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Tag: cryptocurrencies

  • Kraken to provide information to IRS, Californian federal court

    Kraken to provide information to IRS, Californian federal court

    Regulators throughout the world had been struggling with the complexities of the cryptocurrency industry. Because the blockchain technology is novel and not widely understood, regulating the market had not been an easy feat.

    A federal court in California has ordered the cryptocurrency exchange to provide information about users who have conducted transactions worth $20,000 or more in a year to the Internal Revenue Service in lieu with the “John Doe” summons that the IRS had gotten approved earlier.

    Where South Korea has launched a crackdown of its own on the cryptocurrency industry because of increased tax evasion and money laundering, the US is not lagging far behind. The Internal Revenue Service had held the cryptocurrency industry accountable for almost $1 trillion uncollected taxes. The tax authority has more than disdain for the crypto sphere and has launched a crackdown of its own. The IRS had gotten “John Doe” summons approved earlier which gives the tax regulator immense power.

    However, after a brief cool down the regulator has once again resumed its crackdown with full force. Utilisng the John Dow summons, the Internal Revenue Service had gotten approval from a North California federal court to access the accounts of users with more than $20,000 transactions worth on the leading crypto exchange, Kraken.

    Crypto holders are obligated to meet the same tax obligations – which many are not. The John Doe summons are an effort of the regulator to bring equity to the industry and punish tax evaders. The John Doe summons allow the IRS information about all taxpayers in a specified class – say, with transactions worth $20,000 and above. With the immense power of the John Doe summons, the IRS is set to take the crackdown on cryptocurrency industry to the next level.

  • Bitcoin Cash (BCH) price prediction: Towards $1,700?

    Bitcoin Cash (BCH) price prediction: Towards $1,700?

    Bitcoin Cash (BCH) has been surging – establishing higher highs and higher lows. However, BCH coin has not been able to cross its all-time high of $4,355 established in 2018. The cryptocurrency has established its 52-week high at $1,474 in the current bull run. At the time of writing, Bitcoin Cash stands at a price level of $1,323. The price of BCH coin has gone up by 20% in the past twenty-four hours while the daily trading volume has surged upwards by 100%. Ranked eighth in the market, the capitalization of the coin is also increasing.

    Bitcoin Cash (BCH) technical analysis

    The market sentiment for BCH coin is bullish. Out of the 26 technical indicators, fifteen are giving out a signal of buy while eight are standing at a neutral position and three are giving out a sell signal. The oscillators are bearish while the moving averages are neutral.

    A trader is expecting minor pullbacks from BCH coin in his Bitcoin Cash analysis. After an upward move, the trader expects Bitcoin Cash will fall to $860 for the market to cool down. However, the support zone is expected to stabilize the coin so it does not fall lower. After the minor retracements, Bitcoin Cash is expected to continue its upward move. The trader has set a price target of $1,700 for BCH coin. Per the trader, Bitcoin Cash has been accumulating for the last nine months and it is just the beginning for the coin.

    Bitcoin Cash (BCH) price prediction

    Wallet Investor is not bullish on the one of the most successful hard forks. The predictions place Bitcoin Cash on a downward trend in the yearly timeframe with the price dropping to $1,173. However, the five-year estimates predict Bitcoin Cash at $1,703. On the other hand, Digital Coin Price places BCH coin at $1,907 by the end of the year with an extremely bullish five-year prediction of nearly $6,000 after five years.

  • Ethereum (ETH) under the bulls – What to expect?

    Ethereum (ETH) under the bulls – What to expect?

    Ethereum (ETH) is on a steep uptrend. The altcoin season has been favorable for the queen of the market. Ethereum established its all-time high at $3,541 hours ago from the time of press. At the time of writing, ETH coin stands at a price level of $3,409 with the price climbing up 5% in the daily timeframe. The daily trading volume for the cryptocurrency, however, has declined. Second only to Bitcoin, the market capitalization of Ethereum has been climbing steadily – now standing at $395 billion.

    Ethereum (ETH) technical analysis

    The market sentiment for Ethereum is strongly bullish. Out of the 26 total technical indicators, fifteen are standing at a buy position with six at neutral position and only five giving out a sell signal. The oscillators are mainly bearish – indicating a sell signal – while the moving averages are bullish.

