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Summary of Past Week Articles November 08, 2022

Argentina Tax Officers Discover $20 Million in Crypto Mining Hardware on a Livestock Farm:

Argentina’s tax authority is intensifying its campaign on unregistered crypto mining, raiding a livestock and wheat farm, and discovering $20 million in coin-mining hardware. The farm was located in the province of Santa Fe, in the municipality of Reconquista, according to the AFIP.

It went on to say that the farm had bought 35 crypto mining rigs, video cards, and motherboards that they will use to mine bitcoins.

However, because the hardware did not appear connected to the internet, the farm operators may avoid more severe punishment.

However, the farm operators are likely to face fines, and it does not appear that they smuggled the equipment into the nation.

Last month, the AFIP displayed a collection of over 340 illegally imported mining rigs detained at one of the country’s busiest ports.

According to the AFIP, the device had an estimated value of $14 million and was used to mine cryptocurrency.

The AFIP has been searching across the country for crypto miners who have failed to register their activities. Especially in the months after ministers called for crypto-related tax reforms in February of this year.

Santander Bank Places Restrictions on Cryptocurrency Exchange Transactions:

Santander UK, the unit of Banco Santander, has imposed limits on cryptocurrency transactions for its customers. Including a £1,000 cap on individual transactions with cryptocurrency exchanges and a £3,000 limit on total monthly transactions.

The bank told customers on Thursday that it will limit the amount consumers can send when the receiver is identified as a bitcoin exchange.

The bank decided due to increased cryptocurrency fraud.

Customers will be restricted to a £1,000 limit for each transaction, with a total restriction of £3,000 per month, beginning November 15.

Meanwhile, the bank stated that there would be no restrictions on crypto platform deposits.

Crypto Twitter Slams Santander UKMembers of Crypto Twitter slammed the bank for limiting their money.

Layah Heilpern, a Bitcoin enthusiast, podcaster, and author, stated that the bank might altogether prohibit deposits to crypto sites in the future.

Soon after, Santander UK prohibited its customers from transmitting funds to Binance.

How the Dollar Milkshake Theory Affects Your Crypto Profits:

The Dollar Milkshake is a theory about the US dollar and its global power, and as such, it touches on cryptocurrencies like bitcoin (BTC).

However, there are arguments that if the US central bank pivots, crypto may climb – and there are arguments that BTC may not profit from a rise in USD.

Investors and analysts discovered that the price movement of bitcoin and other cryptocurrencies has been moving in opposite proportion to the rise of USD, according to a Tokenhell research.

The notion offers a powerful counterweight to the narrative that the next currency crisis will result in a weaker dollar, according to The Investor’s Podcast Network.

The USD’s days as the world’s reserve currency are numbered, according to numerous investors, like Ray Dalio, who claim that the US’ clout is waning, that the US has inundated the globe with dollars, and that its value will fall.

Debt will matter at some point, Brent Johnson, the Chief Executive Officer and Portfolio Manager at Santiago Capital, rejects the notion that the United States is losing its role as a superpower.

He believes gold has been “trailing” bitcoin for the last year.

He went on to note that his firm has a number of clients who have done extremely well in their bitcoin and other portfolios, and that they are reallocating part of the profits generated over the last 18 months into their hedges, questioning whether this is the right move for everybody.

Johnson responded that when people think about the Milkshake Theory, they tend to think primarily about the currency rising and deflationary hedges.

Dogecoin Price Forecast: Will Elon Musk Accept DOGE Payments on Twitter?:

The price prediction for Dogecoin remains optimistic, particularly above the 38.2% Fibonacci retracement level of $0.1200.

Despite the strong backing of billionaire Elon Musk, Dogecoin failed to extend its previous four-day bullish run and lost some ground.

Musk has long been a supporter of the cryptocurrency Dogecoin, and the price of Dogecoin soared by more than 145% last week due to his official takeover of Twitter.

Meanwhile, Twitter is being sued due to Elon Musk’s mass layoffs.

According to Bloomberg, a class-action lawsuit has been filed in federal court in San Francisco over Elon Musk’s proposal to fire off almost half of Twitter’s employees.

However, the market is influenced by the recent interest rate hike by the US Federal Reserve. For example, due to the Federal Reserve’s hawkish position, Dogecoin (DOGE), Elon Musk’s favorite meme coin, was one of the largest losers on Thursday.

During these events, Bitcoin (BTC) and Ethereum (ETH) retained their respective prices of $1,500 and $20,000, respectively.

On the other hand, the ascent of the US dollar was a significant contribution to the demise of cryptocurrencies.

As a result of the strengthening US dollar, many cryptocurrencies experienced severe drops.

The current price of Dogecoin is $0.1236, with a 24-hour trading volume of $2.7 billion.

Dogecoin has declined 6.21% in the previous 24 hours, following a 145% weekly increase.

Summary of Crypto News: Mastercard Launches Start Path Crypto, Meta Brings NFT Minting & Trading to Instagram:

Payment updates Mastercard has launched Start Path Crypto, a worldwide engagement program aimed at assisting blockchain, cryptocurrency, and digital asset businesses in scaling.

Meta announced a new feature that will allow creators to create non-fungible tokens (NFTs) (or digital collectibles) and sell them to followers and collectors on and off Instagram.

Opera has launched DegenKnows.io, a new NFT analytics, monitoring, and exploration service that assists users in discovering, tracing, and verifying digital artifacts.

Legal updates Jebara Igbara, also known as ‘Jay Mazini,’ an Instagram influencer, pled guilty in federal court in the United States to a three-count indictment charging him with wire fraud, wire fraud conspiracy, and money laundering.

The entity, an Elrond Network (ERD) growth engine for Web3 builders and investors, is now available for usage by blockchain users and company founders.

Standard Chartered has invested in Partier, a blockchain-based payment network co-founded by JPMorgan, DBS Bank, and Singapore’s government-owned investment firm Temasek.

The amount invested has yet to be disclosed.

According to the press announcement, Standard Chartered will be the first Euro settlement bank for the Partior platform.

Bakkt Holdings, a digital asset platform, has signed a binding agreement to buy Apex Crypto from Apex Fintech Solutions for a maximum purchase price of $200 million.

Cathie Wood’s Ark Invest purchased shares in Jack Dorsey’s Block and Robinhood this week.

Will This Billionaire Coinbase CEO’s Crypto Prediction Come True?:

According to Coinbase CEO Brian Armstrong, Bitcoin will become a significant flight-to-safety asset within the next five to ten years.

The leading cryptocurrency’s market capitalization still needs to be larger to operate as a significant flight-to-safety asset, according to an episode of Coinbase’s Around the Block podcast titled “The State of Crypto and Where It’s Headed with Pomp.”

That may change in the next five to ten years as the crypto economy expands to become a substantial enough percentage of the global economy.

Bitcoin could be considered digital gold only after that because people flee to the asset when things go wrong. Armstrong admitted that he had exaggerated the likelihood of Bitcoin working as an inflation hedge in the present macro climate.

Nevertheless, as inflation began to pick up steam in 2021, Bitcoin’s value rose.

Even some large banks and high-profile investors have proposed Bitcoin as a hedge against inflation.

Similarly, in late October last year, JPMorgan strategists stated that inflation fears were fueling Bitcoin’s gain.

Despite historic inflation figures, the primary cryptocurrency failed to maintain its upward trajectory in 2022.

Instead, the coin’s losses widened as more central banks began boosting interest rates to combat inflation.

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