Thailand ditches VAT for crypto purchases

19

The Bitcoin price is currently around $ 29.2 k at the time of writing. The largest cryptocurrency based on market capitalization has been consolidating within the narrow trading range of $ 29k – $ 30k in recent weeks and today was no different. Altcoins, on the other hand, lose some value again early on, as BTC gained something in general dominance. More on that later.

Terra, the company behind the failed LUNA cryptocurrency project, has stated that the blockchain network has passed a LUNA 2.0 vote. Although many ways have been discussed before to compensate LUNA owners, it seems that a renewed network with a new offer is the answer. Almost 65.5% of the community supported this plan, but it remains to be seen how effective it will be. This move could also just be an attempt to limit the damage, as the South Korean government begins to crack down on founder Do Kwon and other key members of the Terra team.

The government of Thailand has now officially exempted cryptocurrencies from the previously imposed Value Added Tax (VAT) of about 7%. The rate was set by the government on cryptocurrency trading, but the immediate response from the crypto community meant that it was only a matter of time before this high rate would be reversed and that is exactly what has happened now.

The World Economic Forum is underway in Davos, Switzerland and we are once again seeing different visions of the digital currency sector. Everything from absolute skepticism towards the sector to the long-term potential of the sector is up for debate. More on that later.

The government of Kazakhstan has adopted tax guidelines for cryptocurrency projects in the country. The country is home to the second largest crypto mining community that benefits from cheap electricity prices. But the government now wants to tighten some of the control and tax the sector.

Despite the recent downturn in the crypto market, investment company Andreessen Horowitz has still managed to raise the huge amount of $ 4.5 billion for a crypto fund. This brings the total amount invested by the company to about $ 7.6 billion.

GPU prices are falling now and this could be a sign of an upcoming bear market. The Nvidia RTX 30 series is purchased at 14% above the sticker price, while AMD Radeon 6000 is purchased at a 7% premium. Although the premiums still exist on the market, they are lower than the 19% and 12% of the previous month, respectively.

An NFT user and former actor Seth Green, whose Bored Ape NFTS were stolen in a recent phishing scam, believes he still owns the right to the BAYC token even after hackers managed to take it from him. It remains to be seen how the legal system will react to this.

A company called CrypotSat recently launched its first nanosatellite aboard a SpaceX rocket. The mug-sized satellite is yet another attempt to make crypto transactions easily accessible and global.

The Bitcoin price is currently around $ 29 k at the time of writing, after another day of relative inactivity. The cryptocurrency is stuck within a narrow trading range of $ 29k – $ 30k.

The last 24 hours started with the BTC price at about $ 29,4 k. it rose very slightly in the first few hours and climbed to a 24-hour high of about $ 30.2 k. however, no further upward action was observed and the price returned to about $ 29,8 k in the following hours. since then, it has been trading around that valuation.

Bitcoin, as mentioned, is stuck in a narrow trading range of $ 29k- $ 30k and is unlikely to come out of it anytime soon. The cryptocurrency is likely to consolidate further around this value, at least until the beginning of next month, when further bearish fireworks or a relatively unlikely bullish fight can be expected.

The total market capitalization of Bitcoin was about $ 550 billion, and its share in the entire crypto market was 45.3%.

LEAVE A REPLY

Please enter your comment!
Please enter your name here