May 28, 2023

Dubai Week

Complete Dubai News World

The cryptocurrency market is approaching a trillion dollar value

The market capitalization of cryptocurrency Cryptocurrencies returned to the last $ 2 trillion mark last May, but further gains have been blocked by potential new tax reporting requirements in the United States.

The value of the more than 8,800 cryptocurrencies monitored by CoinGecko rose 55 percent from its lowest level in July to $ 1.95 trillion in high bitcoin and ether prices.

According to the Crypto Exchange Luno, the rise of Bitcoin was halted by the oversight of virtual currencies in an infrastructure bill passed by the Senate.

For his part, Vijay May, head of Luno’s Asia Pacific in Singapore, said “the rise of Bitcoin has been halted by the budget draft,” which now sees $ 45,000 to $ 47,000 on “Bloomberg” and “Al”.

The failure of the cryptocurrency industry to amend the tax reporting rules – expected to increase revenues by about $ 28 billion – despite great motivation from campaigners.

Esmi Pav, a analyst at China Tongai Securities in Hong Kong, said: “Some people see control as too much of a burden. In my opinion, short-term pain, long-term gain.

The $ 610 million cryptocurrency theft highlights current security risks, even as hackers return half of the funds.