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Bitcoin and Taxes: What You May Not Know

Cryptocurrency market had a really good week as the overwhelming majority of top-10 digital assets managed to recover from this year lows. The total value of coins in circulation has reached $142 billion, which is about $40 billion higher than a week ago. Bitcoin hovers under $4,200 after a short-lived ride to $4,234 during early Asian hours. The digital coin No.1 has been growing strongly on Monday amid thin market conditions. The market sentiments improved significantly during the previous week, allowing the market to enjoy its Santa’s rally. A strong positive momentum improved forecasts, though some experts stay cautious.

Santa Rally Continues To Add Billions To Bitcoin & Altcoins Ahead of Holiday Season

This year has seen significant development surrounding cryptocurrencies both in the trading market and real-time usage of cryptocurrencies. While several countries continue to ban the use of bitcoin and the likes, many governments and government organizations have begun to see cryptocurrencies as valid financial instruments and began accepting payments via bitcoins which are a great improvement from a fundamental perspective. The slide this year was caused by hard fork battles which were a major disaster for cryptocurrencies, however, institutional investors are beginning to focus attention on cryptocurrency investments which are expected to boost bitcoin value in early 2019.

Ethereum is one of the best performing digital assets out of top-20. The coin gained 17% in recent 24 hours to trade above critical $150.00 handle. Ethereum’s market value surpassed $15.5B, though it is still in the third place, below BTC and XRP. The average trading volumes spiked to $4B during early Asian hours, while the most active trading is taking place at Bitfinex. On the daily chart, ETH/USD broke above DMA50 since the beginning of November.

The breakthrough increased the upside momentum on a thin holiday market, allowing the price to move towards the intraday high at $154.15. The coin retraced to $146.37 by the time of writing, but the short-term trend remains positive as long as the price stays above $136.86 (the above-said DMA50).


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