Cryptocurrency News – Bitcoin Hits $8,500; Crypto Taxation; China Launches a Crypto




Bitcoin just hit $8,557 a 24% increase from the 2020 low of $6,915. Will Bitcoin continue to go up through 2020? The IRS is getting customer data from Cryptocurrency exchanges. Coinbase and other exchanges are providing the IRS with customer information and transactions. China is launching another Cryptocurrency. This one is coming from the Search Engine Giant Baidu.

$8,900: Bitcoin Eyes Major Rebound as Bullish Confluence Grows

$8,900: Bitcoin Eyes Major Rebound as Bullish Confluence Grows

Analyst Who Called 2019 Bear Market Believes Bitcoin is Primed for Massive Gains

Analyst Who Called 2019 Bear Market Believes Bitcoin is Primed for Massive Gains

Bitcoin Analysis Chart
https://twitter.com/davthewave/status/1216339742494605312/photo/1

Crypto-Taxation: Imperfect, Imposing, Imperative?

Crypto-Taxation: Imperfect, Imposing, Imperative?

US and European Regulators Say Crypto a Priority This Year
https://news.bitcoin.com/us-and-european-regulators-crypto-priority/

This week in crypto: New coins in China, crypto comes to CES and more
https://decrypt.co/16457/this-week-in-crypto-new-coins-in-china-crypto-comes-to-ces-and-more

Is cryptocurrency a security?
https://coinrivet.com/is-cryptocurrency-a-security/

