Crypto Market Overview June 7th | Dex-Trade

Crypto Market Overview June 7th | Dex-Trade

The Leak of the New Law on the Regulation of Crypto Caused a "Sacred Fury" of Twitter Users

As a result of a leak in US government channels, a 600-page document has been published online, which is allegedly a new bill to regulate crypto in the country and introduces additional restrictions on DeFi, stablecoins, decentralized autonomous organizations (DAO), and crypto exchanges. The bill immediately caused an uproar in the Twitter crypto community as it aims to bring clarity and transparency to the digital asset industry by reclassifying the status of market players. For example, any crypto projects that have debts, stocks, profits, or pay dividends of any type will now be classified as products, and not digital assets, as was the case before. In addition, according to the leaked document, DAOs, crypto exchanges, and stablecoin providers will have to become registered entities and will presumably be taxed. The document also describes a mechanism that gives depository institutions, such as commercial banks, the right to issue stablecoins. As for crypto exchanges, the bill implies an increase in their costs to comply with new requirements, as well as additional obligations to pay the government a part of the fees charged to customers. Now, in the event of bankruptcy, the deposited assets are subject to return to users, and not to liquidation. "Transparency and clarity" has never been so expensive...


NFTs on the Solana Blockchain Break Sales Records

Despite the overall decline in crypto market capitalization and digital asset trading volume, NFTs on the Solana blockchain are selling like hot cakes as the volume of trading of non-fungible tokens in this ecosystem recently rose above $2.35 billion, which means that Solana is one of the top three industry leaders along with Ethereum and Ronin. The secret of Solana's success is most likely a fairly fast, secure and stable blockchain, which is clearly seen in the growth in trading volume of the SOL coin itself. The asset successfully manages to outperform its direct competitors such as Avalanche, Flow, Binance Smart Chain, Palm, Polygon, Panini, WAX, Waves, and Tezos. However, this is not reflected in the internal statistics of the coin, as it actively “empathizes”with market turmoil. In May, the capitalization of SOL fell by $14 billion, which is also associated with major failures in the operation of the coin’s blockchain, work of which, as a result, was restored. Solana's strong growth in popularity was driven mainly by an exponential increase in the number of unique customers (83,697) since October 2021. It also triggered a symmetrical rise in token sales to over 374,618 transactions, equating to a whopping $286.4 million.


New Law on the Anonymous on Twitter Publishes Compromising Evidence on Telegram

Twitter user @adyingnobody claims that with the help of an exploit in Telegram's software, he was able to access more than 100 GB of messages containing compromising evidence on messenger users, ranging from crypto influencers to rapists, pedophiles, and murderers. @adyingnobody created a thread in which he publishes daily unconfirmed evidence against messenger users, which, of course, caused a reaction from its developers. According to Telegram, the anonymous thread “has all the hallmarks of a hoax,” and is likely an attempt to steal private keys to users’ cryptocurrency wallets. Representatives of The Block media managed to get summarized accusations against Telegram from the alleged "gossip," but it’s currently impossible to determine his identity, and the anonymous letter does not respond to a repeated letter from the editorial office asking for details of possible crimes. At the moment, the @adyingnobody tweet has already collected more than 4000 retweets, which means that in the near future the favorite messenger of the crypto community may get into a serious scandal.