Crypto Markets Up / Congressman Crypto Testimony / Follow Chris Bendiksen / India Drafts Ban

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Presented by Subscribe | View in browser $BTC (4:10 p.m. EST): $7,991.94 (4.19%) // 90-day high: $8,320.82 // 90-day low: $3,863.56 / / More… $ETH (4:10 p.m. EST): $249.86 (3.52%) // 90-day high: $287.20 // 90-day low: $130.94 // More…       1. Market Watch 🕵️: Bitcoin jumped past $8,000 per coin and all cryptocurrencies in the top 10 by market cap have seen positive gains in the past 24 hours. After hitting a weekly low of $7,564.49, Bitcoin crossed $8,000 per coin on Friday, passing a psychological test for traders and investors. Bitcoin: Up 4.26 percent in the past 24 hours and the current market cap is $141.4 billion. Ethereum: Up 3.67 percent in the past 24 hours and the current market cap is $26.8 billion.  XRP: There were rumors of XRP acquiring Money Gram. XRP is up 4.88 percent over the past 24 hours. Litecoin: Up 12 percent in the past 24 hours as the upcoming Litecoin halving in August has put pressure on the currency.       2. U.S. Congressman Ted Budd (R-North Carolina) testified in front of the House Ways and Means Committee on cryptocurrency taxation. Budd co-sponsored the "Cryptocurrency Tax Fairness Act" which would treat cryptocurrency purchases like personal transactions in a foreign currency and not tax them. Currently, the IRS considers crypto to be a type of property and it does not qualify for a de minimis tax exemption. Budd argued that crypto transactions are double taxed as a buyer is taxed on the grounds of both a sale and a purchase. He stated that this is a deterrent to participating in blockchain-based businesses and it would be a problem if blockchain innovation moved to countries like Malta and Singapore. - COIN DESK If you are an active cryptocurrency trader, how do you go about paying your crypto taxes? What are the biggest roadblocks you face?       A MESSAGE FROM AIRBNB Earn money by sharing your space. Millions of travelers stayed in an Airbnb last year. Turn your extra space into extra money. 3. Follow Friday: Christopher Bendiksen is the head of research at Coin Shares, a digital asset manager based in the United Kingdom. In his latest tweetstorm, Chris tweeted discussed the energy demands of mining, "1/ It's official: #bitcoin mining is STILL predominantly powered by hydro, wind or solar In a shocking new finding (jk, we already knew this) - over 74% of the bitcoin mining network is powered by renewables." Chris is known as a big proponent of Proof of Work and continues to provide great insights on why Proof of Work is not a threat to society as many Proof of Stake advocates state. In his latest research paper 'Beware of Lazy Research: Let's Talk Electricity Waste & How Bitcoin Mining Can Power A Renewable Energy Renaissance', Chris argues against points by naysayers that include: Bitcoin mining is highly energy intensive.  The vast majority of bitcoin miners are located in China.  Bitcoin miners in China are mostly using dirty, coal-based power.  Bitcoin mining has a comparatively extreme carbon footprint.  Bitcoin is bad. Chris pointed out that the combined total bitcoin mining network draws less power than global gaming consoles running four hours per day. He also pointed out that Bitcoin mining is mainly powered by renewable energy, using renewable power at a level four times higher than the global average (77.6 percent vs 18.2 percent). And, in regards to increasing renewable energy use for bitcoin mining by increasing profitability and lowering reliance on subsidies, Chris has argued that bitcoin mining can positively contribute to the development and scaling of renewable energy projects wherever conditions are the most favorable. Chris seemed to do a good job of changing minds as Morgan Creek Digital founder Anthony Pompliano tweeted yesterday, "74% of Bitcoin mining is powered by renewable energy, according to CoinSharesCo. Don't tell the haters. It will ruin their narrative!" If you're a fan of Proof of Work consensus mechanisms or want to learn why PoW is a viable option, make sure you follow Chris. -TWITTER.COM/C_BENDIKSEN       4. A new bill in India proposes a 10-year jail sentence for buying, selling, and mining cryptocurrencies. The "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill" said anyone who mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies directly or indirectly will be subject to a non-bailable 10-year jail sentence. Economic Affairs Secretary Subhash Chandra Garg chairs the panel that drafted the bill. The bill also introduces the introduction of an official national currency, 'The Digital Rupee.' - MONEY CONTROL       A MESSAGE FROM ATLASSIAN Atlassian is heading to a city near you If every company is now a software company, what does that mean for your IT team? Come join the conversation and enable your teams to innovate, transform and lead your organization forward at Atlassian Team Tour: Future of IT. Explore topics around the future of work, the changing role of IT, and the importance of agile and open practices with Atlassian leadership and local peers. Register Now 5. Facebook's Global Coin will be made up of a basket of national fiat currencies. -COIN DESK 6. NEO released detailed financials ahead of its relaunch that showed it raised 8,169 Bitcoin during its 2016 ICO. -COIN DESK 7. Bitcoin 2 is a Bitcoin forked clone that rose more than 800 percent in the past 24 hours. -YAHOO 8. Seven dozen publicly reported blockchain security breaches between 2011 and 2018 resulted in more than $1 billion in losses. - WALL STREET JOURNAL 9.  A $100 million fund, Darma Capital, debuted to go long on Ether and other cryptocurrencies. -BLOOMBERG 10. The third Ethreum 2.0 test net by Prysmatic Labs named Sapphire has gone live. -MICKY       Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny. Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who's always on social media).

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