Day: December 4, 2018

Japanese Government to Prevent Crypto Tax Evasion With New Reporting System, Sources Say

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Japan’s government is seeking ways to prevent tax evasion on significant profits from cryptocurrency transactions, daily Japanese newspaper Mainichi Shimbun reports Tuesday, Dec. 4. According to sources familiar with the matter, the new system prepared by the government will allow the National Tax Agency (NTA) to get data from transaction intermediaries, such as crypto exchanges. The NTA will be able to solicit information on customers who are suspected of tax evasion, including names, addresses, and 12-digit individual identification numbers. The sources told the Mainichi Shimbun that the ruling coalition will…

How Traditional Financial Instruments Are Breaking Out in the World of Crypto

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The crypto market has been brutalizing of late – but many traders don’t realize that there is a plethora of financial instruments out there. Each offer investors a new way to back crypto, without relying on the highs and lows of cryptocurrency prices in an erratic and volatile market. But what are these alternatives – and are they really everything they’re cracked up to be? In many cases, some of the new products emerging in the crypto market are iterations of services that have existed in the old-fashioned financial world…

More Than 100,000 Bitcoin Miners Shut Down Amid Bearish Bitcoin Market Trends

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At least 100,000 individual miners have shut down, according to Autonomous Research LLP. Fundstrat Global Advisors LLC estimates that about 1.4 million servers have been unplugged since early September. Malachi Salcido, head of Wenatchee, Washington-based Salcido Enterprises, which claims to be one of the largest miners in North America with 22 megawatts of power deployed and 20 megawatts more being built said: “We are entering in the phase when there’s a flushing out of the market. There will be relatively few operations that come out the other side.” Most miners…

Major Indian Business School Issues Blockchain Certs to Combat Fake Degrees

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India’s top ten business school, SP Jain School of Global Management, has issued 1,189 blockchain-based certificates to graduands who recently obtained degrees and professional certifications. The certificates which are now live on the Ethereum blockchain will allow prospective employers and other parties to verify the authenticity of a job seeker’s educational qualifications without having to contact the business school. The validation process is intuitive and technical know-how will not be necessary, according to Business World. Neither will additional software or specialized equipment be required as all that a prospective employer…

Bitcoin Price Watch: BTC/USD Facing Major Resistance Near $4,150

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Key Points Bitcoin price declined further below $3,900 and traded towards the $3,750 level against the US Dollar. There are two important bearish trend lines in place with resistance near $4,080 and $4,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is likely to face a lot of offers near the $4,100-4,150 resistance area in the near term. Bitcoin price declined towards the $3,750 level against the US Dollar. BTC/USD is recovering, but it could find a strong resistance near $4,080 or $4,150. Bitcoin…

Bitcoin Recovers to $4000 After Monday’s 5% Fall, Here’s What Analysts Have to Say

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As Bitcoin recovers Monday’s price fall, analysts take a cautious approach towards digital currencies with crucial advice for traders and HODLers. On Monday, December 3, Bitcoin again entered into a bearish phase falling by 5%. The one-day chart for Bitcoin on CoinMarketCap shows that the world’s largest cryptocurrency made a low $3832 in last 24-hours. However, Bitcoin seems to have made a sharp recovery in just the last few hours. At the press time, Bitcoin is trading at $4018 with its market cap just crossing $70 billion. However, the cryptocurrency…

Major South Korea Tech Holding and ConsenSys Sign MoU to Develop Blockchain Business Hub

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South Korean technological holding SK Group has signed a Memorandum of Understanding (MoU) with ConsenSys for blockchain business cooperation, according to a SK Group official press release published today, Dec. 4. SK Holdings C&C is the information technology solutions arm of the SK Group, one of the the largest conglomerates in South Korea. The entity has partnered with ConsenSys, an Ethereum (ETH) software technology company based in U.S., to create and develop an “enterprise blockchain development hub.” The MoU is aimed at building an enterprise blockchain business model by using…

Swiss FinTech License Allows Public Deposits of Up to 100m Francs for Blockchain Startups

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The Swiss financial watchdog has published the guidelines for the FinTech license which allows companies to receive public deposits of up to 100 million Swiss Francs. The revised Banking Act, designed to promote innovation, has also opened doors to crowd-lending businesses within the regulatory sandbox. Swiss Regulator Announces License With Relaxed Requirements for FinTech Startups The Federal Council of the Swiss Financial Market Supervisory Authority, the country’s financial regulator, is going forward with the goal of promoting innovation in the financial sector and to remove barriers to market entry for fintech firms.…

Bitcoin by Design; Falling Difficulty and Hashrate Makes Mining Easier

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With all the doom and gloom being published about Bitcoin at the moment it is often hard to overlook how it has been designed. When prices plummet, hashrate and mining difficulty follow suit as the blockchain operates exactly as it has been designed. The mainstream merchants of doom are almost rubbing their grubby hands together with glee as Bitcoin falls to new yearly lows and drops over 80% from its all-time high. Stories of mining farms closing down due to non-profitability have added fuel to the fire. Even established finance…

Ethereum Classic Price Analysis: ETC/USD Could Retest $4.00 Support

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Key Highlights Ethereum classic price started a fresh decline after trading close to $5.30 against the US dollar. There was a break below a major bullish trend line with support at $4.60 on the hourly chart of the ETC/USD pair (Data feed via Kraken). The pair is now at a risk of more losses below the $4.40 and $4.20 levels. Ethereum classic price declined sharply against the US Dollar and Bitcoin. ETC/USD is back in a bearish zone and it could revisit the $4.00 support level. Ethereum Classic Price Analysis…