link735 link736 link737 link738 link739 link740 link741 link742 link743 link744 link745 link746 link747 link748 link749 link750 link751 link752 link753 link754 link755 link756 link757 link758 link759 link760 link761 link762 link763 link764 link765 link766 link767 link768 link769 link770 link771 link772 link773 link774 link775 link776 link777 link778 link779 link780 link781 link782 link783 link784 link785 link786 link787 link788 link789 link790 link791 link792 link793 link794 link795 link796 link797 link798 link799 link800 link801 link802 link803 link804 link805 link806 link807 link808 link809 link810 link811 link812 link813 link814 link815 link816 link817 link818 link819 link820 link821 link822 link823 link824 link825 link826 link827 link828 link829 link830 link831 link832 link833 link834 link835 link836 link837 link838 link839 link840 link841 link842 link843 link844 link845 link846 link847 link848 link849 link850 link851 link852 link853 link854 link855 link856 link857 link858 link859 link860 link861 link862 link863 link864 link865 link866 link867 link868 link869 link870 link871 link872 link873 link874 link875 link876 link877 link878 link879 link880 link881

Category: Markethive

Bitcoin SUCCESS sees Australia pledge creation of price stable gold-backed cryptocurrency

Bitcoin SUCCESS sees Australia pledge creation of price stable gold-backed cryptocurrency

Bitcoin SUCCESS sees Australia pledge creation of price stable gold-backed cryptocurrency

A NEW cryptocurrency backed by gold is set to be made by Australia’s largest gold refinery after the Chief Executive announced plans to increase investment in the country’s metals.

Perth Mint have said they are hoping to capitalise on the rise the trading of digital currencies as a way to help increase interest in investing in Australia.

A number of cryptocurrencies have risen in popularity over the past 12 months with bitcoin, Ripple, and Ethereum all seeing surges.

Richard Hayes, Chief Executive of Perth Mint said: “I think as the world moves through times of increasing uncertainty, you’re seeing people look for alternate offerings.

“And you’re seeing this massive flow of funds into the likes of Bitcoin at the moment because people are looking for something outside of the traditional investments.”

He added that the proposed online money would “bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies.”

Bitcoin was the original virtual currency and since it first mined in 2009, has seen its value surge and reach an all-time high of more than $17,000 (£12,000) in December 2017.

However, the value of bitcoin has plunged since then and last week saw its value drop to just £8,300.

Mr Hayes argued the decision of the mint to develop a gold-backed currency, similar to how physical currencies have previously been linked in the past, would help bring greater price stability to those investing in the digital money.

He claimed his plans would mean people could trust that the cryptocurrency was actually worth a physical amount.

He said: “With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it.

“So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.”

The Perth Mint are not the first to announce their intentions of creating a currency linked to gold.

Last year a cryptocurrency linked to gold called Onegram was announced by finance firm Shariah-compliant , leading to significant media attention.

However, sale of the currency flopped, with less than 0.14 per cent of the company’s target being sold in the first phase of the initial coin offering.

Venezuela has also announced plans to launch a cryptocurrency, called the Petro, that will be supported by gold.

 

Author DAN FALVEY UPDATED: 02:09, Sun, Jan 28, 2018

 

Posted by David Ogden Entrepreneur
David ogden cryptocurrency entrepreneur

Alan Zibluk Markethive Founding Member

How Chinese Bitcoin Buyers Are Getting Around Government Ban

How Chinese Bitcoin Buyers Are Getting Around Government Ban

How Chinese Bitcoin Buyers Are Getting Around Government Ban

Chinese citizens are still investing in Bitcoin and the cryptocurrency market despite the government’s heavy crackdown.

In September 2017, Chinese cryptocurrency exchanges BTCC China, Huobi and OKCoin were ordered by the government to shut down their businesses. At one point, executives of the three cryptocurrency exchanges were prevented from leaving the country, due to a government investigation into local cryptocurrency exchanges.

Three months later, in December of 2017, China’s three largest cryptocurrency exchanges relocated their businesses to Hong Kong. BTCC China, Huobi and OKCoin rebranded to BTCC, Huobi Pro and OKEx, respectively. They intended to address the rapidly growing demand from Hong Kong-based investors.

Shortly after their move, the three trading platforms started to see daily volumes from Chinese investors grow exponentially. Somehow, Chinese investors were managing to circumvent Chinese trading restrictions by using Hong Kong-based exchanges. How is this possible?

