Bitcoin NFTs Surpass Ronin Amid Altcoin Crash; Malaysia Tightens Grip on Crypto Tax Evasion
Summary:
In the past 30 days, Bitcoin-based nonfungible tokens (NFTs) have seen a sales volume of $148 million, outperforming the Ronin blockchain. While this happens, many altcoins have seen a double-digit decrease and a plunge in Bitcoin ETF inflows is speculated to be a contributing factor. Meanwhile, in Malaysia, authorities have initiated a campaign called "Ops Token" to crack down on tax evasion in cryptocurrency trading.
In the past month, Bitcoin-based nonfungible tokens (NFTs) have reportedly exceeded the sales volume of the Ronin blockchain. This surprising turn of events coincides with a significant decrease in various cryptocurrency altcoins, with many experiencing a loss of double digits. Experts speculate recent drops in ETF contributions may provide an explanation. Authorities in Malaysia, on the other hand, are intensifying their efforts to counter tax evasion among cryptocurrency investors.
Nonfungible tokens (NFTs) supported by Bitcoin have seen a sales volume of roughly $148 million over the past month, outpacing the volume achieved by the Ronin blockchain, which previously held the third-highest record for NFT sales. Bitcoin's NFTs were second only to Ethereum, which posted a volume of $157 million over the same period, followed by Solana at approximately $77 million.
However, despite high sales figures, NFTs have observed a drop in volume with the three leading chains demonstrating a decrease of at least 40% in 30-day sales, as noted by CryptoSlam.
Cryptocurrency markets plummeted on Monday, with certain altcoins seeing more than 10% drops. There is no explicit reason apparent for this decline, leaving experts searching for explanations. The total market cap of cryptocurrency fell 3.5% over the last 24 hours landing at $2.46 trillion.
Altcoins, Shiba Inu (SHIB) and Avalanche (AVAX) suffered the most substantial losses among the top 20 market cap cryptocurrencies, plummeting 12.7% and 10.6%, respectively. Uniswap (UNI), Dogecoin (DOGE), and Solana (SOL) also witnessed double digits drops, while Bitcoin (BTC) and Ether (ETH) saw minor declines at 1.3% and 4.4%, respectively. Meanwhile, Ripple's XRP (XRP) remained relatively stable while marking a slight 0.1% increase.
Analysts have failed to identify a precise cause for these market fluctuations. Some believe diminishing interest in Bitcoin's spot exchange-related funds may play a role. Similarly, digital asset firm 10xResearch has attributed the recent altcoin plunge to a concurrent decrease in spot Bitcoin ETF inflow observed over the past week.
In a separate development, Malaysian authorities are escalating efforts to curb tax evasion in the crypto sector. Via an initiative known as "Ops Token," the Inland Revenue Board (IRB) aims to limit tax income loss. Currently, several locations have been raided, and significant crypto trading data and digital assets have been identified, underscoring the extent of tax income leakage. The IRB has urged crypto traders to declare their taxes appropriately or face compliance penalities.
Report filed by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
6/18/2024 1:48:13 PM
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