News

Telegram users can send gifts to friends, TON fails to pump

Published

5 hours ago

October 7, 2024

admin

Toncoin has failed to exhibit a positive surge in price despite Telegram’s recent announcement of new features.

Telegram has announced a gift feature alongside a few other new features on their app. However, Toncoin (TON) has failed to showcase a positive pump despite the new addition to social media messenger.

TON is trading at $5.22 at press time with a 2.7% drop in price over the last 24 hours. According to CoinGecko, the coin is also down by over 10% in the last seven days.

In most of the instances, a major announcement is usually followed by a price pump. However, despite the slight positive crypto market conditions, TON hasn’t reversed its negative course.

Telegram users can now send gifts to friends

The latest announcement by Telegram showcases a new feature where users can send gifts to their friends. The person who receives the gift can use it to display it on their profile pages or even turn them into stars.

Telegram CEO Pavel Durov also disclosed that some gifts are in limited supply. He also stated that they will also introduce a feature to convert these gifts to TON-based NFTs.

That’s not the only disclosure that Telegram made. They also unveiled a platform for businesses that can verify customer phone numbers.

In addition, Telegram has improved its reporting interface. The announcement highlighted that the app’s moderators take down millions of content that violate its terms of service.

Now, they have ramped up the system with more capabilities to include more details and categories of the violation.

iOS receives redesigned video chats

Telegram announced that they have completely rebuilt video chats on iOS devices to increase battery life and performance.

This also means that devices now stay dramatically cooler on long calls — even with multiple video feeds from dozens of participants.

Android users now receive support for livestreaming with RTMP. This feature was earlier available on iOS and desktop and has now expanded to Android.

Despite all the new features, TON is putting on a muted performance. TON was trading above $8 during mid-2024.

However, the price took a hit when Durov was arrested. However, the price is now recovering slowly.

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Blockchain

UAE exempts cryptocurrency transfers from value-added tax

Published

2 hours ago

October 7, 2024

admin

The UAE, particularly through its Dubai and Abu Dhabi financial hubs, continues to introduce initiatives and regulatory frameworks to attract crypto companies and investors.

Consider the latest update: The UAE announced value-added tax (VAT) exemptions for crypto transfers and conversions.

The UAE’s published changes will take effect on Nov. 15.

The Federal Tax Authority (FTA) on Oct. 2, published Cabinet Decision No. (100) of 2024 to update the executive regulation related to VAT.

The updated executive regulation includes more than 30 amendments affecting various industries.

The nation’s Federal Tax Authority, as per the details shared by business consultancy firm PwC, will apply these exemptions to managing investment funds and other crypto-related activities.

Additionally, PwC reports that the exemptions for the transfer and conversion of virtual assets are treated as effective from Jan. 1, 2018.

Furthermore, the amendments address input tax recovery for crypto companies. PwC explains that in the UAE, crypto is defined as a “representation of value that can be digitally traded or converted and can be used for investment purposes.”

UAE wants to be crypto-friendly

While several countries, including China and India, have been taking a step back when it comes to crypto adoption, the UAE is embracing it.

The country has been actively working to create a favorable environment for blockchain and crypto businesses. Dubai’s Virtual Assets Regulatory Authority is also playing a crucial role in regulating virtual assets in the UAE.

The VAT exemptions for crypto transfers and conversions could attract more crypto businesses to the UAE.

The country’s positive outlook on crypto is also visible from its growth in the market. A recent report from Chainalysis highlighted that the UAE received over $30 billion in crypto between July 2023 and June 2024.

This number has brought the country to the top as MENA’s third-largest crypto economy. Chainalysis also mentioned the rise in the number of venture capital funds and blockchain businesses in the UAE as a factor contributing to the country’s growth.

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Bitcoin

Crypto Strategist Sees Bitcoin Potentially Rallying to $68,000 – But There’s a Big Catch

Published

7 hours ago

October 6, 2024

admin

A closely followed crypto strategist believes it is within the realm of possibility for Bitcoin (BTC) to witness an abrupt rally to $68,000.

Pseudonymous analyst Credible Crypto tells his 423,300 followers on the social media platform X that a relief rally is in sight for Bitcoin and the altcoin market.

But the trader warns that the rally will likely be short-lived and that Bitcoin will soon resume its bearish price action.

“As I’ve said I think some relief here shortly across the board would be ideal.

A couple of variations of low-time frame price action I can see playing out in the coming days.

Grand scheme of things: no change to my belief that this is just part of a larger correction to the downside.”

Based on the analyst’s chart, he appears to predict that Bitcoin could rise to as high as $68,000 before plunging to fresh lows below $48,000.

At time of writing, Bitcoin is trading for $61,919.

Looking at Ethereum (ETH), Credible says the top altcoin’s order book supports his call for a marketwide bounce. According to the analyst, spot investors are stacking buy orders, preventing the price of ETH from going lower, at least for now.

“Spot bid depth on ETH is especially juicy.

Increases the odds of some relief across the board soon in my opinion.”

At time of writing, Ethereum is worth $2,409.

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