Bitcoin Price Down 20%, Stablecoin Market Cap Down $2b: November In...

Bitcoin’s price was down this month nearly 20% as markets worry about lower interest rates and a possible financial bubble in the AI industry.

November was a rocky month for crypto markets. Bitcoin’s price is down over 20%, shedding almost $2 trillion in market capitalization.

Concerns over possible rate cuts at the US Federal Reserve and the potential for an imminent AI bubble burst have brought anxiety to crypto and stock markets. Bearish sentiment prevails after Bitcoin showed a “death cross” when the 50-day simple moving average crossed below the 200-day equivalent on Nov. 15.

According to data from Trading Economics, global inflation slowed in November among major world economies. Seventeen members of the G20 experienced lower inflation on the month, part of a growing global trend.

Around the globe, regulators are grappling with how cryptocurrencies should be taxed as adoption continues. Seven countries are updating their crypto tax policies.

The taxman cometh. Crypto adoption is increasing at institutional levels, and now regulators have no choice but to decide how and whether certain types of digital assets can be taxed.

Seven different jurisdictions began to make changes to their crypto tax codes in November. In the US, the White House began to review an Internal Revenue Service proposal to join the global Crypto-Asset Reporting Framework. This would allow the US tax service to access Americans’ foreign crypto account data.

In Spain, the left-wing Sumar party, which is part of the Socialist Party’s ruling coalition, proposed raising the top tax rate for crypto to 47%. This would replace the current 30% savings rate and set a flat 30% tax for corporate holders.

Switzerland decided to delay its new reforms until 2027. Brazil is considering a tax on international crypto transfers. Japan is considering a 20% crypto tax rate, a reduction from the current 50%.

France is turning the screws on crypto with a potential “unproductive wealth” tax classification, while the UK is simplifying decentralized finance tax reporting.

Source: CoinTelegraph