Bitcoin has once again made headlines, retreating slightly after breaking above $31,000, marking the highest level in over a year. This surge is largely attributed to the news of BlackRock filing for a spot Bitcoin ETF and significant purchases by Bitcoin whales.
However, not all news in the crypto sphere is positive. Binance, a leading crypto exchange, has been ordered by Belgium’s top markets regulator to halt offering crypto services in the country. This comes amidst allegations by the SEC that Binance violated U.S Securities laws and an ongoing investigation by French authorities.
Meanwhile, in Japan, a significant policy shift has occurred. The national tax agency has clarified that crypto issuers will not have to pay capital gains taxes on unrealized gains. This is a departure from an earlier requirement that subjected token issuers to a capital gains tax of around 35 percent on their own tokens and unrealized gains.
As we delve deeper into the future of Bitcoin, it’s important to consider the views of industry leaders. Alex Edelman, CEO of Bitcoin Rewards app Lolly, believes that Bitcoin can and should be used by anyone. He supports the creation of financial products around Bitcoin, stating that it is beneficial for its adoption. However, he also acknowledges that price action is a significant factor that attracts most people to Bitcoin.
As the cryptocurrency landscape continues to shift, it’s clear that the journey is far from over. With the potential for more institutional adoption on the horizon and the ever-present volatility of the market, the world of cryptocurrency remains a fascinating and unpredictable space.
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