Are IEOs just having their golden period or are they here to stay?
from Cointelegraph.com News http://bit.ly/34cz6v8
Are IEOs just having their golden period or are they here to stay?
Ethereum price is trading in a bearish zone against the US Dollar and bitcoin. ETH might correct higher in the short-term, but the bulls are likely to struggle near $180-$182.
This past week, there was a strong decline in bitcoin and ETH below $10,000 and $180 respectively against the US Dollar. Ether price even declined below the $175 support and the 100 simple moving average (4-hours). Moreover, there was a break below the $170 support and the price traded close to the $163 level. Recently, the price started an upside correction from the $163 swing low.
It climbed above the $170 level plus the 23.6% Fib retracement level of the recent drop from the $195 high to $163 swing low. However, there are many hurdles on the upside near the $178 and $180 levels. Moreover, there is a major bearish trend line forming with resistance near $180 on the 4-hours chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent drop from the $195 high to $163 swing low.
Above the trend line, the next major resistance is near the $184 level and the 100 SMA. The 61.8% Fib retracement level of the recent drop from the $195 high to $163 swing low is also waiting near the $182 zone to act as a resistance. Therefore, the price must climb above $180, $182 and $184 to move back into a positive zone in the near term.
On the downside, an immediate support is near the $165 level. If the price fails to stay above the $165 support area, there is a risk of more downsides in the near term. In the mentioned bearish case, the price could even decline below the $160 support level.
The above chart indicates that Ethereum price is clearly trading in a bearish zone below the $180 level. If there is an upside correction towards the $180 level, the bears are likely to defend further upsides.
4 hours MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently just above the 50 level, with a positive angle.
Major Support Level – $165
Major Resistance Level – $180
The post Ethereum Price Weekly Forecast: ETH Remain Sell Until This Changes appeared first on NewsBTC.
Bitcoin price is facing a lot of hurdles on the upside near $10,000 against the US Dollar. BTC remains sell on rallies as long as it is trading below the $10,000 resistance.
In the last weekly forecast, we discussed the possibilities of a downward move below $10,000 in bitcoin price against the US Dollar. The BTC/USD pair did move down and broke the key $10,000 and $9,800 support levels. Moreover, there was a close below the $10,000 pivot and the 100 simple moving average (4-hours). Finally, there was a break below the $9,800 and $9,500 supports as well.
A new monthly low was formed near $9,300 and the price is currently consolidating losses. It is testing the 23.6% Fib retracement level of the recent decline from the $10,717 high to $9,308 low. However, there are many hurdles on the upside near the $9,800 and $9,900 levels. Additionally, there is a major bearish trend line forming with resistance near $9,980 on the 4-hours chart of the BTC/USD pair.
Moreover, the 50% Fib retracement level of the recent decline from the $10,717 high to $9,308 low is also near the $10,010 level. Therefore, upsides are likely to remain capped near the $9,800 and $10,000 levels. Above the trend line, the 100 SMA is waiting near the $10,150 level. The 61.8% Fib retracement level of the recent decline from the $10,717 high to $9,308 low is also waiting near the $10,170 level.
On the downside, an immediate support is near the $9,500 level. If there is a downside break below the $9,500 support, the price may continue to move down below the last swing low at $9,300. The next key supports are near the $9,100 and $9,000 levels.
Looking at the chart, bitcoin price is clearly trading in a downtrend below $10,000. In the short term, there could be an upside correction, but the $9,800 and $10,000 levels are likely to act as major sell zones in the coming sessions.
4 hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is slowly rising towards the 50 level.
Major Support Level – $9,500
Major Resistance Level – $10,000
The post Bitcoin (BTC) Price Weekly Forecast: $10K Holds Key For Recovery appeared first on NewsBTC.
The Tron Foundation became part of the cryptospace in 2017 and regardless of its late entry into the ecosystem, the Foundation hasn’t steered away from the spotlight. Owing to his clever and relentless marketing, CEO Justin Sun has managed to retain public excitement for the ecosystem. Tron’s dominance in the DApp space is undefeatable, nevertheless, […]
The post Tron Foundation’s DApp report reveals release of new DApps, growing smart contract numbers appeared first on AMBCrypto.
A roundup of major news of the week from Brazil and Portugal
If you told economists twenty years ago about Bitcoin (BTC) and negative-yielding debt, they would be shocked.
In the 1990s or even the 2000s, decentralized digital money and a bond that made your money disappear with time would have seemed abstract — quite abstract. Now, however, these two financial trends, which came to fruition mostly over the last decade, have become widely recognized.
On Friday, Bloomberg reported that the negative-yielding bond situation has just developed. Their report, which cites the Bloomberg Barclays Global-Aggregate bond index, shows that $17 trillion worth of bonds is negative-yielding.
