Category: Crypto Trackers

Categories
Accointing Crypto News Crypto Trackers Crypto Wallets Cryptocurrencies Cryptocurrency Tax

Accointing Launches Crypto Trading Tax Optimiser Tool

Swiss crypto tracking and tax assistance platform Accointing has released a new Trading Tax Optimiser (TTO) tool to help traders stay on top of the taxes they are liable pay for their trades.

For any sort of trader, it’s important to keep track of trades in order to file for taxes. Traders who don’t make proper preparation can be confronted by huge tax bills that can potentially eat away at profits. Accointing can assist users with organising and keeping track of their crypto data:

How the TTO Tool Works

Some crypto traders don’t really pay attention to the potential tax consequences of their trades until it’s too late. It can easily be the case that if a trader had sold a different coin from a different wallet using the same strategy, they could have reduced their tax bill substantially.

To fill this gap, Accointing’s TTO tool can help determine tax consequences before making a trade to help reduce tax deductibles. Before a trade is made, users can take a look at their dashboard to see the tax implications of the particular coin they want to sell.

The difference in tax rates for selling the same coin held in different wallets can be significant. By displaying the tax implications of selling different coins in a portfolio and which coins attract the lowest taxes, users can manage their deductibles and potentially save thousands of dollars.

Getting Ready for Tax Time

According to Accointing’s business developer, in the US the highest marginal tax rate at the federal level is 37 per cent if you sell one coin, but selling the same coin from a different wallet for the same price can result in a tax rate as low as 15 per cent. The platform allows users to see these implications before making a trade, which could cost them more at tax time. Accointing also has a solution for Australian users to help them at tax time.

By planning ahead, the tool can show users how their tax situation will develop by tracking positions across all wallets. And since all the data is stored on the platform, when it comes around to tax filing time users can simply print their tax report.

In October last year, Melbourne’s RMIT University urged the Australian government to reform crypto capital gains tax. Here are some additional tax tips for Australian traders published by the Australian Tax Office (ATO).

Categories
Australia Crypto Trackers Data Market Analysis

Chainalysis Opens Canberra Office after Partnership with CBA Bank

New York-based Chainalysis, best-known as the on-chain data analysis platform, has recently announced its partnership with the Commonwealth Bank of Australia (CBA), opening its new office in Canberra due to increased mainstream adoption and demand for their product.

The new Chainalysis office aims to strengthen its presence in the Pacific region, supporting the local cryptocurrency market, public sector agencies, and financial institutions. The leading blockchain analytics firm also plans to offer crypto trading services to 6.5 million app users. 

The crypto exchange and custody service, designed by CBA, will offer a new feature to its clients using its Commbank app. The bank plans to provide customers with access to up to 10 crypto assets including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Last year, Chainalysis struck up partnerships with leading Australia-based payments provider Assembly Payments and cryptocurrency exchanges CoinSpot and CoinJar to improve compliance standards. During that time the company has more than doubled the number of cryptocurrency customers. 

Global Crypto Adoption Index

With the official opening of the Canberra presence, I’m excited to see how we can work even closer together with the Chainalysis team to allow Australia to fully embrace cryptocurrency and reap the benefits.

Caroline Bowler, CEO, BTC Markets

Partnerships to Strengthen Compliance

With Australia ranking 38th in terms of global cryptocurrency adoption, Chainalysis’s new Canberra office will enable continued, compliant validation of cryptocurrency. Australia also currently ranks 12th in DeFi adoption.

From working with Chainalysis, we have the confidence that our business is compliant with local regulations, enabling us to continue to build and maintain client trust,

Caroline Bowler, CEO, BTC Markets

Ulisse Dell’Orto, the company’s managing director for the Asia-Pacific region, added: “Chainalysis’s data platform will strengthen the trust necessary to further legitimise cryptocurrency as an everyday asset for retail and institutional investors alike.”

The transparency provided by Chainalysis means that as an industry we can begin to truly build a trusted and compliant foundation for cryptocurrency, giving the reassurance and confidence to our customers that they need.

Alex McCorkindale, head of compliance, Easy Crypto

Crypto Usage Increases in CSAO Region

According to its 2021 Geography of Cryptocurrency Report, Chainalysis found Central & Southern Asia and Oceania (CSAO) to be the fourth-largest cryptocurrency market, accounting for 14 percent of all cryptocurrency value transacted between July 2020 and June 2021. CSAO’s transaction activity grew by 706 percent compared to last year in terms of raw value.

Global Crypto Adoption Index

“The Pacific region is quickly becoming a centre for cryptocurrency innovation,” said Todd Lenfield, country manager for ANZ at Chainalysis. “Our increased investment in the region will ensure businesses and governments can explore digital asset ecosystems in a safe, compliant manner.”

With the growth of crypto increasing all over the world, each country finds its uses for digital assets. In Africa, crypto adoption has surged 1200 percent due to its P2P use cases.

In June, Chainalysis announced its Series E funding round, raising US$100 million and bringing its valuation to over US$4 billion. Chainalysis will use the funding to build out its vision as the blockchain data platform.

Categories
Australia Crypto Exchange Crypto Trackers Swyftx

Aussie Crypto Exchange Swyftx Introduces Portfolio Tracking Feature

Swyftx has introduced a portfolio tracking feature that allows Aussie traders to check their profit/loss status in real-time across all of their holdings.

