From Thursday's events: Bitcoin hits another record, XRP goes up by 40%; The market capitalization of cryptocurrencies exceeds $ 1 trillion; South Korea will introduce a 20% tax on cryptocurrency trading; PayPal and Coinbase Invest in Crypto Tax Automation Company; Another Bitcoin boomjust ahead of us?; The current situation on the stock exchanges.

Bitcoin hits another record, XRP up 40%:

Bitcoin today continued its habit of hitting record highs almost every day when the bulls moved the largest cryptocurrency above $ 38,000.
data from Cointelegraph Markets, Coin360 and TradingView followed BTC / USD as the pair overcame another hurdle to the psychologically significant milestone of $ 40,000.
gains today accelerated with Bitcoin investors recording 24-hour returns of 11.5%. Just a week ago at the start of the year, Bitcoin was priced at $ 28,000.
the largest cryptocurrency, along with Ethereum and a handful of other altcoins, became the best investment game of 2021, leaving even Tesla shares far behind.

The next revision will be absolutely painful for all #FOMO buyers.

- warns Michaël van de Poppe, Cointelegraph Market analyst.
In the meantime, altcoins have experienced an interesting renaissance in the battlefield fourth cryptocurrency XRP.
xRP, which previously lost much of its value due to legal problems from Ripple's main stakeholder, saw a sudden resurgence this week, rising from $ 0.23 to $ 0.35 in a single day.

Cryptocurrency market capitalization exceeds $ 1 trillion:

The total market capitalization of cryptocurrencies - the main driver of the overall health of the digital asset class - surpassed $ 1 trillion for the first time.
as measured by market capitalization, the crypto asset class has practically doubled in the past month as Bitcoin hit new highs in history and Ethereum broke the $ 1,100 threshold for the first time in three years. Together, both assets account for around two-thirds of the total market.
The impact of BTC and Ethereum on the market saw dozens if not hundreds of cryptocurrencies last week recorded double-digit percent returns.
Capitalization reaching the trillion dollars was reached just days after the market broke the 2017-18 highs. According to CoinMarketCap, during the last peak in early 2018, the total market capitalization reached around $ 830 billion.
Back then, altcoins peaked at nearly $ 547 billion after Bitcoin retreated from its December 2017 high. the altcoin market is currently worth less than half of that, highlighting Bitcoin's dominance to date in the current cycle.

South Korea Will Introduce 20% Cryptocurrency Trading Tax:

The South Korean government issued an amendment introducing a tax on profits from cryptocurrency trading.
Following a legislative announcement through January 21, the amendment is likely to be passed in February, Asia Today reports. However, cryptocurrency taxes will not be collected until 2023.
The proposal would introduce a series of additional taxes on capital gains, along with a progressive taxation of equity gains. for cryptocurrency holders, anyone with an annual income of over $ 2,300 from cryptocurrency profits will be taxed at 20%. This threshold is much lower than for stocks where profits above $ 46,000 will be taxed.
for cryptocurrencies held before the start of the tax schedule, authorities will consider the highest of the market price immediately before 2023 or the actual purchase price.
The proposed tax regime was anticipated and delayed several times in 2020Following lobbying from local cryptocurrency supporters, the government initially pulled back the implementation by 2022. The government now appears to have engraved the date in stone, though it takes into account a further delay.
Although the relative popularity of cryptocurrencies in Korea has declined after the 2018 bear market, as exemplified by Binance Korea's failure to solidify, the country remains a stronghold of cryptocurrency adoption.
the Korean government has pushed for various Blockchain technology based initiatives in the field of digital identity and blockchain voting. It also designated the City of Busan as a "Blockchain City," though some reports suggest the categorization is devoid of content.

PayPal and Coinbase invest in a company that automates crypto taxes:

TaxBit, a company that provides software for automating cryptocurrency taxes, says it has secured investments from the venture arms of the PayPal and Coinbase affiliates, as well as from its current investor Winklevoss Capital.
the amount of the investment was not disclosed in the announcement.

The importance of customized software solutions such as TaxBit in driving the widespread adoption of cryptocurrencies is reinforced.

The company said.
taxBit automates the complex task of cryptocurrency tax compliance for consumers, businesses and exchanges through two main applications.
PayPal's investment can be significant as experts have already said that new cryptocurrency customers who are just starting to use cryptocurrencies will face a huge amount of trouble when it's tax time.