This Week in Coins: Market Freefall Slows, Universal Music Partners With LimeWire, G7 Seeks Regulation
Categories: Crypto News US
While much of industry’s attention was spent autopsying and recovering from Terra’s historic collapse and the simultaneous market crash, zooming out and surveying the bigger picture shows a week arguably more hopeful than the previous week.Leading cryptocurrency Bitcoin was actually up 0.69% to $29,265, while Ethereum only dipped 0.88% over the seven days to $1,968, as of this writing.There were no major losses among the top 40 cryptocurrencies by market capitalization. A few projects even thrived, with BNB blowing up 10% to $307, privacy coin Monero surging 24% to $175, and Cosmos adding 9% to $10.86. TerraUSD (UST), formerly a dollar-pegged stablecoin, is currently trading for a fraction over 6 cents. Meanwhile, LUNA, the coin that gave value to UST, is currently worth about $.0001.Barely a fortnight ago, there were 342 million LUNAs in circulation. Today, there are a little over 6.5 trillion.On Monday, the Australian Tax Office issued a statement outlining its four main priorities for “Tax Time 2022,” and among them was taxing capital gains from crypto. ATO Assistant Commissioner Tim Loh said: “Through our data collection processes, we know that many Aussies are buying, selling, or exchanging digital coins and assets, so it’s important people understand what this means for their tax obligations.” Australian authorities are keen to regulate crypto quickly and have promised to bring the sector “out of the shadows” with a “world-leading” regulatory framework. On Friday, the country’s largest bank, the Commonwealth Bank of Australia, halted its crypto trading pilot. Commonwealth Bank CEO Matt Comyn stressed the volatility of crypto assets and recommended more regulation in a tech briefing this week.