2024-07-02 10:13:35
Crypto taxes will be determined after the war. Miner sales have collapsed the price of Bitcoin. Solana expects a 9-fold rise. The number of crypto ATMs worldwide is approaching a record.
Taxation of crypto may be postponed until the war ends — Zheleznyak
Questions about the taxation of crypto and other virtual assets will be considered in the post-war period. This was announced by Yaroslav Zheleznyak, a deputy from the Golos political party.
The National Bank and the National Securities Commission plan to publish a preliminary version of the bill on the legalization of cryptocurrencies by the end of 2024. The exact dates will depend on how quickly Ukrainian regulators will be able to receive and process the IMF recommendations.
The participation of international experts in the development of the draft law is stipulated by the Memorandum on Economic and Financial Policy. The IMF believes that the lack of cryptocurrency regulation threatens price stability and the effectiveness of monetary activity in Ukraine.
Previously, the Ministry of Digital Transformation stated that the regulation of cryptocurrencies would have a powerful impact on the country’s economy, generating a turnover of billions of hryvnias.
Why is Bitcoin falling, and when will there be a rate reversal?
Bitcoin has lost more than 7% of its value over the past 30 days. On June 24, at one point, the rate was down to $59.4k, which alerted many investors. As of July 2, the price is at $62.9k.
Fred Thiel, CEO of mining company Marathon Digital Holdings (USA), named the key factors of Bitcoin’s fall:
- Sales of significant amounts of cryptocurrency by miners, which contributed to an increase in supply in the market and a decline in the rate.
- German authorities moving part of the BTC stockpile to Bitstamp and Kraken trading exchanges, which many regarded as getting rid of risky assets.
- Payment of 142 thousand BTC as compensation to users of the bankrupt exchange MtGox, scheduled for July 2024. Investors fear that it will trigger a wave of sell-offs.
- Decreased interest in top cryptocurrencies and increased demand for memcoins, which have shown high returns in recent months.
Analysts at investment company CryptoQuant (South Korea) announced that Bitcoin’s rally will resume in the third quarter of 2024. According to them, miners have already reduced the volume of sales, and by this period, the market will absorb all the Bitcoins received from them, and the price will go up.
Some experts say that the rate growth can be expected as early as July. Historically, if June ended with a decline in value, the next month saw an upward trend — +7.42% on average.
Michael Saylor from the analytical company MicroStrategy (USA) shared a promising long-term forecast. He is convinced of Bitcoin’s ability to overcome the $10 million mark amid China’s support and increased corporate investment.
Solana may rise 9 times in price after ETF launch
VanEck (USA) and 21Shares (Switzerland) investment giants have sent applications to the SEC to register exchange-traded funds based on the Solana cryptocurrency. This was reported on June 27.
If approved, the product will be traded on the Cboe BZX platform. Coinbase Custody Trust will be responsible for the custody of SOL-ETF.
Experts of the GSR market maker suggested three scenarios that the cryptocurrency price may follow after the funds’ approval:
- Bearish — 1.4x growth.
- Basic — 3.4x growth.
- Bullish — 8.9x growth.
Analysts predict large inflows of investments in SOL-ETFs and expect their impact on the exchange rate to be more significant than in the case of the launch of Bitcoin funds.
Bloomberg says the likelihood of applications being approved in the coming year depends largely on the outcome of the US election.
The number of crypto ATMs is nearing its maximum value
There are 38,278 ATMs worldwide that allow crypto transactions. Coin ATM Radar performed the count at the end of June.
In 2024, 2,564 new crypto ATMs appeared (+17.8% compared to 2023). If the demand for ATM services continues to grow, their number will soon beat the historical high of 39,541 devices, which was recorded in December 2022.
The largest number of Bitcoin ATMs are registered in the US with 82% of the total, followed by Canada with 7.7% and Australia with 2.8% of the devices.
Experts say the rate of ATM installations has increased since Bitcoin’s halving in April 2024.
Crypto investors lose billions to deepfakes
Since 2022, investors have lost $79.1 billion due to deep fakes — fraudulent videos that use celebrity images. The corresponding data was published by the crypto exchange Bitget.
Since the beginning of 2024, the number of false videos has increased by 245%. If no action is taken, crypto investors risk losing $25.13 billion in a year, having fallen for the tricks of fraudsters, and by 2026, the number of such crimes may increase by 70%.
AI and machine learning algorithms are used to create deepfakes. New technologies allow for recognizing the behavior of famous persons and accurately imitating their facial expressions, voice, and movements. Criminals create realistic videos in which they impersonate other people, promote scam projects, and steal users’ personal data and money.
A comprehensive legal system to combat cyber fraud has not yet been developed, so experts urge users to be vigilant and observe security measures in the crypto space. Before taking any action, you should check the information from the video in official sources.
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