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hello and welcome I hope that you arehaving a fantastic day today we’re gonnatalk about cryptocurrency news Bitcoinjust hit $8,500crypto taxation and China launches a newcrypto so I’m not a financial advisorthis is not financial advice this is myopinion I’m not smarter than you youwere smarter than you realize do nottrust what I say do your own researchthat’s always a good thing to do so Iprovide links to the articles I’m goingto show you since I don’t cover thearticles in detail I’m gonna let youread the articles yourself and come toyour own conclusions but I am gonnashare a little bit about my conclusionson some of these topics so $8,900bitcoin eyes major rebounds as bullishconfluence grows bitcoin BTC has beencaught within the throws of volatilityover the past several days and weekswith this turbulent price action leadingthe cryptocurrency to surge as high aseight thousand three hundred dollarsyesterday well today it just hit eightthousand five hundred and fifty sevendollars the last time I looked beforeincurring a significant amount ofselling pressure that briefly pushed itbelow its key support at eight thousanddollarsbuyers were able to defend againstfurther downside however whichultimately led Bitcoin to rebound to itscurrent price levels at 8200 analystsare now knowing that the confluence ofmultiple separate factors suggests thatbitcoin is on the verge of seeinganother major rally which could lead itas high as eight thousand nine hundreddollars before it meets any significanceregion of resistance and so it lookslike this is quite likely to happen veryvery quickly I mean with the move to8,500 last I looked it was eightthousand five hundred and fifty sevendollars Bitcoin rose significantly andquickly to that level and sohow long will it take it to get to 8900hard to say but it’s coming up prettyquickly it looks like an analyst whocalled the 2019 bear market believesbitcoin is primed for massive gains andso Dave the wave a popular cryptocurrency analysts on Twitter whoaccurately called nearly all of bitcoinsmajor price movements in 2019 is nowexplaining that he believes 2020 isshaping up to be a great year forBitcoin offering as follows a chart thatshows BTC on track to find itself caughtwithin a major uptrend in the comingmonths the data within the chart seemsto indicate that bitcoin is only amatter of months away from beginning itsnext parabolic ascent Dave the wave alsopredicted in a tweet from last monththat Bitcoin could easily set freshsustainable all-time highs in the earlypart of 2020 so fresh sustainableall-time high would mean that bitcoinhits that twenty thousand dollar markand stays above it so let’s take a lookat his chart so this is the chart thatthey’re talking about and this is 2015this is 2019 and this is 2023 and sothis green area is partially throughouta good portion of 2019 but it alsostretches into 2021 and the blue area isa different potential analysisstretching all the way into 2023 and sothis blue mark here you can see that hehas an algorithmic a logarithmic chartthat’s going on here because you knowhere this is 750 it jumps to 25 75 tofifty seven fifty two thousand fivehundred eight thousand twenty totwenty-five thousand 75 thousand so thisline right here is a seventy-fivethousand dollar mark and he’s basicallyessentially saying that he believes thatby 2020 22023 sometime in that ballpark he’sexpecting Bitcoin to hit $75,000 but ifyou look at this this blue area I thinkthis blue area is mostly what he’spredicting for the near future in 2020and 2021 you can see that it easily hitsthis line here is the twenty fivethousand dollar line which would be anew all-time high for Bitcoin andcontinues up into greater numbers infact this mark up here at the very tippytop is two hundred and twenty fivethousand so based on this chart it maynot be that far from hitting a twohundred thousand dollar all-time high inthe late 2025 type timeframe so I’m notsure exactly what he used in order tocreate these green lines but you can seethat they kind of narrow up over timewhich does make sense and if Bitcoincontinues to do its parabolic runs thenwe definitely could see some significantnumbers so again this is not financialadvice this is my opinion this is Davethe waves opinion and so people are justsharing what they think is going tohappen so time will tell we will seecrypto taxation imperfect imposingimperative cryptocurrencies are anydigital currency with no central issuingregulating Authority one that existsonly on a decentralized ledger calledblockchain sounds clear enough rightwell not quite if you consider howdifferently they are treated by taxagencies around the world nothing isbetter evidence of the global cryptoconfusion than an examination of howmembers of the j-5 the Joint Chiefs ofglobal tax informant enforcement viewcrypto currencies on one hand the UnitedStates and Australia crypto currenciesis classified as property and incurcapital gains taxes on the other handthe Netherlands consider cryptocurrencies as goods while countries suchas the United Kingdom andGermany rule it on a case-by-case basisand so for Americans there is no freelunch if you’re richer tomorrow than youwere today because of cryptocurrencyit’s likely you have some tax burdenassociated with that the case of SanFrancisco coinbaseis a case in point exchanges andentities providing cryptocurrencytransaction services are notspecifically mandated to provide taxreports to users but the likes of coinbanks had to provide a cost basis fortaxes report to users after the IRSordered it to turn over the data of over13,000 customers and so if you’ve usedan exchange such as coinbaseI did not expect to go to that websiteanyway if you use an exchange likecoinbase or Gemini or finance or one ofthe other crypto currency exchanges outthere those exchanges are quite likelyturning data over to the IRS in thiscase coinbase turned the data of 13,000customers over to the IRS and so ifyou’re in the United States and you’retransacting with cryptocurrencies youwant to make sure that you report thoseon your tax forms because the IRS mayalready know about your cryptocurrencyendeavors so always a good thing to donow US and European regulators saycrypto is a priority for 2020 severalregulations in the US and Europeregulators in the US and Europe havemade cryptocurrency among their toppriorities this year the Securities andExchange Commission’s compliance officeand the European securities and marketAuthority in collaboration with otherregulators have outlined their plans tofocus on crypto oversight furtherChina’s central bank has made digitalcurrency a priority so there’s quite abit of information in here about theUnited States the United Kingdomand how they’re regulatingcryptocurrencies the Securities andExchange Commission is getting more andmore serious and they are starting toview now they’ve already come out andsaid that bitcoin is not a regulatedsecurity such as a stock or bonds orsomething like that but they are lookingat other cryptocurrencies as possiblyfalling under those kinds of guidelinesthis week in crypto new coins in Chinacrypto comes to the CES and more so bybay-do launches super chaincryptocurrency