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Tone Vays: New Bitcoin Bull Cycle Is Here, With BTC Targeting $50K – Here’s When It Could Happen

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Veteran trader and crypto strategist Tone Vays is no longer a Bitcoin bear.

On the latest episode of Trading the Markets, Vays says BTC appears to be heading toward $50,000, listing a number of catalysts that could fuel a long-term bull run.

“I think the biggest factor was that big capitulation in March… The big crash is what I was waiting for this year to finally reset Bitcoin…

Not to mention, the big shutdown is scaring a lot of people. Right now the government is printing money for everyone because they don’t want riots on their hands but after that, the government is going to be broke, and they’re going to be taxing people to death in order for the cities to continue functioning.”

Vays says he believes BTC will soar to $50,000 sometime next year.

Since the big pullback in March, Bitcoin has gained over 140%, bottoming just below $4,000 and then recovering for a now 5-month bull run. Vays says investors now have a huge appetite for risk-on assets whether it’s Bitcoin, gold or the S&P 500 because “anything other than the government paper” looks attractive as the US prints money by the trillions.

Vays says he categorizes Bitcoin as a safe asset, and says a $250 million investment in BTC by the technology solutions provider MicroStrategy was the company’s best use of capital given the current climate.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2020/08/21/tone-vays-new-bitcoin-bull-cycle-is-here-with-btc-targeting-50k-heres-when-it-could-happen/

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India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar

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Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.

Taxing Crypto Gains

According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018. 

This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day. 

Over $25 Million Daily

Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders. 

Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.

Declaring Bitcoin Profits As Capital Gains

Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”

Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies. 

However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.

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Source: https://cryptopotato.com/india-reportedly-plans-to-tax-crypto-investors-as-bitcoin-price-and-trading-activities-soar/

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OCC Chief Hints at Coming ‘Good’ Actions on Crypto by End of Trump’s Term

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Acting Comptroller of the Currency Brian Brooks predicted a lineup of cryptocurrency banking and clarification actions will emerge from the Trump Administration during its final days.

The chief national banking regulator was speaking on CNBC Squawk Box:

“I don’t think we need 50 regulations, but what we do need is clarity about what’s allowed,” he said. Brooks cited banks plugging into “directly into blockchains as payment networks” as one place where “the answer has to be yes.”

Brooks seemed to imply that the crypto banking clarity coming “in the next 6 to 8 weeks” would have a positive impact on bitcoin‘s price.

“It may have been a bubble two years ago, but with more clarity institutions that see this is a real thing are going to adopt at scale, which they’ve already started to do so,” Brooks said. He said regulatory clarity “are the things that are driving prices at this point.”

Brooks refused to directly answer show hosts’ questions about the rumored self-hosted wallet regulation supposedly coming out of the Treasury Department. Last week, Brooks’ former boss, Coinbase CEO Brian Armstrong, publicly suggested on Twitter that his current one, Treasury Secretary Steve Mnuchin, would stifle crypto innovation with a slap-dash final regulatory push.

“We’re very focused on getting this right, we’re very focused on not killing this, and it’s equally important that we develop the networks behind Bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing so believe me, there’s a balance here and it’s going to work for everybody,” he said.

Source: https://www.coindesk.com/brian-brooks-crypto-clarity

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Over 200,000 Bitcoin Moved Out of Long-Term Storage Since November

Unchained Capital revealed the news via a data visualization on Dec 3. Unchained’s ‘HODL Waves’ metric measures the activity of bitcoin by the length of storage. The total share of the bitcoin supply locked in storage between five and seven years fell from 5.48% to 4.67% between Nov 1 and Nov 30. Some Long-Term Investors … Continued

The post Over 200,000 Bitcoin Moved Out of Long-Term Storage Since November appeared first on BeInCrypto.

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Approximately $4 billion worth of bitcoin which had been inactive for between five and seven years was moved out of long-term storage following November’s massive price rally.

Unchained Capital revealed the news via a data visualization on Dec 3.

Unchained’s ‘HODL Waves’ metric measures the activity of bitcoin by the length of storage. The total share of the bitcoin supply locked in storage between five and seven years fell from 5.48% to 4.67% between Nov 1 and Nov 30.

Some Long-Term Investors Take Profit

Investors who locked their coins into storage in 2013 did so at a price level that averaged between $134 and $1,151. In 2014 and 2015, the price averaged between $500 and $750.

With bitcoin closing at $18,702 on Nov 30, long-term investors would have made anywhere between 1524% and 13,856%.

Bitcoin All-Time Price Chart: TradingView

According to the HODL Waves calculation, 1.19% of the bitcoin total supply left this storage category and became active on-chain.

Given the current total supply of 18,60,637.5 BTC at press time, this represents roughly 200,000 BTC, currently worth just over $3.8 billion.

Bitcoin HODLers Not Relenting

The data reveals a mix of long-term strategies. The vast majority of long-term investors are not only holding, but also increasing their holdings.

Whereas the previous five to seven year long-term storage category fell more than 1%, the over ten-year storage category actually rose 0.19% from 9.73% to 9.92%.

The long-term storage category between seven and ten years also rose 0.2% from 7.08% to 7.28%. Similarly, the three to five year storage category jumped 0.69% from 10.06% to 10.85%.

In fact, the data shows that it’s mostly the shorter-term storage categories that witnessed holding declines. Overall, more than 61% of bitcoin’s total supply has not moved at all in more than a year.

This data, some argue, would seem to validate the position that bitcoin could be viewed more as a store of value asset and an inflation hedge versus just a speculative instrument.

On Nov 19, BeInCrypto reported that Glassnode data had revealed a huge surge in creation of new bitcoin addresses, only bettered in January of 2018.

On-chain analyst Willy Woo predicted that bitcoin’s Network Value Transaction Ratio (NVT) all-time high in mid-November was driven by the presence of “underlying long term investors.” This he said, would drive bitcoin to a new all time high, which subsequently took place on Nov 30.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on ‘The Other News,’ Nigeria’s answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary ‘Larry Charles’ Dangerous World of Comedy.’ In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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Source: https://beincrypto.com/over-200000-bitcoin-moved-out-of-long-term-storage-since-november/

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