TL;DR Breakdown CoinDCX has laid off 12% of its workforce due to financial strains. India’s strict crypto tax regulations, introduced in 2022, significantly impacted trading volumes and revenues for crypto exchanges. The Indian crypto tax mandates a 1% tax at source and a 30% tax on crypto profits. Description The storm of layoffs that has swept through the crypto industry has now descended upon CoinDCX, the renowned Indian crypto exchange. This week, the company announced a significant reduction in its workforce, shedding 12% of its employees. What’s driving this drastic measure? A combination of challenging tax regulations and an unforgiving bear market, according to … Read more The storm of layoffs that has swept through the crypto industry has now descended upon CoinDCX, the renowned Indian crypto exchange. This week, the company announced a significant reduction in its workforce, shedding 12% of its employees. What’s driving this drastic measure? A combination of challenging tax regulations and an unforgiving bear market, according to the exchange’s top brass. Policies and Profits: India’s Tax Turbulence CoinDCX’s founders, Sumit Gupta and Neeraj Khandelwal, didn’t…

Description Bold. Brave. Revolutionary. These are some of the adjectives that Sam Altman, CEO of OpenAI, probably hoped would be attributed to his new endeavor, Worldcoin. But as the details unravel, it seems that Worldcoin might just be on the verge of upending the crypto universe, and not in the good way. This venture’s aspirations for … Read more Bold. Brave. Revolutionary. These are some of the adjectives that Sam Altman, CEO of OpenAI, probably hoped would be attributed to his new endeavor, Worldcoin. But as the details unravel, it seems that Worldcoin might just be on the verge of upending the crypto universe, and not in the good way. This venture’s aspirations for crypto adoption, masked by the lofty goal of a “more human economic system” in response to AI progression, loses its sheen when you delve deeper into its methodology. Veering Away from the True Crypto Spirit Let’s not mince words here. Worldcoin’s approach is a far cry from the decentralized, privacy-focused ethos that crypto stalwarts champion. A system centered around retina-scanning? That’s straight out of a dystopian…

TL;DR Breakdown PayPal’s stablecoin, PYUSD, is struggling to gain significant adoption despite the company’s industry stature. The overall stablecoin market has shrunk from $167 billion to $124 billion in 2023. Critics have pinpointed PYUSD’s centralized nature as a possible deterrent to its growth. Currently, 90% of PYUSD’s supply is held by its issuer, Paxos, and there are only 233 total holders. Description When an industry giant like PayPal dives into the crypto market’s stablecoin realm, the expectation is that it would, in no time, sail to the top. It’s not just wishful thinking; it’s an anticipation built on the reputation of the company. But to the surprise of many, PayPal’s much-vaunted stablecoin, Paxos-issued PYUSD, is failing to … Read more When an industry giant like PayPal dives into the crypto market’s stablecoin realm, the expectation is that it would, in no time, sail to the top. It’s not just wishful thinking; it’s an anticipation built on the reputation of the company. But to the surprise of many, PayPal’s much-vaunted stablecoin, Paxos-issued PYUSD, is failing to make waves in the digital…

TL;DR Breakdown Weekly crypto price analysis shows most of the tokens have been trading in mixed reactions, with bull and bearish patterns emerging in the market. Bitcoin price analysis has been hovering below the $27,000 level for most days in the week, with minor corrections occurring in between. Ethereum has been trading below $1,700, with a slight downward trend. Description The Weekly crypto analysis reveals that most cryptocurrencies have been trading in mixed signals, with bullish and bearish trends visible in the market. On August 25th, Jerome Powell, the Chair of the Federal Reserve, delivered a lecture at the Jackson Hole symposium. During his address, Powell expressed concern about the persistently elevated levels of inflation … Read more The Weekly crypto analysis reveals that most cryptocurrencies have been trading in mixed signals, with bullish and bearish trends visible in the market. On August 25th, Jerome Powell, the Chair of the Federal Reserve, delivered a lecture at the Jackson Hole symposium. During his address, Powell expressed concern about the persistently elevated levels of inflation and emphasized the Federal Reserve’s willingness to…

TL;DR Breakdown The TVL on Defi has been confined to plummet significantly as Ethereum staking grows. Liquid staking continues to gain traction in the market. Description The cryptocurrency landscape has witnessed a series of setbacks involving centralized crypto exchanges and services in the past year. Surprisingly, these challenges have not deterred consistent outflows from decentralized finance (DeFi), as indicated by recent data. DeFiLlama, a prominent analytics platform for DeFi protocols, reports a notable decline in the total value locked (TVL) within … Read more The cryptocurrency landscape has witnessed a series of setbacks involving centralized crypto exchanges and services in the past year. Surprisingly, these challenges have not deterred consistent outflows from decentralized finance (DeFi), as indicated by recent data. DeFiLlama, a prominent analytics platform for DeFi protocols, reports a notable decline in the total value locked (TVL) within DeFi protocols across various blockchain networks. Defi TVL sheds $140 billion since 2021 high At its peak in November 2021, the industry boasted a TVL of approximately $178 billion. However, this figure has dwindled significantly, currently resting at less than $38…

