Crypto Flipsider News – July 29th – Bitcoin, Israel, Binance, Uniswap, Bit Boy, Vitalik NFT Animation By DailyCoin
Crypto Flipsider News – July 29th – Bitcoin, Israel, Binance, Uniswap, Bit Boy, Vitalik NFT Animation
$2.5b In BTC Moved Off Crypto Exchanges
Congress and Israel Propose Reporting Crypto Transactions, Crypto Taxes, Binance Launches Tax Reporting Tool
Uniswap Hints At Partnerships With Paypal And Stripe
Bitboy Youtube Channel Banned For Crypto Shilling
Vitalik-featured NFT Animation ‘Stoner Cats’ Lifted Gas Fees
Institutional Confidence Is Back: $2.5b In BTC Moved Off Crypto Exchanges
Nearly $2.5 billion in Bitcoins were taken out from crypto exchanges. This is over 63K of Bitcoins. The move indicates the return of big money’s confidence in the largest crypto.
Institutional investors have lowered their money inflows into crypto or even sold off since May, as failed to retest new highs and started to fall.
Bitcoin sits at around $40K at the time of publishing. This is nearly 30% growth since July 20th when the dominant crypto stopped falling. The price jump was mostly related to positive context around BTC; institutions buying exposure to BTC through Grayscale, BTC integration with Twitter, Amazon (NASDAQ: ) BTC payment rumors and Bitcoin’s short squeeze.
Flipsider:
Whales are regaining their confidence, but not some skeptical analytics. They say that Bitcoin might sit in the $40k zone for a while as miners and traders will take their profits and cash out inspired by the current price spike. Even skeptics do not neglect the possibility of a new rally.
Israel Asks To Report Transactions Over $61k, Us Congress Wants The Same, Binance Launches Tax Reporting Tool
The US Congress may receive $28 billion from crypto investors by applying new information reporting requirements to exchanges and other parties. The draft language could mean many individuals interacting with crypto may have to start reporting their transactions. Israel also published a draft law that will force crypto investors to report holdings above $61K to tax authorities.
In the meantime, the crypto exchange Binance is adapting by launching a tax reporting tool that will allow its users to transfer their transaction history to a third party and obtain overviews of their tax liabilities.
Flipsider:
“Catch me if you can” should be a new slogan of some crypto exchanges. While bill proposals look great on paper, let’s wait to see if government plans will perform successfully in reality.
Uniswap Hinted at Possible Partnerships with PayPal and Stripe and Then Changed its Mind
A video which recently circulated online seems to suggest that Uniswap is looking to expand its operations and move into the mainstream.
During a recent speech at the Community Conference Ashleigh Schap, Uniswap’s growth lead, mentioned that the company is in conversation with Paypal, Stripe and other well-known fintech brands to introduce DeFi to more potential users.
The prospective relationship between Uniswap and established Fintech companies could offer greater variety to consumers and fulfill the existing demand for cryptocurrencies.
Paypal might be one to benefit from the alliance as it has recently come under scrutiny for their decision to step into a tie-in with the ADL.
Flipsider:
Uniswap should maintain vigilance when choosing intermediaries to deal with as it would hurt its competitive advantage in the eyes of the DeFi crowd if it gets in bed with the wrong organization. Moreover, the video was deleted from YouTube after Uniswap’s request. It seems its management decided that the announcement was released too early.
Bit Boy Fights To Remain On Youtube – Cash Me Outside, How Bow Dah?
Bit Boy, aka Ben Armstrong, was banned from YouTube. However, it is still unclear whether Ben was suspended temporarily or banned indefinitely; he still has a chance to appeal YouTube’s decision to ban his channel.
Bit Boy himself shared the news on Twitter to get more support: “Tonight @TeamYouTube deleted my YouTube channel. The censorship and unfair crackdown on #crypto have gone too far.” He continued, “If you want to see YouTube give me my channel back so we can share education and news with you, let @teamyoutube know.”
Nevertheless, Bit Boy has some confidence to call his channel “educational.”
URGENT: Like & Retweet NOW!Tonight @TeamYouTube deleted my YouTube channel. The censorship and unfair crackdown on #crypto has gone too far.If you want to see YouTube give me my channel back so we can share education and news with you, let @teamyoutube know. pic.twitter.com/zH0XoPdSFu — Ben Armstrong (@Bitboy_Crypto) July 29, 2021
Flipsider:
Schiller got kicked in the nuts. On the other hand, we live in a “cancel” culture, which is too unforgiving sometimes.
Vitalik-Featured NFT Animation ‘Stoner Cats’ Lifted Gas Fees
The Stoner Cats and Vitalik Buterin story is still in high rotation in the media. Whether it’s a well-prepared promotional campaign or a coincidence of events, Ethereum’s founder appears in the digest for the third time in a row.
On the other hand, the news is not so bullish this time. Although Mila Kunis’ animation NFTs were sold out in just half an hour bringing around $8M in total, they caused some trouble for the creators. To be precise, the gas fees spiked from $9.50 all the way up to $33 right after they sold out. This overwhelmed the network and caused some transactions to fail.
Flipsider:
I would like to raise the question about whether Vitalik cares about his popularity or Ethereum users. However, let’s wait several more years for the ETH 2.0 update
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TikTok Bans Financial Advice: What Does This Policy Mean for Crypto?