#Bloomberg re "unstoppable surge in negative yields."
Universe of negative-yielding bonds–once unthinkable (after all, who would pay rather than receive interest when #lending money)–reached $17 trillion at the end of August; and it's spreading its wingshttps://t.co/B6IhuYwUZc pic.twitter.com/P44I7G5ZeV
— Mohamed A. El-Erian (@elerianm) August 31, 2019
To describe how crazy negative interest rates are, here’s Bitcoin commentator Rhythm to explain. As he explained in a recent tweet, it’s essentially like lending someone your capital and expecting to receive less of it back in a few years’ time. In no world does this make sense. After all, investments are supposed to yield a return, not result in you slowly losing your capital.
What if I said I wanted to borrow $100 from you and pay you back $99 five years later?
Would you do it? Of course not.
Yet, this is happening right now with $17,000,000,000,000 of debt with negative yields.
The mother of all financial bubbles.
— Rhythm (@Rhythmtrader) August 31, 2019
There’s a silver lining in all this: the demand for Bitcoin and other alternative assets should only grow.
Raoul Pal, the former head of Goldman Sachs’s hedge funds sales business, recently sat down with Bitcoin podcaster Stephen Livera to talk investments. The economist explained that as it stands, the most popular asset classes make no sense for millenials with ten- to 20-year outlooks.
Equities, he remarked, are roughly at all-time highs, and are pushing extreme valuations for relatively little profit and potential. As Ray Dalio, a legendary hedge fund manager,explained earlier this year:
“There are a lot of parallels between now and the late 1930s. From 1929 to 1932 we had a debt crisis — interest rates hit zero. Then there was a lot of printing of money, and purchases of financial assets brought their prices higher.”
Bonds aren’t much better, Pal opines, drawing attention to the “virtually zero yields” — and negative yields in some cases — that debt deemed safe provides.
Even real estate isn’t attractive, with the prominent investor calling this asset class “unaffordable”, adding that it makes even less sense to purchase homes because they’re trading near all-time highs. Enter Bitcoin. Pal quipped:
“So what the hell does a millennial do to save for your future, when almost all assets have negative imputed returns for the next 20 years, 10 years? And the answer is well, you take the optionality of cryptocurrency and Bitcoin.”
He went on to explain the rationality of why buying Bitcoin as a millennial (and under) makes sense. Pal remarked that nothing like digital assets provide “that risk-reward profile where you can be wrong but you do it earlier on, you’ve still got plenty of time to accumulate wealth in other assets too.”
Featured Image from Shutterstock
The post Bitcoin Need Accentuated as Negative-Yielding Debt Hits $17 Trillion appeared first on NewsBTC.
Police in the Indian state of Uttarakhand have unearthed a massive Bitcoin scam which they claim, is worth 485 crores INR ($67.6 million), reported TOI. The scam came to light after a man named Abdul Shakoor, the alleged kingpin behind it, was murdered by his own associates for cheating them. Shakoor’s body was dumped in […]
The post India: Bitcoin scam kingpin who conned $67.6 million tortured to death by associates appeared first on AMBCrypto.
Why Amazon is hiring blockchain experts for its advertising division and needs tokenization to differentiate itself from Google and Facebook
The Electric Coin Company’s privacy-focused coin, Zcash, was in the news lately after the San Francisco-based cryptocurrency exchange, Coinbase, announced that it no longer supported the altcoin for UK customers. The exchange did not disclose any details for the delisting of the coin, which in turn led to several speculations by the crypto-community. A recent […]
The post Zcash’s for-profit developer reveals block reward distribution while its average monthly deficit soars appeared first on AMBCrypto.
Telegram Open Network’s blockchain public testing to start on Sept. 1, says one of the investors
Litecoin is facing death by the cross. Litecoin’s 2019 has taken a sharp U-Turn. Hailed as one of the top gainers among large-cap cryptocurrencies in the market, the fifth largest coin is staring down at an imminent bearish run. The digital silver’s massive gains of 2019, which took it to a 320 percent price high […]
The post Litecoin enters Death Cross as imminent bearish run threatens to wipe out 2019 gains appeared first on AMBCrypto.
While blockchain scalability is one of the biggest hurdles to mass adoption, the existing consensus mechanisms come with their own set of tradeoffs. To decentralize nonfinancial blockchains as well, we’re going to need novel approaches to secure their decentralized networks
Set Protocol, an Ethereum DeFi project, has announced that it will be deploying their own 50 day moving average strategy. It is designed to rebalance when the price crosses the 50 SMA technical indicator, and it does so automatically. The strategy involves selling into the USDC stablecoin during an economic downturn and ETH buyback during […]
The post Ethereum DeFi project announces new TokenSet, 50 Day Moving Average strategy appeared first on AMBCrypto.
