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South Korea Could Tax Cryptocurrency Trading Profits from 2021

South Korea: "Kimchi Premium" Causes Digital Assets to Trade at 600 Percent Premium

The South Korean government has decided to tax profits on cryptocurrency trading, which could take effect from 2021.  Capital Gains Tax on Crypto Trading According to a report from News Asia on Thursday (June 11, 2020), cryptocurrency traders in South Korea could be taxed capital gains on their crypto trading activities come 2021. This decision

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ETH Price Analysis: As Bitcoin Parties, Ethereum Sheds 25% BTC-Wise Since September

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ETH/USD – Bulls Rebound From 2019 Highs.

Key Support Levels: $364, $355, $345.
Key Resistance Levels: $396, $400, $410.

Over the past week, Ethereum was struggling to break above a very short-term falling trend line. The coin dropped into the support at the 2019 Highs around $364 yesterday which allowed it to rebound higher today.

After rebounding, ETH went on to break above resistance at $375.

ethusd-oct21
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers continue to push above $390, the first level of resistance lies at $396 (bearish .5 Fib Retracement & October highs). Following this, resistance lies at $400, $410, and $416 (bearish .618 Fib Retracement).

On the other side, if the sellers push lower, the first level of support is expected at the $364 level (2019 highs). Beneath this, additional support is found at $355, $345 (100-days EMA), and $336.

The RSI rebounded from the mid-line to show the buyers are refusing to give up their control of the market momentum.

ETH/BTC – ETH Penetrates Beneath Consolidation Pattern.

Key Support Levels: 0.03 BTC, 0.0295 BTC, 0.029 BTC.
Key Resistance Levels: 0.0311 BTC, 0.0315 BTC, 0.032 BTC.

Against Bitcoin, Ethereum was trading within a 1.5-month-old consolidation pattern as it ranged between the two boundaries of a symmetrical triangle. Throughout the week, the buyers defended the lower boundary of this triangle, however, with the recent push of Bitcoin above $12,000 the sellers managed to take over and caused to drop beneath the pattern.

After falling beneath ETH continued to plummet until support was found around 0.0307 BTC – provided by a downside 1.618 Fib Extension level.

It’s worth noting that since September 2nd, ETH has lost just shy of 25% against Bitcoin and the last time its value was as low was on August 2nd.

ethbtc-oct21
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the sellers continue lower, the first level of support lies at 0.03 BTC. Beneath this, support lies at 0.0295 BTC (200-days EMA), 0.029 BTC, and 0.0284 BTC (Feb 2020 Highs).

On the other side, resistance first lies at 0.0311 BTC. Above this, additional resistance is expected at 0.0315 BTC, 0.032 BTC (100-days EMA), and 0.0327 BTC.

The RSI has plummeted to oversold conditions which could suggest that the market is slightly overextended and should reverse pretty soon.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/eth-price-analysis-as-bitcoin-parties-ethereum-sheds-25-btc-wise-since-september/

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The Biggest Concern of Bitcoin Investors Until The End Of 2020: Will Trump Get Reelected (Survey)

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Bitcoin’s price is undeniably affected by many factors. Throughout its nascent history, it has displayed continuous correlation with the performance of gold, although, at times, it’s moving hand-in-hand with the stock market.

The overall macroeconomic landscape has also proven to be a factor for Bitcoin’s price. For example, it saw a 40% decrease in March when the world declared a state of global pandemic induced by the outbreak of the novel coronavirus COVID-19.

The 2020 US Presidential Elections are closing in on November 3rd, and this is no doubt an event that will have an impact on the world’s economy not only for this year but for the next four.

With all of the above in mind, we at CryptoPotato decided to ask our newsletter subscribers – what would have the highest impact on Bitcoin’s price, as we are getting to the end of 2020?

Trump’s Reelection a Top Concern for BTC Investors

A total of 500 participants took part in our survey. Below is a graphic representation of their answers.

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cryptopotato_survey_btc

39% of the respondents think that whether Trump gets reelected or not will be the deciding factor for Bitcoin’s price going forward. More interestingly, 20% of all the people who took the survey were Americans, and 43% of them voted for the same answer, giving even more strength to the notion.

32% of participants believe that the stock market’s performance will be a driving factor, while 16% believe gold’s price will have the highest impact on the price of Bitcoin. Only 13% of the respondents voted for the ongoing DeFi hype, which had decreased over the past month.

The results are somewhat unambiguous – investors are concerned with the upcoming elections and the stock market. Those two things, however, are tightly connected, and the stock markets are also likely to react to the outcome of the elections.

Trump: Catalyzing More Increase in Bitcoin’s Price

When trying to figure out what would happen in the future, it’s always a good idea to remind ourselves what happened in the past. For this particular event, we even have a reference point – Trump’s 2016 election.

