Although cryptocurrencies like Bitcoin are virtual currencies, they are treated as an asset for capital gains tax purposes, and “ordinary” investors who purchase Bitcoin as an investment will experience a capital gain or loss when they exchange it for traditional currency, products, or services.
So what should crypto investors do in light of this latest increase? Nothing, according to the experts we’ve talked to. Given the crypto’s history of volatility, this increase doesn’t guarantee a long-term reversal. Bitcoin’s price is just as likely to fall back down as it is to continue climbing. The price swings are going to keep happening, and experts say they’re something long-term crypto investors will have to continue dealing with.
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Coinbase, which went public last week via direct listing, shaved about 10% off its share price this week, but was largely unaffected Friday in intraday trading.
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Play-to-earn: Another popular feature that will make the EverGrow platform more adoptable will be its play-to-earn games. As we speak, the crypto gaming industry already has a market revenue of more than US$321 million, with around 41.9 million gamers owning crypto. The EverGrow Ecosystem will build numerous products using its unique NFT platform to boost EGC Tokens and its trading volume.
SafeMoon is one among the handful of cryptocurrencies that made it to the top 100 crypto-list on its own. SafeMoon did not have the backing of top trading platforms and managed to gain investors’ attention by its projects alone.
Bitcoin (BTC) is the preeminent cryptocurrency and the first to be used widely. However, hundreds of cryptocurrencies exist, and more spring into being every month.
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Bitcoin set another new all-time high Wednesday afternoon over $68,000. And then it promptly dropped down to below $65,000, where it remains Thursday morning.
Ir says: “Obviously, it is not a 100% fool-proof method because that simply doesn't exist in this space, but reducing risk to the highest degree is the purpose of Vault.”
Bitcoin wasn’t the only cryptocurrency to feel the initial effects, with most of the top 10 all experiencing dips in value.
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The Bitrise coin has been a very aggressive coin in the crypto market in the last few months. Since the coin hit the market in July, the value growth has been impressive. The first investors who bought the token are now sitting at thousands and millions of dollars in profit.
One key thing to look out for is Safemoon to be added as a tradeable asset by a major broker or crypto exchange. Many of the best trading platforms will allow users to request assets to be added to the platform. If a request gets enough traction, the platform may look into its viability and then decide whether or not to add it.
A recent statement from President Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community.”
Reported Volume calculates volume from all exchanges with market pairs, but due to factors such as wash trading, it is considered an unreliable metric.