The new feature will keep track of all 260+ assets on the platform, checking the individual status of every crypto in one place. Some of its key features include:

  • Tracking the status of your portfolio via a widget in the dashboard.
  • Toggle balances between percentage and AUD value.
  • Historical account value, toggling timeframes between 1 year, six months, and one week.
Swyftx Tracking Feature

This feature comes after heavy demand for a crypto portfolio tracker, now available on the Swyftx platform. Some users have experience malfunctioning with the application; however, they may need to update it in their account settings.

Swyftx Breaks Record Growth

With over 60,000 users, Swyftx has seen record growth in the first quarter of this year, becoming one of the leading crypto exchanges in the country, together with Binance Australia.

Swyftx users can also import their trades using CoinTracking, which recently added support for all Swyftx users to reduce the hours spent filling out spreadsheets to comply with tax office requirements.

Categories
Bitcoin Bitcoin Mining Crypto News Crypto Trackers Cryptocurrencies Ethereum Investing Markets Stablecoins Tether Worldwide

Crypto Market Cap Hits One Trillion US Dollars

The overall cryptocurrency market capitalization has reached one trillion US dollars for the first time in history, according to data from the leading crypto statistics site Coinmarketcap.com.

Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen exponential gains over the past few months, both rising by over 300% since November. Some smaller cap crypto assets and digital tokens like Chainlink (LINK), Cardano (ADA), and Polkadot (DOT) have enjoyed similar price rallies.

Bitcoin’s market valuation recently catapulted to $650 billion, overtaking major US investment firm Berkshire Hathaway, with a $533 billion market cap. Berkshire Hathaway was acquired and reformed in the 70s by iconic investor Warren Buffet, who remains its chairman and CEO to this day. Buffett has historically been very vocal about his dislike of cryptocurrencies, once famously calling Bitcoin “rat poison squared”. 

Despite Bitcoin being the best performing asset of the past decade by a large degree, Buffett continues to discount its worth, insisting that it has no value and is purely speculative. However, several major tech firms and financial institutions disagree, such as 170-year-old Mass Mutual which recently bought up $100 million worth of Bitcoin. A small amount compared to the world’s largest digital currency asset manager, Grayscale, with over $20 billion invested in crypto assets.

Image from Howmuch.net
Image from Howmuch.net

Criticism

Naturally, the extreme gains mean the cryptocurrency market has once again come under fire from critics who believe that asset prices are being manipulated. As with the previous 2017 rally, many critics believe that USDT tokens printed by stablecoin company Tether are being used to artificially prop up the cryptocurrency market – much like the US Federal Reserve props up traditional stock markets with seemingly endless USD issuance.

The concerns are not without merit, especially considering Tether’s continued reluctance to prove that it’s USDT tokens are fully backed by genuine dollar reserves. Tether has been minting millions of dollars in USDT tokens lately, presumably to meet the demand of consumers cashing out their Bitcoin profits or buying USDT as a digital onramp to the crypto world. Without clear and transparent auditing of this issuance, it’s fair to say the situation has the potential for abuse and manipulation.

One argument that challenges this theory is PlanB’s Bitcoin stock-to-flow model, which has accurately tracked the price movements of the BTC/USD trading pair over several years. The model reveals how the price of Bitcoin closely follows a set pattern dictated not by buyers or sellers but rather scarcity created by the algorithm which halves the BTC mining reward every 210,000 blocks. Price movements from the very first Bitcoin halving in late 2012 – long before Tether started printing in 2015 – correlate with Plan B’s stock-to-flow model. This suggests that the current price rally and the one following the previous 2016 halving are simply a result of Bitcoin’s coding rather than any external manipulation.

Image from PlanB (@100trillionUSD) on Twitter
Image from PlanB (@100trillionUSD) on Twitter
Categories
Crypto Trackers Review

Kubera Brings Crypto Portfolio Tracking to the Next Level

Crypto portfolio managers have been all the rage ever since the crypto boom of 2017. A new modern day app called Kubera has recently launched and it has some really cool features.

Some key benefits of Kubera:

  • Kubera is the only portfolio tracker that supports Fidelity & Coinbase together.
  • It’s simple to use – As easy as entering your assets in a spreadsheet. You can organize everything the way you want.
  • Supports all kinds of assets – banks, cash, stocks, bonds, funds, crypto, real estate, art, vehicles, domains, digital assets, everything.
  • Connect to your online accounts – banks, investments & crypto accounts. Get latest values automatically from thousands of banks, fintech apps, and all major crypto exchanges & wallets.
  • Single sign on support for Google/Gmail.
  • You can also track your Debts including loans & credit cards in Australia.
  • You can also track your insurance policies.

Crypto Support

Kubera has built-in support for all major cryptocurrencies – just enter the code and quantity in the value field to see the value in your portfolio currency.

Video show Litecoin added as an asset to be tracked by Kubera.

Connecting to Crypto Exchanges

You can connect you most of the popular crypto exchanges including Binance and Coinbase. This is simply done by adding the exchange read-only API key.

Why is it different from a spreadsheet?

  • Excel or Google Sheets require formulas – Kubera handles all the formulas in the background for you.
  • Excel or Google Sheets require data sources for automatic updates –  Kubera can connect directly to your Crypto exchanges & wallets and Bank accounts.
  • Kubera can connect directly to your Crypto exchanges & wallets and Bank accounts.
  • Kubera has a beneficiary service which activates if you’re inactive for a certain number of days, to ensure safe transfer of information about your wealth to your family.

How much does it cost?

Kubera runs as a straight forward subscription service – No owning your data, no up-selling of advisor services, no selling data and no ads.

Try before you buy! – Kubera is Free to use with unlimited access to all the features for 100-days.