In Hong Kong, it is relatively easy for investors to set up businesses. With less than $1,000, businesses can be legally created, which allows the opening of business bank accounts at Hong Kong-based financial institutions. Beginning in December 2017, many Chinese investors moved their funds from their Chinese bank accounts to Hong Kong bank accounts and started to trade cryptocurrencies more actively, effectively bypassing China’s restrictions.

But, unlike China, Hong Kong has a substantially lower supply to meet the growing demand. While China is home to major miners like Bitmain, Hong Kong does not produce much Bitcoin and other cryptocurrencies. As such, premiums in the Hong Kong cryptocurrency market increased, surpassing even that of the South Korean market. On January 18, when the global average price of Bitcoin was around $11,500, Bitcoin was being traded at above $13,000 on Huobi Pro.

Krystal Hu, a Hong Kong-based finance journalist, noted that traders outside of China have also started to take advantage of the arbitrage opportunity presented by the Hong Kong market. For instance, on January 18, the price of Bitcoin on Coinbase was $11,800. Purchasing Bitcoin from Coinbase and selling it on any Hong Kong-based market would have generated $1,200 in profit.
 

Chinese Government Concerned

Hong Kong’s exchanges have also integrated widely-used fintech applications in China such as Alipay and Tencent’s WeChat Pay. Alipay is a $60 billion fintech app that is used by more than 50 percent of mobile users. WeChat Pay, which was only used by seven percent of mobile users in 2014, is now being used by more than 40 percent of mobile users in China.

The integration of the two fintech payment networks has increased the accessibility of Hong Kong-based cryptocurrency OTC exchanges for Chinese investors, easing the process of investing in the cryptocurrency market.

To prevent Chinese investors from buying digital currencies, the Chinese government and the People’s Bank of China (PBoC), have asked local banks to disclose any suspicious transactions linked to Hong Kong-based markets. However, even this action will not be able to prevent Chinese investors from accessing Hong Kong-based markets, due to apps such as Alipay and WeChat Pay.

 

Author Joseph Young

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

Alan Zibluk Markethive Founding Member

Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano — Price Analysis, Jan. 25

Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano - Price Analysis, Jan. 25

Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano — Price Analysis, Jan. 25

The massive upwards movement in cryptocurrencies over 2017 has not gone unnoticed. The participants at the World Economic Forum (WEF) in Davos are being questioned about cryptocurrencies and Cointelegraph has been one of the main voices representing the fraternity.

The traditional investors are still not willing to accept the rising clout of the cryptocurrencies and are pushing for tighter regulation. Only recently, Nordea Bank banned its employees from owning Bitcoin by Feb. 28. However, this move is facing strong opposition from the large unions.

Even the fears of a cryptocurrency ban by South Korea gathered a massive petition opposing the move. Finally, the Korean government only banned the traders from using anonymous bank accounts for cryptocurrency trading.

The classical investors and regulators fail to understand that these kinds of bans are unlikely to dent the popularity of the cryptocurrencies.

 

BTC/USD

Bitcoin is currently in no man’s land. It is facing resistance at the down trendline one. If the bulls succeed in breaking out of this resistance, we can expect a rally towards the down trendline two. Aggressive traders can trade this pullback.

Others should wait for a confirmation of a bottom formation because, if the bulls fail to sustain above the down trendline one, the likelihood of $10,000 levels breakdown increases.

Unlike the previous falls, this time, the BTC/USD pair is struggling to hold on to higher levels. With the price quoting below both the 20-day EMA and the 50-day EMA, the trend remains down to range bound.

The downtrend will reassert itself if the price breaks down to $10,000 levels. So, the swing traders should wait and watch for the next few days for the trend to change from down to up before initiating any long positions.

 

ETH/USD

Ethereum is in a pullback in an uptrend because it is still quoting above both the 20-day EMA and the 50-day SMA. Additionally, it has successfully held on to the uptrend line, which is another positive sign.

But the 20-day EMA has flattened out, which points to a range bound trading action for the next few days. The support of the range is likely to be at $900 levels, whereas, the resistance will be at $1,160 levels.

The ETH/USD pair will become negative only after it breaks down of the trendline and the 50-day SMA, which is at $845.

