Czechia Joins Other Countries on Bitcoin and Crypto Tax Free Move

Posted on December 10, 2024December 9, 2024 by Skerdian Meta

As Bitcoin breaks $100K and the crypto market becomes increasingly popular, countries increase the taxation, but some countries such as Czechia are making it easier for investors by removing the capital gains tax on cryptocurrencies. Continue reading “Czechia Joins Other Countries on Bitcoin and Crypto Tax Free Move” →

Forex Signals Brief December 10: RBA Leaves Interest Rates Unchanged at 4.35% but Signals the Shift

Posted on December 10, 2024December 10, 2024 by Skerdian Meta

Today the main forex even is behind us, after the Reserve Bank of Australia left interest rates unchanged at 4.35% again as expected.

The RBA opens the week for central banks, with BOC, SNB and ECB following up

Continue reading “Forex Signals Brief December 10: RBA Leaves Interest Rates Unchanged at 4.35% but Signals the Shift” →

Ripple Spent $150 million defending XRP against SEC

Posted on December 10, 2024December 10, 2024 by Olumide Adesina

Brad Garlinghouse, the CEO of Ripple, spoke on “60 Minutes” about the company’s ongoing legal battle with the U.S. Securities and Exchange Commission.

Ripple has reportedly spent more than $150 million defending XRP against the SEC’s stance as stated by Garlinghouse.

According to him, XRP is not a security and ought to be subject to different regulations in light of the characteristics of digital assets. He maintained that if the SEC had been run by someone other than current Chairman Gary Gensler, FairShake might not have been required.

We requested regulation, saying, “Just tell us what the rules of the game are,” Garlinghouse stated, highlighting Ripple’s desire for precise legal definitions rather than a laissez-faire policy.

Additionally, he asserted that the laws in place now are inadequate to handle the emerging technology that underpins digital assets. He pointed out that more conventional financial institutions are adopting blockchain technology; JPMorgan Chase, for instance, has started implementing blockchain solutions.

Garlinghouse also discussed how Ripple has changed cross-border payments by processing billions of dollars worth of KYC-compliant transactions for institutional clients. He emphasized that Ripple uses XRP to enable cross-border transfers quicker than traditional techniques.

The “60 Minutes” interview sparked a furious backlash from the cryptocurrency community, which said the program misinformed viewers about the cryptocurrency market.

According to users on X, the show plotted to have Garlinghouse disparage cryptocurrencies by ostensibly suggesting they were used to finance the most recent election.

Cryptocurrency companies contributed $144 million to pro-crypto candidates in both parties in the most recent U.S. election, accounting for one-third of all direct corporate contributions to Super PACs, according to “60 Minutes.”. Users on X characterized the interview as a “setup” by corporate media, which was furious about the election results.

Bitcoin, Ethereum, XRP, Solana Flash Crash Sinks $1.5 billion

Posted on December 10, 2024 by Olumide Adesina

Bitcoin posted sudden losses on Tuesday morning and sank below the $95K support line. The altcoin market followed suit with tremendous losses, including double-digit price declines from XRP, Solana, and Dodge.

The cryptocurrency community speculated that the drop might be because of lower expectations for an alt season following Bitcoin’s breakthrough above the $100K mark.

CoinGlass data showed the total value of positions wrecked in the last 24 hours increased to almost $1.5 billion. The single-biggest position destroyed was worth $20 million and involved ETH.

The massive liquidations were caused by profit-taking, large sell orders at significant milestones, and overleveraged positions. Since many traders relied on borrowed money to place bets on Bitcoin’s continued growth, they were vulnerable when prices dropped.

Bitcoin went on the offensive in the early hours of Monday and jumped above $100,000 after its most recent price rejection at the coveted $100,000 mark, sending the asset south hard and dumping by roughly 6K. That was temporary, though, as the asset fell below it almost instantly. It lost several thousand dollars and leveled off at $98,000, but just minutes ago, the bears were able to seize total control of the market and send it plunging.

The price of Bitcoin fell by $4K in about an hour and plunged to a multi-day low of $94,300 (on Binance). , the situation is concerning for overly leveraged traders despite its quick recovery and current position near $97,000

However, data from Ki Young Ju, CEO of CryptoQuant, indicated that, given the increase in stablecoin liquidity in the market, the earlier altcoin rally did not come at the expense of Bitcoin.

