"Kimchi premium" returns at 15% / IRS to use AI in tracking crypto gains / Fresh Funding

Plus: MSTR has purchased another 253 BTC at $59,339

Inside.com Part of   Network April 05, 2021

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The global crypto market cap is $1.97T 1.77%▲ with a 24hr market volume of 178.41B 16.64%▲. Bitcoin's dominance is currently 55.89% -0.55%▼.  CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $59,078 0.82% ▲ 2 Ethereum ETH $2,107 0.67% ▲ 3 Binance Coin BNB $373.70 6.51% ▲  4 Polkadot DOT $43.89 0.18% ▼ 5 Cardano ADA $1.20 0.99% ▲ *Prices as of 3:30 p.m. ET.

The "Kimchi premium" returns as the BTC/Korean Won price reaches $66,633. The 15% premium compared to BTC/USD is a product of difficulties in Korean Won exchanges resulting in a lack of cryptocurrency to meet South Korea’s demand. More: Bitcoin's kimchi premium has previously been used as a bull market signal, demonstrating a large interest in retail investment trading. BTC/Korean Won premiums reached as high as 63% in May 2017 and 47% in January 2018. Korbit, one of the oldest crypto exchanges in South Korea, saw an increase of 1774% in account reactivations in November of last year and saw another 58% increase last month. South Koreans have historically demonstrated a large demand for bitcoin. Almost one-third of all working Koreans owned bitcoin in 2017.

The IRS announced a plan to use AI and machine learning to track cryptocurrency transactions. The reported plan is expected to cost over $10M to develop AI that would apply open-source data, DNS records, IP data, and other electronic resources to its traditionally paper-based system. More: In addition to better tracking cryptocurrency transactions, the IRS also aims to develop “chatbots” for automated customer service. The IRS is currently in a legal battle with cryptocurrency exchange Kraken over the release of Kraken’s customer records.  The IRS is additionally in court with Circle. This cryptocurrency company facilitates the issuance of USDC for information regarding U.S. resident tax obligations.

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🍋 FRESH FUNDING 🍋 Fei Labs, stablecoin: $1.27B. On Sunday, Fei Labs raised 639 ETH (~$1.27B) for its Fei Protocol stablecoin.  More: Fei stablecoin uses a “protocol controlled value” to keep the coin at $1. This process involves the buying and selling of a currency supply to maintain a consistent price. Fei Labs boasts a direct incentive mechanism that allows its stablecoin to be more capital efficient and can continuously maintain liquidity within secondary markets. The funds, in part, have been distributed to provide liquidity support on Uniswap. Fei Labs has become the largest DeFi pool on the platform, with almost $3B in liquidity. The Vuze, music/blockchain: N/A. The Vuze announced a successful seed funding round to further develop their assetization of the music process through Blockchain.  More: This was The Vuze’s first fundraising event. Their product is currently still in development. The company offers a P2P platform for artists looking to raise capital for projects without going to traditional record labels. The Vuze provides smart contract tokens to artists that fans purchase to receive a portion of royalties generated by the artist.

▲ TOP GAINERS # Name Price 24h % 1 BitTorrent BTT $0.01185 35.21% ▲ 2 XRP XRP $0.82892 33.43% ▲ 3 Tron TRN $0.1467 27.42% ▲ 4 Tezos XTZ $6.23 19.64% ▲ 5 Stellar XLM $0.5006 13.15% ▲ ▼ TOP LOSERS # Name Price 24h % 1 DREP DREP $2.53 14.22%▼ 2 Klaytn KLAY $3.30 13.22%▼ 3 Filecoin FIL $175.96 3.00%▼ 4 Solana SOL $24.01 2.95%▼ 5 Aave AAVE $398.52 2.69%▼ *Limited to cryptocurrencies with a market cap >$4B. Prices as of 3:30 p.m. ET.

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QUICK HITS: Keep these things in mind to ensure reliability and professionalism when connecting to a large, remote audience. * The global cryptocurrency market is now above $2T, gaining $1T in just three months. MicroStrategy (MSTR) has purchased another 253 BTC at $59,339. The company now holds around 91,579 bitcoins, purchased at the average price of $24,311/BTC. Grayscale announced today that it intends to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF “as soon as possible.” Neuno, a digital fashion startup, told Vogue Business that it is currently working with five luxury fashion brands to launch NFTs. Among these brands, Vogue Business confirmed Gucci as a future entrant into the NFT space. Liquity, a decentralized protocol on the Ethereum network, is now live. The DeFi protocol’s launch comes just a week after a $6M Series A funding round. Michael Mosier, a former CTO at blockchain analytics company Chainalysis, has been selected to become acting director at the Financial Crimes Enforcement Network (FinCEN). You don’t need a PhD in molecular biology to understand the investment potential of this scientific breakthrough. * *This is sponsored content.

Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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