Cardano Price Stuck At $2.1-$2.2, ADA Investors In Japan Fail To Report Taxes

Cardano’s native currency has been trading sideways, while the other crypto market is seeing bullish action. At the same time ADA investors have been under regulatory fire in Japan, for failing to report their taxes.

ADA Price Stuck at $2.1-$2.2 range

The crypto market is is getting a boost once again. The total market capitalization reach $2.3 billion, as Bitcoin jumped to new levels last seen in May this year and reclaimed a trillion dollar market cap.

This uptrend position of the crypto market is made possible with the help of different crypto assets in the market.

While most crypto is flying sky-high, the Cardano’s native token ADA keeps trading sideways in the price range of $2.1 to $2.2 in the past 24 hours.

At the time of writing, Cardano trades at $2.17. However, Bitcoin continues to dominate the crypto market with a trading price of around $55k.

Looking at ADA’s price historically, in mid-August it was trading at $1.4 range before surging to its all-time high over $3 early September.

Cardano Investors In Japan Fail to Report Taxes

Up until two months ago, Japanese investors could not directly access Cardano in their country, due to the country’s strict rules for listing cryptocurrencies on exchanges. Investors had to rely on overseas exchanges like Binance in order to gain access to the digital asset. ADA had finally been listed in Japan after five years of its creation and Japanese investors could now directly buy and sell the cryptocurrency on their native exchanges.

At the time of the listing, ADA was still trading low around $1.2. The months following the listing had then seen the price of the digital asset rally. ADA had then grown about 200% from the time of listing to its peak at the start of September, and the $6 million in underreported taxes from Japanese investors were said to be mostly from the bull rally that occurred about a month after the listing.

Cardano investors in Japan have came under scrutiny after authorities reported that investors in the asset had underreported their taxes from their trading activities. It was reported that multiple cities in the country had seen profits from trading in Cardano’s native token ADA but had not reported the earnings made from investing in the digital asset.

Authorities are now beginning to strengthen taxation laws around cryptocurrencies given that citizens have taken to using digital assets as a way to evade tax liabilities. Japanese citizens are investing more in cryptocurrencies and avoid paying taxes on them due to their legality being yet to be determined.

Tax authorities continue to monitor trading activities in Cardano, known as “Japanese Ethereum”, in the country. Audits have been carried out in six assets so far, but authorities are paying more attention to ADA given the volume of underreported taxes from its investors.