U.S. Intelligence Community Shows Concerns Over China’s Digital Currencies Influence

The U.S National Intelligence has expressed concerns about the growing influence of China’s digital currency.

According to a letter allegedly written by the Director of National Intelligence John Ratcliffe to SEC chairman Jay Clayton, U.S is worried about the dominance of China in cryptocurrencies ownership, mining operations, and how the Chinese government is working towards creating a state-controlled digital currency, making it difficult for U.S based companies to compete in the future.

Bitcoin Miners Smile to the Bank as the Earn $353 Million in October

Bitcoin miners have generated the sum of $353 million in revenue in October as network fees sky-rocketed to $42.9 million, making it one of the best months in 3 years for bitcoin miners.

According to the report published by Comprar Acciones, the main reason for the upsurge of revenue for miners is the recent rapid growth of bitcoin’s price, which in October alone experienced 30% growth and trading between $10,800 and $13,800 on October 1 and October 31, 2020, respectively.

South Korean Finance Likely to Postpone Crypto Taxation to 2022

The Strategy and Finance Committee of the South Korean National Assembly has proposed the postponement of the launching of income tax on cryptocurrency transactions until January 2022.

DongA, a local news outfit reported that the tax was supposed to be enforced in October 2020, but authorities need more time to perfect a working tax system.

Bitcoin Nosedives to as Low as $16,514

Bitcoin has dropped more than $2000 after nearly hitting an all-time high of $20,000.

According to Coin Desk, bitcoin experienced a drastic downward slide at around 2:15, falling from $19,474 to $16,514. Bitcoin was last seen trading up slightly at $17,040

Reasons for the pullback is not yet clear, but experts believe it is necessary for reaching $20,000 mark.