Bitcoin Price Continues to Eye $11K as Most Altcoins See Minor Gains

Market visualization. Source: Coin360

Bitcoin continues to show impressive price movement after trading close to $10,300 for the better part of the day. At publishing time, the No. 1 cryptocurrency is trading at $10,718 — up 2.9% on the day, according to data from Coin360.

Bitcoin’s 24-hour price chart. Source: Coin360

Bullish sentiments towards BTC seem to have won out once again as Bitcoin dominance hit 70.5%. Cointelegraph reported at the beginning of August that crypto perma-bull and former Wall Street trader Max Keiser had claimed Bitcoin dominance is heading towards 80% and that altcoins are dying — and will “never come back.”

The No. 1 altcoin, Ether (ETH), is showing a minor uptick of 1% and currently trading at $181 per coin.

Ether’s 24-hour price chart. Source: Coin360

Ripple’s XRP token continues to trade steadily and is showing minor gains of 0.1%. At publishing time, the world’s third-most popular coin is trading at $0.263.

Cointelegraph reported on Sept. 3 that, according to Whale Alert, a live tracker for cryptocurrency transactions, Ripple had moved 500 million of its native XRP tokens (worth about $130.1 million at publishing time) from its escrow wallet.

XRP’s seven-day price chart. Source: Coin360

Major losers and gainers among top 20 altcoins

Among the top 20 cryptocurrencies by market capitalization, Huobi Token (HT) is showing the biggest gains on the day — up more than 4% to trade at $4.11 at publishing time. Bitcoin Cash (BCH) is the second-best performer in the top 20 altcoins, showing gains of just under 4% to trade at $304 per coin.

The worst-performing top 20 altcoin is Tezos (XTZ) with a loss of 4% on the day. One Tezos is now being traded at $1 per coin.

Overall cryptocurrency market capitalization currently sits at $271 billion, with BTC’s share accounting for 70.5% of the total.

By Joeri Cant

David

Bitcoin And Crypto Market Rally Looks Real – LTC, BNB, BCH, TRX Analysis

• The total crypto market cap recovered nicely and broke the key $250.0B resistance area.

• Bitcoin price is up more than 7% and it recently climbed above $10,400.

• Binance coin (BNB) price is also gaining momentum and it recently broke the $22.50 resistance.

• Litecoin (LTC) price is facing a few solid hurdles near the $68.00 and $70.00 levels.

• BCH price is up more than 5% and it is about to break the $300 resistance area.

• Tron (TRX) price is slowly moving towards the $0.0160 and $0.0162 resistance levels.

The crypto market cap and bitcoin (BTC) are currently surging above key resistances. Ethereum (ETH), litecoin, ripple, BCH, TRX, XLM, BNB and EOS are also correcting higher.

Bitcoin Cash Price Analysis

BCH price formed a decent support base near the $280 level against the US Dollar. The BCH/USD pair started a solid upward move and broke the $290 resistance level. The price is currently up more than 5%, with an immediate resistance near the $300 level

If the price surges above the $300 and $305 resistance levels, there could be more gains in the coming sessions. On the downside, the $290 level may now act as a support in the short term.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price is also showing a lot of positive signs and it recently climbed above the $22.00 resistance area. BNB price is up around 6% and it is trading above the $22.50 resistance level. The next key resistances are near the $23.00 and $23.20 levels.

Litecoin price is still facing a lot of hurdles on the upside near the $68.00 and $70.00 level. LTC price must settle above the $70.00 level to start a decent upward move. On the downside, the main supports are near the $65.00 and $62.00 levels.

Tron price is slowly moving higher and is trading above the $0.0155 level. An immediate resistance is near the $0.0160 level, above which TRX price could climb further above the $0.0162 resistance level. The main supports on the downside are near $0.0152 and $0.0150.

Looking at the total cryptocurrency market cap 4-hours chart, there solid recovery initiated from the $235.0B support area. The market cap broke the $240.0B and $250.0B resistance levels to move into a positive zone. Moreover, there was a break above this week’s followed bearish trend lines near $248.0B and $252.0B. The market cap is now placed nicely above $250.0B and the 100 SMA on the same chart. Therefore, there could be more gains in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.

