The global crypto market failed to sustain the bullish wave as it turned bearish again. The recent reversal has sent Bitcoin and others back to the downside as investors retreated. The bullish wave was too weak to move the market forward. Instead, it saw little change. Since the market is bearish, it may lose more value. It is not yet clear what effect this decline will have on the market.
Japanese crypto investors may have to pay less tax on their profits, as a new proposal aims to lower capital gains tax. According to the available information, the aim of this proposal is to reduce the tax on digital currency income by 20%. The request for the tax reduction was made by the Japan Crypto Assets Business Association (JCBA) and the Japan Crypto Assets Exchange Association (JCEA). These two groups have called for tax reforms to make it easier for investors.
The fiscal year 2023 tax reform request addresses key issues that crypto proponents believe create barriers for investors. They focus on areas such as the tax filing environment, the importance of cryptoassets in the Web3 strategy, and comparisons with cryptoasset tax systems abroad. It has also called for reforms in the derivatives market.
Here is a brief overview of the current market situation, analysis of the performance of Bitcoin, Binance Coin and others.
Bitcoin fell to $22.9 thousand
Bitcoin has been bearish and its investors are facing constant losses. El Salvador is one of the main investors of Bitcoin and has seen an influx of tourists. According to the available information, the first half of 2022 has seen a significant increase in tourists.
The latest data for Bitcoin shows that it has reversed its recent gains. 24-hour data shows a 2.02% loss for Bitcoin. In comparison, Bitcoin’s seven-day data shows a loss of 0.73%.
Bitcoin price value is in the range of $22915.22 and may be lower. The market cap of Bitcoin is estimated at $437,956,226,043. Bitcoin’s 24-hour trading volume is about $24,882,675,704.
BNB continues its upward trend
Even though Binance has seen significant growth in investment, the Philippine SEC has warned against investing in it. The said regulator has stated the government’s policy regarding crypto platforms. As markets have seen expansion, there is uncertainty on the part of governments.
The latest BNB data shows that its value has continued to grow. 24-hour data shows an increase of 3.51 percent. The seven-day data shows a growth of 11.84%. Compared to other coins in the market, it remains.
The price of Binance Coin has also increased as it is currently around $301.11. The market value of this coin is estimated at $48,581,055,417. The 24-hour trading volume of this coin is about $2,198,289,498.
OKB is facing losses
OKB has continued to follow a bearish pattern as its gains have reversed. The latest data shows a 1.70% loss in the last 24 hours. Seven days performance shows rise of 6.00%. The price value of this coin has also suffered, as it is currently around $17.91.
The market cap for OKB is estimated at $1,074,776,306. The 24-hour trading volume of this coin is $9,714,890. The same amount in its native currency is about 60,000,000 OKB.
MKR sees red candles
Maker is also down as the market remains bearish. 24-hour data shows a loss of 2.92%. The seven-day data shows an increase of 2.61%. The price value has also fluctuated as it is currently around $1043.43.
The market cap for MKR is estimated at $1,020,746,166. The 24-hour trading volume for this coin is around $98,784,694. Maker’s circulating supply is around 977,631 MKR.
The global crypto market has been witnessing a regressive pattern as investments have dwindled. This change has affected Bitcoin as its gains have turned into losses. While if we compare Binance Coin, it remains bullish. Changes in market influx have also affected the value of the global market. It is currently estimated at $1.07 trillion. The market has continued to fluctuate over the past few months.