Cointree Crypto Market Update - November 15th 2023
Market report for traders
🔮 BTC and altcoins
As the market continues to grow, Bitcoin ends at AU$54,711, moving -2.85% at the time of writing. Ethereum rises to AU$3,047, moving +1.53% week-on-week. In other altcoin movements, Solana continues to climb +27.67%, Cardano slowing with -1.32%, and XRP -11.9%.
🗞 What’s happening in the news?
Kicking off with news from Down Under, Australian crypto investors are facing a new tax challenge. The Australian Taxation Office (ATO) has recently clarified that capital gains tax (CGT) will apply to the wrapping and unwrapping of crypto tokens. This move, part of the ATO's focus on crypto capital gains since May 2022, means that any transfer of crypto assets will trigger a CGT event, regardless of the asset's price at the time. The decision has sparked debate, with some industry experts arguing that it breaches the principle of technology neutrality and could impact the financial future of young Australians.
In another twist in the crypto world, XRP experienced a dramatic but short-lived price surge due to a fake news report. A Delaware filing suggested that BlackRock was set to launch an XRP exchange-traded product, causing XRP's price to spike by 12%. However, the excitement was short-lived as Bloomberg ETF analyst Eric Balchunas debunked the news, confirming that BlackRock had not filed any such paperwork. This incident underscores the volatile nature of cryptocurrency markets and the impact of misinformation.
On the global stage, U.S. lawmakers have introduced a bill to prohibit government transactions with certain Chinese blockchain firms and Tether's USDT, citing security concerns. The bill, primarily targeting Red Date Technology, the architect behind China's digital yuan CBDC, reflects growing legislative wariness in the U.S. about China's influence in the crypto space. While the bill's immediate future is uncertain, it's a clear signal of the escalating scrutiny on Chinese crypto firms and networks in the U.S.
As the crypto landscape continues to evolve with new regulations, market fluctuations, and international politics playing a pivotal role, the journey remains as dynamic and unpredictable as ever. Stay tuned for more updates and insights in this ever-changing world of digital currencies.
📖 What we’ve been reading
Getting Ready for Bitcoin's Catalysts “How exchange-traded funds and futures contracts can reach TradFi and turbocharge the growth of crypto markets.” Read more
Disney launches NFT platform with Dapper Labs “The NFT platform, dubbed Disney Pinnacle, will go live later this year.” Read more
Justin Sun-Owned Exchange Poloniex Hacked for At Least $126 Million “Poloniex, a cryptocurrency exchange owned by Justin Sun, suffered a significant security breach, losing over $126 million in various crypto assets to hackers.” Read more
Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.