The cryptocurrency tax laws have always been a popular topic in the coming altcoin news. In a new series of interesting things, we are featuring the Australia crypto tax laws which certainly contain some unfair provisions that will most often put many crypto owners on the verge of receiving huge tax burdens. Draconian at the very least, the crypto tax laws in Australia also apply to tokens obtained via hard forks which has holders having to cough up a lot of amounts in crypto tax payments. Even companies that pay staff salaries in virtual currencies may find a lot of incentive to do so given the additional burden it incurs at the end of the year. According to a cryptocurrency news platform named Micky, the Australia crypto tax laws forced a trader to pay a 500% tax on his digital holdings. Adrian Forza of Crypto Tax Australia told Micky that the country's tax laws stipulate the value of cryptocurrency used for tax purposes - coming from the purchase price. Therefore, if an investor buys token X at $100 and its price depreciates to $10, the tax payment would be based on the $100 purchase price. The crypto tax in Australia now stands at about 40% which shows that paying $40 tax on a $10 worth of virtual currency is the case. According to Forza's declaration when commenting the situation:

"That’s a really unfair outcome because he’s basically received cryptocurrency and the value has dropped significantly and now, he has to pay tax on money he doesn’t have. This is something they will have to change as it is unfair."

Given the 2018 bear market which saw prices plummet by more than 80% across the board, virtual currency bag holders in Australia have been paying unfair taxes. As the latest cryptocurrency news showed, crypto tax laws like these are not bearable for many and can drive investors and traders away from the country. In fact, Forza said that the Australia crypto tax laws are designed to frustrate crypto investments. There are so many of them including ones on Ethereum Classic (ETC) - where the Australia's regulators consider to be "the original Ethereum" even though the crypto industry at large considers Ethereum (ETH) as the original one and ETC the fork of it.

A new Bitcoin run is everywhere in the latest cryptocurrency news. Aside from the price outbreak which allowed BTC to reach $11,318 this morning, the dominance of the most dominant cryptocurrency is up by 3.5% ad is now at 60%. The total cryptocurrency market cap is stable at $336 billion and all of the altcoins are in the green. Besides Bitcoin and its new meteoric surge of 5% overnight, the altcoin news show that Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH and EOS (EOS) are all stable with small gains of less than 2%. Minimal reds are seen in the Litecoin (LTC), Binance Coin (BNB) and Bitcoin SV (BSV) prices which are slowly declining. The new Bitcoin run proved that there is a lot of new sentiment on the market. One of the key reasons for that is the daily volume which crossed the $67 billion mark. A lot of this can be attributed to Facebook releasing Libra details, PwC rolling out new auditing tool for cryptocurrencies and Japan's largest messaging app Lime announcing a potential crypto exchange. The market momentum is strong as Bitcoin is continuing in its parabolic moves. The best cryptocurrency news sites show that BTC managed to add 17.5% since last week and 5% with the new Bitcoin run. After two attempted breakouts, the cryptocurrency has found a strong resistance around $11,200. Even though it is now over that resistance, it has a safe bottom zone at $10,500 as the analysts show. Ethereum (ETH) managed to close last week above $300 during the new Bitcoin run - something that happened for the first time this year. The new run allowed ETH to add more than 13% while the rest of the top-30 market is following a mostly bullish trend. NEO (NEM) is one of the cryptocurrencies which also shined in the coming altcoin news. As our weekly crypto update showed, NEO managed to add 21.4% to its price in less than a week and Monero (XMR) is also following this trend, being up by more than 18%. The latest news show that EU regulators called for central bank review of Facebook's Libra cryptocurrency. This could definitely influence the prices on the market. If all goes well, we could see a new Bitcoin run heading to $20,000 very soon.

The House Financial Services Committee of the United States will be apparently holding a hearing on the social media giant Facebook and its proposed virtual currency Libra on July 17, according to a press release which officially went live on June 24. The Libra hearing announcement comes by way of the committee chairwoman Rep. Maxine Waters, who previously called on Facebook to cease the work on Libra until the Congress and regulators had a chance to scrutinize the proposal.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action," Rep. Waters said back then.

Her public statement on the Libra hearing also included a comment on the lack of uniform regulation in the crypto market and pointed out that regulators should view Facebook's plans for Libra as "a wake up call to get serious about the privacy and national security concerns, risks in cybersecurity as well as trading risks which are posed by cryptocurrencies." The Senate Banking Committee, as the latest cryptocurrency news show, is also reportedly scheduled to hear about the details of Libra the day before that (July 16) in a session called "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations." The Libra hearing has been a hot topic in the altcoin news. As we previously reported, France is heading the efforts to create an international task force that will regulate cryptocurrencies via central banks. This task force will reportedly be a G7 committee that will operate under Benoit Coeure, a board member of the European Central Bank. Meanwhile, France is reportedly against the Libra project and it operating as a sovereign currency, the coming altcoin news show. The country is concerned about how to enforce regulatory compliance, such as for anti-money laundering laws. As many best cryptocurrency news sites reported, Facebook is planning a revolution with the Libra project - and the Libra hearing is only going to aid it - if things go as planned. There has been no official statement or fresh update from the chief at Facebook, Mark Zuckerberg.

Bitcoin SV data analysis shows that the digital asset is basically a ‘’total ghost town’’ according to analyst Kevin Rooke who tweeted earlier today and we are reading more about it in the latest cryptocurrency news below. The purpose of the Bitcoin SV fork was to increase the capacity for millions of transactions and make the entire base layer of the cryptocurrency competitive with major credit card companies such as Visa or Mastercard. This is the reason why Bitcoin SV developers want bigger block sizes mainly in gigabytes in order to be able to handle the traffic. The big data centers can handle the transaction volume but people are becoming more concerned about the centralization that comes with the barriers. Inevitably, a lot more money is needed to run a mining outfit that has to process thousands of gigabytes per week and in that case, in order to serve them all, more bandwidth is required. With all of this Bitcoin SV data provided, there seems to be a demand for all the block space. However, according to Rooke, there is no demand and the failure of any cryptocurrency is the inability to gain any real traction. Bitcoin SV proponents are often at odds but they have similar goals with Bitcoin Cash. The only difference is that the BCH altcoin is more popular. Bitcoin Cash is not the only big competitor to Bitcoin SV. There are many of the cryptocurrencies with major popularity which boost their adoption including Bitcoin, Ethereum, TRON, and EOS. As noted in the coming altcoin news, the point of building better-scaling blockchains like those that Craig Wright wants to achieve is that scalability is always necessary after all and this comes at the heart of the criticism. Bitcoin and Etehreum are the only blockchains effectively which face scaling limitations currently. The Bitcoin blocks are crowded so the fees are getting higher. The Lightning Network adoption is still far from over. Many in the crypto community believe that Facebook’s crypto project Libra will bring alone a huge influx of new users but in this case, the currency with the easiest usage will see the most demand.