Long positions for the medium-term can be initiated on dips to $1,000 levels, with a stop loss at $840. We believe that if the 50-day SMA holds, the cryptocurrency will attempt to resume its uptrend and rally to the highs. This is a risky trade, hence, please keep the position size small.

 

BCH/USD

The traders, both the bulls and the bears, are not taking any keen interest in Bitcoin Cash. As a result, it has been trading in a small range since Jan. 23.

Support on the downside exists at the Jan. 17 low, $1,364.9657. On the upside, as the moving averages have completed bearish crossover, the 20-day EMA is likely to act as a resistance. Additionally, the $2,072 levels and the downtrend line will also act as a strong overhead resistance.

We don’t find any tradable setup on the BCH/USD pair.

 

XRP/USD

Ripple has formed a doji candlestick pattern on both Jan. 23 and Jan. 24. Even the price action currently points to a very small range day.

As forecast in our previous analysis, the XRP/USD pair is likely to remain range bound between $0.87 and $1.74. A trading opportunity will pop up only if the supports of the range hold or if the cryptocurrency breaks out of the overhead resistance. We should wait until then.

 

IOTA/USD

IOTA’s range has been shrinking for the past two days. It has formed successive inside day candlestick patterns on Jan. 23 and Jan. 24. Today, it is trying to resume the downtrend.

On the downside, support exists at $1.9232 levels. If this breaks, the IOTA/USD pair can extend its losses to the Dec. 22 low of $1.1.

The first signs of a recovery will be seen once the price breaks out of $3.032 and the down trendline of the descending triangle.

If the support and the overhead resistance levels hold, we may see a few days of range bound action.

 

LTC/USD

Litecoin has held on to the critical support level of $175.199. However, the bounce doesn’t have any strength, which shows a lack of interest in buyers.

If the bears succeed in breaking down the supports, a fall to $140.001 is likely.

On the other hand, the first signs of a recovery will be on a breakout above $215 levels.

Aggressive traders can buy the LTC/USD pair at $187, which is just above the high of past couple of days. The stop loss for the trade can be kept at $163 and the target objective is $215.

However, this is a very risky trade, hence, please place it only with less than 50 percent of the usual allocation.

 

XEM/USD

NEM has held on to the 0.86 levels for the past few days, but the bulls are unable to push prices above the down trendline.

This is likely to lead to another attempt to break down of $0.86 within a couple of days. If the bears succeed, a fall to the Jan. 16 lows of $0.55134 is likely. The 20-day EMA has turned down and is likely to complete a bearish crossover if the support breaks.

We don’t find any bullish setups on the XEM/USD pair with price trading below the trendline and both the moving averages. A change in trend will be signaled once it rallies above $1.21.

 

ADA/BTC

Cardano is again attempting to break out of the 0.00006 levels. If successful, it is likely to rally to the overhead resistance at 0.00006915. A very short-term trader can buy at 0.00006 with a stop loss of 0.00005. This is a risky trade, hence, please attempt it with less than 50 percent of the usual position size.

Swing traders should wait for a breakout of the 0.00006915 levels to initiate any long positions. We believe that unless the sentiment turns bullish for the cryptocurrencies, the ADA/BTC pair will find it difficult to breakout of the overhead resistance and may drift down to 0.000047 to 0.000049 levels again, which can be a good level to initiate long positions.

 

Author Rakesh Upadhyay

 

Posted By David Ogden  Entrepreneur

Alan Zibluk Markethive Founding Member

50 Cent accidentally made $8 million in bitcoin

50 Cent accidentally made $8 million in bitcoin

In 2014, rapper 50 Cent let people buy his album Animal Ambition using bitcoin. He then let his account lie unused for years, and only just recently discovered that he’s now a bitcoin millionaire, as first reported by TMZ.

At the time, a single bitcoin was worth only $662, and the rapper’s fans could pick up the album for a fraction of that. In total, he pulled in over $400,000. Since then, the value of bitcoin has soared: the price of the cryptocurrency rose as high as $17,000 earlier this month, only to drop under $10,000 in recent weeks. (At the time of writing, bitcoin is now worth a little more than $11,000.) After sitting untouched in his account for years, 50 Cent’s earnings are now worth $7 million to $8.5 million, based on the current fluctuating bitcoin valuation.

50 Cent confirmed his new windfall on Instagram and Twitter, saying, “Not bad for a kid from South Side, I’m so proud of me.” He later commented on his post: “Ima keep it real, I forgot I did that shit lol.”

