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.
Recap of the Top Five Cryptos
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -3.8%. The best performer of the bunch was Ethereum, which went down 1.96% and currently is sitting near $137.9 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 5.33%, which drove its price to around $45.361627 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.
Price Action to Watch
The moves in Litecoin and XRP were especially surprising; they were much larger than the normal daily trading range associated with the currency. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- If you are looking for coins in a clear uptrend, consider Bitcoin and Ethereum. Those coins have been in a clear uptrend over the past 14 days.
- Litecoin and XRP don’t have a clear trend at this time, at least on a two-week timeframe.
Insights From Transaction Data
Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 86% more transactions recorded than Bitcoin, which was the runner up for the day in terms of transactions recorded. Ethereum has a transaction fee less than the transaction fee of Bitcoin, which may indicate that transaction fees might be a key reason why users are preferring Ethereum. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $434,792,032 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $140.73 billion US dollars — which means Bitcoin accounts for about 68.69% of the entire cryptocurrency market. Its dominance has been in an unclear trend over the past two weeks, moving between 67.6% to 69.22%.