Powered By MarketHive
A safe, secure, powerful broadcasting platform, delivering value and merit for joining and engaging your audiences. An exclusive Airdrop, Faucet and Bounty social network. Markethive. Joining is free, upgrading is rewarding.
By Invitation: https://markethive.com/marketing
David Ogden – Http://markethive.com/david-ogden
A safe, secure, powerful broadcasting platform, delivering value and merit for joining and engaging your audiences. An exclusive Airdrop, Faucet and Bounty social network. Markethive. Joining is free, upgrading is rewarding. https://markethive.com/marketing
By Invitation: https://markethive.com/marketing
David Ogden – Http://markethive.com/david-ogden
Bitcoin has gained over 4% of its value, but $8,000 remains unbroken.
Litecoin is the best performing cryptocurrency of the day, up nearly 12%.
Bitcoin and all major altcoins stay in the green zone after a sharp recovery during late Monday hours; however, the critical levels remain unbroken, and the upside momentum looks to be fading away. The cryptocurrency market capitalization climbed to $254 billion from $243 billion on Monday; an average daily trading volume increased to $64 billion amid growing volatility on the market.
Top-3 coins price overview
BTC/USD touched $8,088 on Monday before retreating to the area under $8,000. The first digital asset has gained over 4% in recent 24 hours before entering a consolidation pattern below the said critical resistance.
Ethereum, the second largest digital asset with the current market capitalization of $26.1 billion, recovered to $245 handle after a drop below $230 on Monday. The coin has gained nearly 5% in recent 24 hours, improving in sync with the market.
Ripple's XRP tested area above $0.40, but the breakthrough proved to be unsustainable. The third largest coin with the current market capitalization of $16.8 has gained nearly 2.5% of its value form this time on Monday to trade at $0.3953 by press time.
The biggest market-movers
Litecoin (LTC) is the biggest winner of the day. The 12th largest coin with the current market capitalization of $7.9 billion has gained nearly 12% in recent 24 hours to trade at $128.52 by press time.
Cardano (ADA) is also a strong performer today. The coin is changing hands at $0.0848, with over 6% gains.
Tanya Abrosimova
FXStreet
David Ogden – Http://markethive.com/david-ogden
BTC has been trading in a relatively quiet range over the weekend as volatility contracts after a big few weeks.
For now, price has fallen away from the major $8,000 level and is trying its best to hold up at the next support below at $7,500. This range is looking like it is going to be a big one given that volatility is contracting and there are clearly buyers and sellers at both levels.
Price has not been able to break back above the $8,000 level, since the fall from the recent highs at $9,000. Similarly, we are seeing buyers stepping up below. Each time price pulls back to $7,500, the buyers are there to hold it up. As I noted last week, the long wicks that you can see on the chart are a sign of strong buying interest.
Given the strength of the range that is in place here, my plan is to wait for a break of either side of the range and play a momentum move. There is a strong chance of a break, either way, will lead to a big push in the vicinity of 10%.
To me, that is a good risk/reward play and one that should have good follow-through. Particularly to the downside as there might well be some trapped buyers.
This should, therefore, be a pretty interesting week if we start seeing a break in either direction.
Posted Monday, June 10, 2019 by Rowan Crosby
David Ogden – Http://markethive.com/david-ogden
By CCN: It looked like someone won the bitcoin jackpot at London’s Bond Street station. A video shows banknotes flying out of what appears to be a jinxed bitcoin ATM located near a shopping center.
In the 20-second video, initially shared by Redditor skypirateX, a security guard is doing his best to stop anyone from taking the money. Onlookers watch while the money rained down into and around a duffel bag.
LARGER, REDESIGNED ATM A GOOD SOLUTION
A customer was intentionally withdrawing the money, according to Adam Gramowski, owner and CEO of the Poland-based bitcoin ATM company. Initially, everything was going well during the bitcoin ATM transaction.
“As you can see there is a bag in the front of ATM. However our ATMs support large transactions and it is fair to say that a larger, redesigned presenter would be a good solution. Our customer was not particularly careful, although the ATM should be redesigned to cope better with small denominations used in the U.K.”
