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Crypto update: Bitcoin and crypto price rises: NL tax escape, XRP and ban

Today at lunchtime, we of course take another look at the live Bitcoin price and the prices of the top 25 crypto. In addition, we see how the Dutch crypto family Taihuttu does a tax escape, the consequences of a crypto ban and the coming price explosion for XRP.

We start Monday normally with the crypto price forecast. Due to the volatile market and analyst divisions, it is not realistic to look a week ahead. Therefore, we bring the current state of the market twice a day (around lunch and after the close of the US market).

We start of course with the live Bitcoin price and the prices of the top 25 crypto

Live Bitcoin price rises, but picture is distorted

At the time of writing, the live Bitcoin price is quoting EUR 37,173.06 ($42,560). This is an increase of 2.17% from yesterday around the same time and also substantially higher than last Friday.

Still, we have to add a caveat to this. This morning, Bitcoin seemed to break through the resistance at $43,000, but this proved to be too much (yet). After this the price dropped a bit again. It remains questionable in which phase the largest crypto currency is now. In any case, it was a positive week for Bitcoin with a result of +12.04%. This also made the monthly result so far positive again with +2.48%.

Prices top 25 crypto rise, but not yet everywhere enough

At the time of writing, we only see positive results for the top 25 as well, except for a few stable coins. The fastest rise is for Shiba Inu (SHIB), which is currently trading at +22.24%. We are also seeing a positive week with only green weekly results for the top 25 crypto exchanges. Strongest rise here was also for Shiba Inu (SHIB) with + 30.34%. Still, the increase is not yet enough to provide a positive monthly result for most crypto currencies. For example, SHIB still writes 5.04% negative. The largest negative monthly result is for ChainLink (LINK), which lost 29.04%. This is where the largest monthly gain, at +2.52% for Crypto.comcoin (CRO) stands out somewhat.

Of course, you can analyze all results and all live crypto prices on the Tradeincrypto.com site 24 hours a day.

Dutch Bitcoin family Taihuttu on ‘tax flight’

In Portugal, you don’t pay taxes on your earnings from crypto currency. Only the provision of crypto services in Portugal is subject to taxes. The Dutch Bitcoin family Taihutu knows this by now too. Because of the more than favorable tax climate (and the fine meteorological climate), the family is therefore moving permanently to Portugal, as father Didi Taihuttu explained to CNBC.

The crypto ban in Nigeria is turning out differently than expected

Recently, several countries have been considering a crypto ban. The goal, of course, is to stop the trade in Bitcoin and other crypto, but that is not so easy. This is proven by the figures from Nigeria, which has already had a crypto ban in place since February 2021. If we analyze the data, the ban actually seems to work as a booster. For example, the adoption of crypto in 2021 is higher than in countries such as Malaysia and Australia at 24%.

Also, because of the boycott, Nigerians are increasingly able to find P2P (Peer to Peer) transactions. Through platforms such as LocalBitcoins and Paxful, P2P trading volume increased by 15%. Revenue on these platforms has now reached $400 million for Nigeria. It is wise, however, to immerse yourself in this market if you wish to explore it, because the reliability of these P2P platforms is regularly the subject of heated debate.

Will the Ripple (XRP) price break out? SEC update and analysis

Ripple (XRP) shot up this morning due to an analysis by crypto lawyer John E Deaton on Ripple (XRP). The lawyer is defending the interests of 64,000 aggrieved investors. He is closely following the SEC vs. Ripple case to file a claim for price losses on behalf of his clients. In response to the release of three documents in the case, he climbed his Twitter timeline. He wrote the following:

Twitter won’t load because you didn’t give permission.

#XRP ITSELF IS A SECURITY PER SE?

Although designated amicus counsel, I have not (yet) been privy to the non-publicly disclosed or sealed documents that have been exchanged between the parties or filed with the Court. https://t.co/DaYTSeo0Ek

– John E Deaton (@JohnEDeaton1) February 6, 2022

You can read his entire argument thread by clicking on the Tweet. In a nutshell, his assessment is that the SEC is very weak. He anticipates (in short) that there will be numerous evidentiary problems for the SEC and that it may also have subpoenaed the wrong parties. With that, a price increase after a favorable ruling seems to be in line with expectations. We also see this in this crypto analysis from Credible Crypto.

Now, of course, the ruling is not final until the judge has confirmed it, but even in the short term, a price explosion seems possible for Ripple (XRP). We see this in the analysis below.

Right now at least, Ripple (XRP) has momentum with a live Ripple (XRP) price of $0.780. This is a 16.48% increase in price from yesterday.

Of course, we will continue to monitor developments.

Want to stay up to date on the latest stock price developments?

You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”