Connect with us

Blockchain

Bitcoin’s Current Side Movement Signals An Imminent Breakout As Investors Are Extremely Bullish

Avatar

Published

on

Bitcoin Steady at $9.5k as Analyst Predicts Price Breakout Before June

Advertisement1xbit
&  & 

Bitcoin has regained over $300 dollars since its massive correction from a high of $12400 to $11500 which saw the coin drop by a thousand dollars.

While some analysts predicted a bearish movement that could see Bitcoin drop below $10,000, in the last 24 hours Bitcoin has reached $11,858 a small but significant 1.42% price increase and a market cap of $219 billion.

The overall sentiment is long on Bitcoin even with more expected price corrections, supported by several critical indicators pointing to the early stages of a bull market.

According to Gemini crypto exchange co-founder Tyler Winklevoss, the fact that Bitcoin has been hovering above the $11500-$12,000 price mark for a while with several successful breaching attempts shows that the coin is gearing up for a major breakout.

“I always get excited when #Bitcoin hovers around a price level for a while. Like a caged animal it’s getting more and more ready to break out.”

Why Bitcoin Is Bound To Breakout

Bitcoin has failed to sustain the $12,000 level, but the bullish sentiment can be felt in the crypto market especially with tokens hitting all-time highs, new partnerships, and new tokens being launched in DeFi and picking up tremendously fast.

Advertisement

Unlike during the 2017 bull run, the crypto market has grown with numerous ways of attracting capital from investors. Yield farming has played the biggest role of alluring crypto enthusiasts to invest in DeFi, making this sector of the crypto market grow to a new record of over $4 billion.

Interest in Bitcoin has also grown, with Google trends indicating a rising number of searches with Bitcoin as a keyword, similar to what happened during 2017’s bull run as well as June 2019 and February 2020’s short bull runs.

A report by CoT on Skrew Analytics shows that retail is the most bullish segment with a $15K open interest on Bitcoin. The data also shows that the recent recovery of the S&P 500 index in the traditional market has slightly reduced leveraged positions on Bitcoin by hedge and other institutional investors.

Another key development that indicates Bitcoin is highly being speculated on, is Open Interest (OI) on CME’s Bitcoin futures, which has already hit a high of $862 million.

Some altcoins including YFI, LTC, and XRP are also doing extremely well and others are bouncing back from earlier corrections. For the majority of altcoins, their movement according to crypto analyst Crypto Michael will still be dependent on Bitcoin.

“When $BTC retraces a bit-> altcoins will bleed. That’s for sure. But when $BTC calms down -> they bounce faster.”


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/bitcoins-current-side-movement-signals-an-imminent-breakout-as-investors-are-extremely-bullish/

Blockchain

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Avatar

Published

on

  • The San Francisco-based payment protocol has filed a document on Friday with the US Securities and Exchange Commission (SEC). It reads that Ripple Labs has entered into an agreement with MoneyGram, which entitles Ripple to sell up to 4,000,000 shares of common stock.
  • Ripple’s option to sell these shares will expire “upon the earliest of March 31st, 2021, the time at which the maximum amount shall have been sold, or the occurrence of certain other customary events affecting the issuer.” 
  • CryptoPotato reported last year that Ripple and MoneyGram announced a strategic partnership. The initial term of the agreement was for two years. Ripple had agreed to provide a capital commitment amounting to $50 million in exchange for equity through the two-year period.
  • As per the SEC filing, Ripple owns 6.22 million shares of the giant money transfer company (or 8.6% of shares outstanding). However, the blockchain company has a warrant to buy up to another 5.95 million shares, amounting to a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding).
  • With the initial investment in 2019, Ripple purchased the MoneyGram shares at 4.10 per stock, which was a significant premium to the market price. 
  • Nevertheless, MoneyGram’s stocks (MGI) have surged in 2020, closing Friday’s session at $7.42. As such, Ripple can cash out with an 80% profit, despite the initial premium.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/ripple-plans-to-cash-out-33-of-its-moneygram-stake-with-a-significant-profit/

Continue Reading

Blockchain

South Korea To Postpone Previously Planned Crypto Income Tax

Avatar

Published

on

Lawmakers in Korea are planning to postpone a recently considered tax on crypto assets profits. Reports say the tax rule delay will be about three months – instead of October 2021, January 2022.

The New Crypto Income Tax Rule To Wait Until January 2022

According to a recent media report, the South Korean congress plans to put off the recently considered cryptocurrency income tax rule. A planning and finance committee of the National Assembly has issued a report, which proposes the necessity of implementing the crypto income tax rule from at least 2022.

A few months ago, in July, a report stated that South Korea’s Minister of Finance and Economy believes that the country should come up with a tax on cryptocurrency trading and investing. Back then, he added that South Korea has been in discussion with other countries about introducing a new digital law.

In July 2020, the country’s Ministry of Economy and Finance amended its tax code, where it included the plan for charging residents a 20% tax on gains from cryptocurrency trading, which are worth more than 2.5 million Korean won (about $2,000).

Lawmakers in the National Assembly are to approve the Government’s plan, which was to carry into effect the cryptocurrency income tax rule from October 2021.

Reason For The Delay – Time Is Tight

As per the media report, the reason for the postponement of the crypto tax law is based on some concerns, raised by local crypto exchanges. They have claimed the lack of time to build their proper tax reporting system and infrastructure, needful for the process to begin.

The so-called “Specific Financial Information Act” would be enforced from March next year, so crypto exchanges have to complete the necessary reporting system by September 2021 for verifying their real names of deposit withdrawal accounts.

