an interview. “But if you allowed something called ‘hate speech’ to be banned, then the only important question would be ‘who decides?’”

The report concerning the ADL and Paypal partnership explains that the payment processor has already been taking action against “extremism” over the last several years. The announcement also notes that Paypal and the ADL will be working with select civil rights organizations. Jonathan Greenblatt, ADL’s CEO, sees the partnership as a window of opportunity.

“We have a unique opportunity to further understand how hate spreads and develop key insights that will inform the efforts of the financial industry, law enforcement, and our communities in mitigating extremist threats,” Greenblatt said in a statement.

What do you think about Paypal joining up with the Anti-Defamation League in order to research transactions that fund extremism? Do you think there’s a slippery slope when it comes to classifying extremists? Let us know what you think about this subject in the comments section below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Small-cap altcoins push higher as Bitcoin bulls fight to hold $40,000

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ZKSwap Adds Support for More Blockchains and Tokens via V2 Launch

ZKSwap Adds Support for More Blockchains and Tokens via V2 Launch

ZKSwap Ethereum layer-2 scaling solution and decentralized exchange (DEX) has announced the launch of ZKSwap V2. The team claims the upgrade will significantly expand its ecosystem, making it possible for users to add and swap any ERC-20 token and ZKSwap V2 will also support several other blockchains, including Binance Smart Chain (BSC), OKChain, and Huobi ECO Chain (HECO), according to a press release on July 27, 2021.

ZKSwap V2 Launched

Since the launch of the first version of its ZK-Rollup-based Ethereum layer-2 scaling solution and decentralized exchange in February 2020, ZKSwap claims to have seen more than 87,000 users and $1.7 billion in total value locked (TVL) and it now plans to expand its ecosystem even further.

For the uninitiated, the ZK-Rollups technology increases network scalability by bundling up numerous token transfer requests into a single transaction, instead of processing just one transaction per transfer.

Not relaxing on its status as one of the largest layer-2 DEXes in the world, ZKSwap has launched the second iteration of its platform dubbed ZKSwap V2, to usher in more exciting features for its users.

As stated in its press release, while ZKSwap V1 majorly supported Ethereum-based crypto assets and tokens, ZKSwap V2 is designed to accommodate the digital assets of a vast array of blockchains, including Binance Smart Chain (BSC), OKex Chain, and Huobi Eco Chain (HECO).

Unlimited Token Listing

With ZKSwap V2 now live, the team says users will be able to swap any ERC-20 token and enjoy lightning-fast and cost-efficient withdrawals from the ZKSwap platform to supported layer 1 networks like Ethereum and others.

ZKSwap claims traders on its decentralized exchange can make up to 50 free transactions per day, paying transaction fees only when they withdraw their asset to a layer-1 network.

Commenting on the launch of ZKSwap V2, Alex Lee, Head of Development at ZKSwap reiterated that the ZKSwap V2 launch will significantly lower the barrier to entry into DeFi for small traders.

In his words:

“By opening up our platform to any token standard, we’re creating a more expansive DeFi ecosystem that allows users to list and swap thousands of new tokens with ease. With ZKSwap V2, we’re also aiming to make DeFi more accessible to the masses. Gas fees and network congestion are two major barriers to DeFi adoption, especially on Ethereum, so we’re helping solve for scalability and usability by offering a more efficient solution for the network and its users.”

In related news, other Ehereum layer-2 scaling solutions, including Arbitrum and Optimism have also started gaining significant traction, especially in the DeFi space.

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Bitcoin Indicators Point to Possible Inevitable Break Above $40K Resistance

Bitcoin has been rejected several times after a push north of the $40,000 mark. At the time of writing, BTC trades at $36,621 with a 3.2% profit in the daily and a 31.9% in the weekly chart.

