The Digest

• Grayscale Investment now has Solana, Uniswap and a fund of $494 Million.
• Bitcoin’s hashrate nears new all-time high, bulls ignore China’s ban.
• Tax evasion can lead to scrutiny of traders.
• Anonymous Shiba whale purchases 276 billion SHIB.
• Crypto is accepted in Miami and Texas.

Grayscale Investment added Solana & Uniswap as a fund of $494,000,000

Grayscale, a prominent fund manager who is also an investor, announced that it has added Solana and Uniswap, both SOL, to one of its funds. Grayscale had Solana listed in June as one of its altcoins.

Both Solana and Uniswap, which have previously been hailed as killers, have been added to Grayscale’s Digital Large Cap Fund, which holds $494 million in management.

Grayscale Digital Large Cap Fund concluded the week by allocating 24% to Solana and 1% each to Uniswap. Solana holds now fourth most in a fund that is dominated bitcoin.

Flipsider

• SOL and UNI have both fallen by 3.44% & 3.55% respectively.

Why you should care

Although Bitcoin has been the dominant cryptocurrency, institutional investors have begun to look at Altcoins such as Uniswap or Solana.

Bitcoin’s Hashrate Nears New All-Time High, Bulls Ignore China’s Ban

China was once China’s largest location for crypto mining. However, it has since banned all mining and related activities. The initial ban on mining caused Bitcoin’s hashrate (computational power) to register its highest percentile decrease since 2009.

Bitcoin’s strong reaction has seen it recover in three months. On October 2nd, Bitcoin’s hashrate reached 177.5 EH/s, close to its ATH of 198.5 EH/s on April 14th. As of this writing, it is sitting at 145.029 EH/s.

Bitcoin’s hashrate over the last year. Source: Blockhain.com

In a similar trend, Bitcoin bulls have seemingly ignored China’s anti-crypto stance. In the midst of China’s market decline, institutional investors also bought BTC. Bitcoin witnessed an institutional inflow worth $50.2 million during September’s last week.

Bitcoin has been experiencing significant gains as more investors look to it for investment opportunities. Bitcoin gained over 14% value in the last 5 days. As of October 4, its price was $47,647.

Five-day Bitcoin price chart (BTC). Source: Tradingview

Flipsider

• Amidst Bitcoin’s strong recovery, analytics guru Material Scientist has indicated to a relationship between Bitcoin’s price cycle and Chinese debt cycles.

Why you should care

The recovery of Bitcoin’s price and hashrate proves that the digital asset, and other cryptos, can exist without what was once its biggest market.

Cardano Traders Face Scrutiny Over Tax Evasion

We saw increased attention from regulators in September. Japan is stepping up its enforcement of tax evasion by crypto-investors, despite China banning the entire use of cryptocurrency.

Tax authorities claim that crypto investors have evaded tax of approximately $12.5million USD. This amounts to about 1.4 billion Japanese yen. Cardano’s ICO was launched in Japan last August. However, it is a very popular asset.

Many defaulters are ADA holders because they have used Cardano as a “tax-saving measure.”

Flipsider

• Although Japan has increased its tax burden, cryptocurrency is still in an unregulated area due to the absence of any blanket regulation.

Why you should care

Increased calls for crypto-generated profits to be taxed could impact how cryptocurrency investors trade and hold cryptocurrencies.

Anonymous Shiba Whale Purchases 43.8 Million in SHIBs

After Elon Musk boosted Dogecoin’s rise to popularity, we’ve seen more meme coins take the spotlight. Musk shared a photo of the Shiba Inu and caused FLOKI’s price to rise.

Shiba, a rival meme coin to Dogecoin has been in the news again. Shiba, a strange SHIBA whale, purchased an astonishing 6 Trillion SHIB worth approximately $43.8 Million.

According to whalestats now, the address – 0x7e1aa2e386f02b398da7aad05447c4749d1317c1, now holds 0 SHIB.

Flipsider

• SHIB’s price has fallen by 77% since its peak.

A 6 month price graph for Shiba Inu. (SHIB). Source: Tradingview

Why you should care

The purchase of $43.8 million worth of SHIB comes amidst increasing interest in Dogecoin’s rival, Shiba Inu, as many whales look to profit from the crypto.

Miami and Texas embrace Crypto

Amidst China’s crackdown on the crypto industry, other regions have picked up the slack, taking the initiative to embrace cryptocurrencies. Texas and Florida are both becoming increasingly crypto-friendly, with Miami being the most prominent example.

Francis Suarez (a longtime Bitcoin supporter, and mayor of Miami), has talked about the role of crypto currencies in the future. Soon after announcing MiamiCoin Wallet launch, Mayor Suarez reported that one million dollars had been earned in just one day.

Suarez stated, in addition to advocating the payment of taxes and fees using crypto, that decentralized technology is capable of solving the issue of corruption. Seemingly In direct answer to China’s crackdown, Texas has set up a ‘Great Mining Migration.’

The Texas Blockchain Council already has 70 members and met twice with Governor Texas. A constitutional amendment was also submitted by the council that allows Bitcoin to be used in Texas for property taxes.

Flipsider

• Although crypto has been accepted in Texas and Miami, China hinted that it might roll out a new system.Even more policies against crypto.

Why you should care

It is possible that the reaction of Miami and Texas toward cryptocurrency may lead to increased adoption within these regions. This could potentially establish them as leaders in Crypto.

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