Vote on the Infrastructure Bill Postponed to Tuesday, and May Come into Effect Without Friendlier Crypto Amendments.<\/p>\n

The US Senate has moved the final vote for the original $1 trillion Infrastructure bill, that aims to collect $28 billion from crypto taxes, to Tuesday. The majority of senators agreed to finalize discussions on Tuesday, as voting on Saturday ended without a consensus on amendments. Some of the amendments offer to exclude BTC miners from tax requirements.<\/p>\n

The crypto space has been highly critical on the concept of different taxation rules applying to Proof-of-Work (PoW) and Proof-of-Stake (PoS) businesses:<\/p>\n

\n
• Coinbase\u2019s CEO, Brian Armstrong, says \u201cthe government is trying to pick winners and losers\u201d.<\/li>\n
• Elon Musk supports him adding that: \u201cthere is no crisis that compels hasty legislation.\u201d<\/li>\n
• Cardano\u2019s founder, Charles Hoskinson, has urged Americans to put pressure on congressmen and senators, and offers to support those politicians who are against such crypto taxation in the long-term.<\/li>\n<\/ul>\n

  \nFlipsider:<\/p>\n

  \n
  • China\u2019s Bitcoin mining crackdown strengthened the positions of Bitcoin miners in the USA. Does that also mean that Bitcoin gained more powerful lobbyists than the rest of the crypto industry? We shall see. <\/li>\n<\/ul>\n

    The Price of Gold Crashes. Bitcoin Tests $45K Resistance<\/p>\n

    The price of gold dropped sharply to below $1,700 per ounce on Monday morning, recording the largest drop in a single day since the start of its decline in June. The main reasons are that the US unemployment rate shrank to 5.4%, while wage growth intensified.<\/p>\n

    In the meantime, the digital gold, Bitcoin, rallied to test the $45K resistance line on Sunday.<\/p>\n

    This is the biggest price peak BTC has experienced since May. Bitcoin is now up by 18% since June 28th, the same period in which gold began to drop.<\/p>\n

    \nFlipsider:<\/p>\n

    \n
    • Bitcoin has a negative correlation with gold. If gold prices continue to drop, it might be the catalyst for a Bitcoin price surge. Despite this. Bitcoin is still down nearly 30% from its ATH.<\/li>\n
    • A lowering unemployment rate increases the chance that the US Federal Reserve lowers stimulus packages.<\/li>\n<\/ul>\n

      Tether Replenishes its Supply on the TRON Network with 1 Billion USDT<\/p>\n

      The largest portion of Tether, more than half of the total, is now being traded on the TRON network. Currently, 53.5% of the total USDT supply (62 billion) is based on the TRON network, while the network takes second place.<\/p>\n

      Today, Whale Alert noticed one billion more being minted and sent to the TRON network. As we reported in the August 6th digest, the stablecoin is losing its positions to main competitors: Circle\u2019s USDC, and Binance USD (BUSD). Moreover, Tether\u2019s supply has increased by 2x since the beginning of this year, while the two main competitors increased by 6x and 12x respectively.<\/p>\n

      \nFlipsider:<\/p>\n

      \n
      • Although the discussions on whether or not Tether is fully backed by real money are still being held, it\u2019s ironic that a Hong Kong based company is minting U.S dollar stablecoins and sending them to a Singaporean network, with a CEO who is aiding the research project of the Communist Party School. It\u2019s probably just a coincidence. <\/li>\n<\/ul>\n

        Cardano\u2019s Testnet for the Alonzo Update is Onboarding Users<\/p>\n

        Alonzo\u2019s Purple update was probably the second anticipated event in the crypto world, after Ethereum\u2019s London hard fork. As the latter happened a handful of days ago, the focus of the community has shifted to the major update of the fifth largest crypto.<\/p>\n

        According to the Input Output Twitter account (IOHK being the driving force behind ), the upgrade has begun onboarding users for the testnet. Previously, the environment was only available to a closed group of 500 users. Once the onboarding process is finished, the hard fork will happen. NFT minting is already available on the network, while the full support of smart contracts is expected to arrive at the end of this month.<\/p>\n

        \nFlipsider:<\/p>\n

        \n
        • Contrary to Ethereum, Cardano\u2019s price has experienced moderate improvements. On the other hand, the hard fork hasn\u2019t happened in its entirety yet. So, we shall have to wait to see the final results. <\/li>\n<\/ul>\n

          NFT Records: $1 Billion in Axie Infinity. All Time High for OpenSea\u2019s Daily Transaction Volume<\/p>\n

          \n
          • Axie Infinity\u2019s trading volume has reached the $1 billion threshold. Moreover, the creators announced that the total number of active players has exceeded 1 million. It\u2019s important to note that the game is only in the alpha stage. The mainstream release on iOS and Android is expected to be in late 2021 \/ early 2022.<\/li>\n
          • OpenSea, the largest NFT marketplace, reached a new record daily transaction volume of $78,810,100. This comes after it was previously announced that OpenSea has managed to claim 90% of the entire NFT market, and had also reached a weekly all-time-high of $100M.<\/li>\n<\/ul>\n

            \nFlipsider:<\/p>\n

            \n
            • The NFT surge has been fast and furious. However, the higher you are, the further there is to fall. On the other hand, there is always the possibility that NFTs will play with completely different rules than the rest of crypto at large.<\/li>\n<\/ul>\n

              EMAIL NEWSLETTER<\/p>\n

              Join to get the flipside of crypto<\/p>\n

              Upgrade your inbox and get our DailyCoin editors\u2019 picks 1x a week delivered straight to your inbox.<\/p>\n

              [contact-form-7]
              \nYou can always unsubscribe with just 1 click.<\/p>\n

              Continue reading on DailyCoin<\/a><\/p>\n<\/div>\n

              Disclaimer:<\/span> Fusion Media<\/b> would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.<\/p>\n

              Fusion Media<\/b> or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy\/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. <\/p>\n<\/div>\n