Bitcoin BTC BTCUSD
BTC with a strong rally in the daily chart. Source: BTCUSD Tradingview

The sentiment is growing bullish, as Bitcoin continues to tackle the important resistance at key levels. In addition, data from CryptoQuant points towards bullish indicators.

Despite an increase in BTC inflows to exchange platforms, most of the selling seems to be absorbed by strong buyers. As a consequence, the Bitcoin spot reserves on exchanges are on a downtrend, as the chart below shows.

Bitcoin BTC BTCUSD
Source: CryptoQuant

CryptoQuant claims that this is the “highest outflow level” since Bitcoin has been testing the lows of its current range, around $29,000, and the high levels at $40,000. Therefore, it is possible to assume that BTC’s price could find enough support for a fresh leg-up into previous highs.

On the first pullback after breaking through $30,000 earlier in the year, there was the same peak in outflow volume on the exchanges. We need to see as price breaks new resistance up to the last historial top (…)

This data also suggests that the price could reclaim the previous high without “great demand”, CryptoQuant said. There were similar BTC outflows in mid-July, but the report attributed it to an internal transaction. The recent spike is even higher than the previous outflow indicating

Clearly big players capitulating to liquidity from the bears who were betting on a break of support at $30,000.

Bitcoin BTC BTCUSD
Source: CryptoQuant

Bitcoin To See $50,000 In The Coming Weeks?

A separate report by QCP Capital highlighted that the recent bullish price action occurred despite e-commerce giant Amazon denied the rumors on their alleged crypto payments program. In addition to the high BTC outflows, there has been a spike of flow in the options market.

This spike was recorded during the days before the big rally that took BTC from the low $30,000 to its current levels. As QCP Capital said, there was a wave of call buying with over 2,000 BTC place at 42,000 and 44,000 strikes with 3-week expiries.

In other words, some investors could be betting on more appreciation for the coming weeks. This could be additional fuel for Bitcoin to break out from its current pattern. QCP Capital added:

However, the vol market reacted quite differently this time round with signs of stress to the topside. Unlike the previous rally which only saw front end vols spike while the back-end remained stable, this time back-end vols moved higher tandem with the spike in front-end vols.

For the short term, the firm predicts more resistance in the current levels with a potential TD 9 sell signal for July 29th. During the weekend, the end of the month options expiring could push Bitcoin to the $40,000 and $42,000. If this is the case, QCP Capital expects these levels to hold with a potential extension to the $50,000.

BTC BTCUSD
Source: QCP Capital

South Korea Proposes Law Allowing Direct Seizure and Sale of Crypto Assets to Pay Overdue Taxes

South Korea Proposes Law Allowing Direct Seizure and Sale of Crypto Assets to Pay Overdue Taxes

The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by tax dodgers in the form of digital coins will no longer evade seizure and forfeiture,” said a government official.

Korean Government Wants Ability to Seize and Sell Cryptocurrencies of Delinquent Taxpayers

  • South Korea’s finance ministry announced the 2021 Tax Law Amendment Bill Monday, which is part of the government’s annual review of its tax system.
  • The bill includes a proposal to empower the country’s tax authority, the National Tax Service (NTS), to seize and sell cryptocurrencies belonging to tax delinquents starting Jan. 1, 2022, the Korea Times reported.
  • The government explained that the number of cases where tax delinquents use cryptocurrencies to hide their assets is increasing. The bill aims to crack down on tax evasion by crypto owners.
  • Under the proposed law, crypto exchanges must cooperate with the authorities and will be required to transfer cryptocurrencies to the government immediately upon request.
  • In case of non-compliance, properties may be searched and assets may be confiscated as deemed necessary by the authorities. The proceeds from the sale of seized crypto assets will go into the state coffer.
  • Korean lawmakers have voiced concerns that current regulations make it difficult to confiscate crypto assets which must be done under the existing bond seizure regulations. Not only can the process be disputed but a court-granted change in ownership records also cannot be applied to crypto assets that lack physical presence, the publication conveyed.
  • A ministry official was quoted as saying:

Property seizure procedures cannot be applied when the assets to be claimed by the government are kept in electronic wallets. The revision will allow direct seizing without court-approved change in ownership records. Assets held by tax dodgers in the form of digital coins will no longer evade seizure and forfeiture.

