Crypto.com launches free tax reporting service in Australia: is CRO worth buying?
The Crypto.com Coin CRO/USD is the native cryptocurrency token. It serves the role of porting the Crypto.com chain. Crypto.com is a payment, trading as well as financial services company.
The next obvious step in Crypto.com’s growth stage is to make taxes a lot easier for their users. Let’s take a look and see if the recent initiative translates to a buying opportunity for the CRO coin.
The free tax reporting service as an incentive for growth
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On August 12, Crypto.com launched a free tax reporting service for users based in Australia.
Furthermore, this means that all of the cryptocurrency holders in the United States, Canada, and now Australia can generate tax reports using the exchange.
They reported that they have tailored the existing tax services for the United States and Canada-based cryptocurrency users to allow Australians to accurately report cryptocurrencies on their taxes. The service supports 21 wallets and exchanges.
The exchange even worked with professional tax advisers to ensure that the service was consistent with all of the laws involved with filing taxes in the country itself.
As such, Australian cryptocurrency holders that want to report their taxes easily will see this as an incentive to use Crypto.com. This should increase the blockchain usage and in turn raise the circulating supply and demand of the Crypto.com Coin (CRO).
So, is it now the right time to buy Crypto.com Coin (CRO)?
Should you buy Crypto.com Coin (CRO)?
On August 13, the Crypto.com Coin (CRO) was worth $0.149.
To get a better perspective on this value, as well as see how we can actually compare it and analyze its growth, we will be looking at its all-time high point.
CRO achieved its all-time high on February 22 with a value of $0.277. This shows us that the price has decreased by 46% by August 13.
However, when we look at its more recent performance in July, we can see that it had its highest point on July 12 with a value of $0.131, with its lowest point on July 20 with a value of $0.100.
This is a drop in value by 23% that occurred throughout July. That being said, from the highest price point in July up to August 13 the token has grown in value by 13%.
This gives us a clearer perspective on the potential growth of the token.
When we look at data from IntoTheBlock, we can get a bigger perspective about the activity of the network.
In fact, in the last 7 days, Crypto.com Coin saw $30.52 million in transactions greater than $100,000.
It also saw $6.87 million in total exchange inflows as well as $8.96 million in total exchange outflows.
With all of this in mind, we can expect the value of the CRO token to increase to $0.193 by the end of August.
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