Aayush Jindal

David

Kyrgyzstan to Impose Taxes on Bitcoin Miners

Kyrgyzstan, a formerly notorious anti-crypto country, is making some moves towards reversing a years-old negative stance on crypto assets.

According to a report from local news outlet Kabar, the Ministry of Economy in the Central Asian country submitted a draft bill to introduce a new taxation structure to cryptocurrency mining. The Kabar report revealed that earlier this week, the ministry submitted a draft bill titled “On Amending the Tax Code,” which seeks to outline its proposed method of taxing crypto miners

As the news medium pointed out, the Ministry of Economy is exploring two possible means of getting this done. The first will be to put a tax rate on incomes earned through mining, while the second will be to tax expenses being incurred by miners as they carry out the activity.

The taxation of crypto mining is a significant development in the country, especially for several reasons. The first of these would have to be the projected revenues that this could drive for the government. According to Kabar, the government of Kyrgyzstan is carrying this action out to primarily raise budget revenues, as it notes that they could see revenue increases over 300 million som (about $4.2 million).

Given that their annual budget stands at about $1 billion, this c#isnt such a terrible means of getting some cash to finance things. In addition to this, introducing taxes for mining is also a breakthrough for the crypto sector in the country.

The government of Kyrgyzstan imposed a sweeping ban on cryptocurrencies back in 2014, when the National Bank of the Kyrgyz Republic (the country’s highest banking institution) issued an official statement warning that the use of Bitcoin and other crypto-assets as payment methods was illegal under national law.

At the time, the bank warned that Bitcoin was an unregulated, highly volatile currency. In the release, the financial authority claimed, “Under the legislation of the Kyrgyz Republic, the sole legal tender on the territory of our country is the national currency of Kyrgyzstan som. The use of ‘virtual currency,’ Bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state.”

Essentially, this meant that Bitcoin and crypto assets had been banned in the country long before Bitcoin trading blew up, and the asset’s price very nearly reached $20,000 per token.

All of the potential earnings and benefits that Bitcoin and crypto assets have brought to favorable jurisdictions since then have essentially eluded Kyrgyzstan. It would seem that the government is tired of missing out on all this, and is now ready to accept the asset into its economic framework.

It is also worth noting that while the government banned virtual currencies, they remained in the country. Last year, Valery Tutykhin, Head of the Finance Centre Development Agency, spoke to news medium 24.kg and claimed that citizens of the country could still perform stock trading and investments with cryptocurrencies.

So, why wait? Embrace cryptocurrencies impose taxes on anyone looking to mine, and enjoy the benefits of a budding industry while you make money as well.

SEPTEMBER 1, 2019 Jimmy Aki

David

Bitcoin (BTC) Price Weekly Forecast: $10K Holds Key For Recovery

There was a major downward move below the $10,000 support in bitcoin price against the US Dollar.

The price is currently correcting higher, but upsides remain capped near $9,800 and $10,000.

There is a major bearish trend line forming with resistance near $9,980 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

There could be a short term upside correction, but the bulls are likely to struggle near $10,000.

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.

Bitcoin Price Weekly Analysis (BTC)

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.

Technical indicators

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

Aayush Jindal

David

Proposed A Radical Competitor To Bitcoin And The U.S. Dollar

Bitcoin and cryptocurrency competitors are in vogue at the moment with both social media giant Facebook and China planning their own digital currency projects.

The bitcoin price, despite suddenly plummeting this week, has climbed this year largely because the likes of Facebook and South Korean technology behemoth Samsung have tacitly endorsed bitcoin and cryptocurrency technology, helping it to somewhat recover from a disastrous 2018.

Now, Bank of England governor Mark Carney, who has previously poured scorn on bitcoin and its crypto peers, has said a global digital currency, which sounds remarkably like bitcoin, could replace the U.S. dollar as the world’s reserve currency.

The Bank of England governor Mark Carney has suggested governments work together to create a global digital currency–something which could rival bitcoin and other cryptocurrencies. GETTY IMAGES

"[A digital currency] could dampen the domineering influence of the U.S. dollar on global trade," Carney said in a speech at the gathering of central bankers from around the world in Jackson Hole, Wyoming, it was first reported by the Guardian, a U.K. newspaper.

