As bearish sentiments still loom, the global crypto market is up by 2.24% at 859.23 billion USD. At the time of writing, its market volume has increased by 1.69% and stands at 37.66 billion USD.

Bitcoin’s price has  soared by over 2% in the last 24 hours, despite whales still selling. Ethereum has done even better, up by more than 4% in the last 24 hours. ETH, BTC and many other cryptos are correlating with US equities, which experienced a recent surge.

The stock market rally was ignited by data showing a rise in weekly jobless claims, a sign that the pace of interest rate hikes could soon slow. The S&P 500 was up 0.75% to finish at 3,963.51—ending its biggest losing streak since October, while the Dow Jones Industrial Average gained 183.56 points, or 0.55%, to finish at 33,781.48.

Fetch.ai (FET) is the biggest gainer in the last 24 hours by soaring 33.01% - thanks to  the release of an upgrade to its mainnet wallet. Terra Classic (LUNC) is up by 5.44%, while Pancake Swap (CAKE) and Shiba Inu (SHIB) are up by 1.77% and 1.35% respectively.

PayPal has announced it will allow customers in Luxembourg to buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash in their accounts.

“Adding Luxembourg is an important step in PayPal’s mission to make digital currencies more accessible,” the company said. "We are committed to continuing to work closely with regulators and policymakers in Luxembourg to meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce."

In June, the company rolled out new features allowing users to transfer crypto between PayPal and other wallets. PayPal first got into the crypto space in the U.S. in 2020, later expanding into the UK in 2021.

In other news,

• USDC could get access to Fed’s RRP via BlackRock partnership. Read More
• Fintech company ZELF launches anonymous Visa debit card with crypto recharge. Read More
• Sam Bankman-Fried ghosts Senate for testimony on FTX collapse. Read More
• XRP Will Become Available for Purchases by Fiat in the UK and France. Read More
• Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask. Read More

The European Commission has proposed that crypto market participants will be required to report details of their EU clients’ transactions to national tax authorities.

The regulator stated in a press release; “Tax authorities currently lack the necessary information to monitor proceeds obtained by using crypto assets, which are easily traded across borders. This severely limits their ability to ensure that taxes are effectively paid, which means European citizens lose important tax revenues.”

The proposed laws will cover both domestic and cross-border transactions of EU citizens, regardless of the company’s jurisdiction. The proposals also include a framework for a standard minimum level of penalties for situations where there is non-compliance, such as failing to report the transactions despite administrative reminders.

The draft of the legislation will be submitted to the Parliament for consultation and to the Council for immediate adoption. The legislation will enter into force on January 1, 2026.

In other news,

• Hong Kong introduces licenses for crypto exchanges. Read More
• SEC issues new guidance requiring companies to disclose cryptocurrency risks. Read More
• Paraguayan Cryptocurrency Law Shelved After Presidential Veto. Read More

SushiSwap CEO Jared Grey stated in a recent governance proposal that “it’s clear that a significant deficit in the Treasury threatens Sushi’s operational viability, requiring an immediate remedy.”

Currently, the treasury provides enough resources to keep the systems afloat for about one and a half years. To solve the issue, Grey initiated a vote to divert 100% of the DEX’s fees to the treasury for one year until new tokenomics provide a more permanent solution. 

According to Grey, “Sushi must implement a holistic token model that allows the rebuilding of the Treasury and delivers value for all stakeholders while reducing the fiscal liability carried solely by the protocol. New tokenomics will take time to implement and pass through governance and will take several weeks to implement technically, a process that could extend into Q2-Q3 of 2023.”

Following the news, SUSHI dropped by 19.55% to a low of $1.1422.

In other news,

• Cosmos’ largest DEX Osmosis launches a stableswap: Exclusive. Read More
• Uniswap NFT volume declines by a great margin, but here’s the catch. Read More
• Ren protocol warns users to unwrap tokens or risk losses as upgrade looms. Read More