SoSo Daily Dec 7 | The Czech Republic exempts capital gains tax on cryptocurrencies held for more than three years.

According to sosovalue, the price of $BTC is 99,119 USD, an increase of 1.18% from yesterday. The market cap of $BTC is 1.96 trillion USD, accounting for 51.3% of the total market cap; $BTC's 24-hour trading volume is 114.47 billion USD, making up 34.8% of the total trading volume.
The price of $ETH is 3,988 USD, up 2.48% from yesterday; the market cap of $ETH is 480.32 billion USD, representing 12.6% of the total market cap; $ETH's 24-hour trading volume is 51.56 billion USD, comprising 15.7% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 63.9% of the total cryptocurrency market cap, and their combined trading volumes constitute 50.5% of the total trading volume.

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Across Protocol (ACX). As of 05:50 today, its market cap is 462.96M, with a coin price of 1.0428 USD, witnessing a 24-hour increase of 82.3%.
The second is Orca (ORCA). As of 05:50 today, its coin price is 6.5470 USD, with a 24-hour increase of 72.8%.
The third is XEN Crypto (XEN). As of 05:50 today, its coin price is 0.00000031200 USD, showing a 24-hour increase of 65.2%.
In fourth place is Numogram (GNON). As of 05:50 today, its coin price is 0.019703 USD, with a 24-hour rise of 64.9%.
In fifth place is NexGami (NEXG). As of 05:50 today, its coin price is 0.0011400 USD, increasing by 60.6% over the last 24 hours.




Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The Czech Republic has passed a law that exempts capital gains tax for Bitcoin held for over three years. The law was unanimously approved by parliament on December 6 and will take effect on January 1, 2025. According to the news website Parlamentní Listy, the new tax law stipulates clear conditions under which cryptocurrency transactions can be exempt from personal taxation. Individuals whose annual total income from cryptocurrency transactions does not exceed 100 thousand Czech koruna (approximately 4,000 USD) and who hold their digital assets for more than three years before selling them can enjoy tax exemption. This policy encourages a long-term holding strategy. Czech Prime Minister Petr Fiala stated on the X platform that the new tax law "ensures that if cryptocurrencies are held for more than three years, their sale will not be taxed." Furthermore, digital assets that have not been part of commercial assets for at least three years after ceasing self-employment also qualify for tax exemption. The new framework also applies in some cases to digital assets acquired before 2025, as long as they are sold in subsequent tax years under the stipulated conditions. The reforms in the Czech Republic are expected to integrate into the EU's Markets in Crypto-Assets (MiCA) framework, which will come into full effect on December 30, 2024. MiCA establishes standardized regulations for cryptocurrencies in the EU, creating a unified legal framework. With this reform, the Czech Republic joins countries like Switzerland and the UAE in providing tax incentives for long-term cryptocurrency holders.
Next news:

According to SoSoValue, as of December 6th (Eastern Time), Bitcoin spot ETFs experienced a total net inflow of $376.59M.

Yesterday, Grayscale's ETF GBTC had a net outflow of $32.26M, bringing GBTC's total historical net outflow to $20.82B.

Grayscale Bitcoin Mini Trust ETF $BTC had a net inflow of $ 6.75M，bringing Grayscale Bitcoin Mini Trust ETF $BTC's total historical net inflow to $886.91M.

The Bitcoin spot ETF with the highest net inflow for the day was BlackRock's ETF IBIT, with a daily net inflow of $257.03M, with IBIT's total historical net inflow reaching $34.37B.

Following that, Fidelity's ETF FBTC had a daily net inflow of $120.17M, with FBTC's total historical net inflow reaching $11.72B.

As of this writing, the total net asset value of Bitcoin spot ETFs stands at $112.74B, with the ETF net asset ratio (the market value relative to the total market value of Bitcoin) reaching 5.62%. The historical cumulative net inflow has reached $33.43B.

Source: https://sosovalue.com/assets/etf

Next news:

According to Wu's report, on-chain analyst @ai_9684xtpa has monitored that a new address starting with 0x29F has accumulated 5,543 $ETH (approximately 20.76 million USD) over the past 6 days, with an average price of 3,744 USD. Currently, it has an unrealized profit of 1.36 million USD. In the past 6 hours, after $ETH broke through 4,000 USD, the address has withdrawn another 1,543 $ETH from Binance, valued at 6.18 million USD.

Next news:

According to reports from @EmberCN, the 1inch team has sold 1INCH for the third consecutive day. Over the past day, they have gradually exchanged 5.22 million 1INCH for 2.82 million USDC. Data shows that since the 5th, the 1inch team has exchanged a total of 15.70 million 1INCH for 8.38 million USDC, with an average selling price of $0.533.

Next news:According to reports, the People's Court Daily published an article titled "The Criminal Law Qualification of Illegal Theft of Virtual Currency," which points out that the act of stealing virtual currency constitutes theft. As an economic asset, virtual currency must possess value, including utility, scarcity, and disposability. Scarcity is evident in the constant total supply of virtual currency, which is not infinitely available. Disposability is reflected in the use of asymmetric encryption technology for virtual currency, which exists in wallets (i.e., addresses); once the address and private key are obtained, one can control the virtual currency. Utility is demonstrated by virtual currency being a specific data encoding that must be generated through "mining," which encapsulates social abstract labor. The article also indicates that the act of stealing virtual currency constitutes the illegal acquisition of data from computer systems. Regarding the determination of the amount of stolen virtual currency, it is more reasonable to calculate the amount of virtual currency involved in the crime at the time the defendant committed the crime rather than when the victim purchased the virtual currency.
Next news:

According to Wu's report and data from SoSoValue, yesterday (Eastern Time, December 6), the total net inflow for Ethereum spot ETFs reached $83.76 million. The Ethereum spot ETF with the highest single-day net inflow yesterday was Fidelity ETF FETH, with a net inflow of $47.88 million. Following that was BlackRock ETF ETHA, with a net inflow of $34.56 million.

Next news:According to Wu, Sushi DAO has proposed a diversification strategy for its funds, shifting assets from 100% SUSHI tokens to 70% stablecoins (such as USDC and USDT), 20% blue-chip cryptocurrencies (such as $ETH and $BTC), and 10% DeFi tokens (such as AAVE). This strategy aims to reduce volatility, enhance liquidity, and generate returns through methods such as staking, lending, and providing liquidity. The DAO will also regularly review asset performance and maintain an emergency fund to address market fluctuations. The proposal will be implemented through governance voting after community feedback.
Next news:According to Wu, BlackRock's latest global outlook for 2025 mentions that Bitcoin, with its fixed supply and demand driven by investors' confidence in its widespread adoption as a payment technology, shows potential as a new diversified asset, with a lower correlation to stocks and other risk assets. In a new market landscape where the correlation between stock and bond returns is unstable and government bonds are losing their role as a buffer during stock market sell-offs, traditional assets like gold and emerging assets like Bitcoin are expected to fill this gap. Following the U.S. elections, Bitcoin's price surged, reflecting investors' expectations that Trump's election would promote the adoption of cryptocurrencies.
Next news:

According to Varun Srinivasan, co-founder of Farcaster, the new data layer Snapchain for the Farcaster social network will enter Alpha testing in December and is planned for a full launch in the first quarter of 2025. Snapchain is written in Rust, capable of handling over 10,000 TPS, and supports millions of daily active users. Users can create accounts by sending transactions to the registry contract on the OP Mainnet.

Next news:According to Wu, WhaleAlert monitoring revealed that on December 7 at around 04:26 Beijing time, Tether Treasury minted 2 billion USDT on the Ethereum network.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.