This implies that fresh money entered the market to support the rally Instead of capital rotating from Bitcoin. This has raised hopes among cryptocurrency enthusiasts, who hypothesized that the correction is a brief reversal intended to propel the altcoin market capitalization to all-time highs.

Forex Signals Brief December 9: More Rate Cuts from SNB and ECB to Come This Week

Posted on December 9, 2024December 8, 2024 by Skerdian Meta

Traders will be focused on the RBA, SNB, and ECB meetings this week, but the US CPI inflation report will also attract attention on Wednesday and add to the volatility.

There are high expectations for the US CPI inflation this week

Continue reading “Forex Signals Brief December 9: More Rate Cuts from SNB and ECB to Come This Week” →

Bitcoin Shows Exhaustion, Short Sellers Target $85K

Posted on December 9, 2024December 9, 2024 by Olumide Adesina

Bitcoin hit a new all-time high (ATH) of $104,088 this month then dropped precipitously to a daily low of $90,500, bounced back, and closed the day above $98K. Price patterns highlighted the most sought-after digital asset faces market correction.

Bitcoin’s Relative Strength Index (RSI) shows warning signs even though it recovered from Thursday’s decline and rose until Sunday. As of Monday morning, BTC is trading marginally lower at $98,900.

The RSI chart suggested the formation of a bearish divergence, which frequently results in a short-term correction.

Traders anticipate a steep decline toward the $90,000 support level and a slight increase toward the most recent high of $104,088 if this bearish divergence persists (grabbing liquidity or trapping longs). If this level is successfully closed below, the market may continue to decline until it reaches the next support level of $85K.

However, if Bitcoin closes above $104,088, its upward trend may continue, and it may continue to rise toward the new all-time high of $119,510.

Santiment data paints a neutral picture given that Bitcoin’s total mining balances have been declining since April 2024, the statistics present a neutral picture. Nonetheless, this most recent decline of 85,503 BTC in a single day is the most severe since late February, two weeks before the all-time high of $73K.

These wallets have not been in line with prices for most of the year. The number of non-mining sharks and whales continues to rise. For now, think of this as a net-neutral signal.

El Salvador’s Bitcoin Gain Passed $333 million

Posted on December 9, 2024December 9, 2024 by Olumide Adesina

Salvadoran President Nayib Bukele took to social media to draw attention to the nation’s unrealized profits from its Bitcoin following the cryptocurrency’s first-ever $100,000 surge.

The cryptocurrency community celebrated when Bitcoin hit $100,000 for the first time this month. Bukele was asked to share El Salvador’s Bitcoin portfolio. In response, Bukele posted on X the amount of Bitcoin held by the nation. His most recent report showed the nation has spent almost $270 million on Bitcoin since it first adopted the cryptocurrency.

The unrealized gains totaled over $333 million, and no Bitcoin has been sold. Bitcoin was first accepted as legal tender in El Salvador.

El Salvador had been on a Bitcoin buying spree ever since Bukele committed to purchasing one Bitcoin every day on the 17th of 2022, announcing a dollar-cost averaging (DCA) strategy.

According to the website Nayib Tracker, which tracks the nation’s Bitcoin holdings, El Salvador has 6,180 BTC. The average price to buy Bitcoin is $44,740, which indicates that the nation has experienced a 122 percent increase in market prices.

El Salvador has reported additional advantages since embracing Bitcoin in addition to BTC profit. The nation’s adoption of Bitcoin increased travel as well.

The International Monetary Fund (IMF) has continuously urged El Salvador to reevaluate its Bitcoin policies, notwithstanding the nation’s alleged success. The IMF acknowledged the potential for greater financial inclusion but requested that El Salvador cease accepting Bitcoin as legal tender on May 25, 2022, citing threats to financial stability

El Salvador was once again urged by the IMF to relax its Bitcoin regulations. Julie Kozack, IMF’s director of communications, suggested reducing the country’s Bitcoin Law’s reach and limiting the public sector’s exposure to the cryptocurrency.

DOGE Barks Less Amid Likely Market Correction

Posted on December 8, 2024December 9, 2024 by Olumide Adesina

DOGE has outperformed Bitcoin and many altcoins in the face of Donald Trump’s election win but faces a tough resistance line .

Elon Musk on the meme coin’s bullish run can’t be overlooked. Musk is the head of a brand-new government organization called the Department of Government Efficiency, whose abbreviation, DOGE, is a reference to the meme token

Whenever the world’s richest man talks about DOGE, whether in reference to the agency or cryptocurrency, it has affected the meme-coin in recent months. But Musk hasn’t offered anything to the market in several weeks.

