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Bitcoin Rebounds From USD 45K, Ethereum and Altcoins Pair Losses

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Bitcoin price extended its decline below the USD 50,000 support level. BTC even declined below the USD 47,500 support level and tested USD 45,000. However, the price rebounded sharply, jumping to almost USD 49,000 (12:58 PM UTC) and trimming its daily losses to 8%.

Similarly, there was a strong drop in most major altcoins, followed by a rebound. ETH is still down almost 14% as it even spiked below the USD 1,400 support before moving above USD 1,500 again. XRP/USD also started a strong decline and it tumbled almost 20%.

Total market capitalization

Bitcoin Rebounds From USD 45K, Ethereum and Altcoins Pair Losses 101
Source: www.tradingview.com

Bitcoin price

After a close below USD 50,000, bitcoin price gained bearish momentum. BTC declined below the USD 47,500 and USD 46,200 support levels. It even spiked below the USD 45,000 support level. The USD 45,000 support holds the key in the short-term. On the upside, BTC moved above the USD 48,500 resistance level. The key hurdle is now forming near the USD 50,000 level. A close above USD 50,000 may possibly start a strong recovery in the coming sessions.

Ethereum price

Ethereum price broke many important supports such as USD 1,650, USD 1,550 and USD 1,500. ETH even spiked below USD 1,400. It is currently moving higher, getting closer to its first major resistance near the USD 1,550 level.
If there is a close below the USD 1,400 support, there is a risk of a drop towards the USD 1,320 and USD 1,280 support levels in the near term.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) broke the USD 250 support and it even tumbled below USD 200. BNB tested the USD 185 support and it is back above USD 200. The price is now consolidating and it might recover towards the USD 220 resistance level. The next key resistance sits near the USD 232 level.
Litecoin (LTC) declined heavily below the USD 200 support level. LTC even spiked below the USD 175 support level and tested the USD 160 zone. It is recovering, but the previous support at USD 185 might act as a resistance. The main resistance for a fresh increase is now forming near the USD 200 level.
XRP price started following bitcoin’s decline after it failed to stay above the USD 0.525 and USD 0.512 support levels. There was a strong decline below USD 0.500 and the price even broke the USD 0.450. It tested the USD 0.400 support level and it is recovering higher towards the USD 0.480 resistance level.

Other altcoins market today

Many altcoins declined over 20%, including CRO, DODO, IOST, GRT, XVS, DGB, 1INCH, BTT, ZEN, QTUM, OKB, ONT, ETC, OMG, CAKE, LRC, and EOS. Conversely, CEL and LEO gained over 25%.

To sum up, bitcoin price started a significant correction below USD 50,000. If the ongoing rebound is not sustainable, BTC might even drop below USD 45,000, but downsides could be limited below USD 42,000.
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Bitcoin Rebounds From USD 45K, Ethereum and Altcoins Pair Losses 102



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FreshKorn Cryptocurrency

Duma Committee Chief Throws up Roadblock to Russia’s Crypto Tax Plans

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Duma Committee Chief Throws up Roadblock to Russia’s Crypto Tax Plans 101
Source: Adobe/3dmitry

A parliamentary legislation committee leader has stated that there is a need to provide with legal status and legally binding definitions for crypto-related terms in Russia before proceeding with further tax-related lawmaking and regulation. The move potentially throws a spanner into the works of the government’s much-maligned crypto tax proposal, which has already passed its first reading in parliament this month.

Per Interfax, the Chairman of the Committee on State Building and Legislation, Pavel Krasheninnikov, spoke of the need to “legalize” cryptoassets – something that the country’s only piece of crypto-related legislation to date failed to do, instead making use of ambiguous language such as “digital assets,” which could refer to stablecoins, central bank digital currencies and security token offerings, as well as crytoassets like bitcoin (BTC).

The issue of legal status has become a sticking point for Moscow, which is seeking to modify the tax code so that crypto profits can be taxed in Russia beginning in 2022. A number of parties have pointed out (including a presidential advisory body), however, that it is impossible to ask courts to ensure taxes are placed on crypto when the very notion of crypto does not yet exist in the Russian legal framework.

The news agency quoted Krasheninnikov as stating, at a meeting of Yekaterinburg political leaders,

“On the one hand, [cryptoassets] are not recognized as an [asset class]. On the other hand, the government has introduced a bill that requires [cryptoassets] to be taxed. We have told them to decide: either you tax it, which means [cryptoassets] are an [asset class] or, if you say that [cryptoassets] are not an [asset class], do something about it.”

Krasheninnikov also pointed out another possible legal wrinkle: The fact that the aforementioned piece of already-promulgated legislation outlaws payments made in cryptoassets.

