BitDigest July 15 · Issue #700

Jul 15, 2020
  • Bitcoin may be boring but are altcoins really exciting the market? BTC Dominance appears to support this belief
  • Japan and Thailand proceeding with respective digital currency projects
  • Iran weakens stance on crypto mining and will support licensed mining farms
BitDigest July 15 · Issue #700

Happy Tax Day

While I can be critical of the overall amount of crypto adoption, one area that has shown a dramatic improvement over the past several years is the creation of tax preparation and tracking applications for digital currencies. Look no further than LukkaCryptoTraderTax and EY’s CryptoPrep to see the great improvements in this market. If you do not appreciate these advancements, ask a friend who had to prepare tax worksheets in 2015 and 2016 to describe what those experiences were like. I still wake up in tremors thinking about those days and complain that we were charged to teach our tax accountants how to calculate returns on crypto.

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MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC 1.12% falling to $60k and ETH 1.48% approaching the low $2,300s. Aptos (APT -1.53% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE 4.46% is also showing slight gains following...

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 1.12% climbing back above $61,000 and SOL 6.81% moving above $145, while ETH 1.48% is lagging, trading around $2,400. Among today's outperformers is SUI 4.47% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...

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