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.
How the Fab Five Fared
Since the previous day, the five most-watched cryptos ( Bitcoin Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 1.59%. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 4.44%, which has its price now near $42.44 USD. In terms of the worst performer, that would be Ethereum, which reported a day-over-day return of 0.06% — a move that puts its price around $134.33 USD. Out of the five coins observed here, four cryptocurrencies were up — which is a bullish sign for the sector as a whole.
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Key Technical Moves
It should be noted that the price behaviour of XRP and Litecoin was especially curious, as their moves yesterday were much larger than their respective normal daily trading ranges. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- If coins without a clear trend are your thing, consider XRP, Litecoin and Bitcoin. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
- Bitcoin is getting close to its 20 day moving average; its current price is 7357.5, and its 20-day moving average is 7205.28.
- It’s also worth noting that we had multiple coins — XRP and Litecoin — cross their 20-day moving averages in the preceding day. This is a level often watched by momentum traders.
Insights From Transaction Data
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ethereum; its 640,668 transfers added was about 98% greater than the transactions recorded on Bitcoin, which was the runner up for transactions logged on its chain over the past 24 hours. Ethereum’s transaction fee was also less than Bitcoin’s, suggesting transaction fees might be a key reason why users are preferring Ethereum. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $55,404,296 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 68.22% of the value of all circulating cryptocurrencies. Its dominance has been in a downtrend over the past two weeks, going between 67.6% to 68.92%.