Overnight Crypto Update: German Law Allows For $415B Crypto Inflow| Huobi Impose OTC Restrictions| BTC & ETH Miner Revenue Decline| El Salvador’s IMF Funding Request on Shaky Grounds

By Prashant Jha
Published July 2, 2021 Updated July 2, 2021
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Overnight Crypto Update: German Law Allows For $415B Crypto Inflow| Huobi Impose OTC Restrictions| BTC & ETH Miner Revenue Decline| El Salvador’s IMF Funding Request on Shaky Grounds

By Prashant Jha
Published July 2, 2021 Updated July 2, 2021

The crypto universe has its fair share of bullish and bearish news today right from Germany’s new law that would allow institutions to allocate 20% of their funds in crypto to the continuous miner revenue decline. El Salvador was back into the discussion again while all eyes are set on India’s upcoming monsoon session. Let’s take a look at some of the top headlines overnight.

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New German Law allocates institutional funds worth $415 billion into crypto.

20 percent of institutional fund valuation can be converted into crypto

Germany’s Fund Allocation law comes in effect today, allowing funds allotment of $415 billion into cryptocurrencies through special funds. 20 percent of a company’s value can be issued into crypto capital. Germany can trigger a crypto shift throughout Europe with other nations following in its footsteps. European institutions and governments are adopting the crypto market.

Look out for the Indian Crypto Bill in Parliament’s Monsoon session

A positive outcome predicted for the Indian crypto market

The monsoon session to begin 19th July will decide the fate of cryptocurrencies in India. Reports allege a positive outcome, possibly owing to upcoming elections. However, Indian investment into the crypto market has significantly increased in the past year, rising from $200 million a year ago to $4 billion.

Chinese Crypto Crackdown Impact

50 percent revenue drop for Bitcoin & Ether Miners in past one month.

bitcoin and ether miners’ revenue dropped as low as 42% and 52%, respectively. Chinese crypto crackdown has affected the network hash rate along with doubling the block generation time. A large population of miners forced to migrate with shutting down of mines and no support from the Communist Party of China.

Amid Chinese Crypto Crackdown, Nation’s largest crypto exchange to face Strict OTC Withdrawal Limit 

Huobi’s new policy to pose strict timeframe restrictions

To prevent money laundering Huobi global has limited the crypto withdrawal timeframe to 24-36 hours after the purchase via OTC desks. Chinese traders will have to follow the ‘T+1’ rule, which would pose time as well as withdrawal amount restrictions.

Indian Banks Continue to Defy Supreme court Verdict

RBI crackdown; Indian banks refuse facilitation of crypto movement through their gateways

Local investors forced to settle crypto exchanges on an individual basis

RBI’s consistent criticism of crypto’s volatility has resulted in a national security crisis with payment gateway giants refusing the use of their portals for crypto funds exchange. Nevertheless, smaller gateways are popping up to provide local investors with a secure option to transfer crypto funds.

El Salvador’s $1 billion finance proposal to IMF looks dicey after crypto legal tender

The crypto shift has not been resourceful for El Salvador amid the COVID19 crisis. IMF authorities raise ‘macroeconomic, financial, and legal’ concerns upon the Nation’s controversial financial stance. The $1 billion funding request by the Central American nation looks dicey.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1008 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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