Market Update 1.21.19 – Taxpayers to Report Earnings from Cryptos to Chilean IRS
Market News
Taxpayers to Report Earnings from Cryptos to Chilean IRS
According to local news reports, taxpayers in Chile will now have to declare the profits they made on cryptocurrencies to the country’s Internal Revenue Service called the Servicio de Impuestos Internos (SII).
In 2018, the SII had already reportedly announced that cryptos were not subject to VAT (Value Added Tax). However, income from cryptos would still need to be included when taxpayers were calculating their yearly income tax. This is because they were classified as intangible assets.
Find out more about this news report here.
POS Could Drive New Financial Models for Cryptos
According Michael J Casey, as the Ethereum network struggles to migrate from a Proof-of-Work (POW) algorithm to a Proof-of-Stake (POS) one, the latter is already quite common in the cryptocurrency space. Of the 19 major crypto projects that were reviewed, 3 are already using POS (Dash, Cardano and Qtum).
However, one of the consequences which is not discussed much is that a POS algorithm adoption could lead to the creation new financial as well as business models in the cryptocurrency space, which would then lead to more security and regulatory challenges.
Read the complete article here.
Review of Top 5 Performers in Crypto Market
The top five performers in the cryptocurrency market currently are Binance (BNB), Cardano (ADA), IOTA, NEO and Tron (TRX).
Among them, Binance has been the best performing crypto, thanks to the launch of the new fiat-to-crypto exchange targeted at the UK called Binance Jersey. Cardano is the second best performing crypto in the market right now. Updates on the project’s new wallet, Daedalus show that it is aiming to be the safest crypto wallet in the market. IOTA is one of the few cryptocurrencies that has been in the green for the last 7 days and the announcement of various collaborations has helped push up investor confidence in this digital asset.
To find out all the details, click here.
Total Market Cap: Jan 21
The cryptocurrency market is in the red at the beginning of the week, with its capitalization dropping to $118.82 billion. Trading volumes are currently at $16.52 billion.
Bitcoin Price Analysis: Jan 21
The price of BTC has dropped by 4.25% in the last 24 hours to trade at $3573.12. The capitalization of the digital coin is now $62.50 billion and trading volumes are $5.27 billion.
Ethereum Price Analysis: Jan 21
Ethereum’s dropped by 6.28% since yesterday to trade at $116.39 and its market value is now $12.16 billion. Trade volume is at $2.66 billion for the crypto.
State of the Top 10 Cryptocurrencies: Jan 21
Tether has overtaken Stellar as the world’s sixth most valuable cryptocurrency. The entire top ten list is currently trading in the red, with the biggest hit being experienced by Litecoin, which has fallen 6.62% in the last 24 hours. Ethereum’s decline follows closely, with a 6.28% drop, while Bitcoin Cash is the third biggest loser in today’s trading with a price drop of 5.57%.
- Bitcoin’s price is $3573.12, dropping by 4.25%. Currently, the market value of the virtual asset is $62.50 billion.
- Ripple’s price is $0.317689, dropping by 3.57%. Currently, the market value of the virtual asset is $13.03 billion.
- Ethereum’s price is $116.39, dropping by 6.28%. Currently, the market value of the virtual asset is $12.16 billion.
- Bitcoin Cash’s price is $121.95, dropping by 5.57%. Currently, the market value of the virtual asset is $2.14 billion.
- EOS’s price is $2.34, dropping by 5.36%. Currently, the market value of the virtual asset is $2.12 billion.
- Tether’s price is $1.01, dropping by 0.55%. Currently, the market value of the virtual asset is $2.03 billion.
- Stellar’s price is $0.102730, dropping by 4.90%. Currently, the market value of the virtual asset is $1.96 billion.
- Litecoin’s price is $30.98, dropping by 6.62%. Currently, the market value of the virtual asset is $1.86 billion.
- TRON’s price is $0.023785, dropping by 2.81%. Currently, the market value of the virtual asset is $1.58 billion.
- Bitcoin SV’s price is $74.59, dropping by 3.04%. Currently, the market value of the virtual asset is $1.31 billion.