What Specific Data Points Must Be Tracked for Every Crypto Transaction? ⎊ Path

What Specific Data Points Must Be Tracked for Every Crypto Transaction?

For every transaction, a trader must track the date and time, the type of transaction (buy, sell, trade, gift, etc.), the fair market value in USD at the time of the transaction, the cost basis of the crypto disposed of, the number of units involved, and the wallet addresses or exchange used. This detail is essential for accurate gain/loss calculation.

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Glossar

Fair Market Value

Benchmark ⎊ This value represents the consensus price at which an asset or derivative contract would trade between two informed, willing, and uncoerced counterparties in an efficient market.

Data Points

Data ⎊ Within cryptocurrency, options trading, and financial derivatives, data represents the raw material underpinning analysis and decision-making; it encompasses a spectrum of observations, measurements, and transactions that inform models and strategies.