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 price, having seen steady gains for the past several weeks, has plummeted, losing nearly 10% just two days before the mining reward is halved.
Looking at the movement from Bitcoin over the month, the growth of token was obvious, moving from a price tag of $6815 USD to see the token breach $10,000 USD. This, however, came crashing down to $8 790,80 USD yesterday, as the token dropped 9.23% in its daily moving average.
According to experts, the reason behind the crash could be pointed to several things: A strong resistance barrier, where Bitcoin struggles to break above $10,200 USD, a sell-off as whales cash out, and massive market volatility as the token nears the halving event.
Bitcoin faces a strong area of resistance between the $10,000 USD and $10,500 USD mark and the token struggles to increase above the barrier. Once again, the leading cryptocurrency has fallen short of breaking past the mark and has taken a downwards turn in responsive correction. This has left the token on a precipice of vulnerability just before the halving, which could send the market further into the red before it sees any significant gains again.
The recent increase in Bitcoin sales could have led to an overbuy into the market. As more investors enter the market, the sentiment plays more highly into purchases and sales, meaning that any rocky news could send cryptocurrency owners to sell. Cryptocurrency analysts such as Logan Han believe that this is likely the beginning of a major sell-off which will follow the halving.
Bitcoin, which is not famed for its stable price at the best of times, is facing a particular potential for volatility as it leads up to the halving event. This is as more eyes, both cryptocurrency-focused and other investors alike, are fixed on the price movement of the token. This results in more prominent movements in either direction and this is evident by the recent growth surge over the past month as well as yesterday’s break.
Canada is aimed at having the OECD standard for crypto asset tax reporting in place by 2027, as agreed with 46 countries.
Since the well-anticipated spot Bitcoin ETF event is over, some industry experts have turned to warning signals for the the road ahead.
Bitwise revealed that in the month after past BTC halving price saw a little movement but in the following year it saw significant gains.
The Blockchain for Good Alliance alliance is joined by numerous organisations including Bybit Web3, Solana Foundation, Moledao and others.