Things you need to know today in the Crypto market
😃Bitcoin price is currently holding just above the 2022 open of $46,242, barely positive for the year. Bitcoin is expected to continue its rally higher despite the drop on Thursday. Historically, April is one of the best-performing months for Bitcoin. In years when the month of April did not yield a positive gain, losses didn't exceed the 3% level. Downside risks remain a concern but are limited and the crypto king managed to gain a little bit less than 1% (0.95) in the last 24 hours.
😐 Meanwhile, in the top 10 cryptocurrencies, Ethereum killers Cardano (ADA) and Binance Coin (BNB) led the board and added 1.96% and 1.52% respectively. Additionally, the coin battling lawsuit with SEC Ripple (XRP) increased 1.35% in value. On the other hand, Terra (LUNA) and Avalanche (AVAX) ticked 1.57% and 1.26% lower.
💪 Outside the top 10, AUDIOUSD clinched the first spot on the best performers board with a 16.81% rally. CVXUSD crept behind, surging by 11.67% and stretching its monthly gains to over 111%. Meanwhile, COMPUSD managed to add 8.81% to record a 35% win this week.
🤕 Indonesia plans to charge value-added tax (VAT) on crypto-asset transactions and an income tax on capital gains from such investments at 0.1% each starting from May 1, a tax official said on Friday, amid a boom in digital asset trading. Interest in digital assets has surged in Southeast Asia's largest economy during the COVID-19 pandemic, with the number of crypto asset holders jumping to 11 million by the end of 2021.
⛏ Oklahoma lawmakers have recently approved legislation that, if passed, would provide a tax credit to Bitcoin and cryptocurrency miners who set up shop in the state. The Commercial Digital Asset Mining Act of 2022, introduced by state senator John Montgomery and state representative Ryan Martinez, intends to cut costs associated with commercial mining gear and power.
👌 The U.S. Securities and Exchange Commission (SEC) has rejected an application for a spot Bitcoin exchange-traded fund (ETF) from Ark 21Shares. Ark is run by star investor Cathie Wood. The application was filed on behalf of the Cboe BZX Exchange to change the rules and allow for the listing of the Ark 21Shares offering.
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