Bitcoin Soars Toward USD 40K: Amid Speculation Over Amazon Cryptocurrency Plans

Bitcoin Soars Toward USD 40K 

The price of Bitcoin continues to rise, edging closer and closer to $40,000.

This is the highest Bitcoin price since mid-June at $39,850 (approximately Rs. 29.6 lakhs).

As of 10 a.m. on July 26, the price in India was Rs. 28.3 lakhs.

Ether touched a three-week high of $2,344 while bitcoin surged 12.5% to $39,850 during the Asian session, its highest level since mid-June. Immediately following the biggest week in over three months for Bitcoin, the move put the short-sellers under pressure.

On Sunday, London’s City A.M. newspaper reported that Amazon plans to accept bitcoin payments by year’s end, citing an anonymous “insider.”

Twitter CEO Jack Dorsey also said last week that digital currency is a “huge part” of the social media firm’s future.

Also Read: Cash-Out on Crypto.Com: The Best Way to Cash out On Crypto | Bitcoin [2022]

Why Is the Value of Bitcoin Going Up?

Bitcoin Soars Toward USD 40K 

Investors now feel that Bitcoin’s price can rise even higher after it broke over a crucial resistance level.
People are turning to safe-haven investments as inflation rises and the prospect of greater stimulus grows.

More consumers will have simple access to cryptocurrencies as payment platforms like PayPal increase their use.

Bitcoin purchases by publicly traded corporations demonstrate a strong degree of faith in the currency’s long-term value.

Bitcoin’s halving stock-to-flow model offers an ambitious and extremely bullish forecast based on its historical pattern of closely following this model.

Commodities versus Bitcoin

Coincidence with the S&P 500 has been increasing in recent weeks, while the connection with commodities has been decreasing.

Bitcoin may be interesting to investors who want to diversify their portfolios by investing in equities, commodities, and cryptocurrencies, because of this divergence.

Bitcoin Holders Are Saving a Lot of Money Thanks to A Tax Loophole that Allows Them to Avoid Paying Federal Taxes

According to Onramp Invest CEO Tyrone Ross, losses on crypto holdings are regarded very differently from losses on equities and mutual funds since the IRS views digital currencies like bitcoin as property.

Wash sale regulations don’t apply to crypto tokens, thus you can sell your bitcoin and immediately buy it back, whereas you would have to wait 30 days to buy it again if you sold it in stock.

Bitcoin Soars Toward USD 40K 

Shehan Chandrasekera, CPA and head of tax strategy at crypto tax software startup, noted that “one thing that experienced investors do is to sell at a loss and purchase back bitcoin at a reduced price.”

Also Read: Bitcoin Deposit on Cash App Under Review: Why Cash App Is Reviewing My Bitcoin Deposit, Btc Deposit

There are no limits on how many losses can be carried forward into future tax years, according to Chandrasekera.

Let’s imagine a taxpayer buys one bitcoin for $10,000 and sells it for $50,000. This individual would be subject to a capital gains tax of $40,000 in this case.

Even if this person owes tax, they may be able to balance it with $40,000 worth of losses from earlier crypto purchases.

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