Automotive supplier Continental pilots “Earn As You Ride” app that lets drivers monetize their parking data
The largest credit card processing company in Brazil unveils support for crypto payment
Bitcoin price is trading in a higher degree downtrend below $10,000 against the US Dollar. BTC remains at a risk of more downsides as long as it is below $10,000.
Recently, we saw a bearish break below the $10,000 and $9,800 support in BTC against the US Dollar. The price even settled below the $9,760 support and the 100 hourly simple moving average. Finally, there was a break below the $9,500 support and the price extended its decline towards the $9,300 level. A swing low was formed near $9,308 and the price is currently correcting higher.
An immediate resistance is near the $9,500 level. Additionally, the 23.6% Fib retracement level of the recent decline from the $10,304 high to $9,308 low is also near the $9,500 level. More importantly, there is a short term breakout pattern forming with resistance near $9,500 on the hourly chart of the BTC/USD pair. Therefore, if there is an upside break above $9,500, the price could extend its upside correction.
The next key resistance is near the $9,760 level (the previous support). However, the main resistance is near the $9,800 level. It coincides with the 50% Fib retracement level of the recent decline from the $10,304 high to $9,308 low. To move back in a positive zone, the price must break the $10,000 resistance and the 100 hourly simple moving average.
On the downside, an initial support is near the $9,400 level. If there is a downside break below the $9,400 and $9,300 levels, the price could extend its decline. The next target for the bears could be near the $9,000 level. An intermediate support is near the $9,200 level.
Looking at the chart, bitcoin price is clearly trading in a higher degree downtrend below $10,000. In the short term, there could be an upside correction above $9,500 and $9,600. However, the bulls are likely to face a lot of hurdles near the $9,760 and $9,800 level. The main hurdle is near the $10,000 pivot level.
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is recovering towards the 50 level.
Major Support Levels – $9,400 followed by $9,300.
Major Resistance Levels – $9,600, $9,760 and $9,800.
The post Bitcoin Price (BTC) In Higher Degree Downtrend Below $10K appeared first on NewsBTC.
Financial giant SBI Holdings’ subsidiary MorningStar Japan will pay its shareholders dividends in XRP
Recently, there was a major downside break below the $300 support level in BCH price against the US Dollar. The price even broke the $280 support level recently to move further into a bearish zone. The next key support is near the $270 level, below which the price could extend its decline towards the $265 level.
If there is an upside correction, the $280 and $285 levels are initial hurdles. However, the main resistance for the bulls on the upside is near the $300 level.
EOS price declined sharply after it broke the $3.350 support level. The price even broke the $3.100 level recently and traded close to the $3.000 level. At the moment, the price is consolidating near $3.200 and it might decline again towards the $3.100 and $3.000 levels.
Tron price is stable above the $0.0150 support level and it is currently consolidating losses. An immediate resistance on the upside is near the $0.0160 level, where TRX price could face a strong selling interest. The next key resistance is near the $0.0165 level.
Cardano price settled below the $0.0520 and $0.0500 support levels. ADA price even broke the $0.0450 support and tested $0.0430. The price is currently correcting higher, but it might struggle to break the $0.0500 and $0.0520 resistance levels in the coming sessions.
Looking at the total cryptocurrency market cap 4-hours chart, there was a slow and steady decline below the $250.0B support level. The market cap even broke the $240.0B support and tested the $234.0B level. It is currently consolidating losses and it seems like there could be more downsides below the $232.0B and $230.0B levels. The next major support on the downside is near the $220.0B level. On the upside, there are many hurdles near $245.0B and $250.0B. Overall, there are chances of more downsides in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.
The post Crypto Market & Bitcoin Extended Losses: BCH, EOS, TRX, ADA Analysis appeared first on NewsBTC.
Ripple price is gaining bearish momentum against the US Dollar and bitcoin. XRP price could trade to a new monthly low if it continues to struggle below $0.2600.
Yesterday, there was a sharp decline in ripple below the $0.2600 and $0.2580 supports against the US Dollar. The bears took control and pushed the price below the $0.2500 support level. Moreover, the price settled below the 100 hourly simple moving average and traded to a new monthly low at $0.2460. Recently, there was an upside correction above the $0.2500 and $0.2520 levels.
The price traded above the $0.2580 resistance level as well. However, the $0.2600 and $0.2620 resistance levels acted as key barriers. Finally, the price topped near $0.2623 and it is currently moving lower. Ripple is trading below the $0.2550 level plus the 50% Fib retracement level of the recent wave from the $0.2460 low to $0.2623 high. An immediate support on the downside is near the $0.2520 level.
