1k a day keeps doubters away
A week into the new year and we have doubled the previous ATH! Starting 2021 with a bang. On Monday we saw bitcoin drop nearly 20% in a few hours to as low as around US$29k, shortly after reaching new highs of US$35k. And now… a new ATH of US$40k! Bitcoin is an analogy in itself, fall before the rise, calm before the storm. It has gained more than US$1k a day since the new year.
The gains has made Elon Musk the world’s richest person! And with his SpaceX exploration company, he could just be the richest man on the moon as well, leaving Jeff Bezos in the jungle of Amazon. Greater earnings can only mean bigger taxes. South Korea, will be introducing a crypto trading profits tax of 20% in 2023. It only goes to show that crypto is here to stay and is already viewed as a mainstream asset class. Welcome to the big leagues!
And of course, the next natural progression is for bitcoin to be worth its weight in gold, literally or figuratively. It now takes more than 20oz of gold to purchase a bitcoin. 1 small step for gold, and 1 giant leap for bitcoin! Invest wisely, avoid leverage and stay safe.
Bitcoin hit all time high surpassing $40,000
With only a few days into 2021, BTC hit the $36,000 mark and then the now $40,000 mark registering a remarkable 11% increase. Pushing the total value of the entire cryptocurrency market beyond $1 trillion, which also represented a historical first.
The digital token then dropped around $3,500 of those gains within approximately 30 minutes, to below $37,000, a swing emblematic of its volatility (BTC's price fluctuated 17% on Monday).
Bitcoin then quickly bounced back and was trading north of $39,700 at 5 p.m. EST.
Tesla’s crypto friendly CEO is currently the world’s richest person
According to BBC, Elon Musk's net worth crossed $185bn which led him to surpass the net worth of Amazon founder, Jeff Bezos.
According to CNBC, Musk started in 2020 with $27bn and was barely in the top 50 richest people. Tesla’s sky rocket share price which has increased more than ninefold over the years along with his generous salary package have added $150bn to his net worth.
After the Covid-19 situation in March last year, Tesla stock was priced near $70 and in 2021, TSLA stock shares found their way up past $800 apiece.
South Korea will be introducing a 20% tax on crypto trading profits in 2023
The proposal would introduce a variety of additional taxes on profits, with a progressive taxation schedule for gains in stocks. For crypto holders, anyone making an annual income of more than $2300 will be taxed at 20%. There threshold is lower than stocks where only gains of over $46,000 will be taxed
For cryptocurrencies owned before the beginning of the tac schedule, the authorities will deem the highest of either the market value immediately before 2023 or the actual acquisition price.
Bitcoin is now worth more than a 20 ounce gold bar
As Bitcoin price topped $40,000 it became more valuable than a 20oz block of gold.
Bitcoin’s meteoric price rise is showing no signs of slowing down and its latest all-time high has priced the asset higher than a 20 ounce gold bar.
Over the past six hours, Bitcoin prices topped $40,000 briefly according to Tradingview.com. The move has added a further 5% over the past 24 hours and the rally is showing no signs of cooling down yet.
📈MARKET PULSE
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