While on one hand, the value of Bitcoin and Ripple is continuously falling, Ethereum is paving its way to the top.
The new cryptocurrency has hit its all-time high value of $1,300 on Wednesday.
Ethereum is now the second-highest valued cryptocurrency in the market. However, the value of the currency has since pulled back, but remains in positive territory for the day, up more than 3.5% as of 1:20 p.m.
Bitcoin and Ripple’s XRP, both of which have seen falls on Wednesday. At 1.20 p.m. GMT, bitcoin was lower by about 3.3%, trading at $13,980, Ripple (XRP) remains 10% lower. One of the reasons behind this fall in value is being said to be the overnight announcement that the Australian Tax Office was establishing a task force to monitor cryptocurrency transactions.
Some Business Insider analysts have said; “aims to ensure cryptocurrency investors are paying the correct amount of tax” and a “team of specialists across tax law, technology, banking, and finance will devise strategies to follow the money on gains made from investment in the digital currency.”
“We are consulting with key stakeholders who have expressed an interest in tax issues relating to cryptocurrencies,” a spokesman for the ATO said.
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