Additionally, the 61.8% Fib retracement level of the recent wave from the $0.2460 low to $0.2623 high is also near the $0.2520 level. Therefore, a downside break below the $0.2520 support may accelerate decline. The next stop for the bears could be near the last swing low at $0.2460. More importantly, the price may perhaps continue to move down towards the $0.2420 and $0.2400 supports.
On the upside, there is a major resistance forming near the $0.2580 and $0.2600 levels. Besides, yesterday’s highlighted major bearish trend line is active with resistance near $0.2580 on the hourly chart of the XRP/USD pair. Therefore, it won’t be easy for the bulls to push the price above the $0.2580 and $0.2600 resistances.
Looking at the chart, ripple price is clearly struggling to continue higher above $0.2580 and $0.2600. On the downside, a clear break below $0.2520 and $0.2500 is likely to push the price further lower. The bears are likely to target the $0.2420 and $0.2400 support levels in the near term.
Hourly MACD – The MACD for XRP/USD is about to move back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is holding the 40 level, with a minor bullish angle.
Major Support Levels – $0.2520, $0.2500 and $0.2450.
Major Resistance Levels – $0.2580, $0.2600 and $0.2620.
The post Ripple Price (XRP) Showing Signs of Further Weakness appeared first on NewsBTC.
Ethereum price is trading in a bearish zone versus the US Dollar and bitcoin. ETH price could continue to move down if it breaks the key $165 and $162 supports.
Yesterday, there was a sharp decline in ETH price below the $182 and $180 supports against the US Dollar. The price even closed below the $180 support and the 100 hourly simple moving average. Finally, there was a break below the $170 support and the price traded to a new monthly low near the $164 level. Similarly, there were heavy downsides in bitcoin, ripple, EOS, and binance coin.
Recently, Ethereum price corrected higher above the $165 and $166 levels. Moreover, there was a break above the 50% Fib retracement level of the recent drop from the $174 high to $164 swing low. However, the upward move was capped by the $170 and $172 resistance levels. It also seems like the price failed to gain traction above the 61.8% Fib retracement level of the recent drop from the $174 high to $164 swing low.
More importantly, there is a declining channel forming with resistance near $169 on the hourly chart of ETH/USD. The pair is currently trading in a bearish zone below the $170 pivot level. Therefore, the price must climb above the $170 level to start a decent recovery. If there is an upside break above $170, the price could recover towards $174 and $175.
On the downside, the main supports are near the $165 and $164 levels. Besides, the $162 level is also a strong support. Therefore, a downside break below the $162 support could start another major decline in the coming sessions. The next major support is near the $154 and $150 levels.
Looking at the chart, Ethereum price is facing a lot of hurdles on the upside near $170 and $174 levels. There are high chances of another drop below $165. However, it won’t be easy for the bears to gain momentum below the $164 or $162 support area.
Hourly MACD – The MACD for ETH/USD is slowly moving back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is slowly moving higher, but it is still below the 50 level.
Major Support Level – $165
Major Resistance Level – $170
The post Ethereum Price (ETH) Testing Crucial Support But Recovery Won’t Be Easy appeared first on NewsBTC.
The upcoming China CBDC will be available to users without bank accounts, says Binance Research
McAfee Labs finds that crypto jacking was up 29% and ransomware up 118% in Q1 of 2019
Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership. The organization is all set to collaborate with an invite-only community, iZbreaker in order to launch a decentralized application. The tweet read, iZbreaker is said to use developmental resources of ETC Labs along with its technical and marketing […]
The post Ethereum Classic Labs collaborates with iZbreaker to launch decentralized application appeared first on AMBCrypto.
Novogratz tells mainstream viewers to stay bullish on Bitcoin
The Indian economy is experiencing severe economic slowdown not seen in many years, and cryptocurrency can potentially help. However, the government is considering a draft bill to ban cryptocurrencies, which could have undesirable consequences on the economy. Meanwhile, the Indian crypto community has already been enduring a banking ban by the central bank.
Rajiv Kumar, the vice-chairman of Indian policy think tank Niti Aayog, said last week that the Indian government is facing “an unprecedented situation.” He explained that “In the last 70 years, nobody had faced this sort of situation where the entire financial system is under threat.” According to Reuters, economists predicted earlier this week that, in the second quarter of this year, the Indian economy likely expanded at its slowest pace in more than five years.
The slowdown has led to many job losses in a number of sectors, particularly the auto industry. Chief Minister of the Indian state of Rajasthan, Ashok Gehlot, informed the press last week that almost all sectors in the country are struggling, with lakhs (100,000s) of people losing their jobs. Parliament Member Manish Tewari, a spokesperson for India’s Congress political party, estimated that over three crore (30 million) people are facing the threat of becoming unemployed.
