The week ends on a more than positive note for the cryptocurrency market. Bitcoin (BTC) wrote down a rises more than 5% in the last week, flirts with US$66,000 and is on its way to a monthly advance of 11%.
For its part, Ethereum climbs even more (+6%) and is above $2,600 (monthly increase of 7%).
The good performance also carried over to altcoins: Solana climbed almost 9%; Cardano more than 14%; Avalanche almost 11% and Polkadot more than 15%.
“It turns out that optimism was renewed in the industry after members of the United States Federal Reserve (Fed) left the door open to further cuts in interest rates. At the same time, China also announced ambitious stimulus measures for its economy and cut rates, so positive market conditions may intensify,” reported a report from Buenbit.
And the Fed’s rate cut On September 18, it seems to have awakened the crypto market from its lethargy, and as mentioned above, it gave Bitcoin the catalyst it was waiting for to retake highs.
In short, although there are several positive signs, This does not guarantee a definitive bull market. The next few weeks will be crucial for Bitcoin, especially after rate cuts by China.
One fact worth highlighting is that in its weekly report, Glassnode noted that Bitcoin exceeded the average cost of short-term holders, set at $61,900, and the 200-day moving average, located at $63,900. According to the study, this recovery occurred after the Fed reduced interest rates by 0.5%.
MicroStrategy expands its position in Bitcoin by $489 million
At the beginning of this week it emerged that MicroStrategy acquired an additional $489 million worth of Bitcoin, increasing its corporate holding of BTC to more than 252,000 tokens, valued at nearly $10 billion. The company’s strategy with Bitcoin is simple: increase returns and protect against inflation.
Since 2020, MicroStrategy adopted a corporate strategy focused on Bitcoin, leveraging its potential as an inflation hedge and store of value. The company. Other public companies are also following the corporate strategy of “buying Bitcoin” to take advantage of the growth of crypto.
Crypto dollar
This week the crypto dollar moved in line with the other exchange rates, that is, downward. This value represents an excellent opportunity to dollarize your income, they highlighted from Goodbit. From this exchange, you can buy dollars 24/7 via crypto and without commissions. “It is simple, very fast and you can instantly withdraw it from your bank. With this option you can operate 24 hours a day and on weekends, so it offers an advantage over the MEP dollar,” they explained.
Likewise, those who choose to invest in stablecoins can achieve interesting returns. Additionally, those who participate in the exchange’s loyalty program can access even more attractive rates. For example, the current yield of USDC is 5% per year, with loyalty it can reach up to 9%. USDT is 4% annually, with the program it goes up to 8%.
Crypto laundering 2024
After the extension ordered by the Government, there is time until October 31 to regularize amounts in crypto assets and/or cash. They can be deposit the crypto assets in a PSAV (Virtual Asset Service Provider) registered with the CNV, Lemon recalled, one of the main local exchanges that meets that condition. The valuation of cryptocurrencies and virtual assets corresponds to the greater amount between their price as of December 31, 2023 and the acquisition value.
To launder, you must prove possession and purchase price. Then make the declaration of adhesion to the AFIP. At the same time, you must request the account summary for laundering. To present and complete the Affidavit there is time until 11/30/2024.
The Virtual Assets with the highest market capitalization (BTC, ETH) are at relatively high prices. The incorporation values for laundering constitute an acquisition cost for all tax purposes, which allows their comprehensive tax treatment to be optimized. Money laundering appears at a time when the regulation of Virtual Assets is advancing, both at the national, regional and global level.
Source: Ambito
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