Crypto Flipsider News – Terra Buys More Bitcoin Hits ATH, BTC Set New 2022 High; Crypto Receives $193M Institutional Inflow, Grayscale to Sue SEC; Greenpeace Call for Change in Bitcoin Code; Vietnam on Legal Crypto Framework
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Crypto Flipsider News – Terra Buys More Bitcoin Hits ATH, BTC Set New 2022 High; Crypto Receives $193M Institutional Inflow, Grayscale to Sue SEC; Greenpeace Call for Change in Bitcoin Code; Vietnam on Legal Crypto FrameworkThe Digest contains the following:
- (LUNA) reaches ATH following bitcoin purchase. New yearly high.
- Grayscale might sue SEC for Crypto’s highest institution inflow in three months.
- Greenpeace’s co-founder and others start a campaign to lower Bitcoin energy consumption.
- Vietnam is currently working to create a legal framework regarding cryptocurrencies.
Terra (LUNA), Hits ATH after Bitcoin Purchase. Bitcoin sets a New Yearly Record
Terra Foundation announces the acquisition of $135 Million more Bitcoin. Terra now has $1 billion in bitcoin purchased since January.
Following the announcement, LUNA, one of Terra’s native tokens, embarked on a rally that has seen it set a new all-time high.
Terra (LUNA), with a gain of 12%, established a new ATH for $106.14. Currently, LUNA trades at $103.55 and has a market cap of $36.7million.
Terra (LUNA), 24 Hour Price Chart Source: Tradingview
For the eighth straight day, Bitcoin is in the green. Bitcoin’s extended run of form has seen the world’s biggest crypto gain by over 15% in the last seven days, resulting in Bitcoin setting a new 2022 high of $48,086.
This is the seven-day price chart of Bitcoin (BTC) Source: Tradingview
Bitcoin is now trading at $47,975, as of this writing, and retains its position as the world’s largest crypto, with a market cap of $910.5 billion.
Flipsider:
- Despite this rally, which helped crypto market cap to appreciate above $2 TrillionHowever, the November ATH is down 32% from when it peaked at above $3 Trillion.
Why you should care
Because the Terra ecosystem is backed by Bitcoin, it reduces the chance of its failure.
Crypto Records Largest Inflow to Institution in Three Months. Grayscale Could Sue the SEC
In 2022, crypto has been mostly on the defensive with a series of plunging prices and institutional outflows. However, institutional investors returned in force last week, recording the year’s largest combined weekly net investment.
For the week ended March 25, the institutional investment in crypto was $193 Million. ETC Group and ProShares led these investments. They each received $48.3 millions in net inflows during this week. Bitcoin and Bitcoin Cash were the most preferred assets with $97.8 and 87.1 million, respectively.
Fed up with the rejection and postponement of its Bitcoin Spot ETF, Grayscale, the world’s largest digital currency asset manager, could look to sue the SEC if its Bitcoin ETF application is rejected.
Grayscale CEO Michael Sonnenshein stated that his company would put all its resources behind converting GBTC to an ETF. When asked if Grayscale would sue the SEC, Sonnenshein replied, “I think all options are on the table.”
Flipsider:
- With crypto becoming a more significant part of tomorrow’s finance, the Biden administration anticipates Revenues of $10 billionCryptocurrency will generate the following: Over the next decade.
- Event attendees could be able to see cryptocurrency investors paying Additional taxesTheir crypto-generated income.
Why you should care
A spot ETF would provide investors direct exposure to Bitcoin and other cryptos – the reason why they are considered important for crypto’s growth.
Greenpeace, Ripple and More Start Campaign To Reduce Bitcoin Energy Consumption
The long-standing debate about Bitcoin’s energy consumption and subsequent impact on the environment has been reinvigorated by a campaign backed by Greenpeace, Chris Larsen (Ripple’s co-founder), and other climate groups.
The “Change the code, not the climate” campaign aims to convince industry experts to support a switch for Bitcoin from the Proof of Work mechanism to a less energy demanding consensus model.
One of the most important concerns is that Bitcoin’s energy is mainly generated from fossil fuels. However, some miners also use natural gases and coal waste. They believe that Bitcoin’s energy consumption would drop by 99.9% by moving to a Proof of Stake model.
The campaign will include digital ads in Wall Street Journal and Marketwatch as well as Politico, Facebook, Facebook (NASDAQ) and other publications. Proposed mining sites may also face legal consequences.
Flipsider:
- Some Bitcoin miners use renewable energy such as wind and sun to power their operation.
Why you should care
With the value and use of Bitcoin rising, the campaign’s organizers argue that it is vital that Bitcoin becomes more environmentally friendly.
Vietnam is working on a legal framework for cryptocurrencies
Since 2017, when the Vietnamese central bank’s initially issued a ban on crypto, the nation has become one of the leading crypto adopters in the world. In order to further expand its crypto-sphere, the Asian nation has begun creating a legal framework.
The Ministries of Justice, Information, and Communications will work together with the State Bank of Vietnam to create a legal framework for digital assets according to the details laid out in ‘Decision 1255′ – the 2017 crypto ban.
Vietnamnet reports that the ministry has to determine which legal documents need amendment or enactment in order for the management and development of this new asset.
Additionally, the report mentions the need to assess the legal requirements for regulating the risk associated with digital assets. The framework is not expected to affect any other industries, including e-commerce or information technology.
Flipsider:
- Vietnam is looking to embrace crypto while South-East Asian countries are not. Thailand banned crypto payments.
Why you should care
The news marks another step in the Vietnam’s march to formally legislate digital assets following the 2017 ban issued by the nation’s central bank on the use of bitcoin and other cryptos as a means of payment.
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