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XRP Holds Gains While Crypto Market Plummets Badly

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XRP Holds Gains While Crypto Market Plummets Badly

XRP, the native token of the Ripple ecosystem, continues to hold gains despite the market downturn. The token saw an inter-week surge of up to 14.2% from $0.345 to $0.394. While it has dropped from that high, it still holds up to 2.08%. However, it trades dangerously close to its floor price for this week and might lose all its gains soon.

Its daily chart is already trending in the red zone. As of writing, XRP is down over 5% but looks on a rebounding path. The entire crypto market has faced a challenging time this week. Almost every token in the top ten market cap list was trading in the red zone. Only XRP managed to keep its gains from last week. However, its trading volume has increased in the last 24 hours, meaning traders have been active.

XRP Looks To Expand Beyond The United States

It appears that Ripple [XRP] was more interested in making progress than continuing its legal spat with the US SEC. Stuart Alderoty, Ripple’s general counsel, disclosed that most of the company’s income is no longer derived from the United States. Alderoty made the statement in an interview with CNBC on November 18.

The majority of the blockchain payment company’s profits, according to Alderoty, have come from operations outside of the United States. He also acknowledged that Ripple was actively seeking an Irish Virtual Asset Service Provider (VASP) license. Regardless of the status of the SEC case, Alderoty stated,

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Effectively, Ripple is operating outside of the U.S. It is seeking a virtual asset service provider (VASP) license from the Irish central bank so that it can ‘passport’ its services throughout the European Union via an entity based there.

XRP, however, was unable to maintain positive dominance after the disclosure. At the time of publication, CoinMarketCap statistics showed that it had lost 0.76% of its previous 24-hour value. A review of the network’s performance also revealed a sharp decline. Data from the analytics website Santiment showed that XRP’s network growth has decreased to 4,264. This is far from its peak of 9,827 on November 13th. At this point, it signalled that XRP was having trouble luring fresh addresses to the network.

XRP’s price currently fluctuates around $0.35. | Source: XRPUSD price chart from TradingView.com

XRP Price Analysis

The price of XRP is now $0.353, with a $2 billion 24-hour trading volume. XRP has decreased by more than 6% during the past 24 hours. With a live market cap of less than $18 billion, CoinMarketCap now ranks XRP seventh.

Over the past several days, there has been a lot of pressure on the price of XRP. The coin encountered heavy opposition around $0.3951, where it created a triple-top pattern, which increased this pressure. Additionally, it has deviated from the 25-day and 50-day moving averages, and the Relative Strength Index (RSI) has moved nearly into oversold territory.

Therefore, it is possible that the price of Ripple will keep dropping as sellers aim for a crucial support level of around $0.3100. The negative outlook will be refuted by a move over the $0.3700 resistance level.

Featured image from Pixabay and chart from TradingView.com
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Crypto Miners In Kazakhstan To Buy Only Surplus Power, Under Digital Assets Bill

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Crypto Miners In Kazakhstan To Buy Only Surplus Power, Under Digital Assets Bill

Companies extracting cryptocurrencies in Kazakhstan will be allowed to purchase only excess electricity on a government-controlled market. The decision comes with new legislation approved by lawmakers which regulates the activities of the industry and the taxation of its profits.

Law to Regulate Crypto Mining in Kazakhstan, Change Licensing Rules

The lower house of Kazakhstan’s parliament, the Mazhilis, has adopted the bill “On Digital Assets of the Republic of Kazakhstan” and four related draft laws which aim to regulate mining, among other crypto activities, local media reported.

In accordance with the legislation, miners operating in the country will be able to buy power from the national energy system only if it has a surplus to offer, and exclusively through the KOREM exchange, the country’s centralized electricity market.

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Commenting on the new regime, Mazhilis member Ekaterina Smyshlyaeva pointed out that price restrictions have been lifted for that excess amount of electricity and insisted, quoted by Tengrinews, that trades will be governed by market mechanisms.

The bill also introduces two categories of mining licenses. The first type will be granted to entities that operate infrastructure such as data processing centers. They will have to meet certain equipment, location, and security standards.

The second one will be issued to owners of mining hardware who rent space in crypto farms and do not claim an energy quota. Mining pools will have to abide by additional rules such as the requirement to have their servers based in Kazakhstan and comply with local information security regulations, Smyshlyaeva added.

The Central Asian Nation, which has become one of the world’s main crypto mining destinations since China cracked down on the industry in 2021, has blamed its growing power deficit on the influx of miners. According to recent arrangements with Russia, Kazakhstan’s mining farms will be supplied with Russian electricity, too.

Cryptocurrency Miners to Pay Corporate Tax on the Value of Their Reward

The authors of the law, which was approved on first reading in October, have also thought about taxation. Crypto mining companies will be subject to corporate income tax, calculated based on the value of the digital assets received as reward. The same tax for mining pools will be levied on their commission.

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Individuals who carry out cryptocurrency transactions will be paying value added tax (VAT), the report revealed without providing further details or specifying the exact rates. Legal entities offering crypto exchange services will also have to pay corporate tax.

Smyshlyaeva remarked that the circulation and exchange of cryptocurrencies is prohibited in Kazakhstan and the trading platforms can only operate under the special legal regime of the Astana International Financial Center (AIFC), with a license issued by the financial hub but without the tax benefits offered to other registered organizations.

The authorities also plan to ban the advertising of cryptocurrency transactions. At the same time, different regulations have been adopted for secured digital assets, similar to those that apply to securities. A permission to issue and circulate such assets would depend on the availability of collateral.

