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Visa, PayPal file crypto trademark applications

Financial services giants Visa, PayPal, and Western Union are among the notable firms that filed new trademark applications involving crypto and Web3-related products and services in the past week. Visa is planning to create a crypto wallet and explore its options in the Metaverse. Paypal aims to launch a “downloadable software” for storing and trading all types of crypto tokens.

Crypto prices today: Bitcoin falls 2%, ETH down 3.2%

Bitcoin is currently trading at $20,494.3, a decline of 2% over the previous day. Ethereum fell 3.23% over the last 24 hours to $1,583.87. Solana is up 0.12% to $33.22, while Cardano is trading lower by 4.55% at $0.401. Avalanche (AVAX) fell 0.55% to $18.58. The global crypto market cap stands at $1.01 trillion, a 2.02% decline over the previous day.

Binance to help Elon Musk use crypto to battle Twitter bots

Binance is creating an internal team to help Twitter fight bot accounts using blockchain and crypto. The crypto exchange is pledging $500 million towards helping bridge social media and news to Web3. Elon Musk completed a $44 billion acquisition of Twitter last Thursday. The world’s richest man has repeatedly complained about spam accounts on the social media platform.

El Salvador and Lugano sign agreement to spread BTC adoption

El Salvador and the city of Lugano, Switzerland, have signed a Memorandum of Understanding on economic cooperation aimed at spreading Bitcoin (BTC) adoption. The partnership will support “initiatives to drive the adoption of Bitcoin and other cryptos across their respective regions.” Tether, the company behind USDT, is working to make Lugano a crypto hub where people can spend BTC and stablecoins.

Dogecoin jumps 98% in a week following Musk’s Twitter acquisition

Popular meme coin Dogecoin surged more than 98% in a week after Tesla CEO Elon Musk sealed a $44-billion deal to take over Twitter last week. The rise in popularity of Dogecoin can be partly attributed to Musk’s multi-year relationship with the token. He has referenced the coin in numerous tweets and adopted it as a method of payment for some products and services offered by his companies.

PayPal allows users transfer BTC, ETH to external wallets

Crypto users can now move funds off PayPal’s platform to external wallets. The ability to conduct external transfers on PayPal’s crypto platform will be available to everyone in the U.S. in the next week or two. PayPal first launched its crypto offering in late 2020. It allows users to buy, sell, and hold four cryptos—Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Crypto prices today: Bitcoin up 2.8%, ETH rises 2.2%

Bitcoin is currently trading at $30,402.86, an increase of 2.8% over the previous day. Ethereum rose 2.18% over the last 24 hours to $1,796.76. Solana fell 0.75% to $38.93, while Cardano is trading higher by 8.44% at $0.634. Avalanche (AVAX) rose 1.62% to $24.25. The global crypto market cap stands at $1.24 trillion, a 2.16% increase over the previous day.

Binance US launches high-yield crypto staking for Solana, Avalanche

Binance US is now offering cryptocurrency staking services to its clients. Staking services are now available to Binance US customers holding any of seven select proof-of-stake cryptos: Binance Coin, Solana, Avalanche, Cosmos, The Graph, etc.

Proof of stake is a consensus mechanism used by blockchain networks that require users to lock up their coins for permission to validate the next block. When validating, these users typically earn a reward that is tied to the transaction fees collected from that block.

DOJ calls for global cooperation in chasing down crypto criminals

The U.S. federal government’s chief lawyer, Merrick Garland, is asking for more international cooperation to help protect investors, consumers, and businesses that use digital assets. A Department of Justice report has called for sharing more information with foreign law enforcement agencies. Better collaboration will help “avoid duplicative efforts that waste investigative resources.”

Crypto exchanges getting ready to implement 1% TDS

Crypto exchanges are preparing their systems to levy a 1% tax deducted at source (TDS), which will kick in from next month. Exchanges are awaiting more clarity from the government on the mechanism for collecting the tax and various aspects of the TDS. Investor sentiment is likely to hit further once the tax comes into play on July 1.