Bitcoin evangelists on Twitter were quick to respond to 50 Cent, pitching him the various crypto platforms and coins that he should check out next. One of them even joked that 50 Cent would like the coin DeepOnion because it used to be valued at fifty cents.
 

50 Cent is just one of many people who acquired bitcoin, only to forget about it. He’s lucky that he remembered his login info — many others have forgotten their old account logins and lost out on potential wealth, which will forever be locked away due to the nature of cryptocurrency.

 

Author  Shannon_Liao Jan 24, 2018, 6:09pm EST

Posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano — Price Analysis, Jan. 23

Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano - Price Analysis, Jan. 23

Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano — Price Analysis, Jan. 23

When the markets are bullish, a lot of traders only focus on high target levels. This leads to a left out feeling among the ones who have missed out on the rally, and they rush to buy at elevated levels. This results in a huge loss of capital to the uninformed traders.

The opposite works when the market falls. One starts to hear bearish voices with the analysts forecasting apocalypse and novice traders get scared and dump their holdings. They buy when they should be selling and sell when they should be buying.

Hence, it is always better to take these forecasts with a pinch of salt. We, therefore, avoid giving unrealistic target levels to our readers and try to keep them on the right side of the trade.
 

BTC/USD

In our previous analysis, we had predicted that Bitcoin would turn down from the $13,202 levels and that is what happened. The cryptocurrency topped out at $12,988.89 on Jan. 20. It is currently retesting the critical support zone of $10,704.99 to $9,300.

For the past two days, the bulls are defending the $10,000 levels. If this level holds, we may see another attempt to pull back. The trend will turn positive in the short-term only when the BTC/USD pair breaks out of the down trendline 1.

This trade should be taken with only 50 percent allocation because on the way up, Bitcoin will face resistance at the neckline of the head and shoulders pattern and at the down trendline 2.

On the downside, a break of $10,000 is likely to hurt sentiment, resulting in a decline to $8,000 levels.
 

ETH/USD

We had forecast a rally to $1174.36, which is the 61.8 percent Fibonacci retracement level of the recent fall from $1424 to $770 and Ethereum topped out at $1,160 on Jan 20.

The price has returned to the trendline support, which has offered strong support since Dec. 10.

The bulls have been attempting to hold the trendline support for the past two days. We believe the support zone between $900 and $845 is likely to be defended strongly by the bulls. The ETH/USD pair will indicate a change in trend only after it breaks out of the down trendline.

If the above-mentioned support zone breaks, the decline can extend to $770 levels. We don’t find any buy setups; hence, we are not suggesting any trade on it.

 

BCH/USD

In our previous analysis, we had anticipated Bitcoin Cash to return from the $2,072 levels, and it topped out at $2,112.11 on Jan. 20.

The moving average has completed a bearish crossover, and the price is quoting below the 20-day EMA and the 50-day SMA; which is advantageous to bears. If the retest of the recent lows at $1364.96 fails, a fall to $1194 is likely.

If the bulls defend the $1364.96 levels, the BCH/USD pair is likely to become range-bound for a few days.

As the trend is still down, we are not suggesting any trade on it.
 

XRP/USD

Ripple returned from the 20-day EMA on Jan. 18. It currently has support at the $0.87 levels.

We believe that the XRP/USD pair will become range bound for the next few days between the support of $0.87 and the resistance of $1.74.

We shall wait for a breakout above the overhead resistance to initiate any long positions. On the downside, though we expect the $0.87 to hold, it might be reasonable to wait for a bounce before buying. As the trading inside the range is likely to be volatile, we shall only try to buy closer to the supports.

IOTA/USD

We had mentioned that $3.032 is the critical level for IOTA and a failure to break out above it will attract another bout of selling and that is what happened.

The cryptocurrency is currently attempting to hold the Jan. 16 low of $1.923. If the bears succeed in breaking down this support, a fall to the lows of Dec. 22 of $1.10 is likely.

If the bulls hold the $1.923 levels, the IOTA/USD pair is likely to remain range bound for the next few days. It will become positive only if the price breaks out of the down trendline of the descending triangle.
 

LTC/USD

Litecoin broke above $205, but could not reach $225, as we had expected. It turned down from $214.48 levels on Jan. 20.

The bears are trying to break down of the critical support level of $175.19. If successful, a fall to $140 is likely.

