Canada Adopts International Crypto Tax Reporting Standard
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
Bitcoin: What’s the Latest Regarding its Price?
Bitcoin s price at the moment is clocking in at $7,572.39, which means that since yesterday, it is up about 2.89%. This is now the 4th straight day that Bitcoin has headed up, but the coin’s prevailing trend over the past 14 days is unclear. As price is currently close above its 20-day average price of $7,255.987, we may interpret that to mean staying above the 20-day moving average may be important in terms of sustaining short-term momentum. On the other hand, if you are a rangebound trader seeking a range for Bitcoin to bounce between, you might find a lower boundary at $7,028.36 USD and an upper boundary at $7,483.61 USD. The currency’s market cap is now at $142.46 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 68.22%. It should be noted, though, that Bitcoin’s dominance has been slowly moving down, reporting an average daily fall of 0.1% over the past 14 days. A fall in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and so a world with many viable competing coins may be what we are headed towards.
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Straight Off the Chain
299,146 transactions were added to the Bitcoin blockchain in the previous day. The trend in daily transactions is not clear, though it should be noted that transactions have dropped by about 1.2% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a store of value. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.48 US dollars. Transaction fees have been falling by approximately 3.97% per week, while the average transaction size is down 9.02% in US dollars. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to trend upwards over the past 30 days. It has been rising daily by a rate of approximately 0.63%. Given the upwards trend in bitcoin mining, it may be that hash rate is getting more intensive; this could result in the chain’s security becoming harder to break. This may help Bitcoin earn greater trust from developers and investors alike.