The global crypto market couldn’t retain the bullish wave as it has again turned bearish. The recent change has brought Bitcoin and others back to bearishness as the investors have pulled back. The bullish wave was too weak to push the market ahead; instead, it saw little change. As the market has turned bearish, it might lose further value. What will impact this bearishness on the market is yet to be seen.
Japanese crypto investors might have to pay less tax on their gains as the new proposal aims to reduce capital gains tax. According to the available information, the proposal aims to bring a reduced 20% tax on crypto earnings. The request for reduction of taxes came from Japan Crypto-asset Business Association (JCBA) and Japan Crypto-asset Exchange Association (JCEA). The two groups have called for tax reforms to bring ease to the investors.
The fiscal year 2023 tax reform request has addressed the key issues that crypto adherents believe are creating hurdles for investors. They have focused on areas like the tax filing environment, the significance of crypto assets in Web3 strategy, and comparison to overseas crypto asset tax systems. It has also called for reforms to the derivatives market.
Here is a brief overview of the current market situation, analyzing the performance of Bitcoin, Binance Coin, and others.
BTC lowers to $22.9K
Bitcoin has seen bearishness, and its investors are facing consistent losses. El Salvador is one of the prime investors of Bitcoin, and it has seen an influx of tourists. According to the available information, the first half of 2022 saw a tremendous increase in tourists.
The latest data for Bitcoin shows that it has reversed its recent gains. The 24-hour data shows a loss of 2.02% for Bitcoin. In comparison, the seven-day data for Bitcoin shows a loss of 0.73%.
The price value for Bitcoin is in the $22,915.22 range and might be lower. The market cap value for Bitcoin is estimated to be $437,956,226,043. The 24-hour trading volume of Bitcoin is about $24,882,675,704.
BNB continues bullish
Even though Binance has seen a considerable expansion in investments, the Philippines SEC has warned not to invest in it. The mentioned regulator has expressed the government’s policy on crypto platforms. As markets have seen expansion, there is an unsure situation on the side of governments.
The latest data for BNB shows that it has continued to grow in value. The 24-hour data shows an addition of 3.51%. The seven-day data shows a growth of 11.84%. It has remained in contrast to other coins in the market.
The price value for Binance Coin has also enhanced as it is currently about $301.11. The market cap value for this coin is estimated to be $48,581,055,417. The 24-hour trading volume of this coin is about $2,198,289,498.
OKB facing losses
OKB has continued to follow the bearish pattern as its gains reversed. The latest data shows a loss of 1.70% over the last 24 hours. The seven-day performance shows an addition of 6.00%. The price value for this coin has also suffered, as it is currently about $17.91.
The market cap value for OKB is estimated to be $1,074,776,306. The 24-hour trading volume of this coin is $9,714,890. The same amount in its native currency is about 60,000,000 OKB.
MKR sees red candles
Maker has also faced bearishness as the market remains regressive. The 24-hour data shows a loss of 2.92%. The seven-day data shows an addition of 2.61%. The price value has also fluctuated as it is currently about $1,043.43.
The market cap value for MKR is estimated to be $1,020,746,166. The 24-hour trading volume for the same coin is about $98,784,694. The circulating supply of Maker is about 977,631 MKR.
Final Thoughts
The global crypto market has seen a regressive pattern as the investments lowered. The change has affected Bitcoin as its gains turned to losses. While if we compare Binance Coin, it has remained bullish. The changes in market influx have also affected the global market cap value. It is currently estimated to be $1.07 trillion. The market has remained fluctuated over the recent few months.
