Crypto NFT Today: The latest news on Blockchain, Cryptocurrency and NFTs: July 20-26, 2022

Welcome to another issue of Crypto NFT Today! If you love cryptocurrencies, NFTs and emotional roller coasters, this is the place to be.

Is the crypto winter finally melting away? So NFT groundhog its shadow, and did anyone buy that shadow for a quarter of a million? And above all, are you ready for the crunch? Let’s begin.

Contents

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India proposes crypto ban

The Indian government on Monday briefed parliament on its intention to ban cryptocurrency in the country. India is the second largest internet market in the world, suggesting that this move could have significant implications for the bottom line for crypto investors.

Nirmala Sitharaman, India’s finance minister, said on Monday that the Reserve Bank of India had expressed concern over “the destabilizing effect of cryptocurrencies on a country’s monetary and fiscal stability” and recommended “the development of legislation in this sector”. ”

The Indian government has been trying for several years to regulate and rule over crypto transactions. On April 1, the country implemented the Finance Act, which taxes cryptocurrency and NFT transactions and profits at a fixed tax rate of 30%.

Bitcoin miners are leaving their positions in droves

Bitcoin miners are leaving their Bitcoin positions in droves. New data from blockchain analytics firm CryptoQuant shows that 14,000 bitcoins, or more than $ 300 million at current prices, were moved out of miner-owned wallets in a single day. Before the mass exodus, miners regularly unloaded their crypto. Over the past few weeks, analysts have seen the largest decline in Bitcoin positions since January 2021.

This “miner capitulation” is a tactic by miners to sell their previously mined coins to cover ongoing mining expenses.

Has Bitcoin hit rock bottom?

BTC hit the $ 22,000 mark on Monday and has hovered between $ 21,000 and $ 22,000 ever since. The price of the flagship cryptocurrency has steadily risen since its lowest level in 2022 to below $ 19,000 in June.

Following the fall of Bitcoin and subsequent stability over the past two months, both investors and speculators are asking a crucial question: Is crypto tied out?

Bitcoin continues to hold around the highest levels since a mid-June sale propelled the largest crypto as low as $ 18,000 from $ 30,000, changing hands for less than a minute. One-third of its record-high level of nearly $ 69,000 eight months ago, according to Barrons.

An improved macro image can help Bitcoin find the bottom. Fears of a recession are beginning to fade, meaning analysts have a clearer lens through which to see the state of the crypto market.

Legislators are pushing for reports on power consumption for cryptocurrency mining

Democratic lawmakers want stronger reporting on energy consumption from companies that extract crypto.

The Environmental Protection Agency and the Department of Energy want to demand more energy consumption reporting in an effort to limit the impact of cryptocurrency mining on climate change.

In a letter to the Biden administration on Friday, Democratic lawmakers said the government should step in to limit the impact of cryptocurrency mining on climate change. They also said the information they gathered about the energy capacity of seven cryptocurrency companies was “disturbing”, according to CNBC.

According to the senators and representatives who drafted the letter, the current lack of regulation and reporting requirements on cryptocurrency mining prevents the government from understanding the extent of the damage it is causing to the environment.

Ethereum pumped just 50% – so what?

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