The billionaire is likely to support DOGE once more, even though he needs to exercise some restraint in his new official role.

Price action shows the meme coin faces strong resistance at the peak at $0.48 on November 23. If it crosses it, DOGE would likely print out a bullish signal and highlight the $0.60 and $0.70 thresholds at the all-time high, around $0.75.

The RSI indicator has been diverging recently, indicating a bearish trend. This could mean that the bullish movement has been exhausted.

In the event of a correction, the $0.40 threshold precedes $0.35 as the first possible support. We shall thus keep in mind that the outlook for Dogecoin is still largely optimistic. Nevertheless, it is evident that the increase is slowing down, and DOGE might no longer be the best option to optimize profits.

Dogecoin’s ardent supporters contributed to its rise to prominence. Early adopters used the coin for charitable purposes,tips, and enjoyed its humorous tone.

Dogecoin has prospered on its capacity to unite people for amusement and goodwill, in contrast to the tale of the financial revolution surrounding Bitcoin. Markus occasionally describes Dogecoin as an “inside joke” that unexpectedly gained international traction.

Nonetheless, the rise in the value of Dogecoin coincided with the expansion of the Bitcoin market with a 2021 valuation of over $70 billion, it is a serious player in the cryptocurrency market.

Telegram Founder Faces French Court

Posted on December 8, 2024December 9, 2024 by Olumide Adesina

Telegram founder Pavel Durov was questioned for the first time in a Paris court in connection with a case involving claims that the messaging app enabled illegal activity.

Durov appeared in court in Paris last Friday. alongside his attorneys Christophe Ingrain and David-Olivier Kaminski.

An anonymous source with knowledge of the situation that the accusations pertaining to Telegram’s possible use for illegal transactions were the main focus of the interrogation.

Durov reportedly told the AFP that he “trusts the French justice” system, but would not provide further details. The legal troubles for the founder of Telegram started in August when he was momentarily detained at Paris’s Le Bourget airport.

The $6 million bail he posted allowed him to be released, but he is still not allowed to leave France until March 2025. Citing preliminary charges announced in August, French prosecutors accused Durov of operating a platform that allegedly facilitates illegal activities.

The Paris prosecutor’s office, Parquet de Paris, formally announced Durov’s preliminary charges on August 28 alleging that the creator of Telegram is supporting a platform that permits illegal transactions. Durov might be sentenced to ten years in prison and fined €500,000 ($550,000) should he be found guilty

France began a preliminary investigation into Telegram before Durov was arrested in Paris, the prosecutor’s office claims that the investigation progressed to a judicial inquiry.

XRP Might Sink Like Titanic Ship

Posted on December 8, 2024December 9, 2024 by Olumide Adesina

Price action highlighted that Ripple’s token XRP faces huge price correction. It is obviously overbought because technical indicators like the RSI show it above 70 points. About 80% of the altcoin fell the last time this occurred.

The number of leveraged positions on the token is rising. An imbalance favoring long positions could make the correction worse. Ripple sells 200 million XRP in its regular monthly sale.

A possible long squeeze that might push XRP’s price lower is indicated by the requirement that traders holding long positions in the cryptocurrency pay short-sellers a 66 percent annual percentage rate (APR) funding rate. Even with these cautionary indicators, XRP might still find the strength to keep rising, as it has in the past.

However, traders and investors must exercise caution when navigating this volatile market due to the inherent volatility and unpredictability of crypto assets

XRP achieved a record-breaking market capitalization of $166 billion this year, even though the token was trading below its peak price. XRP surpassed Solana and Tether to become the third most valuable cryptocurrency by market capitalization.

Even though Ripple is still selling tokens and unlocking them, the peak market capitalization shows strong demand, which adds to the inflation of the circulating supply. Ripple, the biggest owner of XRP, is getting ready for what might be its last significant sale of 2024.

Ripple’s underlying technology has carved out a distinct niche in the financial ecosystem, one of the main advantages of investing in XRP is its demonstrated effectiveness in cross-border transactions. Furthermore, transactions involving XRP are less expensive than those involving more conventional financial counterparts, which appeals to investors seeking lucrative opportunities.

However, constant regulatory scrutiny and legal opposition to XRP, particularly in areas suspicious of its business model. This uncertainty may affect investor confidence and cause market swings. The decentralization-oriented cryptocurrency community has also expressed concerns about the centralized structure of its parent business, Ripple.