The U.S. dollar is stockpiled by governments around the world to help protect against any downturns in the U.S. economy.

"If the share of trade invoiced in [a digital currency] were to rise, shocks in the U.S. would have less potent spillovers through exchange rates, and trade would become less synchronized across countries," Carney added.

Carney's comments follow attempts by Facebook to win over global financial regulators to its libra cryptocurrency project, expected to launch some time next year.

Facebook has said it wants libra to act as a global currency and is trying to launch the coin in as many countries as possible, though it's thought to have a focus on emerging markets.

Earlier this month, a senior official at China's central bank said it's "almost ready" to issue its own sovereign digital currency, with new research out this week suggesting it could eliminate the need for bank accounts.

"The dollar’s influence on global financial conditions could similarly decline if a financial architecture developed around the new [digital currency] and it displaced the dollar’s dominance in credit markets," Carney added.

Bitcoin enthusiasts were, of course, quick to point out bitcoin would fulfill many of Carney's requirements.

"Bitcoin largely fits the description of what [Carney] is looking for—something ‘removed’ from country borders and independent of country-specific interest rate policies," Richard Galvin, a former investment banker at JPMorgan Chase and now chief executive of Digital Asset Capital Management, told Bloomberg, a financial newswire.

The bitcoin price has climbed so far this year as interest in bitcoin and cryptocurrencies from some of the world's biggest technology companies has grown.COINDESK

Carney has publicly criticized bitcoin however, last year warning bitcoin could be heading for a "pretty brutal reckoning," and that cryptocurrencies have "all the hallmarks of a bubble."

Despite Carney's dislike of bitcoin, the Bank of England earlier this year said it welcomed Facebook’s libra initiative, adding it could be a useful addition to trading goods and services.

Carney's comments are though likely to put him at odds with U.S. president Donald Trump who recently launched a scathing attack on bitcoin and cryptocurrencies in light of Facebook's plans, branding them "unregulated crypto assets" and based on "thin air."

"We have only one real currency in the U.S.A., and it is stronger than ever, both dependable and reliable," Trump said. "It is by far the most dominant currency anywhere in the world, and it will always stay that way. It is called the United States dollar!"

Billy Bambrough

David

Portugal Tax Authority – Bitcoin Trading and Payments Are Tax-Free

Portugal’s Tax Authority has clarified that both cryptocurrency trading and payments in crypto will not be taxed in the country, Cointelegraph en Español reported on Aug. 27.

According to a report published on Aug. 26 by Portuguese business newspaper Jornal de Negócios, the Portuguese Tax and Customs Authority have confirmed that crypto transactions or payments are exempt from Value Added Tax (VAT).

The agency reportedly provided the clarification to a local crypto mining company, publishing an official ruling document. In the document, the authority states that the exchange of crypto for fiat money is free of VAT, adding that crypto users do not have to pay any income tax.

Portugal cites a 2015 ruling for crypto tax exempt

In the official statement, the Portuguese tax authority cited a 2015 ruling by the European Court of Justice regarding the case involving major Swedish Bitcoin (BTC) portal Bitcoin.se and its moderator David Hedqvist.

As reported at the time, the court ordered that Bitcoin is a means of payment and that the exchange should therefore be exempted VAT obligations. However, the Swedish Tax Agency subsequently argued against the ruling, claiming that the court did not fully understand the matter.

Earlier stance on crypto

The confirmation follows a previous tax ruling by the Portuguese tax authority that cryptocurrencies are not taxed in the country. A document published by the agency in 2016 states that income from the sale of crypto in Portugal is not subject to income tax.

Earlier in 2013, the central bank of Portugal, the Banco de Portugal issued a statement citing a 2012 crypto-related paper by the European Central Bank.

The Portuguese bank raised concerns over the ECB’s Bitcoin recognition as a “phenomenon of innovation in virtual currency models,” claiming that Bitcoin cannot be considered a safe currency as it its issued by unregulated entities.

By Helen Partz

David

Winklevoss Twins – Bitcoin is Going in the Right Direction

The story of Bitcoin has been nothing short of a rollercoaster. The asset had to ensure several years of relative obscurity before finding fame in a 2017 boom and crashing right back down in 2018. However, the world’s most popular asset is back, and Bitcoin trading is now pegged at over $10,000 a token. With a healthy 200 plus percent climb in 2019 alone and all of the momentum in the world, several investors have continued to tout the asset as the best thing to challenge the establishment.

