Weekly Market Chummary: October 10th, 2022

This is not financial advice. This is for informational purposes only. Remember to do your own research!

Shark Bites:

Portugal Cracks Down

Portugal’s minister of finance has called for a 28% tax on capital gains from cryptocurrency transactions held for less than a year. Crypto mining and issuances would also be considered income under the new proposed legislation in the country’s parliament.

Dapper Labs Plays Hardball

Dapper Labs, famed company behind NBA top shots in the NFT world, has made the move to restrict NFT account owners with ties to Russia. This comes in the wake of the EU’s sanctions against the Eastern European country. Those users can now only view their NFTs, no transactions are allowed at this time.

FTX meets Visa

Sam Bankman-Fried will rule the world someday, you heard it here first. FTX, crypto exchange owned by the innovative billionaire, has partnered with Visa to offer crypto-linked debit cards across 40 countries. These FTX cards are already available in the US and are linked directly to the user’s FTX account. Only a matter of time.

BNB Hacked

Binance, the world’s largest crypto exchange by trade volume, halted activity on its blockchain after an attack which resulted in 2MM BNB tokens stolen (approximately $566MM at time of hack). The hack took place via a cross-chain bridge which makes it easy for cryptos to move across other chains. Such unfortunate news after they secured the license to operate their exchange in Kazakhstan.

Asset Flows Down, Crypto ETFs Up

ETF products holding crypto-based assets are still on the rise, even in this dreadful market environment. There are over 180 listed crypto ETFs/ ETPs around the globe. Asset flows have decreased significantly in the past year, down from $83B in November to $24B currently. Ouch.

NFT Corner:

Term of the Week: Altcoin

Originally used to refer to any cryptocurrency that wasn’t Bitcoin, altcoin may now refer to any new crypto with a smaller market cap