In the short-term, the first sign of bullishness will be when the LTC/USD pair breaks out of $215. Currently, we don’t find any trade set up on it.
 

XEM/USD

On Jan. 20 and Jan. 21, the bulls could not sustain above the downtrend line. As a result, NEM has resumed its decline.

Currently, the bulls are attempting to hold the $0.86 level. If this breaks, a fall to the Jan. 16 lows of $0.551 is likely.

On the upside, the down trendline is likely to offer strong resistance. The first signs of bullishness will be when price breaks out of the $1.21 levels.

We don’t find any trade setups on the XEM/USD pair.
 

ADA/BTC

Cardano could not break out of the 0.00006 levels. It is now likely to gradually fall to the support levels of 0.000047, and after that to 0.00004070.

For the next few days, we expect the ADA/BTC pair to remain range bound between 0.00004070 on the downside and 0.00006915 on the upside.

We shall wait for the pair to bounce from one of the support levels before initiating any trade. At the present levels, we don’t find any bullish setups on it.

 

Author: Rakesh Upadhyay

 

Posted By David Ogden Entrepreneur
David ogden Cryptocurrency Entrepreneur

Alan Zibluk Markethive Founding Member

The Millionaire Maker

Markethive poised to go to battle. Pay attention because it has taken 20 years to prepare for this journey into crypto wealth.

I have built Markethive as a walk in faith. Sometimes it has nearly broken me financially, but the Lord kept prodding me to build it. Through treachery with previous partners, financial collapse with Trivita’s damaged income, through suffering from heart failure and actually death in the hospital from heart failure, diagnosed with diabetes 2, having to move from Wyoming to Fargo, a wife that needs special care daily, I persevered because the Lord kept inspiring and prodding me to keep building it.

Last year (July 2016) I took Markethive out for trials, utilizing the Inbound Marketing  tools  and built the Valentus opportunity and became diamond in 12 days (breaking, even shattering the records!), then I rolled Markethive out to assist in an ICO opportunity and within 3 weeks produced over $180,000 in commissions and broke records again.

Keep in mind neither of these opportunities had the longevity capacity, like Trivita did, to become a legacy lifetime income. I was still looking.

This year, I actually died (obviously recovered)then was given a sobering diagnosis which sidelined me from any work for 5 months. Living on savings off my Bitcoins, I was able to focus on recovery and 4 weeks ago was diagnosed with no heart failure and no diabetes (a miracle blessing from the Lord, walking 10 miles a day and a strict diet) and was able to actually get back in the saddle again.

I was ready to get back into the fight and had a few false starts with The Trade Coin Club and Jet-Coin. Then an associate from my Trivita down line made me aware of Bitclub. Joe Able, one of the 3 founders of Bitclub Networks called me and paid to fly me out to meet him. I went with the intentions to pitch him for Markethive investments (I am obsessed with Markethive). Boy was I in for an amazing revelation.

As he introduced me to Bitclub (he took 3 hours out of his busy schedule for me to present this companies many facets and the details) I was overwhelmed, floored actually. It was a jaw dropping experience how well this company has been built, its foundational vision and mission. There is money to be made on so many levels and this company actually has ascended above all other MLMs in so many ways.

I could go on but I made a video to really illustrate how I am engaging Markethive into this. Millionaires will be made. 100s of them in my organization perhaps even 1000s because of the raw marketing power Markethive brings to this and I own Markethive.

Please join my group to get rolling into this huge opportunity tsunami. Surf is up. Big wave surf. Wax your boards and let’s safari brothers and sisters.

https://markethive.com/group/bitclub

 

 

Thomas Prendergast
Founder

Alan Zibluk Markethive Founding Member

Bitcoin hackers have stolen ‘£285million’ from cryptocurrency investors causing ‘CHAOS’

Bitcoin hackers have stolen ‘£285million’ from cryptocurrency investors causing ‘CHAOS'

BITCOIN hackers have stolen an estimated £285million ($400million) from cryptocurrency investors that have caused “information chaos” as they utilise a fundraising mechanism for devious means, a recent report revealed.

New data has shown that hackers have stolen approximately 10 per cent of funds raised through initial coin offerings (ICOs) the are used to finance new projects, according to a report from Ernst and Young.

It read: “Hackers are attracted by the rush, absence of a centralised authority, blockchain transaction irreversibility, and information chaos.

