A negative trend has been witnessed in the global crypto market over recent hours. The latest data shows that Bitcoin, Binance Coin, and others haven’t been able to turn bullish. The recent hours showed a continuous decline in the value of the market as the bearishness continued. The negative trend hasn’t changed over the recent hours though there was a hope that it would turn bullish. If the current trend continues, the market is likely to lower its value.
Italy is considering a 26% tax on crypto from 2023 as it plans to expand its tax net. Italy will become the latest country to introduce a capital gains tax on cryptocurrencies. The new launch will become applicable in 2023 as tax will be introduced on crypto gains. Furthermore, crypto holders will have to pay a 14% on all disclosed crypto holdings. A report from Bloomberg says that Italy will become the latest country to take advantage of the crypto taxes.
The right-wing government led by PM Georgia Meloni has plans to impose a tax on capital gains worth more than €2,000. Prior to this, cryptocurrencies were treated like foreign currencies by the country’s tax regime. The goal of the new tax reforms is to stimulate crypto tax holders to disclose their assets.
Here is a brief overview of the current market situation analyzing the performance of Bitcoin, Binance Coin, and others.
BTC stuck at $16.8K
Digihost’s Bitcoin production declined in the month of November. The recent changes show that its BTC production has slipped by 11%. The company mined 11.86 BTC in November 2022 which is 11.14% Y/Y and 18% M/M. The total holdings of the company at the end of the month were 98.38 BTC.
Source: TradingView
The performance of Bitcoin has also shown a negative trend over recent hours. The latest data shows that it has shed 1.19% over the last 24 hours. The weekly performance of Bitcoin shows a gain of 2.60%.
The price value of BTC is currently in the $16,890.38 range. The market cap value of Bitcoin is estimated to be $324,675,846,880. The 24-hour trading volume of Bitcoin is about $20,919,266,126.
BNB in losses
Binance has suspended withdrawals of ANKR tokens after a private key hack. The world’s largest cryptocurrency exchange has halted the withdrawals of ANKR-USD due to issues related to a hack. Binance authorities have assured the users not to be worried as the issue will be resolved soon.
Source: TradingView
The performance of Binance Coin has also shown a negative trend. The latest data shows that it has shed 1.77% over the last day. The seven-day data shows that it has shed 3.52%.
The price value of BNB is currently in the $288.89 range. The market cap value of this coin is estimated to be $46,213,117,521. The 24-hour trading volume of the same coin is about 2,472,570,521.
XRP faces decline
The value of XRP has also declined due to a negative trend as the market recedes. The latest data shows that it has regressed by 2.78% over the last day. The seven-day data shows that it has shed 4.06%. The price value of XRP is currently in the $0.3876 range.
Source: TradingView
The market cap value of XRP is estimated to be $19,490,476,269. The 24-hour trading volume of this coin is about $783,307,088. The same amount in its native currency is about 2,021,536,587 XRP.
ADA fluctuating
There has been no positive change in the performance of Cardano over the recent hours. The latest data shows that it has shed 0.33% over the last day. The seven-day data shows that it has added 0.73%. The price value of ADA is currently in the $0.3152 range.
Source: TradingView
The market cap value of Cardano is estimated to be $10,857,278,373. The 24-hour trading volume of this coin is about $205,381,950. The circulating supply of the same coin is about 34,446,614,349 ADA.
Final Thoughts
The global crypto market has seen a negative trend over recent hours. The performance of Bitcoin, Binance Coin, and others shows that there has been no positive change. As the market has continued to decline, there has been a reduction in the global market cap value. The latest data shows that it is estimated to be $850.61 billion.
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