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BTC's Trillion Landmark, New Korean Tax, New Life of Altcoins

07/24/2020
|
  • bitcoin
  • altcoins
  • Korea
News list

Capitalization of Bitcoin exceeds an estimate of 1 trillion USD for the first time. Seoul invents new taxes for crypto incomes. Altcoins experience the second wave of popularity.

Bitcoin Capitalization to Exceed Trillion USD This Year

According to analysts from Messari informational portal, the total amount of funds in Bitcoin, Ethereum and stablecoins (a joint name for all crypto assets that are pegged to classical assets: fiat currencies, precious metals, energies, etc.) will exceed 1,3 trillion USD in 2020.

Ethereum is showing growing volumes of funds transferred via its blockchain - it's 337 bln USD against the total of 147 bln USD for the whole 2019. The total amount transferred with Bitcoin blockchain reached 700 bln USD. Stablecoins are ahead of the first cryptocurrency.

So today the total amount of funds transferred in Bitcoin, Ethereum and stablecoins exceeds 1,2 trillion USD. Which makes the forecast for 1,3 trillion seem less outlandish.

Bitcoin Capitalization to Exceed Trillion USD This Year

Seoul Taxed Crypto

South Korea has announced taxes for cryptocurrency transactions.

They even included special amendments to their Tax Code. According to South Korean authorities, for all the revenue from crypto trading that exceeds 2000 USD annually, South Korean citizens will have to pay 20% taxes.

The amendments have been sent to the parliament; should they be accepted, they will go live in October 2021.

The Ministry of economics and finances of South Korea has been showing interest in crypto assets for several years by now, so, generally, such move also wasn't out of the blue.

Seoul Taxed Crypto

Altcoins Get Out of Shadow in Crypto World

Here comes the era of altcoins - this was an unexpected claim by Changpeng Zhao, Binance CEO.

According to Zhao, more than half of transactions at Binance are now made with altcoins, something that has never been seen before. Moreover, now altcoins have longer life span; they used to emerge and disappear in less than a season, while in the last three and a half months only 3 out of 200 altcoins registered at Binance have shown falling rates.

Zhao has offered no reasons for this trend, yet he assumed that we´re living in 'altcoin season'. But the reasons behind some coins' success are clear. For instance, Dogecoin was boosted by Elon Musk's tweets.

So maybe it's time to turn our eye on cryptocurrencies of the third and other levels?

Altcoins Get Out of Shadow in Crypto World

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