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Bitcoin NFTs Rise as Altcoins and Tax Evaders Fall

Explore today's crypto dynamics: Bitcoin NFTs' rise, altcoins' fall, and Malaysia's crackdown on crypto tax evasion.

Photo by Traxer / Unsplash

Bitcoin NFTs Outshine Ronin in Sales Volume

In a surprising turn of events, Bitcoin-based nonfungible tokens (NFTs) have soared in sales volume over the past 30 days, reaching a staggering $148 million and surpassing Ronin blockchain's previous record. This surge places Bitcoin NFTs just behind Ethereum, which leads with a $157 million volume, and ahead of Solana's $77 million. Despite this achievement, the NFT market has seen a significant downturn, with a 40% decline in sales volume across the top three chains, as reported by CryptoSlam.

Altcoin Market Bleeds Amidst Unexplained Downturn

The crypto market witnessed a dramatic drop, painting the charts red as several altcoins plummeted by double digits. Shiba Inu and Avalanche were among the most affected, with respective declines of 12.7% and 10.6%. The total crypto market cap has suffered a 3.5% decrease within 24 hours, sinking to $2.46 trillion. Analysts are puzzled by this sudden downturn, citing "no clear catalyst" for the bloodbath that unfolded on June 17.

Malaysia Targets Crypto Tax Evasion with Ops Token

In an effort to clamp down on tax evasion within the crypto space, Malaysia's Inland Revenue Board launched "Ops Token," a special operation aimed at curbing tax revenue losses from cryptocurrency trading. The operation involved raids across 10 locations in Klang Valley, where authorities uncovered significant digital asset trading data on mobile devices and computers. The IRB highlighted the operation's success in identifying substantial tax revenue leakage due to unreported crypto transactions.