Nischal Shetty, CEO of crypto exchange Wazirx, believes that job growth is among the major benefits crypto can help his country’s economic situation. Kunal Barchha, cofounder of the crypto exchange Coinrecoil, shares the sentiment. He told news.Bitcoin.com:
Indirectly, crypto can help create awesome applications that can contribute to good business and that can boost the overall IT industry of India and add new jobs for the young generation.
According to job search site Indeed, the crypto and blockchain market is still “rapidly growing.” The company found that the share of U.S. job postings related to crypto, blockchain and bitcoin has grown 90% over a one-year period ending February. Earlier this year, the company revealed that Bengaluru was the number one city in India for crypto jobs, followed by Pune, the second-largest city in the Indian state of Maharashtra.
Besides job creation, there are other benefits crypto can offer the Indian economy. Among them is attracting “new foreign venture capital investments into Indian startups,” Shetty detailed, telling news.Bitcoin.com that “ICOs can be a new global fundraising mechanism for early-stage Indian startup.” According to ICOdata, the total amount of funds raised globally in ICOs so far this year is over $346 million.
The Waxirx CEO added that cryptocurrency can help make remittances in India “cheaper and faster.” Data from Trading Economics shows that remittances in India stood at $12.6 billion in the first quarter. He also believes that cryptocurrency can offer the “Opportunity to bank the massive 300M+ unbanked people in India.” The Indian government’s own data shows that, as of Feb. 13, the number of accounts opened under the PMJDY, the government-run financial inclusion program, was 34.43 crores.
Barchha, however, has doubts about how much cryptocurrency can help the Indian economy. He argued that “most of the people around the world still understand crypto as money for illegal activities,” so “It is a distant dream to see crypto helping [the] vast size of Indian economy.” He opined, “I personally don’t see crypto playing any leadership role in the Indian economy, not in coming 5 years at least.”
Currently, the Indian government is deliberating on a draft bill to ban cryptocurrencies. It was drafted by an interministerial committee (IMC) headed by former Secretary of the Department of Economic Affairs Subhash Chandra Garg, who was recently reassigned to the Power Ministry. The committee was constituted on Nov. 2, 2017, and only met three times before finalizing this bill. However, the community is confident that the bill is flawed and has been tirelessly campaigning to convince lawmakers to reexamine the IMC recommendations.
Shetty shared with news.Bitcoin.com the short term and long term effects of banning cryptocurrencies in India. In the long run, he explained that “India will see a massive brain drain,” as skilled citizens move out of the country to seek opportunities elsewhere. Bahrain, for example, has already been courting Indian startups to set up shop there, marketing itself as a crypto-friendly country.
If the government decides to ban cryptocurrency, “India will not have blockchain and crypto expertise leading to no crypto-related work reaching India,” the Wazirx executive pointed out, emphasizing that the country stands to “lose billions of dollars worth of investment that the crypto sector can potentially attract.” Consequently, “Hundreds of jobs will be lost,” he indicated, elaborating:
Indian citizens will lose hundreds and thousands of crores of their hard earned money … India will lose out on thousands of jobs that would otherwise be generated if the crypto sector was to be positively regulated.
Whether done in fiat currency or cryptocurrency, “Illegal activities, money laundering, and terrorist financing are the top concerns for the government of India,” Barchha asserted. “As of now, every exchange allows trading after verifying documents rigorously,” he described, affirming that “A ban will result in [the] closure of all exchanges and that will result in no accountability of transactions.” He further conveyed that “People with illicit intentions are … going to deal in crypto using their own network,” elaborating:
Indirectly, the government of India will increase their headache of tracing illegal transactions, which would have been easier if strict KYC based exchanges are regulated.
On the other hand, he opined: “honest traders or investors won’t give up their faith on the technology and they will trade in cash through peer-to-peer portals. They won’t be paying any taxes for these transactions, which is an additional loss for the government.”
Recently, The Indian National Association of Software and Services Companies (Nasscom) voiced its concerns regarding the proposed banning of crypto assets in India. The association describes itself as “the apex body for the 154 billion dollar IT BPM industry in India,” which “Liaisons with government and industry to influence a favourable policy framework.” Nasscom stated that “A ban would inhibit new applications and solutions from being deployed and would discourage tech startups” and would also “handicap India from participating in new use cases that cryptocurrencies nad tokens offer,” emphasizing:
A ban is more likely to deter only the legitimate operators as they have no intent to be non-compliant.
In his open letter to the Indian finance minister, Sohail Merchant, CEO of local crypto exchange Pocketbits, wrote: “If the ban comes into effect, the black market will continue to thrive. It will be the common man, compliant businesses, and innovators building upon these protocols that will be affected.”