  • “Going after tax evaders is part of South Korea’s broader probe to tighten oversight of crypto markets to root out money laundering and other financial crimes using cryptocurrencies, as President Moon Jae-in looks to expand the tax base to fund increased welfare spending,” Reuters described.
  • The finance ministry said it will submit the revisions made to the 16 tax codes by Sept. 3. The proposal needs approval from lawmakers to make it enforceable.

What do you think about this new crypto confiscation proposal by the Korean government? Let us know in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Coca-Cola officially gets into NFTs for charity

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Here’s The Reason Behind The Spike In Ethereum Gas Fees

Ethereum gas prices witnessed a major spike earlier. This was caused by the release of the “Stoner Cats” NFTs on the network. The release of the limited edition NFTs saw gas fees of the network-driven following the mad rush to acquires the pieces. Investors scrambled to mint the 10,000 NFTs released as part of the “Stoner Cats” show. Which stars Mila Kunis, Aston Kutcher, and Ethereum founder Vitalik Buterin.

Actress Mia Kunis had teamed up with CryptoKitties to launch the NFT-based, animated TV show. The rush to purchase the NFTs saw gas fees rise to as high as 600 Gwei following the scramble.

Related Reading | Shopify Adds Merchant Support For NFTs

Fees required to deploy NFTs on a network are high given their complex and memory-heavy nature. Thus, a large number of transactions were required to successfully carry out the launch of “Stoner Cats.” Their high gas fees help them to be written on the blockchain quickly. And so, sending fees for ETH went up in order to compete with these prices.

These Cats Get Serious

The “Stoner Cats” NFTs were created as a way to celebrate the premiere of the animated series. “Stoner Cats” NFTs were available to be minted at 0.35 ETH each. And despite the high price tag, the entirety of the 10,00 NFTs was sold out in 35 minutes.

“Stoner Cats” is an animated series that revolves around five house cats who somehow become sentient. This newfound sentiency leads the cats to realize that they would have to save their owner from a number of dangerous situations. The show features a cannabis and crypto theme. With an A-list lineup of actors Mila Kunis, Aston Kutcher, Jane Fonda, and Seth MacFarlane. Alongside comedian Chris Rock and Ethereum CEO Vitalik Buterin.

Ethereum price chart from TradingView.com

ETH price struggles below $2,300 | Source: ETHUSD on TradingView.com

The interest in the NFTs is attributed to the top names associated with the project. With Ethereum’s own Vitalik Buterin on the project, investors no doubt see this as a profitable venture for the future.

NFT holders will get first access to episodes before the wider public. And the NFTs provide the holders a lifetime pass to all future episodes of the show. All proceeds from the NFT sales are going to fund the pilot of the “Stoner Cats” series. And also go towards funding future content.

Stoner Cats Token, 420

The “Stoner Cats” project also includes a native cannabis-themed token named 420. A beloved code name in cannabis culture for marijuana consumption. OpenSea currently has the “Stoner Cats” token listed with a price countdown from 99.5 trillion ETH.

Related Reading | Ethereum Inventor Debuts As An Actor? Joins Mila Kunis In NFT-Based Show

A simple calculation of shows that at 0.35 ETH each, the creators of the “Stoner Cats” project made over $8 million from the sale of the NFTs. Selling out 10,000 NFTs which featured images of cats. Some showed cats drinking and smoking marijuana.

Actress Mila Kunis had this to say about the project.

Everybody just did the project because they thought that it was different and fun and we all wanted to do it for the right reasons. It brings ownership of content back to the artist and cuts out the middleman.

Featured image from Somag News, chart from TradingView.com