Digital Coin: BTC Surges; Japan Seeks Client Data
DIGITAL COIN – On Wednesday, Bitcoin and other major cryptocurrency prices recorded higher. This is despite Japan’s action to demand crypto exchanges in providing information about their clients. These particular clients are those who have been suspected of tax evasion.
As of 12:31 AM ET (05:31 GMT), Bitcoin added 2.1% to $3,916.8. Based on Poloniex exchange, Ethereum made an increase of 1.2% to $108.54, and XRP was up 3.1% to $0.35233.
Meanwhile, Litecoin surged 2.4% to $31.017 on the Bitifinex exchange.
In recent weeks, cryptocurrencies have dramatically fallen. This is along with the 80% decline in Bitcoin’s value a year ago. Some analysts said that there are reasons behind the return of volatility to the market. These include the news of regulatory scrutiny and a hard fork in Bitcoin cash.
Based on the Wednesday report of Cryptovest, Japan is considering to empower the National Tax Agency (NTA). This is because it seeks crypto exchanges to provide information on their clients who have been suspected of tax evasion. The needed client data include names, activity log, individual identification numbers, and wallet addresses.
Moreover, the article mentioned that there were more than 300 traders who declared minimum earnings. These said traders declared earnings worth 100 million yen from crypto investments in 2017.
The article has cited government sources. Further, it said that there are “a significant number” of individuals who did not properly disclose earnings from crypto activities.
Elsewhere, ErisX, the latest digital exchange, increased $27.5 million from investors including Fidelity and Nasdaq ventures.
Digital Coin: EOS Drops 10% in a rout
On Wednesday, EOS traded at $2.3863 as of 20:37 (01:37 GMT). It went lower 10.07% on the day. Moreover, this was its largest percentage loss for one day since November 19.
The move downwards dragged down the market cap of EOS to $2.1626B, or 1.71% of the total cryptocurrency market cap. The highest market cap of EOS was $17.5290B.
Overnight, EOS has traded in a range of $2.3855 to $2.4765.
Further, EOS dropped 21.99% in its value. The volume of the digital currency in the twenty-four hours to time of writing was $763.5379M. This is equivalent to the 5.60% of the total volume of all cryptocurrencies. For the past 7 days, EOS has traded in a range of $2.3215 to $3.3052.
Meanwhile, the current price of EOS is still below 9.62% from its all-time high of $22.98 set on April 29.