Weekly Crypto News Digest: Bitcoin Prices Jump by 22% in Two Days, 66% of Internet Users Support Digital Asset Taxation, Genesis Issued Over $2 Billion in Loan Obligations Since January | SwapSpace Blog
Bitcoin has nearly overcome its COVID-19 losses and has returned the market to its pre-pandemic bull run. Prices suddenly jumped to a record of $9,000 for BTC last Wednesday morning before falling back to around $8,800 later the same day and trading for $9,400 hours later.
Investors rushed to sell the crypto while it was in its $9,000 to $9,400 range. This selling pressure can have an additional effect on the short-term price growth of BTC. With the block reward halving due in two weeks, high trading volumes over top exchanges can help sustain further growth of Bitcoin’s price.
Childly report shows 66% of internet users support digital currency taxation
5,750 Dove Wallet users worldwide had recently been polled by Childly on their opinions regarding the taxation of digital currencies. Almost half of the respondents showed strong support of the idea calling it a must and an obligation with an additional 18% of the respondents agreeing that crypto should be taxed — albeit, at an acceptable agreed-upon level.
Only 20% of the respondents were at odds with the initiative, with 11% expressing strong opposition and 9% noting that taxing digital assets is premature and needs additional development and research.
Crypto-Lending firm Genesis issued over $2 billion in loan obligations over the first quarter of 2020
According to the 2020 quarterly report by Genesis Global Capital, the crypto-lending company has issued over $2 billion worth of loans since January of this year. Genesis’ outstanding loan hit a whopping $1 billion before the March equity market sell-off before settling at $649 million by the end of the month.
Bitcoin lending took up a massive 44.8% of the company’s overall loan portfolio closely followed by cash loans in USD at 36.6%. Genesis managed to mostly persevere over the March market crash: the company never paused lending activity and never seen any default across its borrowers.
New York State struggling to return $69 million paid to scam ventilator supplier
New York’s Department of Health is trying to return over $69 million transferred to “engineer” Yaron Oren-Pines as payment for ventilators for COVID-19 patients that were never delivered.
On March 27, President Trump went on Twitter to urge Ford and GM to “get going on ventilators, fast”. The POTUS account received a reply from Yaron Oren-Pines — a California-based tech engineer with 75 Twitter followers and no apparent background in manufacturing healthcare equipment. Several days later, Oren-Pines received $69.1 million for 1,450 ventilators to be supplied to NYS hospitals. The money was transferred by the New York State Department of Health under an executive order of the President’s COVID-19 task force.
The state finally managed to annul the contract a month later and is now working to repossess all of the money transferred to Oren-Pines.
More than 77% of all ETH in externally-owned accounts stayed untouched for over 6 months
More than 77% of Ethereum stored in externally-owned accounts — or EOAs — has not been touched in over half a year with investors buying and retaining vast amounts of the crypto. 57.6% of ETH has been lying dormant for over a year, and an additional 31.6% has not been moved in two years.
These massive rates signify that buyers are oriented towards longer-term goals: there have been no spikes in selling activity even with the price of ETH gaining over $100 since November.
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Originally published at https://swapspace.co.
