UK Authority Proposes DeFi Tax Changes, Crypto Daily TV 28/4/2023

UK tax authority proposes changes to treatment of DeFi lending, staking

The UK’s tax authority is seeking public views on a proposed change to the tax treatment of decentralized finance lending and staking, according to the latest announcement.

Bitcoin volatility hits longs and shorts

Sudden volatility in bitcoin caused traders of both longs and short futures to be impacted as $175 million worth of positions was liquidated and $1 billion in open interest was effectively wiped out in the period of 24 hours.

XRP suffers in the hands of market woes

Ripple price has displayed a rather volatile price action since late March. This came amid the woes about its case against the SEC, the class action lawsuit that claims that Ripple Labs participated in an illegal securities offering of the XRP token. 

BTC/USD skyrocketed 4.3% in the last session.

The Bitcoin-Dollar pair rose 4.3% in the last session after gaining as much as 5.1% during the session. The Stochastic indicator is giving a positive signal, which matches our overall technical analysis. Support is at 25809.6667 and resistance at 31339.6667.

The Stochastic indicator is giving a positive signal.

ETH/USD exploded 3.0% in the last session.

The Ethereum-Dollar pair exploded 3.0% in the last session. The Stochastic indicator is giving a negative signal. Support is at 1704.7567 and resistance at 2044.1367.

The Stochastic indicator is giving a negative signal.

XRP/USD skyrocketed 1.2% in the last session.

The Ripple-Dollar pair skyrocketed 1.2% in the last session. The Ultimate Oscillator is giving a positive signal. Support is at 0.4116 and resistance at 0.5083.

The Ultimate Oscillator is currently in the positive zone.

LTC/USD exploded 2.1% in the last session.

The Litecoin-Dollar pair skyrocketed 2.1% in the last session. The ROC is giving a negative signal. Support is at 79.5733 and resistance at 98.2333.

The ROC is giving a negative signal.

Daily Economic Calendar:

DE Unemployment Rate

The Unemployment Rate measures the percentage of unemployed people in the country. A high percentage indicates weakness in the labor market. Germany’s Unemployment Rate will be released at 07:55 GMT, Japan’s BoJ Monetary Policy Statement at 03:00 GMT, Australia’s Producer Price Index at 01:30 GMT.

JP BoJ Monetary Policy Statement

The Monetary Policy Statement is released by the Policy Board of the Bank of Japan. The statement gives clues for future changes in monetary policy.

AU Producer Price Index

The Producer Price Index measures the average changes in prices in primary markets by producers of commodities in all states of processing.

US Personal Income

The Personal Income measures the total income received by individuals, from all sources including wages and salaries, interest, dividends, rent, workers’ compensation, proprietors’ earnings, and transfer payments. The US Personal Income will be released at 12:30 GMT, the US Personal Spending at 12:30 GMT, the UK’s CFTC GBP NC Net Positions at 19:30 GMT.

US Personal Spending

The Personal Spending measures purchases of goods and services by households and by nonprofit institutions that serve households from the private sector.

UK CFTC GBP NC Net Positions

The weekly Commitments of Traders (COT) report provides information on the size and the direction of the positions taken. The report focuses on speculative positions.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.