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On Tuesday, Bitcoin and other popular altcoins managed to land positively as overall prices saw minor gains. Coinbase partnered with crypto taxation platform KoinX to provide an infrastructure enabling users to file their crypto taxes on its platform. This article is a daily crypto roundup with the latest updates on market trends and price movements of various cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and more.
The crypto market has been on a rollercoaster this year, with prices fluctuating wildly and regulatory pressures causing significant drops. However, recent developments have given investors renewed confidence in the market, leading to a total crypto market cap recovery. Bitcoin (BTC) and Ethereum (ETH) — two of the most valued crypto coins — rose above US$31,000 and US$19,000. At the same time, other popular altcoins like Dogecoin (DOGE) and Ripple (XRP) landed in the positive as overall prices saw minor gains across the board.
Shares of Coinbase, the largest U.S. crypto exchange, jumped 13% on Monday after exchange operator Cboe said it was working with the crypto company in its effort to launch a spot bitcoin exchange-traded fund. Cboe on Friday refilled an application with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund by asset manager Fidelity. In that filing, it named Coinbase as the crypto platform that would help the exchange police manipulation in the ETF.
Crypto exchange CoinDCX on Monday announced a partnership with crypto taxation platform KoinX to provide an infrastructure enabling users to file their crypto taxes on its platform. According to the company's announcement, investors and traders on the CoinDCX platform can access KoinX's tax calculation and reporting system.
"CoinDCX users can track their tax computation on the CoinDCX exchange and effortlessly connect multiple exchanges and wallets to the KoinX platform. This will enable investors to track all their crypto transactions, including NFTs and DeFi investments, and view the corresponding tax amount in real-time," the company said.
In a statement Sunday, the country's Ministry of Internal Affairs said that fraudsters were using P2P crypto services to cash out dirty funds. The statement added that the body was working on legislation prohibiting transactions for the "exchange of cryptocurrency between individuals."
"Since the beginning of the year, employees of the cybercrime counteraction units have stopped the activities of 27 citizens who provide illegal cryptocurrency exchange services," the statement read. "Their total illegal income amounted to almost 22 million rubles ($8.7 million)."
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