Hey, there friend, How did your weekend go?
News on Crypto Street
This week on Crypto Twitter, there were some exciting developments, including a new CEO for Twitter, Linda Yaccarino. Twitter’s owner and CEO, Elon Musk, made the announcement on Friday, stating that Yaccarino would focus primarily on business operations, while Musk would concentrate on product design and new technology. As you may know, Musk is also pro-crypto, and Tesla is currently one of the largest institutional holders of Bitcoin. This leads us to wonder if there will be a crypto integration in the future.
In other news, Coinbase CEO Brian Armstrong praised the United Arab Emirates for its clear rule book when it comes to crypto regulations. Coinbase is currently looking to open a regulated exchange in Abu Dhabi, which is a crypto-friendly free economic zone. Meanwhile, the European Union approved the Markets in Crypto Assets bill, which means there is now a unified regulatory approach throughout its 27 member states. This regulatory clarity has led to an increase in VC investment into European crypto projects, which is up almost 10x in one year.
On Tuesday, U.S. President Joe Biden positioned himself against “MAGA House Republicans” aligned with “wealthy crypto investors” who look for loopholes to avoid paying taxes. It’s worth noting that all crypto profits are subject to capital gains tax.
Bitcoin mining revenue levels are now at the level they were at a year ago, according to a chart shared by Will Clemente, co-founder of independent digital asset research firm Reflexivity Research. Meanwhile, Tether’s revenue is well over a billion, outpacing even Blackrock, the largest asset manager in the world.
All in all, it’s been an exciting week on Crypto Twitter, and we can’t wait to see what the future holds for this space!
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