IT WAS NOT THE JACKPOTTING BUG
One theory doing the rounds was that the ATM was subject to a jackpotting bug, a claim the company spokesperson denies. Jackpotting is ATM malware that manipulates individual machines to spit out money, as explained by Wired.
But it seems this time it was just a case of a bitcoin owner withdrawing a large amount of money. The company has 60 ATMs around Europe, and Gramowski says this problem is apparent only with this one U.K. machine.
The video, which was also posted to LinkedIn by Blockchain Headhunter, has sparked thousands of responses. These have ranged from “allergy to fiat” to “evidently was not tested thoroughly!” Comments on Reddit alone run to 2,300.
It’s not the first time this ATM has been on Reddit for its strange behavior. About a month ago, the ATM maker responded to another thread that captured a picture of a DASH cryptocurrency private key displayed on the machine’s screen.
The owner said someone had stuffed a coin into the banknote acceptor. This jammed the ATM, and the company was unable to carry out any maintenance or repairs over the weekend.
Sharon Wood 08/06/2019
David Ogden – Http://markethive.com/david-ogden
Bitcoin price $7,970
Key BTC resistance levels $8,000, $8,150, $8,265, $8,490, $8,600
Key BTC support levels $7,419, $7,200, $7,000, $6,954, $6,790
*Price at the time of publication
Bitcoin has seen a nice rebound totaling around 3% over the past 24 hours of trading and bringing the current price for the coin up to around $7,970 at the time of writing. The cryptocurrency had fallen from a peak above $9,000 to beneath the $8,000 level during the first few days of June 2019. However, BTC had managed to find support at the crucial .382 Fibonacci Retracement level and has rebounded from this area.
Bitcoin currently holds a $141 billion market cap valuation after seeing a 36% price surge over the past 30 days. Furthermore, the Bitcoin market has been on a tear over the past 3 months, as the price has exploded by a total of 101%.
Bitcoin price analysis
What has been going on?
Analysing the BTCUSD daily chart above, we can see that Bitcoin has recently found support at the short term .382 Fibonacci Retracement level (drawn in green) priced at $7,419. This Fibonacci Retracement is measuring the swing leg higher that had started to develop during May 2019.
Bitcoin has now rebounded from this level of strong support and is now attempting to break above resistance at the $8,000 level.
Bitcoin price short term prediction: Neutral
In the short term – Bitcoin remains neutral until it can break above the $8,000 level.
If the sellers do step in and begin to push the Bitcoin price lower, we can expect immediate support toward the downside to be located at the .382 Fibonacci Retracement support level at $7,419. Beneath this, further support can then be located at the $7,000 level. The support at $7,000 is further bolstered by the short term .5 Fibonacci Retracement level (drawn in green) priced at $6,954.
Bitcoin price medium term prediction: Bullish
Over a longer time period, Bitcoin remains bullish. After seeing a price surge of more than 100% over the past 3 months, it is hard to think that it is not bullish.
If the buyers are successful in breaking above the resistance at the $8,000 level, we can expect further resistance above to then be located at the $8,265 level. This level of resistance had caused trouble for the bulls during May 2019 and is expected to provide more trouble moving forward.
Above $8,265, more resistance is located at $8,490, $8,600, $8,888 and $9,000. Above $9,000 – further higher resistance is located at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $9,326 and $9,810, respectively.
What are the technical indicators reading?
Currently, the Stochastic RSI is trading in extreme overbought conditions, which suggests that the selling is finally finished. If the Stochastic RSI can start to rise higher, we can expect the RSI to break back above the 50 level and allow the bulls to push the price further above $8,000.
13 hours ago | Yaz Sheikh
David Ogden – Http://markethive.com/david-ogden
The Takeaway
Coming guidance from the IRS will address longstanding questions about the tax treatment of cryptocurrency.
The tax collector has identified several specific issues it will discuss, including whether investors owe taxes on free crypto they get from a fork.
The industry is also hoping for clarity on a number of other matters, including the tax implications of airdrops, staking and crypto stored at overseas exchanges.
Every tax season, cryptocurrency investors in the U.S. struggle to figure out how much they owe the government. But next April it might be a little bit easier.
Last month, the Internal Revenue Service (IRS) said it would “soon” issue new guidance on the tax treatment of crypto, something it hasn’t done since an initial notice
the agency issued in 2014.
