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Ethereum (ETH) Price Loses Its Gains by 7% while Dropping Back to $139

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The market has been euphoric with greens with Ethereum yet again leading the market with over 11 percent gains. The 2nd largest cryptocurrency by market cap of $17.3 billion that has been changing hands at $164.96 with 24-hours gains of 11.63 percent lost 7 percent and went back to $139 in a matter of few hours. In the BTC market, it is down by 1.94 percent, as per the data provided by Coinmarketcap.

Ethereum Price chart, Source, Coinmarketcap

This time, the daily trading volume has taken a bigger spike than the last time as at press time it has been at $5.7 billion in comparison to last weekend’s $4.2 billion. Given the surge in price until a few hours back as well as the trading volume, the next week could have been seen bringing new greens. However, the red has made the entry.

Without reds, the next target has been $170, with $200 seems like the real possibility here as well. When Ethereum price first surged, it has been expected that $170 will be soon coming in as crypto trader, Moon Overlord had said at that time,

“$170 feels like a magnet to me.”

With Ethereum already crossing $160, the real fun has been expected to start now.

“First target here at $163 reached, watching this level closely for what type of reaction we have. Ideally would like to buy any dip from here targeting $190-200.”

With Ethereum Constantinople hard fork coming this week on Thursday, Ethereum could be seeing the green. However, as we reported earlier, fundamentally this upgrade is not a bullish event rather a bearish one given the fact that without this upgrade, the supply issuance of Ether would have been less than what would be after this hard fork but the narrative currently is bullish and that matters.

However, as crypto trader Squeeze has called out for a short, the dip came as other analysts have also been calling out for but only once Constantinople passes through.

In the current red market bitcoin is also seeing a dump but like any other bear market, altcoins are seeing an even more crash. Though the market is bearish right now, it would be interesting to see if Ethereum breaks the $150 level again to reach $200 and if will further register more gain or will pop and fizzle once we make through the next week.

Where do you think Ethereum will go from here? All the way to new lows from here or another rise is sure to come? Let us know what you think!

Source.bitcoinexchangeguide

Bitcoin

Cryptocurrency in Australia: types and regulations

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Cryptocurrencies have become way more accessible across the world. While most governments want to capitalize an all the benefits of cryptocurrencies and blockchain there are security concerns that haven’t been fully solved yet. While the decentralized and unregulated nature of cryptocurrencies is what is most appealing about the technology when it comes to the statewide adoption and mainstream access of this sort some regulations usually do apply. 

Australia has been slowly establishing itself as one of the more crypto-friendly countries where these currencies remain largely not regulated. There are the basics of cryptocurrencies in Australian, based on an opinion of Australian financial expert. Given the fact that cryptocurrency is becoming more and more popular, Australian authorities have been trying to find the middle ground with their approach to cryptocurrencies. 

Available cryptocurrencies in Australia

Bitcoin – the most famous and widely adopted cryptocurrency. Its users use computer-intensive software to validate transactions that occur through the network and earn new bitcoins in the process. This particular cryptocurrency has experienced a lot of highs and lows but still remains the most widely recognized cryptocurrency. However, at the same time, Australia has its own important legislative features of the use and regulation of Bitcoin.

Ethereum. Probably the second most well-known cryptocurrency is Ethereum. While most cryptocurrencies are wildly damaging for the environment Ethereum team is one of the few in the crypto world that has been actively working on decreasing these effects and work towards making crypto mining less energy costly.

Litecoin is an electronic payment system like bitcoin, but in the Litecoin’s case the transactions are processed faster and they are generally larger quantities of Litecoin compared to bitcoin, with some crypto users perceiving Litecoin and the “lighter” version of bitcoin, sort of like the backup.

Ripple – this one is a protocol that complements Bitcoin. Ripple allows real-time transfers in any currency. In the Ripple database, the users can store and transfer value in any currency.

Regulations 

In April of 2019, Australia introduced the new regulations according to which, Digital currency exchanges with a business operation located in Australia must register with AUSTRAC and meet the Government’s AML/CTF (Anti-Money Laundering/Counter-Terrorism Financing) compliance and reporting obligations. 

Australia has faced quite a few crypto crimes and since the government wants to incorporate this technology and use it to enhance the day to day lives of its citizens the officials have to take necessary precautions to prevent crime as much as possible. Currently, there are thee licensed exchanges, BTC Markets, Blockbid, and Independent Reserve. 