Donald J. Trump became the 45th President of the United States on Tuesday, November 8th, 2016, after winning the race against his opponent Hillary Clinton.

At the time, Bitcoin was trading at around $700 but almost immediately after the news broke out, the cryptocurrency started increasing. In fact, it managed to gain about 40% by the end of the year, marking an impressive 2-month climb.

btcusd_Chart
BTC/USD Chart. Source: CoinMarketCap

It’s unlikely that the elections were the only factor for this move, but it’s also unreasonable to rule them out.

It’s also worth noting that during Trump’s presidency and the outbreak of the novel coronavirus, the Fed issued the COVID19 stimulus packages aimed at helping American citizens and even more so at bailing out large corporations.

This is something that Biden, Trump’s Democratic opponent, has criticized openly on more than one occasion.

During their first Presidential Debate last month, Biden said that “this country (read the US) wasn’t built by Wall Street bankers and CEOs and hedge fund managers. It was built by the American middle class.”

He also said that millionaires and billionaires did very well during the crisis because of the bailouts and the tax cuts. Moreover, he also plans to increase the corporate income tax rate from 21 to 28 percent, should he be elected, as part of his Tax Plan.

These are likely to be developments that Wall Street won’t welcome lightly and could prompt a sell-off or at least a halt to the stock market’s performance. It’s unlikely that this would turn out great for Bitcoin as well.

Featured image courtesy of FT

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Source: https://cryptopotato.com/the-biggest-concern-of-bitcoin-investors-until-the-end-of-2020-will-trump-get-reelected-survey/

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Traders’ Digest: After $12K, Bitcoin Is Heading To $14,300 Before 2021

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Characterized by an explosive rally in the last 24 hours, bitcoin just took back this year’s high again. But a popular TradingView-based analyst is calling for BTC to hit $14,300. This is based on the ‘Underlying Trend-line’ analysis, which, according to him, is the “the most consistent trend-line since March.”

Bitcoin Testing The Underlying Trendline Again, Next Stop $14,300

As per TradingShot(TS), a widely popular bitcoin analyst, all the signs are pointing to BTC rallying to higher price points. How high? Well, the ‘Underlying Trend-line’ that TS published in June this year suggests a climb to the $14,300 mark.

bitcoin us dollar 4h chart
Bitcoin Underlying Trendline Source: Trading Shot, TradingView

TS says that bitcoin’s current underlying trendline has been the most consistent one since March. BTC is testing it again.TS reminded readers of the same and mentioned the culmination of the price action into strong rallies whenever there’s an ‘upward breach’ of the trendline.

The bitcoin price observer and chartist commented that similar to April, BTC is undergoing a heavy bout of accumulation.

As back in April, BTC has again formed a Channel Up on its 1D RSI , which represents accumulation on the actual price action. It is probably a matter of time before this breaks upwards.

Talking about the technical setup in detail, TS considers bitcoin’s price action within the above mentioned ‘Channel Up’ and one of its crucial aspects, the Fibonacci extension. Extrapolating the 3.000 Fibonacci extensions ‘from the 3rd high after the previous top’ gives us an idea about the next local top. 

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If the calculation works out this time as well, the bitcoin price may be heading towards $14,300.

Bloomberg’s Analysis Also Points To A $14,000 BTC by 2020 End.

As reported by CryptoPotato earlier during this month, Bloomberg’s senior commodity strategist Mike McGlone also suggested that bitcoin’s price could hit $100,000 by 2025. However, it is also important to note that Mike made a pretty resounding case for a $14,000 BTC by year-end.

While talking further about his Bitcoin price forecast this year, Mr.McGlone included the ’30-day average of Bitcoin active addresses from Coinmetrics’. He said that BTC’s active addresses were ‘a leading indicator of the recovery in 2019’.

Looking at the current trend of Bitcoin wallet addresses, he said that the trend points to a price point that is closer to the $15,000 mark than $10,500 (as of October 2).

Unless these gauges reverse, it’s unlikely the price will decline. – The BI commodity strategist said.

Crypto Exchange Kraken Had Predicted The Same Earlier In September

Citing its August 2020 Bitcoin Volatility Report, cryptocurrency exchange Kraken had pointed out that according to past trends, September always has been a lackadaisical month for bitcoin. But from October onwards, BTC will be in for an ‘incremental volatility’ ride and a price movement to the upside.

The exchange considered bitcoin’s historical 94-day year-end trend. As per the calculations, Kraken said bitcoin has almost 2 months to register fresh gains for investors and surpass the 315-day volatility moving average.

A look at the last nine years of data confirms the occurrence of a rally into the year-end and ‘incremental volatility’. – The exchange said.

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Source: https://cryptopotato.com/traders-digest-after-12k-bitcoin-is-heading-to-14300-before-2021/

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