internet search enginegiant Baidu and that’s a Chinese searchengine giant similar to Google but it’sspecifically a Chinese search enginethis week launched a public beta of itscryptocurrency called super chainneedless to say super chain is compliantwith the Chinese government and is notfully decentralized it runs through anetwork of master nodes so what theymean by not fully decentralized fullydecentralized cryptocurrency is one thathas well like with Bitcoin if you wantedto create a node on Bitcoin that managesthe network anybody can download thesoftware and run it on their computerit’s basically called mining and there’sdifferent types of mining you can justbe a miner or you could provide what’scalled a node and a node is whereseveral miners connect up to the nodeand the node provides a higher level ofcryptocurrency mining anyway when itcomes to China’s super chain they’rebasically saying that thiscryptocurrency is not fullydecentralized meaning the Chinesegovernment is going to be running someof those nodes and so it won’t becompletely a an anonymous or anon-governmental cryptocurrency so youknow Bitcoin is more decentralizedin the sense that anybody can run an odepeople are doing it all over the worldthere’s people in China there’s peoplein Europe there’s people in Russia andIran and all over the world people arerunning Bitcoin mining operations andrunning Bitcoin nodes etc etc and soit’s all open source and freelyavailable now the open source blockchainsupports applications this is thechinese super chain supportsapplications a little bit like aetheriumit wants to help China leapfrog othercountries in blockchain development sowhat do they mean by leapfrog leapfroghere is the well-established Chinesestrategy of developing new technology toovercome or sidestep a structural defectfor instance China lacked credit cardsbut became the world’s leader in mobilepayments via apps like WeChat and soinstead of China trying to compete withMasterCard and Visa China went out anddeveloped phone apps like WeChat andWeChat has become one of the largestforms of payment in fact when you gointo China I haven’t been but I’ve heardfrom other people that have been thatthe most common form of payment is touse your cell phone rather than a creditcard whereas in the United States andmany other countries the most commonform of payment is going to be done witha credit card or a debit card of somesort rather than cash all right so iscryptocurrency a security so I kind oftouched on this a moment ago many peopleargue that goes against the very natureof cryptocurrency which are anonymous bydesigned and are not governed by anysingle Authority and aim to be free ofdecentralized regulation socryptocurrencies initially intended tobe free of regulation free of thegovernments outside of governmentcontrol unfortunately the government asas Bitcoin and cryptocurrency as a wholehasthe government is of course stepping inand taking action to control it more andmore so the real question is what is asecurity and what crypto currencies oris cryptocurrency n security so securityis a tradable financial asset that hasmonetary value and this is according tothe way the United States defines asecurityit’s represents an ownership position ina publicly traded corporation via owningshares a creditor relationship with agovernment body or corporation viaowning bonds or rights to ownership asrepresented by an option the legaldefinition of a security varies byjurisdiction in the u.s. a security is atradable financial asset of any kind inthe UK the FCA’s definition of asecurity applies only to equities Debbiensures alternative Devonshire’sgovernment and public securitieswarrants certificates representingcertain securities units stake holderspension schemes personal pension schemesand rights to or interest in investmentsso the cryptocurrency security debatethe SEC chairman Jay Clayton hasclarified that bitcoin is not a securityin an interview with CNBC in June hestated crypto currencies are replacementfor sovereign currencies they replacethe yen the dollar the euro with Bitcointhat type of currency is not a securityformer CFTC Chairman Gary Gensler hasalso stated that Bitcoin cannot beclassified as a security he pointed outthat bitcoin came into existence asmining began as an incentive invalidating a distributed platform withno initial token offering no pre minedcoins and no kind of common enterpriseso common enterprise meaning a businessrunning behind it there is no businessthat operates Bitcoin Bitcoin has neversought public funds to develop itstechnology and it does not passthe Howey test the Howey test is a testthat the Securities and ExchangeCommission uses to determine whether ornot a particular asset should be shouldcome under securities laws such asstocks and bonds and some of the otherthings the positionwhat about aetherium and ripple theposition is less clear when it comes toother cryptocurrencies such as aetheriumand ripple however Gensler would haswarned that more than 1,000cryptocurrencies are probably operatingoutside of US law and will have to comeinto regulatory compliance he said thatalthough bitcoin is not a securityripple sure seems like a commonenterprise because with ripple there isa business that’s behind the ripple theXRP token and they’ve done things thatsounded well a council created by someof the major crypto currency exchangescrypto ratings council seems to agree asit awarded XRP or ripple a four out offive in matching the criteria consideredto be a security it pointed out at theripple that ripple sold XRP before thetoken had any utility and used asecurities like language when promotingXRP and so whether or not any specificcryptocurrency should be considered asecurity depends upon how thatcryptocurrency was developed andintroduced and did they do any kind ofinitial coin offering were they sellingit before different situations and soall of that goes into account when theywant to determine if a cryptocurrency issome form of security and it may beworth noting because if you get involvedin something like ripple or one of theother cryptocurrencies that could beconsidered a security the the value ofyour token could be affectedsignificantly if the SEC or some othergoverning bodysuch as you know the United States orthe United Kingdom Europe etc if somegoverning body decides to come in andclassify it as some sort of you knowsecurity or a similar type asset becausethen that suddenly puts lots ofdifferent regulations they may have topay fines there could be all kinds ofthings that affect that cryptocurrencyin a negative way and so this isdefinitely something to keep an eye outfor whatever cryptocurrency that you’redealing with or trading in so inconclusion how can I be of service toyou do you have any questions would youlike to talk about something in a muchdeeper way than we did in this shortvideo was there anything that I saidthat didn’t make sense please leavecomments below in the meantime I hopethat you’ll like subscribe and Hottelhave a fantastic day

COMMENTS (2)

  • comment-avatar

    Each day I get alittle bit more bullish

  • comment-avatar

    Check out Smartcash. I would be glad to see an overview of this coin, very popular in Brazil