4C Newsflash of July 15

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Market Cap at 1:00 (UTC) – $319,613,201,489 billion 

Bitcoin dominance: 65.1% 

BTC $11,685.54 (+ 0.20%

ETH $275.71 (+1.10%

XRP $0.344246 (+2.45%

$4.5 billion Tether was burned 

On July 13rd, $5 billion Tether was created by mistake on Tron blockchain. Approximately thirty minutes after the creation, Tether destroyed $4,5 billion USDT leaving $500 million in circulation. Paolo Ardoino, Tether’s CTO explained that there was an issue with the token decimals, thus falsely minting $5 billion USDT. Additionally, Poloniex confirmed the mistake and said that the issue had been resolved. 

Big tech is about to be banned from issuing cryptocurrency. 

According to a document by Ryan Todd, the Congress members have drafted a bill preventing technology giants to create their own coin. The draft bill stated that any technology company which has annual global revenue more than $25 billion predominately engaged in the business of offering online public marketplaces, exchanges, or platforms for connecting third parties will be considered to be banned from “establishing, maintaining, or operating a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value”. If violated, the company will be fined $1 million daily. 

Wells Fargo bans Bitcoin 

A Wells Fargo customer recently asked the bank why he wasn’t able to purchase crypto on cash app or Coinbase, a Well Fargo employee named Josh replied :” Thanks for reaching out to us. Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency.” 

Georgia removes Bitcoin from being taxed 

According to Bitcoin.com, Georgia has released Bitcoin from VAT, making Georgia becomes the second nation to clear crypto from VAT. The order was signed by Georgia’s finance minister and already enabled at the end of June. The order states :” Cryptocurrencies are digital assets that are exchanged electronically and based on a decentralized network. Their exchange does not require a reliable intermediary and they are managed using distributed ledger technology.” However, mining companies still have to pay VAT if they are not registered locally.


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