Market Update 4.28.18 – Conseil d’Etat Changes Tax Rate to Flat 19%

| Publish date: 04/28/2018
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Conseil d’Etat Changes Tax Rate to Flat 19%

The Conseil d’Etat, or Council of State in France has reduced taxes on cryptocurrency sales from 45% to a flat 19%. The Council stated that this was done because of the new classification of cryptocurrencies. Now, the sale of Bitcoin falls under the principle from the classification of capital gains of movable property.

According to the Council of State, the exception to this rule will be on earnings on cryptocurrency mining. These earnings will be taxed as non-commercial profits as well as income due to professional activity and will be taxed as industrial as well as commercial profits.

Read the whole story here.

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MoU Signed Between Bermuda and Binance

The Premier of Bermuda, David Burt announced that Binance was planning to set up its new global compliance center in their country. At a joint press conference, Burt stated that a MoU (Memorandum of Understanding) has been signed by the two parties.

According to this agreement, the Binance Charity Foundation was going to donate $10 million for educational programs related to Blockchain technology. The exchange would also donate another $5 million for investments in Bermuda Blockchain startups.

Read the rest of the story here.

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Ripple’s xVia Tech Becoming More Popular

The distributed ledger startup, Ripple announced that another five payment providers in Europe as well as Asia are going to use Ripple’s xVia tech. The new customers are FairxFX, Exchange4Free as well as RationalFX from the UK, MoneyMatch (a peer-to-peer exchange platform) in Malaysia and UniPay, a settlements company from the Republic of Georgia.

Ripple’s senior vice president for products, Ashish Birla stated that their technology would help these companies expand their customer bases. The challenge that all these customers are currently facing are expensive and time consuming bank transfers. With xVia, they will be able to reach more customers in new markets more easily and less expensively.

Find out more here.

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Total Market Cap: Apr 28

Trading volume in the crypto market went up a little bit more to $26.63 billion and its value also climbed some more to $423.39 billion.

Bitcoin Price Analysis: Apr 28

The number one cryptocurrency’s price slipped a little by 2.44% to $9122.44 in the last 24 hours. BTC’s trading volume also slipped a little more to $7.43 billion. Bitcoin’s market cap also slipped to $158.33 billion.

Ethereum Price Analysis: Apr 28

Ethereum’s cost per token fell by 0.94% to trade at $671.71. The altcoin’s trading volume in the last one day slipped to $2.63 billion and its market capitalization is $67.27 billion.

State of the Top 10 Cryptocurrencies: Apr 28

The cryptocurrency market had shown mixed results in the last 24 hours. The biggest gainer is EOS with a 14% jump. TRON ousted NEO to join the top ten cryptocurrencies as it has been gaining steadily in the last few days.

  • Bitcoin’s trading price dropped 2.44% to $9122.44 per token, and its value in the market went down to $158.33 billion.
  • Ethereum’s trading price dropped 0.94% to $671.71 per token, and its value in the market went down to $67.27 billion.
  • Ripple’s trading price dropped 1.32% to $0.843388 per token, and its value in the market went down to $33 billion.
  • Bitcoin Cash’s trading price dropped 1.48% to $1394.93 per token, and its value in the market went down to $23.85 billion.
  • EOS’s trading price jumped 14% to $18.72 per token, and its value in the market is now $15.36 billion.
  • Litecoin’s trading price dropped 1.04% to $150.97 per token, and its value in the market went down to $8.49 billion.
  • Cardano’s trading price climbed 6.76% to $0.314734 per token, and its value in the market is now $8.16 billion.
  • Stellar’s trading price dropped 0.18% to $0.417926 per token, and its value in the market went down to $7.76 billion.
  • IOTA’s trading price dropped 1.43% to $2.06 per token, and its value in the market went down to $5.71 billion.
  • TRON’s trading price jumped 9.55% to $0.079932 per token outing NEO from the top ten list, and its value in the market is now $5.25 billion.
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