Morning Post - November 3

headlines

▌CZ: Binance is considering buying banks

Binance founder and CEO Changpeng Zhao (CZ) said that Binance is considering acquiring banks to bridge the gap between traditional finance and the cryptocurrency world. CZ did not disclose specific acquisition targets, and he said he was open to a minority investment or a full takeover. CZ also pointed out that investing in banks is a logical strategy for Binance because when it partners with banks, Binance usually attracts many new users, which will also increase the bank’s valuation. CZ has said in the past that Binance has more than $1 billion for acquisitions, and he recently backed Musk's $500 million acquisition of Twitter. So far this year, Binance’s acquisition strategy has focused on areas such as DeFi and NFTs.

policy

▌India Considers Taxing Encrypted Revenues of Companies Headquartered Elsewhere

Indian tax authorities have proposed new changes to the filing of income tax returns, which could have significant implications for those holding virtual digital assets (VDAs) or cryptocurrencies, and possibly even investments in DAOs (Decentralized Autonomous Organizations) Significant impact.India's Central Board of Direct Taxes (CBDT) has proposed a new joint tax return (ITR) that largely consolidates existing income tax returns, and the proposal also seeks clarification on Indians residing abroad. Information on any business connections they may have in India and whether the entity has a significant economic presence (SEP) in India, especially businesses from which they derive income.Rajat Mittal, a tax advisor to the Supreme Court of India who advises cryptocurrency businesses, said this could have an impact on any cryptocurrency exchange that is not registered in India but still has Indian traders.

cryptocurrency

▌Instagram will launch NFT minting and selling functions

Meta announced that Instagram is developing NFT minting and selling functions, which will allow users to create and launch their own NFTs and sell them through Instagram. The feature is expected to be available first to artists such as photographer DrifterShot and visual artist Ilse Valfré. Additionally, Instagram will pull NFT data from OpenSea so that users can view NFT series names and descriptions on Instagram.As previously reported, in September Meta announced that users in the US on Facebook and Instagram can connect wallets and share digital collections, including users being able to cross-publish their digital collections on Facebook and Instagram. Additionally, users in the 100 countries that offer digital collectibles on Instagram will also be able to use this feature.

▌During the Fed’s rate hike and Powell’s press conference, BTC and ETH rose first and then fell

In today's Fed's announcement of a 75 basis point rate hike and the subsequent Powell press conference, Powell said it was too early to consider a pause in rate hikes, as data since the last meeting suggested that the final level of interest rates will be higher than previously expected. During this time period, BTC and ETH rose first and then fell.When the Federal Reserve announced a rate hike of 75 basis points, in line with market expectations, BTC rose to around $20,790, and ETH rose to around $1,621.As of the time of writing this article, BTC is now at $20,137, a 24-hour drop of 1.51%, and ETH is now at $1,509, a 24-hour drop of 4.11%. The market fluctuates greatly, please do a good job in risk control.

▌OpenSea launches NFT theft prevention system

OpenSea launched an NFT theft prevention system with functions including "malicious URL detection and removal" and "theft detection and disabling", aiming to protect user assets and ecosystem security.