Last week was a quieter one for crypto traders as the market reflected on the China crypto ban announcements. After the initial panic, prices seem to have stabilised for now.
The total market cap of all cryptos according to coinmarketcap.com is currently US$128 billion.
Technically the market remains in an up-trend, though the recent volatility suggests that it could trade sideways in the run-up to Christmas as traders and investors wait to see what happens next.
But, behind the scenes, bitcoin (BTC) made some progress on the march towards public acceptance.
Australia’s government has introduced a bill that delivers on a long-standing promise to solve a ‘double taxation’ problem for cryptocurrencies.
The government explained:
‘The Bill will ensure that Australians are no longer charged GST on purchases of digital currency, allowing it to be treated the same way as physical money for GST purposes. The law change will retrospectively apply from 1 July 2017, in line with the 2017 Budget announcement.’
Future legislation on other issues like Know Your Customer (KYC) and Anti-Money Laundering (AML) rules are expected soon.
Here’s the roundup of cryptocurrency prices in Australian dollars…
Bitcoin Price: $4,617, -1.411%
Ethereum Price: $353, -0.32%
Zcash Price: $220.50, +2.61%
MaidSafeCoin Price: $0.47, -0.432%
Dash Price: $422, -3.61%
With interest growing around the world, there has never been a better time to learn more about the incredible potential of cryptocurrencies. But there are some very real risks for investors. Don’t invest until you’ve read Sam Volkering’s latest special report here
Editor, Money Morning