Quick weekly news:
- Turkey detains 62 people in cryptocurrency trading firm probe - media: Read more here.
- PancakeSwap Widens Binance Smart Chain’s Lead Over Ethereum on Transactions: Read more here.
- Mastercard-powered NFTs will help consumers offset carbon ‘down to a cup of coffee’: Read more here.
Other notable events include:
- Bitcoin price crashed below $50K
- Ethereum ETFs get off to $138M
Bitcoin
Bitcoin’s price has dropped to $48,000. This is the first time the cryptocurrency has fallen below $50,000 since March 7, 2021.
One of the reasons why Bitcoin’s price may have seen a downturn is growing fears surrounding a capital gains tax hike in the US. Under US tax law, selling cryptocurrency triggers a “taxable event,” and US taxpayers must pay tax on any profits or losses; the taxes, higher for short term holders, affect day traders more.
Ethereum ETFs
Ethereum exchange-traded funds (ETFs) began trading last week—and got off to an explosive start. All in all, the trio of Canadian ETFs have racked up $138 million in trading volume.
The Ethereum ETFs, run by Purpose Investments, Evolve ETFs, and CI Global Asset Management, started trading on Toronto’s stock exchange (TSX) on April, 20.The ETFs are products that allow investors to buy shares that represent the second biggest cryptocurrency by market cap, Ethereum. Investors can trade them continually throughout the day but don’t have to worry about the tricky stuff that comes with holding crypto, like storage.
Also, be sure to check out top altcoin gainers and losers of the week ⬇️
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