The social media platform TikTok has banned branded crypto content. Here’s what you should know.
The popular video sharing app TikTok has introduced new restrictions that will prevent its users from promoting cryptocurrency. Here’s what you should know.
TikTok Bans Branded Crypto Content
Unlike some platforms, TikTok does not solely run third-party ads alongside user-created content. Users are additionally able to create branded content. In exchange for promoting the topic, those users receive compensation from a company.
TikTok’s support page now explains that discussion of cryptocurrency and “all financial services and products” is prohibited in branded content. Other prohibited topics include loans, credit and debit cards, trading platforms, foreign exchange services, pyramid schemes, get-rich-quick schemes, penny auctions, and more.
This policy only applies to individuals who create branded content, not companies who buy advertisements on TikTok through the platform itself. Although TikTok’s ad policy has rules and restrictions around financial promotion, that policy does not include an outright ban on ads for cryptocurrency or financial services.
This means that crypto exchanges, wallet providers, mining pools, and other similar companies will presumably still be allowed to advertise on TikTok directly.
Why Does TikTok Matter?
TikTok’s new policy matters because the platform has quickly become a popular location for influencers to promote cryptocurrency and financial investments.
Some individuals who promote cryptocurrency are paid to do so. CNBC reported in June that celebrities like Kim Kardashian and influencers such as Jake Paul and Loren Gray are engaging with ICOs and other new tokens in this way.
In fact, TikTok may be the most efficient way for individuals to reach audiences. Blockchain review site CryptoHead noted in June that the highest-ranking personalities are using TikTok to gain attention. Ben Armstrong (BitBoy Crypto) and Justin Sun (TRON) both made use of TikTok, granting them more followers than their rivals—even taking into account numbers from Twitter, Instagram, and YouTube.
“It would appear that most [crypto influencers] are yet to use the service to promote themselves. Perhaps more should consider its importance though as the top-ranking cryptofluencer was also the most followed on TikTok,” the study noted.
That said, some TikTok promotions seem to have arisen organically. In July 2020, TikTok users coordinated the “Dogecoin challenge,” an event that encouraged other users to invest in the cryptocurrency. The event briefly caused DOGE trading volumes to surge, driving the coin’s value up by 95%. That event may have set the stage for this year’s even larger Dogecoin rally, led by Elon Musk and Reddit communities.
Other Sites Have Set a Precedent
TikTok is not the only platform that has taken action against crypto promotion. Google, Facebook, and many other sites all banned ICO advertisements circa 2018. Though some of those policies have been partially reversed or lifted, many of those restrictions still come into play when it comes to promoting particular assets.
YouTube policies, however, bear the closest resemblance to TikTok’s new policy. YouTube generated great controversy in December 2019 when it removed videos from the channels of several crypto influencers. YouTube did not provide any explanation for its decision to remove content, but it is likely that those channels were banned because they mentioned or promoted certain cryptocurrencies.
Later, YouTube’s policy resulted in overreach as it banned crypto news sites rather than individual influencers. In June 2020, Bitcoin.com was banned from YouTube. In March 2021, Coindesk saw its channel banned from YouTube as well. Both channels were reactivated, but the incident shows the potential severity of any policy.
In short, it seems that TikTok personalities will still be able to discuss cryptocurrency in general so long as they are not promoting individual cryptocurrencies and tokens.
However, that tells us little about how strict TikTok will be when it comes to enforcement. While it is possible that TikTok will target users with risky advice, it seems likely that the new policy will affect legitimate users as well.
Ripple’s XRP Starts Tuesday on Bullish Foot: What’s Next?
Ripple’s XRP is experiencing a bullish start to the day in early trading and remains in the green over the past week, marking more than 4% gains over the past seven days. At the time of writing, XRP/USD is trading at around $0.67, continuing its bullish mood from the weekend.
On the legal front, expectations that the case between Ripple and the SEC could be settled before trial are on the decline for now, ever since the judge granted an extension of 60 days for the discovery phase. The lawsuit is unlikely to drive significant price action in XRP until the end of this stage.
Attorney Jeremy Hogan now anticipates that the soonest a settlement could possibly be discussed would be September, although it could very well extend into early next year. In case talks of a settlement fall through, the court could impose a fine on Ripple, allowing it to continue offering its XRP investors and keep its price support.
On the other hand, if Ripple loses the case against the SEC and is banned, the company could shut its US operations and register itself in an international location before it can resume offering XRP to investors again. In such an event, we could see Ripple’s XRP tumbling towards zero before picking up gradually once again.
Meanwhile, a leading crypto analyst and influencer Ben Armstrong has reasons to be bullish about Ripple’s XRP. On his YouTube channel BitBoy Crypto, he recently shared a video in which he discusses the future potential of the XRP, with central banks waiting to use Ripple’s technology for their CBDCs after its legal challenges are resolved.
Key Levels to Watch
On the four-hour chart of XRP/USD, most of the moving averages as well as the momentum indicator are exhibiting a bullish bias. However, the MACD points to some selling pressure as well.
XRP’s price is holding just below the pivot point at $0.68 and needs to break above this for confirmation of the bullish mood. Once this happens, keep an eye out for resistance at $0.74 and $0.79 before it can break past the key $0.80 level.