Market Update 1.25.19 – Coinbase Offers Resources for Tax Support for US Users

| Publish date: 01/25/2019
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Coinbase Offers Resources for Tax Support for US Users

The US-based crypto exchange and wallet service provider Coinbase has added new resources on its platform for its American users. Now US customers can claim their cryptocurrency trades when filing their taxes.

Coinbase has not only added a guide on how US customers can file their crypto trading related taxes, the exchange has also tied up with TurboTax, a popular tax filing software. According to the exchange’s blog post, users of its platform (both Coinbase.com as well as Coinbase Pro) will automatically be able import their crypto related transactions onto the appropriate cryptocurrency specific section of TurboTax.

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Messari Estimates XRP Cap Overstated by Billions

According to a report published by the cryptocurrency data firm Messari, the actual market capitalization of Ripple’s XRP token is significantly less that what is currently presented by data sources.

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Currently, data providers and Ripple the company state that the XRP’s circulating supply of tokens is about 41 billion. However, according to the report, about 19.2 billion are probably subject to selling restrictions related to daily trade volumes or not liquid. Of this amount about 6.7 billion XRP is owned by the co-founder of Ripple Jed McCaleb, which cannot be used as they are subject to an agreement between the company and him.

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Blockchain Startups Increasing in Switzerland and Liechtenstein

According to a survey conducted by the Switzerland-based cryptocurrency investment company CV VC, the number of Blockchain based companies being established in Liechtenstein and Switzerland is growing.

The survey showed that despite the cryptocurrency market being in a major slump, by the end of December 2018, there were 750 companies using Blockchain technology in the two regions, which is an increase of 20% from 2017. Of the 121 new companies that have set up shop in Switzerland and Liechtenstein, there are four which are called unicorns, which are startups that are valued at more than $1 billion.

Find out more about this story here.

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Total Market Cap: Jan 25

The value of the cryptocurrency market has inched up in the last 24 hours to $120.26 billion. Trade volumes in this market are at $14.47 billion.

Bitcoin Price Analysis: Jan 25

Bitcoin is up 0.74% to trade at $3600.01 per token. The market value of the digital token is now $63 billion and its trade volumes are at $5.01 billion.

Ethereum Price Analysis: Jan 25

Ether has gained 0.82% in its token price since yesterday and is now trading at $117.51. The number three token is now valued at $12.28 billion and trade volumes in the crypto are at $2.26 billion.

State of the Top 10 Cryptocurrencies: Jan 25

Stellar is the only cryptocurrency of the top ten that is in the red, though it down only by 0.18% at the time of writing. Litecoin’s price jumped by 4.54%, taking it to the 7th position in the list. After LTC, the second best performer in the top ten list is Tron, which is up by 1.89%, and the third best performer is EOS, which is up 1.19%.

  • Bitcoin’s price is $3600.01, inching up 0.74%. The valuation of this digital asset is now $63 billion.
  • Ripple’s price is $0.317650, inching up 0.83%. The valuation of this digital asset is now $13.03 billion.
  • Ethereum’s price is $117.51, inching up 0.82%. The valuation of this digital asset is now $12.28 billion.
  • Bitcoin Cash’s price is $128.82, inching up 0.16%. The valuation of this digital asset is now $2.26 billion.
  • EOS’s price is $2.45, inching up 1.19%. The valuation of this digital asset is now $2.22 billion.
  • Tether’s price is $1.01, inching up 0.31%. The valuation of this digital asset is now $2.04 billion.
  • Litecoin’s price is $32.95, jumping 4.54%. The valuation of this digital asset is now $1.98 billion.
  • Stellar’s price is $0.101562, slipping 0.18%. The valuation of this digital asset is now $1.94 billion.
  • TRON’s price is $0.026992, going up 1.89%. The valuation of this digital asset is now $1.79 billion.
  • Bitcoin SV’s price is $75.17, inching up 0.67%. The valuation of this digital asset is now $1.32 billion.
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