Polygon 2.0, EU Passes Crypto Tax Reporting Legislation

Name: FS Insight
Price range: $$$

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

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Crypto subscription is required in order to access this content.

*Free trial available only on a monthly plan

Already a member?

Reports you may have missed

FSInsight Puts Ethereum At $12,000 EOY, Bullish Forecast For Bitcoin

Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities

Market Update

By Sean Farrell • Oct 4, 2024

CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...

BTC -3.97% ETH 1.56% RENDER -4.79% SOL -6.46% STX 0.98% TAO 3.76% TIA 2.28% WIF 5.32% XMR -2.08% WULF

Bitcoin will hit $200,000 in the second half of 2022, predicts FSInsight

Visa Unveils Tokenization Platform, SEC Appeals XRP Decision

Market Update

By Tom Couture • Oct 3, 2024

MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -3.97% falling to $60k and ETH 1.56% approaching the low $2,300s. Aptos (APT -0.70% ) 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 5.95% is also showing slight gains following...

AAVE 5.95% APT -0.70% BTC -3.97% ETH 1.56% TOTAL XRP 2.26%

Invesco ditches its plan to launch a US bitcoin futures ETF any time soon, just before the first-ever makes its debut

Bitwise Files for XRP ETF, Crypto Prices Bounce as Oil and Gold Retrace

Market Update

By Sean Farrell • Oct 2, 2024

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -3.97% climbing back above $61,000 and SOL -6.46% moving above $145, while ETH 1.56% is lagging, trading around $2,400. Among today's outperformers is SUI -4.04% , 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...