A daily roundup of the hottest articles on cryptocurrencies like Bitcoin, Ethereum, and Tether to help you start your day again
Cryptocurrency prices today, March 22: Bitcoin continues to slide as Ethereum, ADA Watch gains
Rupee-wise, Bitcoin fell 0.69% to trade at Rs 32,17,584 while Ethereum rose by 1.11% to Rs 2,27,244.9 Cardano rose 2.9% to trading at Rs 71.11 and Avalanche also surged by 2.74% to Rs 6,764.23. Polkadot is up by 0.64% at Rs 1,471.64 and Litecoin is also slightly up by around 1.59% at Rs 9,153.36 in the last 24 hours. Tether, on the other hand, fell slightly by 0.04% to Rs 78.28.
DAO an “existential threat” to the tax base Decentralized Autonomous Organizations (DAOs) represent an “existential threat to the tax base” because they are recognized as partnerships and as such are not subject to the corporation tax, according to Australian Senator Andrew Bragg. In fact, Bragg also announced comprehensive cryptocurrency legislation called the Digital Services Act (DSA). In it, the senator highlighted DAOs, among other sectors, adding that “they urgently need to be recognized and regulated.” Explaining the rationale for the proposal, Senator Bragg said “Australia’s reliance on corporation tax is unsustainable” as corporation tax was 17.1% of the Commonwealth Government’s total revenue in 2020-21. A DAO is essentially an online community that leverages smart contracts to organize some of its governance structure.
Nearly $6 Billion of ETH Burned as Ethereum 2.0 Approaches Crypto’s second-largest currency, Ethereum has officially destroyed over 2 million ETH since the mechanism was introduced last August. According to Watch the Burn, a dashboard that monitors the burning mechanism, the network has destroyed a total of 2,000,996 Ethereum since its inception. In dollar terms, that’s over $5.82 billion taken out of circulation forever. Instead of all fees paid to perform various operations on Ethereum going to the miners, EIP (Ethereum Improvement Protocol) 1559 essentially divides these fees into base fees and tips (the latter going to the miners). It is the base rate that is burned, which is another way of saying that this cryptocurrency is destroyed and taken out of circulation.
Hacker steals customer data from Circle, BlockFi, other major crypto firms Circle, BlockFi, Pantera Capital, NYDIG and other major crypto firms revealed over the weekend that their client data had been hacked. In emails to customers, the companies revealed that Hubspot, a marketing and sales platform used by many of these companies as a customer management platform, informed them that a hacker had gained access to personal data of their customers. The company described the attack as a “targeted incident targeting customers in the cryptocurrency industry” and claimed that a “bad actor” had compromised an employee’s account. Hubspot added that “data was exported from less than 30 HubSpot portals” but did not provide a list of compromised customer accounts.