With all of the cryptocurrency markets showing early signs of a recovery process, interesting things can happen. While it remains to be seen if this momentum can be sustained in the long run, the TRON price is enjoying some positivity. More specifically, its value has increased by 6% in the past 24 hours, which is pretty interesting to take note of.
The hacking of exchanges and relentless attacks from financial powers have, in the short run, adversely affected the price of Bitcoin. However, once the news about these adverse effects fades, investors will be able to turn their focus to several bright ongoing developments.
What Doesn’t Kill Bitcoin Makes It Stronger
The recent spate of crypto exchange hacks, ongoing regulatory issues, and reports of an investigation into possible price manipulation have sent the price of Bitcoin – and nearly every other cryptocurrency – tumbling. Despite these setbacks, the growing consensus is that, given Bitcoin’s inherent resiliency, developments taking place in both technical and financial arenas will enable Bitcoin’s value to retake its ascending trajectory with even greater intensity.
It has become apparent over the weekend there is still a lot of negative pressure across all cryptocurrency markets. All of these major currencies are still in the dirt, with the EOS price taking the biggest hit of them all. This most recent 14.24% setback is worrisome for altcoin speculators, albeit not entirely unexpected when looking at the bigger picture.
In the cryptocurrency world, there is hardly ever any positive price momentum over the weekend. It seems this weekend may prove to offer something different, as the EOS price has risen by 3.93% already. This makes it one of the bigger “gainers” over the past 24 hours, and seemingly spells more positive momentum may be looming on the horizon.
With virtually all of the top cryptocurrency markets in the red once again, today will prove to be a rather interesting day. Some markets are suffering from steep losses, as the Cardano price is down by over 4%. Not a positive development for this somewhat popular altcoin, albeit there is little one can do about the current momentum.
Cardano Price Momentum Sours
It was to be expected the cryptocurrency market momentum would turn somewhat negative prior to the weekend. This particular trend has become a lot more apparent over the past few months, and there is no reason to expect any immediate changes in this regard. If the Cardano price is any indication, the coming weekend will be anything but positive for the cryptocurrency markets.
India is considering applying a tax to cryptocurrency trading in a move which could mark a step towards its legitimacy in the country.
Crypto Could Become ‘Intangible Goods’
According to Bloomberg quoting anonymous sources May 23rd, the government’s Central Board of Indirect Taxes and Customs is working on proposals to treat crypto transactions as an exchange of “intangible goods” – making them eligible for goods and services tax (GST) of 18 percent.
According to the sources:
Purchase or sale of cryptocurrencies should be considered as supply of goods, and those facilitating transactions like supply, transfer, storage, accounting, among others, will be treated as services.
The Singapore government is looking to boost blockchain development in an effort to improve financial inclusion across Southeast Asian countries.