There are many factors that affect the price of cryptocurrency. One of these factors is whether or not it is considered property and is subject to capital gains tax. This can be a problem during a heavy trading year, so you need to know how to calculate your balance correctly. A simple line chart with 365 data points with a Time and a Value axis can help you understand the trend of your cryptocurrency investment.
BitTorrent is the most significant gainer
BitTorrent is one of the most popular torrent and P2P file sharing platforms. Its founder Tron is responsible for the BitTorrent ecosystem which includes the BitTorrent File System, DLive video streaming platform, and BTT token. The BTT token is being traded on Binance, a leading centralized cryptocurrency exchange. Its valuation may rise even further, with the Coinbase IPO proving to be a catalyst for the value of the cryptocurrency.
The BitTorrent Chain Token is the centerpiece of its improved business model, which rewards users for sharing content. As the largest decentralized peer-to-peer communications protocol, the BTTC token allows users to earn passive income from sharing their content.
Bitcoin price declines
In today’s market, Bitcoin price dropped below $50,000 and other cryptos also fell, losing over $200 billion in market value. The market cap fell below $1 trillion as a result. The price decline was caused by the market’s expectation that President Biden will announce his plan to raise taxes next week. This proposal will nearly double the capital gains tax rate and increase the top marginal tax rate to 39.6%.
President Biden’s plan to raise taxes on the wealthiest Americans
President Biden’s proposal would require the wealthiest households in America to pay a minimum of 20 percent of their income. It would also tax unrealized investment income. Currently, American billionaires pay no or very little income tax. Under this proposal, anyone with a net worth over $100 million would pay taxes on the increase in value of their assets.
The proposal is likely to be challenged in court. The Constitution specifies that direct taxes should be apportioned among several states. It is important that states’ tax rates reflect the population of each state. The states with the largest concentrations of billionaires are California and New York.
Bitcoin market cap increases in a day
According to CoinMarketCap data, the total market capitalization of cryptocurrencies increased by over $60 billion in the last day. Bitcoin is the largest cryptocurrency by market cap. The cryptocurrency is currently experiencing an ebb and flow of price fluctuations. Over the past few days, Bitcoin has fluctuated between $28,000 and $31,000. Today, the currency is trading at $30,628. In the last eight months, Bitcoin’s price has slid by more than 60 percent. Market trackers say this is the first time in the history of cryptocurrencies that Bitcoin has traded in the red for nine consecutive weeks.
In the past two days, altcoins have also performed well. Ethereum Classic, for example, added more than $5 billion to its market cap. This increase is the largest among the top 100 cryptocurrencies in terms of daily gains. Moreover, a report by Finbold revealed that DOGE has reached a four-month high in whale transactions, which suggests that the coin may be poised for a large price move in the near future.
BitTorrent is the most significant loser
In the early 2000s, people used BitTorrent to download free movies and music. This allowed them to bypass formal purchasing methods. But its popularity has dwindled in recent years. Its current price is only a fraction of its true value. And it could even be flirting with bubble territory.