In its original guidance, the IRS stated that for tax purposes, virtual currency is treated as property and not as currency. But it left a number of key questions unanswered, such as how to value cryptocurrency received as income.
The market has become more complicated in the intervening years, with the emergence of phenomena like airdrops and forks that essentially give people free crypto, raising new questions about tax liability.
In a letter last month to Rep. Tom Emmer, IRS Commissioner Charles P. Rettig said the forthcoming guidance would address these issues and others. He did not say exactly when it will come out, and neither would the IRS when contacted by CoinDesk.
It’s hard to predict when the IRS will publish the new guidance, but as the extended due date for individual returns is October 15, and for pass-through businesses it is September 15, “they may shoot to have guidance out before those extended deadlines,” said Kirk Phillips, a certified public accountant (CPA).
Below, we explain the major areas where the crypto community is looking for more clarity from the taxman.
One of the most important questions since the publication of the IRS’ first notice has been how taxpayers should determine the fair market value of cryptocurrency they receive as income (in exchange for goods and services, for instance). This is its cost basis.
The 2014 guidance says that if a cryptocurrency is listed on an exchange, the fair market value is determined by converting it into U.S. dollars “at the exchange rate, in a reasonable manner that is consistently applied.”
However, unlike securities or property, cryptocurrencies can vary in price widely between different exchanges, said Phillips, the author of “The Ultimate Bitcoin Business Guide.”
“Every exchange can have its own pricing methodology, and if you’re using ten different exchanges there will be ten different pricing models,” he said.
The American Institute of Certified Public Accountants (AICPA) has suggested that taxpayers should be allowed to use the average rate of the day and the average price of different exchanges to calculate the value of their crypto, as well as aggregating indexes like CoinDesk’s Bitcoin Price Index.
Any of these methods can work as long as taxpayers are consistent in applying them, AICPA said in comments
submitted last year to the IRS. Also, it should be possible to use a combination of methods for various instances.
“Taxpayers may have one method applied to one wallet and another method applied to another exchange when determining the fair value of all the bitcoin transactions,” the comment says.
James T. Foust, a senior research fellow at the industry advocacy group CoinCenter, suggested a similar approach in a recent report.
Users should be allowed to use “either the exchange rate data from one exchange, averaged exchange rate data from a fixed set of exchanges, or a third-party exchange rate index” for each cryptocurrency, as long as they use these methods consistently, Foust wrote.
An even trickier task is determining the cost of each unit of cryptocurrency that was spent in a taxable transaction, such as a sale.
Lisa Zarlenga, a partner at the law firm of Steptoe & Johnson, explained that when you sell cryptocurrency you should specifically identify the fraction you’re selling to calculate a gain or loss.
For other asset classes, there are established ways to do this. For example, in stock trading, taxpayers can apply the average cost basis or the “first in, first out” (FIFO) assumption: that they are selling the earliest acquired piece of stock, so the price is determined as the one registered at the time of the first purchase.
“But the simplified approach doesn’t apply to other types of property, only to stock,” Zarlenga said. “So one thing the IRS could do is extend it to cryptocurrency, which would be very helpful.”
Even that wouldn’t help in every case, noted Phillips. “First in, first out” can be a problem if the price of the earliest acquired coin is zero — if the owner mined it, for instance.
Imagine somebody who earlier mined some bitcoin is trying to cash out another coin which cannot be sold for fiat, and so would have to sell it for bitcoin and then sell that bitcoin for fiat. In this case, the bitcoin, bought and immediately sold, won’t bring its owner any profit, but if the cost basis is defined by the first coins this person ever acquired (which is zero), they will have to report a capital gain.
In such cases the FIFO principle might become a trap, Phillips said. “It can create a fictitious gain that doesn’t match the economic substance.”
At the moment, there are a number of software platforms for calculating taxes on crypto using different methodologies, and the best the IRS can do is to leave it for users to choose, Phillips said. As the technology and the market mature, better solutions can be found, he said.
“The best scenario would be to leave it broadly open for the taxpayer to decide what method they use as long as they apply a consistent methodology: you can’t change it around from year to year,” he said.
In addition to buying and selling, there is a list of other events that need clarification for tax purposes, including forks, airdrops and staking.