There is already a banking ban in place in India, imposed by the Reserve Bank of India (RBI) in its circular issued in April last year. The ban went into effect 90 days later. A number of industry participants filed writ petitions challenging the ban, which the Indian supreme court was originally set to hear in September last year but was continually delayed. The wait has caused a few operators to shut down their local exchange operations, including Zebpay, formerly one of the largest crypto exchanges in India, Coindelta, Coinome, Koinex, and Cryptokart.
During the Aug. 21 hearing, the supreme court instructed the central bank to answer the representation by crypto exchanges. Shetty told news.Bitcoin.com that the document was submitted by the Internet and Mobile Association of India (IAMAI) sometime last year. “It’s basically a set of suggestions that IAMAI had sent to the RBI. Stuff like exchanges following KYC and AML policies etc,” he clarified. “The objective was to put across the fact that there are better ways to ensure investor protection and prevent malicious activities in crypto.”
Coinrecoil, the first company to challenge the RBI ban in court, has recently withdrawn its writ petition. “Yes, we did withdraw our petition last week,” Barchha confirmed. “Even though being a startup, we decided to take the risk and became the first exchange in the country to file the petition. We tried our best to stay till the end of the fight. But regardless of our passion or confidence, at some point, money matters.”
According to Barchha, the financial burden was the only reason for his startup with limited funds to withdraw its petition. “Most of the investment was done by three directors, friends, and family. That was enough to build the exchange from scratch, and make it operational for 4 months. The banking ban was a blow to our financial planning,” he detailed.
Do you think crypto could help boost the Indian economy? Would banning it have the opposite effect? Let us know in the comments section below.
Images courtesy of Shutterstock.
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The post Crypto Can Boost Indian Economy – How Banning Will Hurt it appeared first on Bitcoin News.
Bitcoin price fell sharply below the $10,000 and $9,800 supports against the US Dollar. BTC price is currently at a risk of more downsides below the $9,500 support.
In the past two days, we saw many bearish signs for BTC below the $10,500 support against the US Dollar. Finally, there was a bearish breakdown below the key $10,200 and $10,000 support levels. Additionally, there was a close below the $10,000 support and the 100 hourly simple moving average. More importantly, there were heavy downsides in Ethereum, ripple, binance coin, EOS and litecoin.
Bitcoin price is down around 5% in the past few hours and it even broke the $9,800 and $9,760 support level. Moreover, this week’s followed bearish flag was breached with support near $10,000 on the hourly chart of the BTC/USD pair. It traded to a new weekly low at $9,533 and it is currently consolidating above the $9,500 support area. Recently, there was an upside correction above the $9,600 level.
However, the upward move was capped by the $9,720 level plus the 23.6% Fib retracement level of the recent drop from the $10,304 high to $9,533 low. The price is currently struggling to recover above the $9,650 and $9,700. Above these, the next key resistance is near the $10,000 level. The 50% Fib retracement level of the recent drop from the $10,304 high to $9,533 low is also near the $9,920 level to act as a resistance.
Therefore, an upside correction towards the $9,800 and $10,000 levels could face a strong selling interest in the near term. On the downside, an immediate support is near the $9,500 level. If there is a downside break below the $9,500 support, the price could continue to decline towards the $9,200 support area.
Looking at the chart, bitcoin price is clearly trading in a downtrend below $9,800 and $10,000. Any upside recovery is likely to face sellers near $9,800 and $9,850. On the downside, the bears are likely to aim for a break below $9,500.
Hourly MACD – The MACD is slowly losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold area.
Major Support Levels – $9,500 followed by $9,200.
Major Resistance Levels – $9,700, $9,800 and $10,000.
The post Bitcoin Price (BTC) Trend Overwhelmingly Bearish, Turned Sell On Rallies appeared first on NewsBTC.
BCH price failed to stay above the main $305 and $300 support levels against the US Dollar. The BCH/USD pair started a fresh decline and broke the $300 support. The price gained bearish momentum and tested the $280 support area. The current price action is bearish, suggesting more losses below the $275 support.
On the upside, an immediate resistance is near the $290 level. However, the main resistances are near the $300 and $305 levels (the recent supports).
Binance coin (BNB) price is under a lot of selling pressure as it fell more than 12% in the past few hours. BNB price broke the $24.00 and $23.50 support levels to enter a bearish zone. Besides, the price tested the $22.00 support level and it is currently consolidating losses.
Litecoin price is failed to stay above the $72.00 and $70.00 support levels. LTC price is down around 10% and it recently broke the $68.00 support. The next key supports on the downside are near the $65.20 and $65.00 levels.
Tron price is down around 12% and it broke the main $0.0165 support. TRX price even traded below the $0.0155 level and traded close to the $0.0152 level. The next key support is near the $0.0150 level. On the upside, the $0.0158 and $0.0160 levels are likely to stop upsides.