“Project founders focus on attracting investors and security is often not prioritised. Hackers successfully take advantage — the more hyped and large-scale the ICO, the more attractive it is for attacks.”

Initial coin offerings are used to exchange crypto tokens for bitcoin or ether to finance a new project — they are similar to Initial Public Offerings (IPO) where investors purchase shares of a company.

The fundraising method has been utilised by those with ideas that fear they could be overlooked if traditional venture capitalists were utilised.

An estimated £2.6billion ($3.7billion) has been raised from ICOs between 2015 to 2017 — this accumulated from over 372 offerings from around the world.

Ernst and Young compiled the data from ICO trackers, interviews, blockchain network scanners and exchange reports.

ICOs have long been a worry for regulators with Securities and Exchange Commission (SEC) Chairman Jay Clayton stating that they offer “substantially less investor protection”.

The susceptible nature of the offerings were exacerbated last year when the Securities and Exchange Commission filed a charge against an ICO scam that promised investors a 13-fold profit in less than a month.

The scam reportedly raised £10.7million ($15million) from thousands of investors.

A criminal complaint was filed to Brooklyn federal court — it was revealed that Dominic Lacroix sold digital tokens known as “PlexCoins” to investors.

The scam stated that its purpose was “to increase access to cryptocurrency services” around the world.

New data has shown that hackers have stolen approximately 10 per cent of funds raised through ICOs

A new division of the SEC, dubbed the Cyber Unit, declared that investors were caught off guard by the coin’s “false promises”.

Robert Cohen, the Chief of the Cyber Unit, declared: “This first Cyber Unit case hits all of the characteristics of a full-fledged cyber scam and is exactly the kind of misconduct the unit will be pursuing.
 

“We acted quickly to protect retail investors from this initial coin offering’s false promises.”

 

Author JOSEPH CAREY UPDATED: 03:08, Tue, Jan 23, 2018

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

Alan Zibluk Markethive Founding Member

The Bull And The Bear Case For Bitcoin, Ethereum, Ripple, Litecoin, And Other Cryptocurrencies

The Bull And The Bear Case For Bitcoin, Ethereum, Ripple, Litecoin, And Other Cryptocurrencies

bull or bear market

The Bull And The Bear Case For Bitcoin, Ethereum, Ripple, Litecoin, And Other Cryptocurrencies

There have been better days and worse days for Bitcoin, Ethereum, Ripple, Litecoin, and other cryptocurrencies.

The better days were back in November and December when a “virtuous” rotation helped spread the rally from Bitcoin to other cryptocurrencies. This means that funds cashed out from one currency were invested in other currencies.

That’s a bullish "technical" sign for cryptocurrencies, as it keeps the momentum for the sector alive.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don't own any cryptocoins or tokens.]

The worse days were early this week when the sell-off in major cryptocurrencies spread across the entire sector. This means that money cashed out from one cryptocurrency didn’t flow to other cryptocurrencies, but moved to cash or to other investments.

And that’s a bearish sign for cryptocurrencies, as it undermines the momentum for the sector.

Apparently, momentum is changing very fast in cryptocurrencies, much faster than in other asset classes.

That’s why technical analysis alone may not be a reliable indicator for trying to guess the direction of the cryptocurrency markets.

What about fundamental analysis?

For the vast majority of cryptocurrencies there are no fundamentals to talk about, other than a website with a message that promises to make capitalism better.

 

For major cryptocurrencies like Bitcoin, there’s some information to make both a bullish and a bearish case.

 

The bullish case is about the advantages Bitcoin has a “headless” currency. "Increasingly widely accepted as a means of payment with no bank intermediation and absolutely no fees, Bitcoin has some of the attributes of a headless currency,” says Eric Pichet, a KEDGE professor.

 

Then there’s the rarity of the cryptocurrency and the low ownership rate, which explain its price spike, and the potential for further gains. “The relative rarity of the virtual product explains its rise in large part because only 0.01% of the world population own any,” adds Pichet. “Therefore, one can imagine the effect on its trading price if the primary cause of speculative bubbles, namely FOMO (Fear Of Missing Out) were to spread to a mere 1% of the world population, or 100 times more holders.”

 

The bearish scenario centers on two major threats which cryptocurrencies face. One of them is an intrusion in the blockchain system and the circulation of fake coins. Another threat is a concerted effort by governments around the world to ban their use.