    A trader has identified Ethereum to have formed multiple wave counts in their ETH price analysis. Per the trader, the cryptocurrency is currently developing two distinct wave counts. The third wave of the more volatile wave count is under development. At the third wave, Ethereum is expected to retest its resistance level at the 1.618 Fibonacci Retracement which lies parallel to the price level $3,688. A minor pullback is likely to occur after failure in retesting the resistance level but Ethereum will reach forward afterwards.

    Why is Ethereum bullish?

    ETH coin was able to cross the psychological resistance level of $3,000 all because of a strong bullish sentiment in the market. The confidence in the cryptocurrency and its technology is growing as the anticipated upgrade, ETH2.0, looms closer. ETH 2.0 is said to be game changer as it will shift the cryptocurrency from a proof of work mechanism to a proof of stake one. The update will drastically improve the scalability of Ethereum and is the primary reason why the confidence in the cryptocurrency is growing at such a pace.

  • Dogecoin (DOGE): To the moon or to crash?

    Dogecoin (DOGE): To the moon or to crash?

    Dogecoin (DOGE) the meme cryptocurrency has become an internet sensation – partly fueled by Tesla CEO and Doge father Elon Musk. Dogecoin established a new all-time high at $0.69 in a price rally. At the time of press, the cryptocurrency stands at a price level of $0.67. The price of Dogecoin is up by a whopping 40% while the daily trading volume has shot up by 170%.

    The meme cryptocurrency has taken over Ripple (XRP) and now stands at fourth place in terms of market capitalization. The move does not come as a surprise for many as the community on social media has been pushing the cryptocurrency upwards ever since the beginning of the 2021 bull run. The $0.69 target achieved by Dogecoin was specifically set by users on social media platforms.

    However, as much as the Dogecoin is hyped up on social media, data reveals that the cryptocurrency may not have as much a strong backing as suggested by the internet. Publicly available data shows that the price rally may be accorded to only a handful of investors – or whales – instead of s huge following. The dollar value of DOGE sent across the blockchain on Tuesday was more than $58 million which is higher than both Ethereum and bitcoin’s combined value ($50 million). But the interesting part is where Ethereum had 1.4 million transactions on its blockchain Dogecoin only had 76,000.

    Moreover, one single address holds 28% of all Dogecoin while 12 addresses together hold 67% of the Dogecoin. Dogecoin may not be the darling as social media has portrayed it to be. Doge critics believe the coin does not have any intrinsic value and its fall is imminent. Analysts are also suggesting that Elon Musk’s Saturday Night Live appearance may not bode well for the cryptocurrency.

  • The importance of Ethereum’s DeFi technology: Federal Reserve Bank’s paper

    The importance of Ethereum’s DeFi technology: Federal Reserve Bank’s paper

    Federal Reserve Bank of St Louis has issued a paper which details into the role of Ethereum and decentralized finance in the financial ecosystem of the world. The research panel was headed by Dr. Fabian Schar – professor for Distributed Ledger Technologies and FinTech at the University of Basel.

    The queen of cryptocurrencies may have revolutionized the financial ecosystem with its DeFi technology. The decentralized finance sphere has been surging with the total value locked at a staggering $134 billion. DeFi is considered as the future especially with new innovations happening in the sphere.

    According to Dr. Schar, if the current security and regulatory problems with decentralized finance are resolved then it may result in a paradigm shift in the financial industry. praising the accessibility, operability, and efficiency of the system dr. Schar wrote about how smart contracts fuel the decentralized finance by replicating existing financial services.

    Ethereum steps in into the picture as it is looked up at as the pioneer of the DeFi sphere. The backbone of the decentralized finance, smart contracts, majorly run on the Ethereum blockchain. Moreover, most of the popular DeFi projects like Maker (MKR) also run on the blockchain of Ethereum. Hence, Ethereum with its blockchain is powering the DeFi sphere which gives it a very important role.

    Ethereum has shown phenomenal performance in the bull run – leaving the king of the market behind. ETH coin surged upwards establishing a new all-time high at $3,523. At the time of writing, the cryptocurrency stands at a price level of $3,380. The on-site metrics show that Ethereum is still surging upwards and higher highs may be established soon. The market sentiment for the coin is strongly bullish.

