Cryptocurrency Market Analysis [August 8]
Practical Cryptocurrency Investment Article August 8
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【Cryptocurrency Market Analysis】
The price fluctuation of cryptocurrencies since last week
(one week) is summarized as follows
Summary: Current price (change from one week ago)
※From this time, prices are shown in dollars.
（Cryptocurrencies are largely reported from overseas, so dollar notation is easier to express）
※1Dollar =139 Yen
Bitcoin29,392 Dollars（2％）
Ethereum1,833 Dollars(-%）
Binance Coin243 Dollars(-％）
Ripple0.63 Dollars（-9％）
Solana23 Dollars(-%)
Cardano0.29 Dollars（-%）
Polkadot5 Dollars（-%）
MATIC 0.67 Dollars(-1%)
Avalanche 12.5 Dollars(-2%)
Uniswap6.4 Dollars（10%）
Bitcoin is currently moving at the lower bound of its range (just under $30,000).
Bitcoin daily chart
Considering the current Bitcoin price, the assessment is as follows
○Target price is $32,000 (level of last May)
○Breaking above the 200-day moving average
which indicates the uptrend is continuing.
There hasn’t been much movement recently. The price has been gradually decreasing and is hovering at the current level.
The orange 200-day moving average is rising and is about to touch the price.
It is worth watching whether it will rebound and continue the prior uptrend.
Anyway, it feels like a clean staircase chart.
The weekly chart analysis is as follows.
Weekly chart
・Breaking above the 200-day moving average (orange line) and rising
Weekly charts show little change compared to last week, similar to the daily chart.
PayPal issues stablecoin on the Ethereum network
US payment company PayPal announced on8month7day the USD-pegged stablecoin “PayPal USD（PYUSD）
This stablecoin is issued by Paxos Trust and is fully backed by U.S. dollar deposits, short-term U.S. government securities, and equivalent cash assets. It is built on the Ethereum blockchain, designed for digital payments andWeb3and will soon be available to U.S. customers.
https://jp.cointelegraph.com/news/paypal-launches-stablecoin-for-payment
Remarkably, the global payments company PayPal has announced a stablecoin.
First, it will be available in the United States.
Within PayPalPYUSD will be used to buy, sell, and transfer cryptocurrencies.
Stablecoins are convenient, so you can earn interest in stablecoins or hold profits from cryptocurrencies by converting to stablecoins.
This is probably the first stablecoin issued by a payment company.
PayPal is a company founded by Elon Musk of Tesla,X (formerly Twitter) and there is keen interest in potential financial sector partnerships.
Another point of focus is that it is issued on Ethereum.
The reliability of the Ethereum chain is evidenced.
Tax rates of cryptocurrencies by country
Coincub, which provides data on the crypto economy,Coincub has published its 2023 tax year report.
It lists the tax rate for “holding for more than 1 year” by country. Although some countries are missing data, they surveyed and compared as much as possible worldwide. The report notes the “tax rate when investing in Bitcoin (BTC).”
Coincub states Japan’s tax rate as45%, second only to Iceland’s46%, making it the second highest. The report classifies any country with a tax rate above30% as high-tax, and Japan falls into that category.
0% Some countries with 0% include Singapore and Switzerland, among others, but Coincub states that the most crypto-friendly tax jurisdiction is the United Arab Emirates (UAEUAE). The report notes that the countries with 0% capital gains or income tax are included at the time of report preparation.
As for crypto taxes, Japan is famously high, and there are numbers comparing countries.
Japan’s rate is 45%, but with resident tax at 10%, the effective rate is 55% (the top rate applies to profits exceeding 40 million yen).
Personally, here are a few nearby countries for comparison.
・South Korea 17%
・Taiwan 0%
・Hong Kong 16.5%
・Thailand 15%
・Malaysia 0%
Many other countries have much lower tax rates than Japan.
Also, the survey notes the tax rate for “holding long-term for more than 1 year,” which is because these countries incentivize long-term holdings.
In Japan, the Liberal Democratic Party announced adding web3 to national strategy, but why is the tax burden so high compared to other countries where growth is hindered?
Liberal Democratic Partyweb3 Official page
https://www.jimin.jp/news/policy/205802.html
The next wave of cryptocurrency is said to come from Asia, but it is thought to originate not from Japan but from places like Hong Kong that legalized cryptocurrency.
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(This article has been distributed since 2016)