All of these involve people receiving one cryptocurrency because they already hold another. For example, anyone who held bitcoin on August 1, 2017, can claim a like amount of bitcoin cash, which was born that day, and of the other currencies that subsequently split off from the main chain.
So what do they owe Uncle Sam from this windfall? Foust’s report for Coin Center notes that when a fork happens, owners of the original cryptocurrency can make no effort to take possession of the new coins and never actually get them, and in this case, there should be no tax effect. But if they do get their portion of the splinter currency and sell it, that should be taxable at the time of the sale.
It’s important to consider how much control taxpayers have over the situation when they keep their crypto with custodial exchanges, Foust noted. “If a taxpayer holds their cryptocurrency with a custodial exchange, any actions that the exchange takes regarding airdropped or forked tokens should not affect the taxpayer unless such actions were undertaken at the direction of the taxpayer.”
The American Bar Association suggested a different approach in its comments on the 2017 fork that created bitcoin cash. The document
, submitted to the IRS in March 2018, proposed that “taxpayers who owned a coin that was subject to a Hard Fork in 2017 would be treated as having realized the forked coin resulting from the Hard Fork in a taxable event” and the value of a new coin should be zero.
“It means that at the time of the fork they’ll be treated as earning zero dollars in income. So the fork event itself will not result in any tax liability,” Omri Marian, one of the authors of the comments, explained to CoinDesk. “When they dispose of the forked coin, they’ll be taxed on the entire proceeds of the transaction.”
Forks can be treated by analogy with traditional financial and business events, Zarlenga said, and it depends which analogy the IRS will see as more appropriate: possible options include events that currently don’t have tax consequences, like a stock split or a cow giving birth to a calf, but also taxable events like getting free samples and using them, finding property or earning dividends on a property.
Another relatively new concept, staking, or using one’s coins to participate in transaction validation on proof-of-stake (PoS) blockchains, is a hot topic in the crypto world. As institutional players have taken an interest in putting their PoS holdings to work, powerhouses like Coinbase have started offering staking-as-a-service.
Staking should be treated as ordinary income, as mining already is, because these two activities bring taxpayers new coins in a similar way, AICPA’s memo suggests. The expenses on staking, if there are any, should be deducted from such income as ordinary expenses, i.e. expenses that are common and accepted in a certain business.
Three of the issues discussed above – cost basis calculation, cost basis assignment, and forks – are explicitly mentioned in Rettig’s letter to Emmer, but there are several others that crypto tax experts hope the upcoming IRS guidance will address.
One with serious consequences for taxpayers is whether keeping, buying and selling cryptocurrencies on exchanges registered overseas should be reported under the rules for foreign bank accounts, Zarlenga and Phillips said.
U.S. citizens must file a Report of Foreign Bank and Financial Accounts (FBAR) for any such account holding more than $10,000. Also, Americans holding foreign financial assets worth more than $50,000 have to report them under the Foreign Account Tax Compliance Act (FATCA). Failure to report can result in severe penalties, Phillips noted.
Should these rules apply to crypto? AICPA believes so: the value of crypto kept in foreign jurisdictions should be aggregated with the value of fiat and other assets abroad and reported under FBAR and FATCA, the institute’s comments say.
But if taxpayers keep their crypto in personal wallets and control the private keys, this crypto should be considered “cash which resides wherever the taxpayer resides,” and no FBAR or FATCA compliance is needed, the document suggests.
Another issue that deserves clarification is the status of small transactions when people use cryptocurrency to buy goods and services, Phillips said. As it stands, they also have to be reported as taxable events, which discourages spending crypto, and exempting transactions up to a certain threshold could eliminate this problem.
Then there are charitable donations: right now, if you’re donating any property valued more than $5,000 you need to get a qualified appraisal, an expert estimation of that property’s value.
Cryptocurrency should be exempted from this rule as publicly traded securities are, AICPA said. “The rationale is that the prices for these publicly traded stocks are available on established exchanges, thus not requiring a qualified appraisal. The same is true for most, if not all, types of virtual currencies.”
While these questions may sound arcane, resolving them would remove a lot of aggravation for taxpayers. Hence, the community is waiting with bated breath to see how the IRS comes down on them.
Zarlenga concluded:
“This is going to be the first time they are speaking in five years. A lot has happened in the industry, and people are eager for some input.”
