Crypto markets sent off balance as US regulators mull possible crypto tax

14 Sep 2021

📉 BTC | $45,198 (-1,058, -2.3%)
📉 ETH | $3,322 (-106, -3.1%)
📉 XRP | $1.12 (-0.05, -4.4%)
📉 LTC | $181 (-3, -1.7%)

📉 Total Crypto Market Cap: $2.06T (-3.3%)

🚨 The Litecoin Foundation saw one of its employees retweet a fake announcement about a partnership with Walmart Inc, seeing the token surge +30% in just one hour. Upon revealing that it was fake however, the token crashed back down to ‘pre-Walmart’ prices immediately.

👨‍⚖️ US House Democrats have revealed a possible plan to add cryptocurrencies to a current ‘wash-sale’ rule, closing a current loophole that crypto investors have been using to avoid paying capital gains taxes. The plan is expected to bring in around $16 billion in taxes over a period of 10 years.

🧐 Last week’s epic $10K Bitcoin flash crash closed out $4 billion in long Bitcoin Futures positions. More interestingly, levered Bitcoin levels suggests that last week’s surge in Bitcoin’s prices was likely largely due to a short squeeze in levered Bitcoin positions, adding to market volatility. The market still appears to be much less levered than in April however, which saw Bitcoin crash from $62K to $30K.


Cryptocurrency CFD is available for trading on Phillip MetaTrader 5 (MT5).

Features of trading CFD

  • Trade in both the bull and the bear markets
    The ability to enter a long and/or short position allows traders to take advantage of both rising and falling markets.
  • Smaller barrier to entry
    CFDs typically have flexible and smaller contract sizes. This means that traders will be able to enter into a CFD contract with a modest amount of capital.
  • No expiration date or risk of delivery
    Unlike futures which commonly have a fixed expiration date, CFDs allow traders to perpetually hold the position(s). CFDs are cash settled, no need to worry about the delivery of the underlying asset.

Trade Bitcoin, Ethereum, Litecoin, and Ripple CFDs at zero commission on Phillip MetaTrader 5, a dynamic platform that offers low spreads. Integrated with Acuity Signal Centre and Trading Central Indicators, and available on mobile, web and desktop app, you will never miss a trading opportunity with Phillip MT5.

Download Trading Central’s Market Buzz for updates on more topics.

What’s more? Phillip MT5 is now supported on Mac OS! To install, simply download the file below and complete a simple installation process.