If the government wants to assert that crypto is an asset class, the committee chief said that it would then be “necessary to enable transactions,” make it “legal, not as is currently the case.”

It would also be necessary to allow the possibility of inheriting crypto and allow for the “joint ownership” of crypto funds.
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Learn more:
Lawyers Take Aim at Russia’s Crypto Legislation
The G7 Taxman Is Coming for Your Crypto Profits
Here Are the Ways Governments Could Attack Bitcoin – and None of them Sound Hot
Can’t Beat Crypto Regulators? Educate Them
Regulators Ponder Strategy As Bitcoin & Co Are Too Large to Ignore
A Hint From Davos: Regulating Crypto Is ‘in the Public Interest’



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Giant Rakuten to Let Customers Charge E-Pay Accounts with BTC, ETH, BCH

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Giant Rakuten to Let Customers Charge E-Pay Accounts with BTC, ETH, BCH 101
Rakuten CEO Hiroshi Mikitani. Source: Rakuten

The Japanese e-commerce and business giant Rakuten has taken yet another significant step into the world of crypto – by linking its crypto platform with its e-pay operations.

In an official release, the firm announced that it would allow customers of its Rakuten Wallet crypto wallet and exchange platform to top up their e-pay accounts using bitcoin (BTC), ethereum (ETH) and bitcoin cash (BCH), in what it claimed was a Japanese first: The company stated that no other firms allowed “charge-free” crypto-to-e-pay transactions.

The company operates its own Rakuten Cash and Rakuten Pay ecosystems, which allows customers to spend their money via smartphone apps at participating outlets, including the convenience store chains Lawson and 7 Eleven, as well as the Seiyu supermarket group.

Rakuten Cash can also be exchanged for Rakuten Points, which can be used to pay at partner firms like McDonald’s in Japan, as well as the retail chain FamilyMart.

The gateway will mean that crypto customers will also be able to spend their tokens on a range of Rakuten’s own products and services, including its mobile operations, travel, streaming services, as well as its Kobo e-books and audiobooks retailing platform.

The company noted that only customers of its standard crypto wallet would be able to access the Rakuten Cash-buying function, and not the users of its crypto margin trading app – Wallet Pro.

To drum up support for its new offer, the firm announced that it would credit anyone seeking to top up their Rakuten Cash wallets using crypto would receive additional points – as part of a campaign that will run until March 24.

In a further boost for crypto users, the firm will be adding a tab to its e-pay app that will navigate users directly to a Rakuten Wallet-hosted crypto pay interface.

The firm stated that the service would launch in spring this year and crypto transactions would be restricted to a minimum of around USD 9.50, with a maximum monthly limit of USD 950,000.
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Learn more:
Business Heavyweight Rakuten Offers Bitcoin ‘Cashback’ on Pizza Delivery
BIS and SWIFT Intensify Race With Crypto For Cross-Border Payments
Bill Gates Champions His Own ‘Digital Money’ – But What Is It?
PayPal Touts Crypto For Its ‘Super App,’ But It Won’t Buy Bitcoin Just Yet
Digital Yuan Must Dethrone Alipay, WeChat Pay Before Taking on USD – Researcher



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Massachusetts hospital receives donation of $800,000 in Bitcoin

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Massachusetts-based Cape Cod Hospital received a large anonymous crypto donation of $400,000 in Bitcoin, on 19 February. This would not be the first time for the hospital to get donations in crypto. Overall, Cape Cod Healthcare received $800,000 in Bitcoin to date. Only last month, the anonymous donor gave another $400,000 in crypto to the hospital. 

The Cape Cod team initially received an e-mail in mid-January from the donor who wanted to know whether the healthcare company accepted Bitcoin.

Christopher Lawson, senior vice president, and chief development officer, of the healthcare facility, said in a local report that the donor wished to remain anonymous. However, he revealed that this donor had been “a regular annual supporter in the past,” but, the donor now chose to contribute to the hospital through cryptocurrency.

According to Lawson, the team was able to set up a wallet to receive the donations, which required them to learn more about the crypto economy. 

Before we responded, we had to make sure there were not any issues. It required a good amount of research… My office probably spent a week or two doing our best to learn who else was doing this.

As crypto gains mainstream popularity, perhaps companies will now prefer to accept Bitcoin as payments. 

In addition, Lawson considered Bitcoin as “an asset that is attractive to donate.” 

You get maximum impact on the value, and any gains you get, much like stock, you don’t pay the tax.

Recently, even American Cancer Society (ACS) launched a “Crypto Cancer Fund,” which will be exclusively funded using cryptocurrency.



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