Crypto Flipsider News – Grayscale Adds SOL and UNI, Bitcoin Hashrate Rises, BTC Bulls Ignore China Ban, Cardano Traders’ Issues in Japan, Mysterious Whale Buys 276B SHIB
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- Grayscale Investment has added Solana and Uniswap to a $494 million fund.
- Bitcoin’s hashrate nears new all-time high, bulls ignore China’s ban.
- Cardano traders face scrutiny over tax evasion.
- Anonymous Shiba whale buys 276 billion SHIB.
- Miami and Texas embrace Crypto.
Grayscale Investment Has Added Solana and Uniswap to a $494 Million Fund
The premier fund manager, and one of the most prominent Bitcoin investors, Grayscale, has announced the addition of Solana (SOL) and Uniswap (UNI) to one of its funds. In June, Solana was listed as one of the altcoins being eyed by Grayscale.
Both Solana and Uniswap, which have previously been hailed as Ethereum killers, have been added to Grayscale’s Digital Large Cap Fund, which holds $494 million in management.
Following the announcement, Grayscale Digital Large Cap Fund closed the week with 24% of its fund being allocated to Solana (SOL), and roughly 1% to Uniswap. Solana is now the fourth-largest holding in a fund dominated by bitcoin.
Flipsider:
- Both SOL and UNI are struggling to make gains in the market, dropping by 3.44% and 3.55%, respectively.
Why You Should Care
Having dominated the scene for a long time, institutional investors are gradually turning away from Bitcoin investments and looking to other Altcoins, like Uniswap, Solana, and Cardano.
Bitcoin’s Hashrate Nears New All-Time High, Bulls Ignore China’s Ban
Once the largest crypto mining location, China has now banned the mining of Bitcoin and other crypto-related activities. The initial ban on mining caused Bitcoin’s hashrate (computational power) to register its highest percentile decrease since 2009.
However, Bitcoin has reacted strongly, recovering in less than 3 months. On October 2nd, Bitcoin’s hashrate reached 177.5 EH/s, close to its ATH of 198.5 EH/s on April 14th. At the time of writing, the hashrate sits at 145.029 EH/s.
Bitcoin’s hashrate over the last year. Source: Blockhain.com
In a similar trend, Bitcoin bulls have seemingly ignored China’s anti-crypto stance. In addition, institutional investors bought BTC amidst the market downtrend induced by China. In the last week of September, Bitcoin registered an institutional inflow of $50.2 million.
As investors continue to look the way of Bitcoin, the asset has seen significant recovery. Over the last five days, Bitcoin has gained more than 14% in value, pushing its price from $41.4k to $47,647 as of October 4th.
The five day price chart for Bitcoin (BTC). Source: Tradingview
Flipsider:
- Amidst Bitcoin’s strong recovery, analytics guru Material Scientist has pointed to a relationship between Bitcoin’s price cycle and Chinese debt cycles.
Why You Should Care
The recovery of Bitcoin’s price and hashrate proves that the digital asset, and other cryptos, can exist without what was once its biggest market.
Cardano Traders Face Scrutiny Over Tax Evasion
In September, we saw intensified attention from regulators. While China has banned the use of crypto entirely, Japan has strengthened its own clamp down on crypto investors who have been evading taxes.
According to reports, tax authorities have found that crypto investors evaded taxes of up to 1.4 billion yen, which amounts to approximately $12.5 million USD. Cardano only launched an ICO in Japan in August this year, but has become a popular asset.
Many defaulters are ADA holders because they have used Cardano as a “tax-saving measure.”
Flipsider:
- Despite the increased tax push in Japan, cryptocurrencies are still in a grey area because of the lack of blanket regulatory framework.
Why You Should Care
The increased call for the taxation of crypto-generated profits could affect how investors approach trading and holding cryptocurrencies.
Anonymous Shiba Whale Buys $43.8 Million Worth of SHIB
After Elon Musk boosted Dogecoin’s rise to popularity, we’ve seen more meme coins take the spotlight. Once again, Musk posted a picture of the Shiba Inu, prompting the price of FLOKI to spike.
Another meme coin, and rival of Dogecoin, Shiba INU, has made the news this time as a mysterious SHIBA whale purchased a staggering 6 Trillion SHIB, worth about $43.8 million.
According to whalestats now, the address – 0x7e1aa2e386f02b398da7aad05447c4749d1317c1, now holds 0 SHIB.
Flipsider:
- The price of SHIB has slumped by more than 77% from its all-time high.
The 6 month price chart for Shiba Inu (SHIB). Source: Tradingview
Why You Should Care
The purchase of $43.8 million worth of SHIB comes amidst increasing interest in Dogecoin’s rival, Shiba Inu, as many whales look to profit from the crypto.
Miami and Texas Embrace Crypto
Amidst China’s crackdown on the crypto industry, other regions have picked up the slack, taking the initiative to embrace cryptocurrencies. For example, Texas and the southeastern state of Florida, primarily Miami, are looking more crypto-friendly than ever before.
Long time Bitcoin supporter and Mayor of Miami, Francis Suarez, has discussed the role of cryptocurrencies in the future of governance. Not long after announcing the launch of the MiamiCoin Wallet, Mayor Suarez announced that the wallet had accrued one million dollars in a single day.
In addition to pushing the notion of paying taxes and fees with crypto, Suarez has stated that decentralized technology can solve the problem of government corruption. Seemingly In direct answer to China’s crackdown, Texas has set up a ‘Great Mining Migration.’
Already reaching 70 members, the Texas Blockchain Council has met with the Governor of Texas twice. The council has also sent a constitutional amendment that would allow the use of Bitcoin to pay property taxes in Texas.
Flipsider:
- While Miami and Texas have embraced crypto, China has hinted at rolling out even more anti-crypto policies.
Why You Should Care
The response of Miami and Texas towards cryptocurrencies may increase their adoption in these regions, potentially establishing the states as world leaders in Crypto.
Text source: DailyCoin.com