Looking at the total cryptocurrency market cap 4-hours chart, there was a downside extension below the $250.0B and $245.0B support levels. The market cap is now trading below $240.0B and it may soon break the $235.0B and $232.0B support levels. The next major support is near the $225.0B level. On the upside, there are many hurdles near the $250.0B and $253.0B levels. Moreover, there are two bearish trend lines forming with resistance near $255.0B. Overall, upsides are likely to be capped in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.
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Ripple price is under a lot of pressure below $0.2650 against the US Dollar, similar to bitcoin. XRP price is likely to extend its decline below $0.2450 and $0.2420.
Yesterday, we discussed possible scenarios and bigger picture for ripple against the US Dollar. XRP price failed to climb above the main $0.2750 and $0.2800 resistance levels. Moreover, it settled below the $0.2750 level and the 100 hourly simple moving average. As a result, the bears took control and pushed the price further lower below the $0.2650 and $0.2600 support.
The bearish scenario seems to be active as the price even broke the $0.2580 and $0.2500 supports to hit most targets as discussed in yesterday’s post. The price traded as low as $0.2461 before starting an upside correction. It recovered above the $0.2550 level plus the 23.6% Fib retracement level of the recent drop from the $0.2702 high to $0.2461 low.
However, there are many hurdles on the upside, starting with $0.2580. The stated $0.2580 level was a support earlier and now it could stop the upside. Moreover, it coincides with the 50% Fib retracement level of the recent drop from the $0.2702 high to $0.2461 low. There is also a key bearish trend line forming with resistance near $0.2610 on the hourly chart of the XRP/USD pair.
Therefore, the price is likely to struggle to surpass the $0.2580 and $0.2600 resistance levels. On the downside, an immediate support is near the $0.2500 level. If there is a fresh decline below $0.2500, the price could continue to move down towards the $0.2460 and $0.2420 levels. The next major support for the bulls is near the $0.2400 level.
Looking at the chart, ripple price is showing a lot of bearish signs below the $0.2650 resistance level. Therefore, there are high chances of another downward drift towards the $0.2450 and $0.2420 support levels. On the upside, a close above $0.2580 and $0.2600 is needed for a decent recovery.
Hourly MACD – The MACD for XRP/USD is slowly reducing its recent bearish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is struggling to move back above the 30 level.
Major Support Levels – $0.2500, $0.2450 and $0.2420.
Major Resistance Levels – $0.2580, $0.2600 and $0.2650.
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Ethereum price is down close to 10% versus the US Dollar, with strong bearish moves vs bitcoin. ETH price remains in a downtrend and it could decline further to $162.
In the past few days, we saw how ETH price struggled to clear the $192 and $195 resistance against the US Dollar. The price even settled below the $190 support and the 100 hourly simple moving average. As a result, there was a sharp decline below the $185 and $180 support levels. The price declined around 10% and even broke the $172 support area. Similarly, there were strong bearish moves in bitcoin, ripple, EOS, and binance coin.
A new monthly low was formed near $166 before Ethereum started an upside correction. It recovered above the $170 level plus the 23.6% Fib retracement level of the recent drop from the $188 swing high to $166 swing low. However, the upward move was capped by the $174-175 zone. Moreover, the price failed to test the 50% Fib retracement level of the recent drop from the $188 swing high to $166 swing low.
Recently, there was a break below a bearish continuation pattern with support near $172 on the hourly chart of ETH/USD. The pair is now trading near the $170 level and it seems like it could continue to move down. An immediate support is near the $166 and $165 levels. However, the main target for the bears could be near the $162 level in the near term.
On the upside, there are many hurdles near the $175 level. However, the main resistance is now near the $180 and $182 levels (the previous supports). Besides, the 61.8% Fib retracement level of the recent drop from the $188 swing high to $166 swing low is also near the $180 level.
Looking at the chart, Ethereum price is clearly facing a strong resistance near the $172 and $175 levels. Therefore, it might continue to move down below the $170 and $166 levels.
Hourly MACD – The MACD for ETH/USD is slowly reducing its recent bearish slope.
Hourly RSI – The RSI for ETH/USD is still in the extreme oversold area, with bearish signs.
Major Support Level – $165
Major Resistance Level – $175
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Bitcoin’s price is trading around $9,600 after a quick spick downward from above $10,200
Salaries paid in decentralized digital coins have become a norm across the crypto industry, but there’s really no reason why cryptocurrencies can’t be used for remuneration by businesses in other sectors as well. In many jurisdictions that should be legal even in the absence of dedicated legislation. Switzerland, New Zealand, Japan and Estonia are a few examples. Companies and employees in these countries take advantage of the benefits that come with crypto payments.
