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Highlights
- Cryptocurrency traders will be under increased scrutiny by the Australian Taxation Office at the end of this financial year, according industry experts.
- Bitcoin fell 5.6 per cent in the past 24 hours to sit at US$38,250. Meanwhile, Ethereum fell around six per cent to sit at US$2,825.
- Bitcoin’s selloff has hit the wider altcoin market after the hype surrounding Tesla boss Elon Musk’s purchase of social media platform Twitter.
Cryptocurrency traders will be under increased scrutiny by the Australian Taxation Office at the end of this financial year, according industry experts say.
The tax season begins from 1 July and the ATO has been clamping down on unreported or under-reported cryptocurrency gains, as more and more Australians are investing larger sums in cryptos.
Last year, the ATO issued a warning that cryptocurrency and non-fungible token trades were not as anonymous as people perhaps thought they were.
Moreover, the ATO said it has written to approximately 100,000 Australians strongly encouraging them to look over their previously lodged tax returns pertaining to their cryptocurrency investments, and further prompted 300,000 more people to report relevant gains and losses from crypto and NFTs.
Market News
Also Read: Crypto Fear & Greed Index: Bitcoin slumps 6% amid risk aversion
Bitcoin fell 5.6 per cent in the past 24 hours to sit at US$38,250.
Meanwhile, Ethereum fell around six per cent to sit at US$2,825.
Altcoin News
Bitcoin’s selloff has hit the wider altcoin market after the hype surrounding Tesla boss Elon Musk’s purchase of social media platform Twitter.
Despite this, some experts are predicting a strong rally for the meme token, Dogecoin, after it experienced a 15 per cent rally yesterday on the back of news of Musk’s purchase of Twitter.
Musk has been a strong advocate of Dogecoin since 2020 and tweets from Musk supporting or even mentioning Dogecoin are often accompanied by a surge in price for the dog-themed token.
Dogecoin’s price has dropped eight per cent in the past 24 hours to US$0.14.
Winners and Losers
Note: Growth figures are taken from the top 100 tokens by market capitalisation from the 24 hours prior to 12:30pm AEST
Image Source @ 2022 Kalkine Media®
Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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