Weekly Report (17 – 23 Oct. 22) | What Happened This Week In Crypto

This Report will provide you with some essential and quick news about cryptocurrencies that happened around the world.

1) Bitcoin Gold Connection Reaches 40-Day High

Bitcoin (BTC) advocates have argued for years that the cryptocurrency is poised to become a safe haven asset and a hedge against inflation, with the potential to replace gold. Notably, the concept of Bitcoin as a safe haven might become a reality if the cryptocurrency’s connection with gold increases in response to current macroeconomic conditions…[continue reading]

2) A Hacker Steals $300,000 From The Olympus DAO Using The Bond Protocol

Using a security flaw, a hacker stole $300,000 from the DeFi protocol Olympus DAO today. Following negotiations, the hacker has returned all of the stolen tokens, an Olympus DAO spokeswoman informed The Block…[continue reading]

3) Hong Kong Proposes Allowing Retail Crypto Investments

As the cryptocurrency business continues to grow and investor interest increases, a growing number of countries have either hopped on the bandwagon or are considering allowing their people to invest in cryptocurrencies…[continue reading]

4) US IRS Issues New Reporting Instructions For Digital Assets

The Internal Revenue Service (IRS) of the United States has amended its reporting requirements for digital assets and clarified the taxation of non-fungible tokens (NFTs) and stablecoins. The IRS’ draught guidance for the 2022 tax year classifies cryptocurrencies, stablecoins, and NFTs as ‘digital assets’ for tax reasons.[continue reading]

5) Cyprus Grants Binance Its Fourth European Clearance

Cyprus is the fourth European nation to authorize registration for the Binance cryptocurrency exchange, the business stated Thursday. The financial regulatory agency of Cyprus has approved Binance’s registration as a Crypto Asset Services Provider, the business stated in a statement on Thursday…[continue reading]