 

As Eric Pichet concludes, "Under these conditions, what type of needles would burst the bubble? The first would be the heist of the century: an intrusion in the blockchain system that created a deluge of fake bitcoins. The second would be the adoption of a common position by all national governments and central banks to prohibit this means of payment in the name of fighting fraud, for example.”

 

Author Panos Mourdoukoutas

 

Posted By David Ogden Entrepreneur
David ogden Cryptocurrency Entrepreneur

Alan Zibluk Markethive Founding Member

Bitcoin tax loophole could save cryptocurrency investors millions as it leaves HMRC short

Bitcoin tax loophole could save cryptocurrency investors millions as it leaves HMRC short

Bitcoin tax loophole could save cryptocurrency investors millions as it leaves HMRC short

MILLIONS of pounds could be lost by the Treasury after a tax loophole was revealed and cryptocurrency investors are expected to take full advantage of the gap, experts warn.

The massive loophole allows investors, who could have made millions when bitcoin hit its $19,343 (£14,000) high in December, to declare their returns as gambling winnings.

Winnings from gambling are generally not considered investment returns and so avoid taxation, leaving HMRC with the potential of a huge blackhole in its returns following a year of cryptocurrency boom.

An HMRC spokesman said: “We don’t normally tax betting and gambling because it is usually not classed as trading income.

“But there may be circumstances where factors such as the degree of skill and organisation would make the activity more likely to be taxable as trading income. Each case will depend on its own facts.”

The approach of the HMRC to cryptocurrency returns has been branded outdated by experts.

The rules are expected to confuse amateur investors as they leave it unclear who should be characterised as a gambler and who should fall into the taxable bracket of investor, barrister Etienne Wong claimed.

The current guidelines have not been updated since 2014 when bitcoin was worth less than £500, today a single coin will cost a trader £9,125.

According to the three year old guidelines cryptocurrencies users who buy and sell coins in a similar way to an investment are required to pay capital gains tax.

If someone is deemed to fit this description they will be forced to pay 18 per cent tax on any money over £11,300 if they pay basic-rate tax and 28 per cent if they are a high rate taxpayer.

crypto tax

Robert Langston of Saffery Champness has told cryptocurrency users to declare themselves as investors leaving them more likely to pay tax.

He said: "It is difficult to see how the profits on mainstream cryptocurrencies such as Bitcoin could be seen as gambling profits".

"There may conceivably be some cryptocurrencies in which the markets are random, and therefore the profits could be treated as gambling."

Mr Langston has claimed that even if use is deemed gambling because investors are gaining an asset and not cash it remains taxable.

Revelations about the loophole come as investors have been warned that regulation of cybercurrency is on its way.

Crypto prices could be under threat after two of Europe’s most powerful leaders have joined efforts to regulate the speculative cryptocurrency.

German Chancellor Angela Merkel met French President Emmanuel Macron to discuss regulating bitcoin after it was suggested that the token is “a risk for financial stability”.

Bitcoin prices suffered a crushing blow this week after South Korean regulators threatened to ban crypto trading, plummeting $83billion (£59.8billion) in value between Monday and Thursday alone.

Bitcoin investors now fear further regulation in Europe could adversely impact prices, which were trading at more than $12,700 (£9,163.43) at 11am GMT on January 20.

Yves Mersch, member of the Executive Board of the European Central Bank, sparked concern last December after suggesting that bitcoin could become a genuine threat to finance.

He said: “Second, there are now banks which hold positions in bitcoin. It is a matter for the supervisors to judge how big the risks are.

“Third, and what concerns me most, is when financial market infrastructures such as stock exchanges enter this business. That poses a major threat to financial stability.”

But investors are now fearful that increased regulation could damage or even kill the bitcoin bubble.

 

By TARYN TARRANT-CORNISH UPDATED: 01:20, Sun, Jan 21, 2018

 

David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

Price Analysis, Jan. 19 — Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano

Price Analysis, Jan. 19 - Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano

Price Analysis, Jan. 19 — Bitcoin, Ethereum, Bitcoin Cash, Ripple, IOTA, Litecoin, NEM, Cardano

After a sharp fall, the aggressive bulls jump in and buy at lower levels. This strategy has resulted in huge gains for the cryptocurrency traders in 2017. However, unlike previous occasions, we have not seen a sharp rise this time. This shows that the traders are not confident of a huge rally from the current prices.

In the next few days, we expect a range bound action in most of the top cryptocurrencies.

