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This Week in Coins: Bitcoin Hits 2022 High, Solana and Terra Skyrocket, Ethereum Rallies

With coins this week. Illustration by Mitchell Preffer of Decrypt.

After a late start this year, Bitcoin hit a 2022 high on Monday, Ethereum recorded a big rise over the weekend, and last week some of the top 30 currencies were mooned.

Bitcoin reached its 2022 high of $ 48,086.84 on Monday. This is a price not seen since New Year’s Eve. As of Saturday, the world’s most popular cryptocurrencies had fallen slightly, trading at $ 46,722. CoinMarketCap..

Ethereum is not yet in line with the 2022 high of $ 3,876.79 from January 4, but has risen towards the weekend, rising almost 12% from last week to $ 3,481.67 at the time of this writing. became.

Last 7 days: Solana was up 39% to $ 138.73, Terra’s LUNA was up 26% to $ 112, Avalanche was up 23% to $ 103, NEAR Protocol was up 20% to $ 16, and Tron was up 16% to $ 0.075. From Friday to Saturday, Solana, Luna, and Avalanche added 8%, and Polkadot pushed up more than 5%.

Expectations for Ethereum 2.0 can be one of the key factors driving the price of Ethereum. This week, Google saidEthereum MargeWas the highest ever.

Merge will be a moment Later this year When the Ethereum mainnet is “merged” with a proof of stake system called the Beacon Chain. Ethereum claims that this major update solves the network’s well-known scalability and energy consumption issues.

..This week’s news

Much of this week’s crypto news cycle has once again revolved around regulation.

On Monday, U.S. President Joe Biden announced details Budget plan This includes several accounting and tax reporting rules for digital assets. The White House estimates that the government will be able to raise about $ 11 billion from cryptocurrency taxes in more than a decade, of which about $ 5 billion will be raised in just 2023.

Biden’s strategy consists of three aspects. First, the government taxes unrealized profits, so even if you don’t sell the crypto after a 25% explosion in a week, those profits will be taxed. Second, all crypto holdings over $ 50,000 are taxed on offshore digital asset exchanges and wallet providers.

And finally, The proposal requires US banks and financial institutions to share information about the value of holdings from non-residents and foreign owners of certain entities with the Internal Revenue Service. These rules also want to capture US citizens who have set up entities to avoid paying federal taxes.

MicroStrategy CEO and Bitcoin Whale Michael Saylor Buy more bitcoins on Tuesday. He used a subsidiary called MacroStrategy to provide a $ 205 million loan backed by MicroStrategy. 124,391 BTC I will make a reservation at that time. With new purchases, MicroStrategy’s total holdings will increase to approximately 128,687 BTC, exceeding $ 6 billion.

On Wednesday, electronics giant Samsung announced that it was affiliated. Use NFT Marketplace Nifty Gateway Create a new NFT market that Samsung TV owners can enjoy from the comfort of the sofa. Users will be able to view, buy, trade, and view NFTs through the following smart TV interfaces first announced. In January..

On Thursday, European lawmakers voted through a proposal requiring crypto service providers, such as exchanges and wallet providers, to apply the KYC (Know Your Customer) standard to trading individuals. 1,000 euros or more Use an unmanaged cryptocurrency wallet such as: MetaMask.. The draft still needs to go through a tripartite meeting between the European Parliament, the European Commission and the Council, but these are primarily considered procedures.

That same day, the US Securities and Exchange Commission (SEC) sought clarification from all US companies that generally offer cryptocurrency custody services. Customer crypto holding as a liability And those properties and quantities are disclosed.

Two U.S. MPs-Republican Trey Hollingsworth and Senator Bill Hagerty-were introduced on Friday. Stablecoin Transparency LawStablecoin must be fully backed by US dollars and / or “government securities with a maturity of less than 12 months”.

If approved, the law also requires stablecoin issuers such as Circle and Tether to publish audited reports of their reserves on a regular basis.

The working week has ended with the SEC still refusing Another Bitcoin ETF applicationThis time from Cathie Wood’s ARK Invest.

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