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November 01, 2017, 12:29:43 PM |
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Bitcoin bounced back on Thursday after the cryptocurrency fell to a low of $5,100 in the previous trading session. According to data from CoinDesk, the price of bitcoin rose 1.66 percent to $5,664.64during Thursday. Bitcoin is the largest cryptocurrency by market capitalization, which recently hit an all-time high of $5,856 last week and boosted by increasing interest for the investors in the digital currency. According to Cryptocoinsnews, Bitcoins trading volumes increased in Japan, South Korea and other markets. The Japanese markets accounted for nearly 38% of all bitcoin volume, while the U.S. market has 30% and the South Korean holds another 12%. Global Blockchain Technologies Corp. (OTC: BLKCF), Bitcoin Investment Trust (OTC: GBTC), Riot Blockchain Inc (NASDAQ: RIOT), MGT Capital Investments, Inc. (OTC: MGTI), Overstock.com, Inc. (NASDAQ: OSTK)
In May, Australia introduced legislation to end the double tax on Bitcoin and other cryptocurrencies. Australia recently reported that the bill will be enforced from July 1, 2018. According to a release regarding the end of taxation standard, Currently, consumers who use digital currency can effectively bear GST twice: once on the purchase of the digital currency, and once again on its use in exchange for other goods and services subject to the GST. 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.
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