BTC/USD

We had expected a pullback from the $10,704.99 levels. But Bitcoin overshot on the downside and fell to $9,300 levels.

Currently, the bulls are attempting a reversal, which is likely to carry the cryptocurrency to the neckline of the head and shoulders pattern at $13,202 levels.

We expect another round of selling from those levels, which is likely to sink the BTC/USD pair back to the support zone of $10,704.99 to $9,300. If this support zone breaks, a fall below $8,000 is likely.

On the other hand, if the bulls succeed in holding the support zone, it will lead to a start of a new uptrend. Nimble-footed traders can play the rise, but others should wait for more clarity to develop.

 

ETH/USD

We expected the support zone between the trendline and $940 to hold. On Jan. 17, Ethereum broke below the trendline and fell to a low of $770.

The bulls bought the dip aggressively, which has resulted in a pullback that carried the cryptocurrency towards the 50 percent Fibonacci retracement levels of the recent fall from $1424 to $770.

For the past three days, the ETH/USD pair has been struggling to cross above $1097. If the price breaks out of the $1100 levels, we expect a move to $1174.36 and $1284.28 levels. As the stop loss is $930, which doesn’t offer a good risk to reward ratio, we are not suggesting any trade on it.

 

BCH/USD

We expected the $1733 levels to hold. Still, the bears easily broke through it and Bitcoin Cash fell to a low of $1364.96 on Jan. 18.

The current increase is likely to face resistance at the $2072 levels, which was the support of the range previously. We shall get a confirmation of a bottom during the next downturn. If $1364.96 breaks, a fall to $1194 is likely.

Our bearish view will be invalidated if the BCH/USD pair sustains above $2072 for a day.

 

XRP/USD

We had forecast a fall to 61.8 percent Fibonacci retracement levels of the latest rally, however, Ripple fell close to the 78.6 percent retracement levels, which coincided with the lower end of the descending channel.

The cryptocurrency has broken out of the descending channel, which suggests that the downtrend is over. However, the present increase is facing resistance at the 20-day EMA, above which a move to $2.20 is likely. At that price, the XRP/USD pair will face resistance from the trendline that had previously acted as a strong support.

However, if the cryptocurrency fails to break above the 20-day EMA, the bears will attempt to resume the downtrend. Support lies at $0.87.

We expect a few days of range bound trading.

 

IOTA/USD

IOTA broke down of the bearish descending triangle pattern on January 16, which gives it a pattern target of $1.10.

However, the cryptocurrency took support at $1.93 levels on Jan. 17.

Currently, the IOTA/USD pair is retesting the breakout levels of $3.032. If the bulls breakout of the overhead resistance and the downtrend line, our bearish view will be invalidated.

However, if the bears defend the $3.032 levels, we are likely to see another bout of selling, which will retest the lows.

We don’t find any clear pattern; hence, we are not recommending any trade.

 

LTC/USD

We had forecast a likely fall to $100 if Litecoin broke below $175.19. It rose from a low of $140.00 on Jan. 17.

For two days in a row, Jan. 16 and Jan. 17, the bears broke down below $175.19 but were unsuccessful in holding prices down.

If the bulls breakout of $205, a move to $225 is likely, where both the moving averages converge. This level is likely to act as a resistance.

We don’t find any reasonable trades on LTC/USD pair.

 

XEM/USD

NEM fell close to the 78.6 percent retracement levels on Jan. 16 and Jan. 17. Thereafter, the bulls have commenced a pullback, which is likely to face a strong resistance at the downward trendline.

If the price moves above the downtrend line, an increase to $1.45 can’t be ruled out.

The next fall towards the recent lows of $0.55134 will confirm whether the bottom is in place or is there further to go.

Until then, we shall remain on the sidelines on the XEM/USD pair.

ADA/BTC

 

Cardano broke below the trendline support on Jan. 16 and Jan. 17, however, the bulls defended the support and pushed prices higher quickly.

The ADA/BTC pair broke out of the downtrend line yesterday, Jan. 18, however, it could not pick up momentum. It is struggling to rally above 0.00006. Once bulls breakout of 0.00006, a move to 0.00007 and thereafter to the 0.00008 levels is likely.

The cryptocurrency pair will become negative below 0.00004730.

 

Author: Rakesh Upadhyay

 

Posted by David Ogden Entrepreneur

 

Alan Zibluk Markethive Founding Member