Cryptocurrency Prices Today on March 22: Bitcoin continues to slide as Ethereum, ADA clock gains

In the rupee terms, Bitcoin dipped 0.69 percent to trade at Rs 32,17,584 while Ethereum rose 1.11 percent to Rs 2,27,244.9. Cardano was up 2.9 percent to trade at Rs 71.11 and Avalanche also jumped 2.74 percent to Rs 6,764.23. Polkadot was up by 0.64 percent to Rs 1,471.64 and Litecoin also slightly rose by about 1.59 percent to Rs 9,153.36 in the last 24 hours. Tether, on the other hand, dipped marginally by 0.04 percent to Rs 78.28. Read more here.

DAOs an 'Existential Threat' to Tax Base

Decentralised autonomous organisations (DAOs) pose an “existential threat to the tax base” since they are recognised as partnerships and as such are not liable to company tax, according to Australian Senator Andrew Bragg. To that effect, Bragg also announced a comprehensive piece of crypto legislation called the Digital Services Act (DSA). In it, the senator highlighted DAOs, among other sectors, adding that they “must be recognised and regulated as a matter of urgency.” Explaining the reasons behind the proposal, Senator Bragg said that Australia’s “reliance on company tax is unsustainable” given that company tax accounted for 17.1 percent of total Commonwealth government revenue in 2020-21. A DAO is essentially an online community that leverages smart contracts to organise some of its governance structure. Read more here.

Nearly $6 billion in ETH burned as Ethereum 2.0 edges closer

Crypto’s second-largest currency, Ethereum has officially destroyed over 2 million ETH since the mechanism was introduced last August. According to Watch the Burn, a dashboard monitoring the burn mechanism, the network has destroyed a total of 2,000,996 Ethereum since its inception. In the dollar terms, that’s more than $5.82 billion removed from circulation forever. Instead of all the fees paid to execute various operations on Ethereum going to miners, EIP (Ethereum Improvement Protocol)-1559 essentially split these fees into a base fee and tips (the latter of which would go to miners). It is the base fee that is burned, which is another way of saying that that cryptocurrency is destroyed and removed from circulation. Read here.

Hacker Steals Customer Data From Circle, BlockFi, Other Big Crypto Firms

Circle, BlockFi, Pantera Capital, NYDIG, and other prominent crypto firms disclosed over the weekend that their customer data had been hacked. In emails to clients, the companies revealed that Hubspot, a marketing and sales platform used by many of these companies as a client management platform, had informed them that a hacker had gained access to the personal data of their customers. The company described the attack as a "targeted incident focused on customers in the cryptocurrency industry," and said that a "bad actor" had compromised an employee's account. Hubspot added that "data was exported from fewer than 30 HubSpot portals," but didn't provide a list of which clients' accounts had been compromised. Read more here.