The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin goes up
On Tuesday, crypto assets managed to head north. Bitcoin surged beyond the $3,500 mark, neglecting news that Bulgaria’s tax agency is on the verge of probing digital currency companies.
Eventually, Bulgaria turns out to be the latest country to join a host of nations making sure that investors in crypto assets - whether companies or individuals - are paying taxes in the proper way.
As a matter of fact, on the Investing.com Index, Bitcoin tacked on by up to 3.58% trading at $3,641.00.
Digital coins generally rallied, with the overall crypto market capitalization accounting for $123 billion in contrast with $118 billion recorded on Monday.
As for Ethereum, this crypto asset surged by 9.5% ending up with $128.56. Litecoin was worth $32.12, adding 6%. As for XRP, this digital coin gained 4% ending up with a reading $0.33051.
Bulgaria’s National Revenue Agency is all geared up towards probing companies in the country that trade digital coins. That’s what the agency revealed on Monday. It has been reported that the agency is going to scrutinize the companies' taxes and also platform users. By the way, according to the law of this country, any gain from the sale of crypto assets is considered income.
As for other tax agencies, they considered taxing crypto assets too. At their summit in December, G20 leaders, whose countries boast more than 90% of world GDP, told that they would have them regulated with the aim of stopping money-laundering. What’s more, they added that they would consider extra measures if required.
On Monday Denmark’s tax agency disclosed its intention to collect information on crypto trades from exchanges, including addresses, names as well as personal tax numbers. In addition to this, Japan has also joined the current marathon of crypto clampdowns – this Asian country is also about to monitor crypto earnings.
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The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).