Polygon 2.0, EU Passes Crypto Tax Reporting Legislation

Sep 14, 2023
Market Update Markets are rising following strong August retail sales and core PPI data in line with expectations. August retail sales jumped 0.6% MoM compared to 0.1% estimates. The producer price index increased 0.7% MoM, higher than the 0.4% expected, but core PPI (excludes food and energy) was in line with estimates at 0.2%. Given the Fed’s focus on core when deciding on future rate hikes and U.S consumer resilience, markets may see glimmers of what could potentially be a soft landing. The S&P is up 0.82%, while the Nasdaq gained 0.78%. Crypto markets are following equities higher, with $BTC trading at $26.7k while $ETH trades at $1.6k. $SOL has outperformed among the top 10 digital assets, reaching ~$19 at writing. Despite FTX receiving permission to liquidate their ~$3.4bn of crypto holdings yesterday, including over $1bn in $SOL, investors may find solace that a large majority of these assets are restricted via vesting, making the potential market impact more manageable.  The European Parliament strongly supported DAC8, a cryptocurrency tax reporting rule. DAC8 aims to empower tax authorities to track and evaluate cryptocurrency transactions within EU member states, thereby mitigating the risk of tax fraud and evasion. This approval marked the final step before DAC8's

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Bitcoin experienced yet another weekend rally, breaking above $42,000 for the first time since the Terra unwind in April 2022. BTC 0.43%  has since retraced slightly, stabilizing around the $41.5k mark. A major beneficiary of the rally was STX 7.13% , the Bitcoin layer 2 token we pinpointed as a buy in our recent strategy note. The token has rallied impressively, marking an approximate 25% increase today and a 50% bump since the...

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