Market Update 4.02.18 – South Korea says New Tax

| Publish date: 04/02/2018 (Last updated: April 02, 2018 06:27 AM)
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South Korea says New Tax Framework for Cryptos by June

It has been reported that the Ministry of Strategy and Finance in South Korea will release a new framework for the taxation of cryptocurrencies by the end of June this year. However, a spokesperson from the Ministry said that they do not have a set time frame by which this new framework will be ready, but it should be in the first half of the year.

The South Korean government has proposed that a transfer income tax which levies taxes on the profits made through cryptocurrency sales. To read more, click here.

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Huobi Group Launches New Crypto Trading Exchange in S. Korea

The Beijing-based Huobi Group announced that it has launched its new crypto trading exchange in South Korea and that trading has officially opened that the new Huobi crypto exchange.

The new exchange will support 100 altcoins and will trade in 208 markets, which comprise of 77 Ethereum, 98 Bitcoin and 33USTD markets. The crypto-exchange is also offering its customers a protection program and fund. This proviso has been put in place to protect investors from losses outside their control.

To find out more, click here.

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Cap on Ethereum Crypto Proposed

Vitalik Buterin submitted a fresh Ethereum improvement proposal (EIP), suggesting that a cap be put on the amount of ether that should be created. He proposed that the supply of ether be set at 120,204,432, which is exactly twice the amount of ether that was sold in its original sale back in 2014.

When ether was originally issued, the terms were that only 18 million tokens would be issued per year, with the proviso that these terms could change after a milestone change to the blockchain design.

Click here to read the full story.

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Total Market Cap: Apr 02

Trading volume in the cryptocurrency market continues to remain low at $11.83 billion for the last 24 hours. The market’s value also continues to remain below the $300 billion mark at $257.05 billion.

Bitcoin Price Analysis: Apr 02

Bitcoin has been trading almost flat in the last 24 hours, losing just below 1% (0.81%) to a price of $6913.33. The crypto’s trading volume is still low at $4.75 billion, and its market cap is also almost the same as yesterday at $117.15 billion.

Ethereum Price Analysis: Apr 02

Ethereum’s price fell by 3.70% to trade at $381.35 in the last 24 hours. Trading volume inched up slightly to $1.31 billion. The altcoin’s market value is at $37.58 billion.

State of the Top 10 Cryptocurrencies: Apr 02

The last 24 hours have not shown any major changes for the better in the cryptocurrency market. Most of the top 10 cryptos have continued falling in price. Only two – Litecoin and Stellar – showed any upward movement, and those were minuscule.

  • Bitcoin has a token price of $6913.33, down 0.81%. The market value of the crypto is $117.15 billion.
  • Ethereum has a token price of $381.35, down 3.70%. The market value of the crypto is $37.58 billion.
  • Ripple has a token price of $0.484812, down 4.93%. The market value of the crypto is $18.95 billion.
  • Bitcoin Cash has a token price of $659.03, down 4.95%. The market value of the crypto is $11.23 billion.
  • Litecoin has a token price of $117.50, inching up 0.73%. The market value of the crypto is $6.56 billion.
  • EOS has a token price of $5.65, down 5.67%. The market value of the crypto is $4.32 billion.
  • Cardano has a token price of $0.149705, down 3.75%. The market value of the crypto is $3.88 billion.
  • Stellar has a token price of $0.209226, inching up 0.46%. The market value of the crypto is $3.88 billion.
  • NEO has a token price of $47.24, down 5.19%. The market value of the crypto is $3.07 billion.
  • IOTA has a token price of $1.03, down 5.50%. The market value of the crypto is $2.85 billion.
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