Crypto Market Update: Auction Risks, Buterin’s sales, Memelandia Launch, UAE tax exemption

US BTC auction

Bitcoin's stability is at risk as the U.S. government prepares to auction 69,370 Bitcoins seized from the Silk Road marketplace. This impending sale has heightened concerns about a potential downturn in the cryptocurrency market. Traders are watching closely, anticipating how the auction might impact Bitcoin's value. Overall, the situation creates uncertainty as the auction date nears.

Vitalik Buterin Meme coins sales

Vitalik Buterin sold $341,000 worth of meme-coins #MOODENG, $DEGEN, $NEIRO, $KABOSU, and $ stablecoin $USDT for 140.67 ETH. Simultaneously, he donated 100 ETH (around $242,000) to the "Free Alexey & Roman" campaign to support the legal defense of Tornado Cash developers Alexey Pertsev and Roman Storm. This highlights his active involvement in both the crypto market and legal advocacy.

Vitalik Buterin sold 10 billion MOODENG tokens for 308.68 ETH, donating 260.16 ETH ($642K) to the charity #Kanro. He still holds 40 billion MOODENG tokens, valued at approximately $7.56 million, or about 9.51% of the total supply. 

TON launches Memelandia

The Open Network (TON) has launched Memelandia a decentralized hub to enhance its meme coin ecosystem utilizing Telegram's 900 million user base. Key features include areas for token launches, competitive activities, and community engagement. The initiative comes as interest in meme coins grows across platforms like Tron and Solana. Additionally, increasing institutional interest may drive further capital into this market segment.

UAE new tax crypto exemption policy-

The United Arab Emirates (UAE) has announced a significant policy change: Effective November 15, 2024, all cryptocurrency transactions will be exempt from value-added tax (VAT).

Effective Date: The exemption from the standard 5% VAT will take effect on November 15, 2024