TL;DR Breakdown Dropbox discontinues its unlimited storage Advanced plan, citing abuse by users for cryptocurrency mining and other resource-intensive activities. The company will transition to a metered model, offering 15TB of storage for new users, with the option to purchase additional storage add-ons. Description Dropbox, the popular online storage platform, announced the discontinuation of its unlimited storage Advanced plan, citing abuse by users engaged in cryptocurrency mining. The company revealed that the unlimited storage offering, initially designed for businesses, had been exploited for resource-intensive activities, including crypto mining and pooling storage for personal use. Dropbox policy to address unintended … Read more Dropbox, the popular online storage platform, announced the discontinuation of its unlimited storage Advanced plan, citing abuse by users engaged in cryptocurrency mining. The company revealed that the unlimited storage offering, initially designed for businesses, had been exploited for resource-intensive activities, including crypto mining and pooling storage for personal use. Dropbox policy to address unintended usage Dropbox’s Advanced plan was initially tailored to offer businesses the flexibility of unlimited storage as their teams expanded. However, the company found…

TL;DR Breakdown NFTs tied to former US President Donald Trump have risen significantly following allegations against him. Intersection between politics and the digital ecosystem. Description In a surprising turn of events, the world of non-fungible tokens (NFTs) witnessed a notable surge in prices following the release of a photo depicting former United States President Donald Trump. This image, stemming from his ongoing criminal case in Georgia for alleged electoral interference, has ignited a fresh wave of interest in Trump-themed digital … Read more In a surprising turn of events, the world of non-fungible tokens (NFTs) witnessed a notable surge in prices following the release of a photo depicting former United States President Donald Trump. This image, stemming from his ongoing criminal case in Georgia for alleged electoral interference, has ignited a fresh wave of interest in Trump-themed digital collectibles. Donald Trump NFT witnessed a 62% jump in price Market data from OpenSea, a prominent NFT marketplace, reveals a substantial increase in the floor price of Trump’s digital trading cards. Launched initially in December 2022, the price of these NFTs spiked…

TL;DR Breakdown Hashdex, a crypto asset management company, has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a unique spot Bitcoin ETF that bypasses the commonly used Coinbase surveillance sharing agreement. Industry experts believe that Hashdex’s novel approach, which involves acquiring spot Bitcoin directly from the Chicago Mercantile Exchange, could alleviate the SEC’s concerns about market manipulation and liquidity. The SEC has not yet commented on Hashdex’s application but has indicated that feedback on spot Bitcoin ETFs will not be issued until next year, heightening market anticipation. Description Hashdex, a crypto asset management company, has thrown its hat into the ring for a spot Bitcoin exchange-traded fund (ETF) in the United States. The firm submitted an application to the U.S. Securities and Exchange Commission (SEC), outlining a unique strategy that diverges from the norm by eschewing the Coinbase surveillance sharing agreement. Hashdex distinctive … Read more Hashdex, a crypto asset management company, has thrown its hat into the ring for a spot Bitcoin exchange-traded fund (ETF) in the United States. The firm submitted an application to…

Description The Internet Computer Protocol (ICP) has emerged as a pivotal force within the blockchain landscape, revolutionizing how transactions and applications are conducted online. As the demand for faster and more cost-efficient Bitcoin transactions gains momentum, a groundbreaking solution has emerged to address this need head-on. Enter ckBTC, the native ICP token that holds the promise … Read more The Internet Computer Protocol (ICP) has emerged as a pivotal force within the blockchain landscape, revolutionizing how transactions and applications are conducted online. As the demand for faster and more cost-efficient Bitcoin transactions gains momentum, a groundbreaking solution has emerged to address this need head-on. Enter ckBTC, the native ICP token that holds the promise of transforming how we perceive and execute Bitcoin transactions. With the ICP as the backdrop, the quest for seamless, rapid, and economical Bitcoin transactions is no longer just a desire; it’s an attainable reality. In response to the urgent need for enhanced transactional efficiency, the Dfinity Foundation unveiled Chain Key Bitcoin (ckBTC)—a potent tool poised to propel Bitcoin transactions into a new era of speed and…

TL;DR Breakdown Tornado Cash co-founder Roman Storm was arrested by the DOJ and later released on bail, raising concerns about the legality of privacy tools in cryptocurrency. The arrest has sparked a debate within the crypto community, with supporters emphasizing the importance of privacy and critics warning against potential misuse for illegal activities. Description Roman Storm, the co-founder of Tornado Cash, who was arrested by the Department of Justice (DOJ) has been released on bail. On August 24, Storm’s lawyer Brian Klein posted on X (formerly known as Twitter) to inform that Storm had been granted bail and released. Klein expressed his ongoing disappointment with the prosecutors’ decision to … Read more Roman Storm, the co-founder of Tornado Cash, who was arrested by the Department of Justice (DOJ) has been released on bail. On August 24, Storm’s lawyer Brian Klein posted on X (formerly known as Twitter) to inform that Storm had been granted bail and released. Pleased to share that my client Roman Storm is already out on bail, although I remain very disappointed that the prosecutors charged him…