Today In Cryptocurrency: Crypto Market Hits One-Month Low, India Mulls New Taxes

The cryptocurrency market sell-off picked up steam on Wednesday, with most major currencies trading down more than 9 percent on the day. Here’s a look at some of the headlines that were moving the cryptocurrency market today — and which currencies were on the move.

Headlines

Bitcoin prices dropped below $8,000 late Tuesday, and the total market cap of the cryptocurrency market dipped below $350 billion for the first time since April 19. Think Markets analyst Naeem Aslam said that reports from China that the ICO market is still very active in China are fueling speculation that a more strict regulatory crypto crackdown could be coming soon.

SoFi CEO Anthony Noto has told CNBC that cryptocurrency investing will be available to SoFi customers as soon as 2019. Sofi has branded itself as a “modern finance” company aimed at appealing to millennial users, and Noto said the new crypto investing features will help accomplish the goal of helping younger customers achieve financial independence.

India is reportedly considering implementing a new goods and services tax on cryptocurrency trading. People close to the matter say the Indian government, which recently banned banks from dealing with cryptocurrency exchanges, may soon implement an 18-percent tax on digital currency trades by classifying cryptocurrencies as goods.

Price Action

The Bitcoin Investment Trust GBTC GBTC traded at $11.95, down 8.6 percent.

Here’s how several top crypto investments fared Wednesday. Prices are as of 3:45 p.m. ET and reflect the previous 24 hours.

• Bitcoin declined 7.5 percent to $7,595;
• Ethereum declined 11.7 percent to $591;
• Ripple declined 11.7 percent to 60 cents;
• Bitcoin Cash declined 12.4 percent to $1,022;
• EOS declined 14.2 percent to $11.03.

The three cryptocurrencies with at least $1-million market caps that have made the biggest gains over the past 24 hours are:

• InflationCoin: $1.3-million market cap, 127.1-percent gain.
• BunnyCoin: $5.3-million market cap, 38.2-percent gain.
• Rise: $13.7-million market cap, 34.2-percent gain.

The three cryptocurrencies hit hardest in the past 24 hours were:

• Experience Points: $37.9-million market cap, 40.2-percent decline.
• Anoncoin: $4.0-million market cap, 39.9-percent decline.
• Local World Forwarders: $6.6-million market cap, 30.1-percent decline.

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