Tax

Australia also has a taxation policy when it comes to cryptocurrency. But if your digital currency is less than $10000 and you’re using it for personal services then you won’t be taxed. In all other cases, you will have to pay tax. If you hold digital currencies as investments then you will have to pay tax on any profits when you sell them. If you use cryptocurrencies to pay for business expenses then the transactions will be subjected to goods and services tax. 

For those mining bitcoin, any profits that you make will be included in your assessable income and if you are exchanging cryptocurrencies you will pay income tax on the profits and the transactions will be subject to GST. So taxations are definitely somewhat strict and will probably not change in the near future. 

So if you’re considering getting into cryptocurrency its good to know ahead of time what to expect. But Australia is still one of the most crypto-friendly countries out there, that is setting an example for those who wish to engage more with this technology since the response from the consumers has been great and there is so much potential beyond cryptocurrencies in the blockchain technology. 

What people like any cryptocurrency can still be maintained with the carefully crafted system of regulations that would make the process safer for everyone involved without imposing crazy restrictions that would take away all the perks that this technology offers. While cryptocurrencies have proven to be very convenient, they have also caused a lot of trouble. 

Some experts say that this is largely due to the fact that the industry is still pretty new. Within the following years, we will probably see a major improvement in the security systems concerning blockchain that will make it easy for countries to encourage the use of cryptocurrencies with more confidence while allowing for the first time transparency and decentralization that would change the financial systems and many other industries for the better.

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Morgan Creek CEO predicts bitcoin to touch $500,000 in ten years

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In an interview with Business Insider, CEO of Morgan Creek Capital Management, Mark Yusko said that bitcoin will reach $100,000 by the end of 2021 and $500,000 in the next ten years. He also said Bitcoin will soon overpower the gold’s market capitalization.

“Bitcoin network is becoming more invaluable as adoption increases.”

The CEO of the investment management firm, Morgan Creek, said, “The key to bitcoin is the network…It grows in proportion to the inverse of the sum of the squares of the number of participants.” He further opined that the Bitcoin network is becoming more invaluable as adoption increases. According to Mark Yusko, Bitcoin will reach $100,000 between now and 2021, and Bitcoin may touch $250,000 by 2025, and by 2030, the digital currency could touch $400,000 or $500,000.

Bitcoin struggles to break above $8,000

At the time of writing bitcoin is trading at just above the crucial mark of $7,000. From the last few weeks, the price of bitcoin has struggled to touch $8,000, and many analysts have predicted that it might go below $7,000 in the short term. The bitcoin halving is scheduled to take place in May next year, and crypto enthusiasts believe that the price of the cryptocurrency will go up and break its previous all-time high sometime after the halving event.

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Peter Schiff Says Bitcoin Is Running Out of Buyers to ‘Keep Ponzi Going’

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Peter Schiff thinks Bitcoin is a Ponzi scheme that struggles to find new buyers to inject fresh money into it Euro Pacific Capital CEO Peter Schiff is not getting tired of lambasting Bitcoin. This time around, he calls the biggest cryptocurrency a “Ponzi” that is running of buyers. 👉MUST READ

Schiff hurls new insults at Bitcoin

The prominent gold bug recently lashed out at Morgan Creek Digital founder Anthony Pompliano who claims that Bitcoin is intended to serve the people, unlike fiat money that only serves governments that create them. 

In his new Twitter tirade, Schiff pointed to the fact that Bitcoin is yet to reach mainstream adoption as a currency, which makes Pompliano’s “irrelevant and premature.”

When Pompliano replied that Bitcoin is now a more popular currency than gold, Schiff reiterated his earlier words that BTC can only be considered a speculative asset, not a real currency.

Moreover, the relentless Bitcoin hater said that the popularity of the top cryptocurrency was waining, and it was struggling to find new buyers “to keep the Ponzi going.”

As reported by U.Today, Schiff is certain that Bitcoin is “a pump-and-dump scheme”, and deep-pocketed whales are the ones who pull all the strings.        👉MUST READ

Bitcoin’s third decade

VanEck’s digital asset director Gabor Gurbacs confronted Schiff, saying that his argument would have been valid if Bitcoin had existed for thousands of years. However, according to Schiff, Bitcoin is unlikely to survive the next decade.      

Schiff’s view on the future of Bitcoin is diametrically opposite to that of Deutsche Bank analyst Jim Reid. In his “Imagine 2030” study, Reid opined that crypto was on the verge of its breakout decade as fiat currencies were becoming more “fragile.”

Schiff’s view on the future of Bitcoin is diametrically opposite to that of Deutsche Bank analyst Jim Reid. In his “Imagine 2030” study, Reid opined that crypto was on the verge of its breakout decade as fiat currencies were becoming more “fragile.”

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