As CryptoPotato reported, South Korea announced the planning of the crypto income tax in June this year. The Asian country went through some different views on how and whether it should tax profits from cryptocurrency. Firstly, at the beginning of 2020, the Ministry of Economy and Finance did not consider that digital asset trading gains as taxable income. A month later, another local report said the Ministry believes that the nation could start label cryptocurrency trading profits as “other income.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/south-korea-to-postpone-previously-planned-crypto-income-tax/

Continue Reading

Blockchain

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Avatar

Published

on

Chinese authorities seized around $4 billion worth of bitcoin and other cryptocurrencies from the notorious crypto Ponzi group PlusToken. This comes after the Chinese police arrested the core team running the scheme in July.

Around $4 Billion Worth Of Bitcoin And Crypto Assets Seized

According to CryptoPotato’s previous report on the PlusToken saga, the crypto shysters (27 key operators) were arrested by the Chinese police in July earlier this year. Along with them, the police also arrested 82 other members.

Now according to the latest reports, Chinese authorities have confiscated close to $4 billion worth of bitcoin and cryptocurrency holdings from PlusToken operators. Estimates say that they duped much more than this amount by beguiling investors.

Cryptocurrencies collected from users as a joining fee were valued at at least 14.8 billion yuan ($2.3 billion) as of June 2019…

The document released by the ruling court also mentioned the details of the seized crypto stash: 94,775 BTC, 833,083 ETH, 487 million XRP, 79,581 BCH, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 6 billion Doge, and 213,724 USDT.

On a rough calculation, the value works out to be a little over $4 billion. As per the court’s observations:

The platform had no actual operations or functions. The accused used the digital assets for expenses including paying employees, and sold some of them to buy properties and luxury cars for themselves or relatives.

Also, a few organizers of the PlusToken scam hid and transferred bitcoin and crypto-assets worth about 150 million yuan (~$23 million) at the time. This resulted in some losses, according to the document.

The Scam Story Continues With COVID-19 And DeFi

It doesn’t come as a surprise that the cryptocurrency space is scam-laced. The modus operandi of scammers has changed, though. The onset of COVID-19 scammers motivated them to milk the pandemic and fleece unsuspecting investors dry.

Perpetrators used various methods, such as impersonating popular health and charity organizations. Despite the visible differences in terms of content and requests, the online robbers asked for payments to be made in bitcoin.

Apart from the above, the cryptocurrency ecosystem’s hottest space (read DeFi) too has become a breeding ground for innumerable scams and Ponzi schemes. As per a recent report, an anonymous DeFi user reportedly lost around $140,000 worth of Uniswap UNI tokens to a yield farming scam.

The above wannabe yield farmer intended to leverage the yield farming hype by putting some of his UNI tokens in UniCats, a new DeFi scheme (like many others). UniCats allowed investors to farm its MEOW tokens, after which they can withdraw their tokens.

But, things didn’t go as planned as malicious codes in the project’s contract allowed the fraudulent developers to withdraw the victim’s UNI tokens. This theft was possible because of an earlier approval grant by Doe for the project to spend an unlimited number of UNI tokens.

The rogue devs made away with 36,000 UNI tokens in two rounds bringing the rogue actor’s loot to about $140,000.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/bitcoin-and-cryptocurrency-worth-4-billion-seized-from-top-crypto-ponzi-group/

Continue Reading
Blockchain4 days ago

PayPal Reportedly Restricted a User’s Account for Trading Cryptocurrency

Blockchain3 days ago

South Korean crypto market records more trades in Altcoins

Blockchain3 days ago

Wrapped- DGLD brings Swiss vault held Gold to Ethereum

Blockchain19 hours ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Libra Hired New Payments Subsidiary General Counsel: Report

Blockchain2 days ago

Digital Euro: German finance minister urges ECB to accelerate its CBDC development

Blockchain18 hours ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain5 days ago

Lattice and DEX Alternatives that Counter CEX Practices

Blockchain18 hours ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

This upcoming 45 billion token airdrop is one of the reasons why retail is pumping XRP

Blockchain5 days ago

Verge Price Prediction – How High Will XVG Price Reach in 2021?

Blockchain16 hours ago

Bitcoin Price Prediction: BTC/USD Resumes Upside Momentum, Struggles to Break Above $18,000 Price Level

Blockchain4 days ago

How To Buy Ethereum With PayPal

Blockchain4 days ago

The FBC Fund Has Invested in Vectracoin

Blockchain18 hours ago

Ripple price prediction: XRP to hit $0.67 next, analyst

Blockchain18 hours ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain18 hours ago

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

Blockchain2 days ago

Bitcoin Worth $3B from PlusToken Ponzi Scam Seized by Chinese Authorities

Blockchain16 hours ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain16 hours ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Market Analysis Report (25 Nov 2020)

Blockchain4 days ago

American Investors Given 14 Days to Get Off Binance

Blockchain4 days ago

Tron Price Prediction – Could 2020 Be the Year of the TRX?

Blockchain16 hours ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Ripple price prediction: XRP to move short towards $0.45

Blockchain3 days ago

Yes, You Can Spend Your Bitcoin This Black Friday

Blockchain3 days ago

Yearn. Finance Price Analysis: Spike in Buying Pressure Could See YFI Prices Soar To $25k

Blockchain3 days ago

$100M Liquidated From Compound Following Flash Loan Exploit

Blockchain17 hours ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain17 hours ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain15 hours ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain5 days ago

Coinbase, Citing Regulations, Ends Margin Trading Services

Blockchain5 days ago

Coinbase Pro Ends Margin Trading Services

Blockchain19 hours ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain2 days ago

Market Analysis Report (27 Nov 2020)

Blockchain16 hours ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain16 hours ago

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Blockchain15 hours ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain5 days ago

Kraken Daily Market Report for November 24 2020

Trending