Crypto Market Overview January 13th | Dex-Trade
Crypto Market Overview – January 13th, 2022
CEO of a Swiss Bank Predicts Bitcoin at $75,000 in 2022
The CEO of the licensed and controlled Swiss bank SEBA, Guido Buehler, in an interview with Arjun Kharpal from CNBC at the Crypto Finance conference proposed a BTC valuation model, according to which the crypto market in 2022 will be predominantly green, which will allow the flagship to grow to $75,000. “Our internal valuation model indicates a price right now between $50,000 and $75,000. I’m quite confident. We are going to see that level. The question is always time.“ — Buehler said. He also added that institutional money is likely to drive up the price of the main crypto as well. The fact is that SEBA is a fully regulated bank with its own pools of assets. But they need the same reliable counterparties to be sure of the safety of their investments. Therefore, Buhler is eagerly predicting an increase in the value of BTC right now. In addition, the businessman suggested that the dominance of Bitcoin would gradually decline. Already, this indicator has dropped to 40% from the usual 44%-42%. This process will open up more opportunities for institutional investors to work with other, more flexible cryptocurrencies like Ethereum and Solana, he said.
Famous Clothing Brand Gap Launches NFT Gaming Collection
Following the sports pioneers Nike and Adidas, as well as the designer brands Burberry, Gucci, Louis Vuitton, the famous casual clothing brand Gap announced plans to release its own NFT collection in collaboration with New York artist Brandon Sines, the creator of the "plush Chewbacca" Frank Ape. According to the company's release, the collection of tokens will be of a gaming nature. As conceived by the authors, it "activates community, creativity and self-expression." In a brief press release this week, the brand hints at a deep collaboration with Sines to seek and express the shared values of the members. The first "four-tier NFTs" are based on the Tezos blockchain and will cost 2 XTZ apiece. The release also states that community fans can expect a number of other tokens to appear over the coming weeks, priced from 6 to 100 XTZ. NFTs will be sold on a first come, first served basis based on registration of purchase requisitions. Sales limits have not yet been set and there is no data on whether they will be available yet. However, the Gap took precautions and added security systems to prevent the potential sale of NFTs to bots.`
Thai Politicians Against Crypto Income Taxation
Last year, the Thai authorities announced new rules for taxing profits from digital assets as part of the crypto tourism development program, but as soon as it came to the implementation of the new tax practice, some politicians spoke out against its conditions and possible consequences. The Ministry of Finance in Bangkok intends to introduce a 15% levy on profits from crypto investments and trading by the end of January. If the law is adopted in this form, it will affect miners, dealers, cryptocurrency investors, and traders will have to keep records of all their transactions. Former investment banker, finance minister and current leader of the Kla party, Korn Chatikavanij, recently pointed out that for tax reporting purposes, crypto profits must now also be pooled with other revenues for annual tax returns, but there is no mechanism for this combination yet. At the same time, a spokesman for the Pheu Thai Party, Jakkapong Sangmani, noted that crypto traders are already paying income tax, and introducing another tax would hurt retail investors but could benefit institutions. And the leader of the Thai Sang Thai party, Sudarat Keiurafan, believes that the government does not see an opportunity to raise income in the country by promoting digital assets, therefore, it is chaotically adopting new tax conditions. It seems that the best indicator of the success of the new tax conditions will be the “one million crypto tourists per year” forecasted by the Thai Ministry of Tourism.