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The positive news in the cryptocurrency market continues with the changes in the SEC, which were significant regulatory challenges for some major coins and now Hong Kong's plan to exempt capital gains tax on cryptocurrency.
The Hong Kong government is going to make the future of cryptocurrency trading taxation in the region much brighter for private market investors by making it tax-free. This decision seeks to make Hong Kong the top crypto hub in Asia, thus challenging Singapore's regional hegemony. Undoubtedly, this is an important piece of news to the crypto market since it can cause a significant capital in-flow that can send the prices of cryptos like Ethereum and Solana to the moon.
This move benefits emerging coins like Cutoshi (CUTO), which could potentially become the future leaders. As institutions continue to invest in it, CUTO has seen precedent-setting success in the presale.
Ethereum is seeing a surge in activity, with new wallet addresses reaching an eight-month high. On-chain data reveals that, in December, an average of 130,200 new Ethereum addresses are being created daily—a level of engagement last observed in April. This spike in Ethereum wallet creation highlights growing interest from users and investors.
After months of stagnant price movements, Ethereum has regained attention within the cryptocurrency community. Its price recently crossed the $4,000 mark, marking a strong rally from the lower levels seen just weeks ago. The price momentum has been dull in the last seven days, trading in the flat line; however, the data from the last 30 days shows a 25% gain.
Solana (SOL), a leading blockchain platform in the cryptocurrency world, has been drawing attention with its recent price trends. It has been holding steady at around the $220 mark; a crucial level traders watch closely. The 50-DMA has strongly supported the SOL price recently, while short-term moving averages like 10 and 20 have worked as constant resistance.
According to data from the national tax authority, Solana and Ethereum are seeing increasing adoption in Brazil. Solana’s activity has surged, jumping from 223,000 transactions worth $9.43 million to 443,000 transactions handling nearly $84 million.
Cutoshi (CUTO) is a hybrid meme token built on the Ethereum network. It combines the charm of meme culture with the functionality of DeFi. This unique blend allows Cutoshi to contribute meaningfully to both sectors while staying true to core principles like decentralization, financial empowerment and privacy values originally championed by Bitcoin’s creator.
Cutoshi is directed towards resolving the most common problems in centralized and decentralized exchanges like privacy, interoperability and security. The non-custodial, multi-chain DEX of Cutoshi, abbreviated, provides the simplest way of trading since it offers the chance to swap digital assets on several blockchain platforms, saving traders time and effort.
The Cutoshi ecosystem is powered by the CUTO token, which serves as a utility token and a reward for active participants. By staking their tokens in the pool, users receive an additional $CUTO or join the liquidity pools, thereby creating community activity that will benefit the service's overall experience.
Cutoshi is significantly positioned in the Memefi domain to evaluate investors' investment prospects. The project's presales, which have collected $1.45 million thus far, already provide the necessary traction. Cutoshi aims to alleviate many hurdles in DeFi and advance the technology through a novel approach.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