  • Mastercard survey reveals growing appetite for digital payments

    Mastercard survey reveals growing appetite for digital payments

    A survey conducted by Mastercard revealed that four in ten people are open to using cryptocurrency payments in the next year. The credit card giant surveyed around 15,500 people from 18 different countries in the survey titled “Consumer Appetite for Digital Payments Takes Off”. The 40% people that intend to use cryptocurrencies spanned across all age groups.

    The poll further revealed that millennials – people aged between 18 and 39 – are more interested in cryptocurrencies. 67% of the millennials in the poll agreed that they are more open to cryptocurrency use than last year while a whopping 77% of the respondents were keen on learning about cryptocurrencies. Moreover, 75% agreed that they would incorporate digital assets into their lives if they understood them better.

    The consumer appetite for digital payments is really taking off. The new year saw a bull run that matched the highs of 2018. A major difference in the current bull run and that of 2018 was the acceptance that cryptocurrencies received. Where in 2018, the majority was skeptical of cryptocurrencies with little or no news cryptocurrency adoption, the situation is completely different this year. A lot of people have accepted cryptocurrencies as the future. The relevance of the blockchain technology has been accepted by everyone – from small-scale investors to corporate behemoths.

    The credit card giant has been vocal about its support for cryptocurrencies. In February, Mastercard had announced that it will incorporate digital payments for its one billion users at more than 30 million merchants. Mastercard has also launched an accelerator program for fintech startups which also included many crypto and blockchain-based firms. The credit card giant has also been vocal about the need for allowing all payment methods as the world moves towards digitization.

  • Maker (MKR) price prediction: Advancing towards $10,000?

    Maker (MKR) price prediction: Advancing towards $10,000?

    Maker (MKR) cryptocurrency has been surging in the 2021 bull run. Maker coin establishes its new all-time high at $6,339. At the time of writing, Maker (MKR) stands at a price level of $5,234. The price has fallen by 8% in daily timeframe while the daily trading volume has also dropped by 40%. Ranked at 33 in the market, the capitalization of MKR coin has decreased by 10%.

    Maker (MKR) technical analysis

    The technical indicators for the cryptocurrency are giving out a neutral signal, indicating uncertainty in the market. Out of the 26 total technical indicators, fifteen are giving out a signal of buy with nine at neutral position and only two indicators at a sell position. The oscillators are neutral while the moving averages are strongly bullish.

    A trader has identified a straight upward trend for Maker (MKR) crypto. Per the trader, Maker crypto has successfully established various support zones that may propel the cryptocurrency upwards. The first strong support level lies at $4,951 followed by $4,972 and others. The trader has also set a very optimistic price target for Maker coin at a price level of $10,000.

    Maker (MKR) price prediction

    Wallet Investor’s one year price projection puts the price of Maker crypto at $8,033 while in five years’ time Maker is expected to be priced at a staggering $19,077. Digital Coin Price predicts Maker coin will end the year at a price of $7,704 while by 2028 the cryptocurrency will be valued at a whopping 24,398.

    Why is Maker (MKR) bullish?

    Maker Foundation, the organization responsible for making the protocol completely decentralized, believes its work to be done. The Foundation is set to cease existing by the end of the year – handing over the reins of the protocol completely to the community. The organization recently also sent 84,000 MRK tokens worth $480 million to the protocol which is community is responsible for.

    The Maker Protocol is tasked with issuing the DAI stablecoin and is based on the blockchain of Ethereum. The DeFi surge has contributed in the rise of the platform and it token, MKR. With a total value locked at $11.09 billion, it is the number one ranked Ethereum-based DeFi platform in terms of TVL.

  • Polkadot (DOT) regains bullish moment

    Polkadot (DOT) regains bullish moment

    Polkadot (DOT) stands at $36.35, at the time of writing. Polkadot crypto’s price has increased by 0.65% in the past twenty-four hours while the daily trading volume has gone up by 25%. Polkadot is the 8th largest cryptocurrency with a market capitalization of $33 billion. DOT coin has established its all-time high at $48.36 two weeks ago and after market corrections, the coin appears to be picking up the pace again.

    Poladot (DOT) Technical analysis

    The technical indicators for Polkadot coin are standing at a neutral position as the bulls and bears both vie for dominance in the market. Out of the 26 technical indicators, thirteen are giving out a buy indication with eight standing at neutral and only five indications of sell.