Switzerland has already established itself as a crypto-friendly nation and it is a role model in many respects, including the way it treats cryptocurrency remuneration. Many leading companies and projects in the crypto space have already set up offices or are headquartered in the Swiss Crypto Valley, centered in the Canton of Zug. The long list includes names such as Shapeshift, Xapo, Bitmain, the Ethereum Foundation and most recently the Libra Association.
For many decades, the Alpine federation was a good example of geopolitical neutrality and financial privacy. The latter has been somewhat degraded in the past few years under pressure from powerful players such as the U.S. and the EU. However, decentralized digital currencies are offering Switzerland a chance to redeem itself in the eyes of account holders, and the country has embraced the opportunity.
Many aspects of dealing with crypto assets have been regulated already by the Swiss authorities and that includes taxation. People who receive cryptocurrency as wage income need to declare it and pay tax, just like with fiat salaries. Crypto gains of investors and traders are treated as tax-exempt capital gains but depending on the canton, you may have to pay wealth tax which is levied on the total amount of digital coins you hold, similar to cash or precious metals.
In a confederation like Switzerland, there are multiple levels of income taxation – federal, cantonal, and municipal. Regulations vary from one administrative unit to another and income tax can be progressive or proportional. Amounts owed also depend on the marital status of the taxpayer. The scope of taxable income covers all funds accruing to a natural person from all sources. That includes remuneration received in various forms, including digital.
Switzerland is undoubtedly a leader in creating favorable conditions for crypto businesses, but other nations have been quickly catching up. Among those where crypto salaries are a working option are Japan, Estonia, and the United States. For example, Japanese internet giant GMO announced some time ago that its almost 5,000 employees will be able to receive part of their salaries in cryptocurrency. And this spring, U.S.-based cryptocurrency exchange Kraken revealed it paid 250 salaries in bitcoin in April.
Crypto companies registered in Estonia, considered to be one of the most advanced digital societies, are often partially compensating or encouraging their employees with cryptocurrencies and tokens. The Baltic nation’s legislation provides for the taxation of such income. But even in jurisdictions where cryptocurrencies are yet to be legalized, crypto salaries are possible. In Russia, for example, half of fintech companies pay their employees with coins.
The crypto industry is not restricted by national boundaries. Cryptocurrencies significantly improve the speed and reliability of cross-border payments and the growing gig economy is taking advantage of the benefits of frictionless digital money. According to a study from 2017, freelancers will form a majority of the workforce in the United States within a decade. And a survey on payment preferences conducted in 2018 shows that a third of them would like to be paid partially or entirely in cryptocurrency.
Crypto-paid remote jobs are rapidly spreading in the global economy as well, thanks to the services offered by companies like Bitwage. It’s also getting easier to find a job paid in cryptocurrency with the help of platforms such as Workingforbitcoins.
Generally speaking, crypto salaries don’t really need dedicated legislation or special permissions by authorities to be legal. Many countries allow part of an employee’s compensation to be paid with non-monetary assets like commodities. And in jurisdictions where digital coins are not yet recognized as currencies, they have been granted a commodity status. Thus, cryptocurrencies can still be paid and received as fringe benefits.
Nevertheless, it does look like a step forward when a government agency explicitly mentions crypto wages in its official documents. And that’s what the tax authority in New Zealand recently did, deeming it legal for businesses to pay their employees in bitcoin. Companies will now be able to withhold tax on income payments under the existing pay-as-you-earn schemes like those of regular fiat salaries, as per the country’s current tax legislation.
The clarifications were made in an information bulletin issued earlier this month by New Zealand’s Inland Revenue Department (IRD). The ruling will go into effect on Sept. 1, 2019 and will be valid for the next three years. And while crypto enthusiasts have welcomed the arrangement as one that can encourage crypto adoption, doubters have expressed concerns its only goal is to ensure the collection of more taxes by the government in Wellington.
As expected from a regulator, the green light comes with multiple conditions. First of all, only employees working under official agreements can be paid with cryptocurrency. Then, the payments must be for a fixed amount, not exceeding half of the full pay, with the value of the crypto asset pegged to one or more fiat currencies. The crypto wages must be a regular part of the employee’s remuneration and be convertible into government-issued fiat money like the New Zealand Dollar.
The IRD also pointed out that salaries must be paid in a coin that can function as a currency, a substitute to fiat. This requirement aims to protect employees from being paid in an illiquid asset or small altcoin.
The tax agency listed several decentralized cryptocurrencies that meet its criteria. These are bitcoin cash (BCH), bitcoin core (BTC), bitcoin gold (BTG), ethereum (ETH), and litecoin (LTC). The revenue department also thinks stablecoins such as tether (USDT), or any of its alternatives that are easily convertible to fiat, qualify for that role as well.
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Do you expect more countries to regulate the use of cryptocurrencies for remuneration? Do you think crypto salaries need specific regulations? Share your thoughts on the subject in the comments section below.
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