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bill, Circulation, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Digital Assets, draft law, Exchange, Kazakhstan, Law, Miners, mining, mining farms, Regulations, requirements, rules, Standards, Tax, Taxation

Do you think Kazakhstan will remain a hotspot for crypto mining after the new legislation is enforced? Tell us in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Aksakov

Russia Expects Sizable Increase In Crypto Miners’ Share Of Power Usage

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Russia Expects Sizable Increase In Crypto Miners’ Share Of Power Usage

The crypto mining industry may see a two-fold increase in its share of Russia’s power consumption in 2022, according to a high-ranking official from the Ministry of Energy. The department supports a bill designed to regulate the sector which is likely to be adopted this year.

Russian Energy Ministry Forecasts Rise in Crypto Mining’s Electricity Consumption

The share of cryptocurrency miners may reach 1.5 – 2% of Russia’s total consumption of electrical power by the end of 2022, according to the Russian Deputy Energy Minister Pavel Snikkars. During a crypto conference organized by the business news portal RBC, the government official recalled that last year’s figure was around 1%.

The availability of electricity for mining across the vast country would depend on the number of users that want to connect to the grid in a particular location, Snikkars added. In certain Russian regions — the deputy minister mentioned Murmansk as an example — unused power generating capacities are currently being offered to the crypto industry.

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Snikkars explained the availability of such resources with the way new power plants are built. A decision to start the construction of one, which may take up to a decade in the case of nuclear stations, is based on requests from potential consumers in the area. However, some projects are not ready to launch on time or at all and, as a result, the generating capacities are not fully loaded.

Individuals minting digital currencies are also causing trouble raising consumption in certain places with low electricity rates, where the infrastructure cannot handle the growing power usage, the expert said. He emphasized the energy industry should take measures to ensure reliable supply for other users.

During the event, Pavel Snikkars also talked about the efforts to regulate cryptocurrency mining as a business activity, voicing his department’s support for the draft legislation filed in mid-November with the lower house of Russian parliament, the State Duma.

The bill amending the current law “On Digital Financial Assets” is yet to be approved by the Legal Department of the Duma and reviewed by the Central Bank of Russia. At the forum, the head of the parliamentary Financial Market Committee, Anatoly Aksakov, said he expects lawmakers to pass the law before the end of the year.

Snikkars and Aksakov’s statements follow a recent report revealing that demand for mining devices has been rising in Russia in the past couple of months. Besides electricity consumption, mining revenue has been also growing over a period of several years before this year’s crypto winter and sanctions over the war in Ukraine took a toll on Russian mining businesses.

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Aksakov, Conference, consumption, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Energy, energy ministry, Forecasts, Miners, mining, power, Russia, russian, Snikkars, statements, usage

Do you think electricity consumption in the Russian crypto mining industry will continue to grow? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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.999 gold

Data From October Shows Gold Reserves Held By Central Banks Tapped The Highest Level In 47 Years

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Data From October Shows Gold Reserves Held By Central Banks Tapped The Highest Level In 47 Years

Following the World Gold Council’s (WGC) third-quarter report that shows central banks purchased a record amount of gold, data released by the WGC shows that central banks are buying more gold during 2022’s fourth quarter. Statistics show that the gold held by the world’s central banks is at the highest level since 1974.

Central Banks Continue to Acquire Gold in Q4, UAE Purchases the Largest Quantity of Gold Bullion in October

Central banks around the globe are purchasing vast quantities of gold and during the first week of November, a World Gold Council (WGC) report had shown central banks bought a record quantity of bullion. WGC’s Q3 2022 data indicated that the central banks stacked close to 400 tons in Q3, which was the highest quarter on record in terms of gold buys.

WGC also noticed that there was a mysterious gold buyer during the third quarter and China is suspected to be the secret gold purchaser. New statistics from the WGC, published after the Q3 2022 report, show that during the month of October, central banks worldwide obtained 31 tons of gold. The central bank of the United Arab Emirates (UAE) bought the most gold in October, adding another 9 tons of gold to the country’s stash.

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WGC data indicates that the UAE acquired 18 tons of gold throughout 2022. Presently, the aggregate quantity of gold acquired by central banks worldwide is at the highest level in 47 years, or since 1974. Metrics show that Uzbekistan stacked another 9 tons of gold to its reserves after buying the precious metal for seven straight months in a row. Uzbekistan has purchased 37 tons of gold this year and gold represents 60% of the country’s total reserves.

Data also shows that the National Bank of Cambodia managed to purchase two tons of gold in September, and Kazakhstan acquired three tons of the yellow precious metal in October. Central banks acquire the precious metal gold in order to diversify their foreign reserves. In essence, it is believed that the precious metal can reduce the overall risk of their reserves because gold has been considered a safe haven asset for thousands of years.

The world’s central banks traditionally obtain gold from large commercial banks or directly from gold mining companies. Gold has been performing well during the last two weeks, and on Wednesday, an ounce is currently trading for $1,778 per unit. Since Nov. 3, 2022, gold has increased 9.15% against the U.S. dollar, from $1,629 per ounce to the current $1,778 per ounce value on Wednesday, Dec. 7, 2022.

Tags in this story

.999 gold, Bullion Dealers, central bank buying, central bank gold, Central Banks, Coins, Cryptocurrency, demand for gold, gold, Gold Prices, Gold Purchases, Gold reserves, Kazakhstan, Premiums, q3, Q3 2022, Q4, Q4 gold buying, qatar, retail investors, Safe haven, Turkey, UAE, UAE gold, United Arab Emirates, United Arab Emirates gold, Uzbekistan, WGC, WGC study, World Gold Council, World Gold Council survey

What do you think about the central banks purchasing record amounts of gold in 2022? What do you think about the latest central bank gold purchases in October? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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