Tyler and Cameron Winklevoss are two of the most vocal proponents of Bitcoin in the world. However, unlike many fans who profess their admiration for the asset, both men have drawn up considerable resources and backed up their bet, opening up the Gemini cryptocurrency exchange and embarking on several cryptocurrency endeavors as well.

Continuing in their massive evangelism for Bitcoin, the Winklevoss twins appeared in an interview with news medium CNN, where they touched on a wide array of issues concerning it.

Amongst other things, the brothers compared the crypto revolution to the Internet boom that took the financial world by storm decades ago, adding that unlike then, it is possible (easy, in fact) for everyone to be a part of this trend. “Unlike the Internet which you couldn’t buy a piece of, you can actually buy a piece of this digital money,” said Tyler, before adding that Wall Street has been “asleep at the wheel.”

As regards the safety of the investment vehicle (especially when compared to treasury bills and other securities that operate in the regulated market), Cameron stated that investing in Bitcoin is a lot like putting your money in the conventional gold. He said, “It’s more of an investment in gold, but this is a new asset class. It’s the future, it’s volatile, and while there has been a few ups and downs, we feel like it is going in the right direction.”

The brothers also spoke on the issue of safety as regards cryptocurrencies, especially with several notable government figures (including Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Steve Mnuchin) pointing out that Bitcoin and Libra (the stablecoin from social media giant Facebook) poses various threats for user protection.

On the issue, Cameron highlighted that their concern for user safety has always been a priority, so much so that it has been ingrained in the culture and identity of Gemini. Tyler chimed in, adding that while these concerns are valid, they aren’t generic to crypto assets. He pointed out that while Bitcoin has been used by drug dealers and terrorists in the past, developments in blockchain forensics have made the asset far more traceable.

Concluding, he said, “I don’t think it’s a unique problem to Bitcoin or crypto… Again, I’ll go back to the dollar and point out that more criminals have used the dollar than anything else.”

While both men are avid Bitcoin fans, their defense of Libra is particularly impressive. Gemini has been rumored to be joining the Libra Association (Libra’s governing body) for a while now, and given how they defended the asset on CNN, it would seem that they could indeed be ready to put their differences with Facebook and its CEO, Mark Zuckerberg, aside and join forces with the social media company.

By Jimmy Aki

David

Bitcoin {BTC} breaches the 10.5k mark – Switzerland and U.S. politicians meet following release of LIBRA

After bears had brought BTC all the way down to $10,000 a trend reversal occurred. This had helped Bitcoin rally along with the majority of the altcoins. Once again, Bitcoin proved its worth over Gold [in spite of the latter facing much less volatility], which indicates that Peter Schiff along with the rest of the “Gold Barons” is wrong.

However, BTC has a long way to go, as the market capitalization is nowhere near that of the precious metal. Although, the latter has generally reacted to events transpiring around the world in a gradual manner.

The lawmakers hailing from the United States had conducted an interactive session with authorities in Switzerland. It seems that the Trump administration is still unsure with regards to the LIBRA project of Facebook.

Maxine Waters, a representative of America, expressed her dismay at a “privately controlled” global currency. Well, the Dollar is manipulated by powerful entities associated with numerous financial bodies in the U.S.A. So her point on the centralization of LIBRA is moot. Because banks have been responsible for economic dilemmas for ages.

While the mainstream community of crypto-enthusiasts is yet to be optimistic about the latest venture of Facebook, David Marcus of Calibra [previously PayPal] has said that LIBRA intends to abide by all regulations in place. Let’s hope that we don’t come across a “Cambridge Analytica data scandal” type of situation this time.

Bitcoin is the top-ranked digital currency in the market. The eleven-year-old king coin rose at a rate of 2.82% in the course of the past 24-hours. The trading volume recorded is $17.132 billion, while the supply has 17,897,337 BTC coins in play. At present, the total market cap of Bitcoin is $186.279 billion. As of this moment, BTC is priced at $10,408.22

BY ADITYA CHATTERJEE ON AUGUST 26, 2019

David