ZB Academy：Bitcoin’s richest number breaks new high
Yesterday, Bitcoin, a veteran cryptocurrency, broke through $40,000 and briefly reached a price high of $40,337. Most analysts believe that the momentum of Bitcoin’s breakthrough to a new high this time comes from a large number of transactions in the Bitcoin spot market.
According to ZB.com’s official market data, the price range of Bitcoin in the past 24 hours is between $36,297 and $40,337. According to transaction data, after Bitcoin broke through the $40,000 mark, it was heavily sold by investors, causing the price of Bitcoin to drop by nearly $3,000. As of press time, the price of Bitcoin has gradually climbed, now at $38,927, a 24-hour increase of 5.03%.
Affected by the Bitcoin bull market, the number of Bitcoin Rich List has also reached an all-time high. According to data from the on-chain data website Glassnode, there are 2334 addresses holding more than 1,000 bitcoins (According to the current Bitcoin price in this article as the conversion basis, it is approximately 38.92 million US dollars), which is an increase of more than 30% compared to the high point of the cryptocurrency bull market before the end of 2017. This indicator has been rising since mid-October 2020, but it briefly fell by 4% between December 18 and December 26. This shows that Bitcoin Whales have been accumulating more Bitcoin for bullishness and pushing prices up. According to the quarterly review report released by CoinDesk Research on January 7, the decline and rebound at the end of December indicate that these Bitcoin whales have relatively little interest in cashing out profits, although almost all positions are currently profitable. In addition, according to BitInfoCharts data, 6,633 addresses have bitcoins worth more than $10 million. At the same time, the Bitcoin Rich List also reflects the increasing participation of institutions in the Bitcoin market since the beginning of 2020.
Former US Federal Reserve Governor Kevin Warsh said in an interview with CNBC that in the current economic environment with a weak US dollar, it is very advantageous to include Bitcoin investment as part of the investment portfolio. Warch believes that a large part of the current inflow of funds into Bitcoin comes from investors who originally used to invest in gold. If the investor is under 40, then Bitcoin will become the new gold.
On the 7th, cryptocurrency taxation automation software provider TaxBIt announced that it had received investments from PayPal, Coinbase’s risk department and Winklevoss Capital, but did not disclose the specific amount. The company stated that this support reinforces the importance of custom software solutions like TaxBit in driving the widespread adoption of cryptocurrencies. TaxBit uses its two main applications to automate complex cryptocurrency tax compliance tasks for consumers, businesses, and exchanges, so speculating that PayPal’s investment may be very objective. PayPal has previously stated that its new customers are “very headache” in paying taxes.
Also on the 7th, the South Korean Ministry of Economy and Finance stated that the tax system amendment has been finalized. According to the legislative notice, the amendment has yet to be confirmed by the Deputy Minister and the Korean Cabinet at a final meeting, or will be implemented within one month. According to the new tax system amendment, South Korean cryptocurrency users will pay a 20% tax on profits over 50 million won (approximately US$45,685). If the income exceeds 300 million won (approximately US$273,950), the tax rate will be increased to 25%.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank.
Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.
Learn more about ZB Group by visiting www.zb.com
