Bitcoin Today: a hint of hope
Price
Yesterday buy-in broke the lateral channel and brought the price above the 6650.0 level, closer to the Global Bearish Trend Line. For now, the price stays locked inside the narrowing bounds of Bearish Trend Line and 6650.0 level. Today BTCUSD will reach the decisive moment with the Trend Line, bounce back will bring the price below the 6650.0 level probably back to the 6400.0 zone; a breakthrough above the Bearish Line will bring more confidence to the markets and could provoke new buying session. Support – 6400.0 level; closest resistance – 7000.0 level.
Today forecast
Trading in the 6400.0 – 7000.0 zone.
Latest news
Yesterday buy-in broke the lateral channel and brought the price above the 6650.0 level, closer to the Global Bearish Trend Line. For now, the price stays locked inside the narrowing bounds of Bearish Trend Line and 6650.0 level. Today BTCUSD will reach the decisive moment with the Trend Line, bounce back will bring the price below the 6650.0 level probably back to the 6400.0 zone; a breakthrough above the Bearish Line will bring more confidence to the markets and could provoke new buying session. Support – 6400.0 level; closest resistance – 7000.0 level.
Today forecast
Trading in the 6400.0 – 7000.0 zone.
Latest news
- All Regulated Japanese Exchanges to Prohibit Insider Trading and Privacy Coins
The association comprising of 16 government-approved cryptocurrency exchanges in Japan has reportedly provided a sneak peak of its self-regulatory rules. The focuses are on banning insider trading and preventing exchanges from listing privacy coins.
The Japan Virtual Currency Exchange Association (JVCEA) has given a sneak peak of the draft self-regulatory rules it has been working on, “in an effort to step up consumer protections and improve transparency,” Nikkei reported on Monday. The main focuses of the new regulations are on “insider trading and the trading of new currencies that cannot be traced easily,” the publication detailed, adding:
“The proposed rules explicitly ban insider trading. Word has leaked previously that a major exchange would start handling a new currency, which led to a surge in the currency’s value and left many suspecting market manipulation. Such activity would represent a clear violation of the new rules.” - Australia Taxation Office (ATO) will be collecting Capital Gains Tax (CGT) on cryptocurrency gains
After moving to request all cryptocurrency exchanges to report to the country’s watchdog agency, the Australia Taxation Office (ATO) will be collecting Capital Gains Tax (CGT) on cryptocurrency gains, essentially classifying them as assets.
Liz Russel, a senior tax agent at a private Australia online tax return service, shared some insights on the way the ATO will be treating cryptocurrency gains and what people should expect. Just like in the majority of countries, there is an ongoing debate amid Australian institutions regarding the proper classification of cryptocurrencies.
However, according to the senior tax agent, the ATO has made it pretty clear that it would regard them as assets:
“There is a long-running debate over what cryptocurrency actually is – whether it’s an asset, currency or collectible – but the ATO has made it clear that it treats cryptocurrency as an asset. […] That means it’s subject to the same capital gains tax (CGT) provisions that apply to real estate and shares.”
Put in simple words, Australians will have to pay the CGT tax on any profits they made from trading cryptocurrencies. So, if you’ve bought back when it was $2,000 and sold it for $20,000, the $18,000 profit will be subject to CGT.
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