10 Predictions for 2021: China, Bitcoin, Taxes, Stablecoins and More
2020 was an awful year for the world but a breakthrough one for crypto writ large. Here are 10 trends to watch for next year.
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On-chain data shows ERC-20 stablecoins are currently seeing the highest number of exchange withdrawal transactions since May 2021. Investors Are Withdrawing Their Stablecoins From Exchanges In a new post on X, CryptoQuant community analyst Maartunn has shared about the latest trend in the Exchange Withdrawing Transactions for the Ethereum-based stablecoins. This indicator measures, as its […]
China has used its Economic Daily media outlet to signal that further regulatory action may be taken toward stablecoins in the wake of the collapse of Terra’s algorithmic stablecoin. The China state-owned media outlet, the Economic Daily, has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem.In an article published May 31, the outlet detailed the collapse of TerraUSD (UST) and Luna (LUNA), explaining the workings of the algorithmic stablecoin. It used the so-called black swan event to....
China has expanded its central bank digital currency pilot program to include the payment of tax, stamp duty and social security. Residents in three major Chinese cities have begun paying tax, stamp duty and social security premiums using the country’s central bank digital currency — the digital yuan (e-CNY). According to a domestic news report, a number of government agencies in the Zhejiang province — located just south of Shanghai — are currently running real world trials programs that involve citizens using the digital yuan to pay taxes.The Zhejiang Taxation Bureau is working with the....
While most cryptocurrency markets are down today in value, dollar-pegged stablecoins have seen significant demand during the last 24 hours. Currently, the entire market valuation of all the stablecoins in existence is roughly $96 billion. The Rise of Fiat-Pegged Stablecoins Crypto assets like bitcoin (BTC) and ethereum (ETH) can be volatile and this has caused demand for stablecoins in recent years. Since July 2017, the stablecoin market has swelled considerably but after April 2020, it skyrocketed. One of the main use cases for stablecoins is so people can hedge their funds when crypto....
Over the last few weeks, cryptocurrency markets have fallen in value as most of these assets reached all-time price highs three months ago. Despite the price drops, 2021 has still been an explosive year for crypto gains and fiat-pegged stablecoins have grown massively as well. 53 days ago, the entire capitalization of fiat stablecoins crossed the $100 billion mark, and the stablecoin market valuation continues to grow, swelling 13% since the end of May. Stablecoin Market Valuation Grows by 13% in 30 Days, Tether Issuance Slows Stablecoins have made their mark in the crypto economy over the....