SINGAPORE: The cryptocurrency market remained bullish on Monday, with the market capitalisation gaining 1.5 percent to reach $3.01 trillion as of 1400 hours GMT.
The largest cryptocurrency bitcoin, which hit an all-time high of $68,382 on Tuesday last, gained 1.2 percent to reach $65,704. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.24 trillion.
Ether, the world’s second-largest cryptocurrency by market capitalisation that set a new high of $4,823.95 per coin on Tuesday last, gained 2.5 percent to reach $4,751. With this increase in price, the market capitalisation of ETH has reached $562.8 billion.
Likewise, cardano (ADA) price edged up by 0.60 percent to reach $2.06. Its market capitalisation has reached $66.2 billion with this increase.
Similarly, XRP price increased by one percent to reach $1.21. The market capitalisation of XRP stands at $56.9 billion after this increase.
However, dogecoin (DOGE) edged down by 0.5 percent to reach $0.263. With this decrease in price, the market capitalisation of doge has reached $34.7 billion.
Meanwhile, cryptocurrency taxes have arrived in Argentina, at least in certain provinces. Now, users that trade and hold cryptocurrencies must disclose their earnings and pay taxes at least in two provinces: Cordoba and Tucuman. The reason behind this lies in a new regulation adopted at the province level that stipulates cryptocurrencies will be taxed like other international currencies when traded.
The inclusion of cryptocurrencies in the scope of taxes is something that is being considered in several countries of the world, due to the rising popularity of these instruments as an asset class and also as a payment method. The governments are starting to realise that by not regulating these payments they are losing out on a lucrative income source. The government of Mexico has recommended taxing this kind of transaction with a 20 percent fee.
Cryptocurrencies started picking up steam in Argentina after the government put a limit on the number of dollars each citizen could buy monthly. This was the breaking point for a country that was not known for its cryptocurrency involvement, to take interest in these new crypto tools that provided a savings alternative amidst the aforementioned situation. TLTP