    A trader has given a bullish analysis for the coin. Per the trader, Polkadot crypto is set towards the moon. Polkadot can be observed to be operating above the 18-day Moving Average – indicating a rise in the price level. The immediate resistance level facing Polkadot coin lies at the 0.618 Fibonacci retracement level – at the price level of $39.46 – followed by $44 and $50. The trader has set a price target for Polkadot above $100 with the possibility of going even higher. However, if the bears dominate the market then Polkadot will be able to find stable support at 0 Fibonacci retracement which lies parallel to the price level of $26.

    Osprey’s Polkadot trust

    The cryptocurrency asset management firm Osprey Funds has announced the creation of a Polkadot (DOT) fund in order to allow their customer base to invest in the cryptocurrency. The trust’s management fee of 2.5% is also said to be exempted before 2023. Polkadot trust will be available at by private placement at $25,000 and above to qualified investors only.

    Greyscale Investments had taken a lead in creating a Polkadot fund along with others; however, the final details of Grayscale’s Polkadot trust are yet to be finalized which makes Osprey’s Polkadot trust the first of its kind in the market. The announcement of the fund may have been what accounted for the bullish momentum in DOT coin’s market.

  • Thailand’s new in-person KYC requirements

    Thailand’s new in-person KYC requirements

     Thailand’s Anti-Money Laundering Office announced that July onwards users will have to verify their accounts in person through a “dip-chip” machine in an effort to decease new account creation on crypto exchanges. 

    The cryptocurrency sphere has taken the world by storm especially during 2021 as the bull run still persists even after phenomenal gains and price surges. The market is booming and apart from minor retracements in the market, the crypto market does not appear to be cooling down anytime soon. The boom in the decentralized finance, nonfungible tokens and the real-world application and uses of blockchain is behind the persisting bull run. As the blockchain technology becomes more relevant, it is here to stay. 

    The cryptocurrency market has also brought with itself a plethora of novel problems. Regulators throughout the world have no idea or experience about navigating the crypto sphere. The decentralization of the market makes centralized regulation tricky while the complicated nature of blockchain products makes the classification of assets unclear. But lax regulation has resulted in increased crypto-related scams. 

    The South Korean government has launched a crackdown on cryptocurrencies as they have contributed largely to the increase in money laundering and tax evasion in the country. South Korea has also imposed various laws to better regulate the market – although some of the laws have resulted in controversies throughout the country. 

    Thailand is also following suit with South Korea as the country delves into strengthening its own cryptocurrency regulation. The government has launched new requirement for “Know Your Customer” (KYC) in order to prevent rampant new account creation on cryptocurrency exchanges. The dip-chip machines use a chip installed in Thai national cards to verify the user. This will also discourage foreign investors as majority of them may not be able to obtain Thai national cards for KYC verification. 

  • Ethereum (ETH) coin: New ATH & towards the moon

    Ethereum (ETH) coin: New ATH & towards the moon

    Ethereum (ETH), the queen of the market has achieved a new all-time high by crossing $3,000 for the first time. Ethereum established its all-time high at $3,200. At the time of writing, ETH coin stands at a price level of $3,164. The price of the cryptocurrency has increased by 9% in the past twenty-four hours while the daily trading volume has gone up by 20%.

    Now with the new ATH of the cryptocurrency and a higher current trading price, the market capitalization of Ethereum stands at $366 billion – increasing by 9%. According to the largest global assets’ ranking by Infinite Market Cap, Ethereum has moved up four places in the list. Ethereum is now ranked higher than the Bank of America which have a market capitalization of $347 billion. Along with Bank of America, Ethereum has also surpassed the market capitalization of corporate giants like Proctor & Gamble, Nestle, PayPal etc. Currently, Ethereum stands at a ranking of 24th in the list.

    With the performance of ETH coin going up, the old debate about Ethereum taking over Bitcoin as the largest digital asset has been rekindled. Institutional interest in the cryptocurrency has also been skyrocketing ever since the new ATH has been established by ETH crypto. The decentralized finance sphere has been becoming more relevant with Ethereum as the unofficial pioneer of it. Institutional giants like European Investment Bank and Goldman Sachs are getting more involved in the ETH blockchain.

    As the price of ETH coin crossed $3,000, it made a lot of people very rich. The co-founder of Ethereum, Vitalik Buterin, has officially become a crypto billionaire. The public wallet of the ETH co-founder holds around 333,500 Ether which are now worth around $1.029 billion. Buterin could possibly be the youngest self-made billionaire in the cryptocurrency industry .