Anna Baydakova
Jun 7, 2019 at 04:00 UTC
David Ogden – Http://markethive.com/david-ogden
BTC/USD has recovered from the week's lows, but $8,000 remains unconquered.
Binance Coin is the winner of the day in Asia on Thursday.
The cryptocurrency market is a mixed picture during Asian hours on Thursday as Bitcoin and top-20 altcoins have entered a consolidation phase. The total capitalization of all digital assets in circulation slipped to at $250 billion from $251 billion about this time on Tuesday. An average daily trading volume dropped to $71 billion.
Top-3 coins price overview
At the time of writing, BTC/USD is hovering marginally above $7,840, mostly unchanged both on a day-on-day basis and since the beginning of Thursday trading. The most important digital asset has recovered from June 4 low of $7,437, though it is still well below a critical $8,000 handle.
Ethereum, the second largest digital asset with the current market capitalization of $26 billion, is changing hands at $246, gaining 1.7% in recent 24 hours.
Ripple's XRP stays marginally above $0.40 at the time of writing after an initial attempt to break below this psychological handle. The third largest coin is locked in a tight range, unchanged both on a day-on-day basis and since the start of Thursday.
The biggest market-movers
Binance Coin (BNB) is the growth leader, with nearly 6% of gains in recent 24 hours. The 7th largest cryptocurrency with the current market capitalization of $4.4 billion is changing hands at $31.5 with a bullish bias.
Bitcoin Cash (BCH) is also doing well. The 4th largest coin has gained nearly 3$ in recent 24 hours to trade at $397 by press time.
Tanya Abrosimova
FXStreet
David Ogden – Http://markethive.com/david-ogden
As euphoria over cryptocurrencies deflates in the wake of Bitcoin’s biggest monthly surge in almost two years, technical indicators are showing there could be more pain ahead.
The GTI Vera Convergence-Divergence indicator, which detects positive and negative trends, flashed a sell signal for the first time since April, suggesting there could be further downside as Bitcoin halts its recent monster rally.
“The market is in an identity crisis, trying to find a place to stabilize,” said Jake Stolarski, senior trader at Greenwich, Connecticut-based Cipher Technologies. “The key technical levels have been creating market volatility, for sure, due to sudden shifts in sentiment.”
Bitcoin fell as much as 12 per cent to $7,544.42 in New York trading. The slump follows the coin’s 62 per cent surge in May, the biggest monthly gain since the height of the crypto bubble in August 2017.
It’s been a swift retreat for Bitcoin, which is down more than 12 per cent since last Tuesday to trade below the $8,000 level for the first time in more than a week. The recent stumble is among its first downtrends of the year, which had so far seen a huge rally in digital assets on the back of expectations of greater mainstream acceptance and new developments in the blockchain space.
Though Bitcoin briefly topped $9,000 last week, it has not retested that level since. That’s a key trend-line for the coin, said Stolarski.
“People are seeing where the resistance is, where the stops are both up and down,” Stolarski said. “People are trying to find a stabilizing point where they can layer into a core position.”
By Vildana Hajric
David Ogden – Http://markethive.com/david-ogden
![Crypto-Market Cap Losses $20 Billion - Bitcoin [BTC] Test $7700 as Alts ETH, XRP, LTC Follow Suit](http://seriouswealth.net/wp/wp-content/uploads/2019/06/btcusd3-1024x461.png)
Bitcoin [BTC] had a fairly eventful week as the price tested yearly highs but then fell back to fill the gap till $8000. However, on a weekly scale, the closing price near the opening indicating indecision in the market. Jacob Canfield expressed the market sentiments back his TA,
NEW #Bitcoin Analysis – Indecision In The Air At $9,000. – Bearish Weekly Closing – Low Volume On Rally – Trend lines Need To Hold…
With over 55% gain in the last month, the uncertainty has led to a further correction as the price is forming support near $8000. BTC tested a low near $7800 on Tuesday, 4th June 2019. The price of Bitcoin [BTC] at 2: 30 Hours UTC on 4th May 2019 is $7980$. It is trading 6.65% lower on a daily scale.
Nivesh Rustgi 1 min ago
David Ogden – Http://markethive.com/david-ogden