possibility of new growth remains
Last week, the dynamics of the BTC/USD pair were ambiguous. At first, the quotes dropped to the area of 50300.00 under the pressure of a possible complete ban on cryptocurrencies in India but then they regained some of the losses and returned to the area of 56000.00.
The long-term market situation remains the same. Large investors continue to show interest in the instrument, feeling the potential for its growth due to soft monetary policy by global regulators and the launch of a new program to support the American economy. However, their activity is significantly constrained by the lack of clear government regulation of digital assets. So, now, American investors cannot take full advantage of the profits gained from the growth of the BTC exchange rate since the US Internal Revenue Service (IRS) considers digital assets, including BTC, as property, and not as a currency. This means that when converting tokens into fiat money, the investor will face a large tax. Clarification of taxation rules could facilitate entry into the cryptocurrency market by a significantly larger number of institutional investors.
Share This Blog