Month: May 2020

South Korea to Start Taxing Bitcoin Profits in 2021

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South Korea will start taxing profits from bitcoin (BTC) and other cryptocurrencies next year, according to local media reports. The taxation will also apply to bitcoin mining operations and income from initial coin offerings, should it be approved by Parliament. South Korea’s Ministry of Economy and Finance proposed the amendments to the existing tax law to include the cryptocurrency industry, with backing from the Ministry of Information and Technology. In September, the Ministry will table the amendments before Parliament. Once approved, the law will enter into force in 2021, allowing…

The Worst Crisis in a Century Is Setting the Stage for Bitcoin

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The COVID-19 pandemic has ravaged the economies of countries all around the world and is showing no signs of stopping. The overwhelming response from global governments has been to place their countries under full or partial lockdowns. This has arguably saved many lives, but the economic fallout has been savage. The United States alone is on track to see a record 30% rate of unemployment and an unprecedented 30% drop in gross domestic product. China, the European Union, Japan and the United Kingdom aren’t faring that much better. In such…

Maker Rallies 30% in One Hour Amid Upcoming Coinbase Pro Listing

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Support for Maker (MKR), the token underpinning the leading decentralized finance, or DeFi, protocol MakerDAO, is set to launch on Coinbase Pro on June 8. The U.S.-based cryptocurrency exchange announced the forthcoming listing on May 29, with USD and Bitcoin (BTC) pairings set to go live in phases. Coinbase Pro announces Maker pairings Coinbase Pro will begin accepting MKR deposits on Monday, June 8. Trading is slated to commence at approximately 9am Pacific Time on June 9, providing the exchange’s MKR orderbook garners meaningful liquidity. “[T]rading on our MKR-USD and…

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The Difference Between Bitcoin and Electronic Money – Blockchain News, Opinion and Jobs

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Bitcoin has the largest market share among virtual currencies, and is already being used on a daily basis overseas. Since it is a virtual currency, there are no bills or coins in reality, but it is possible to buy and sell products using smartphones, PCs, etc. Since there are many advantages such as cheaper remittance fees and the ability to use fiat currencies overseas without changing fiat currencies, the places where you can use them in your daily life are expanding. It won’t be long before we can use Bitcoin…

The Dow Is Whimpering – But History Says the Bulls Are About to Roar

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The Dow Jones started the week with a bang – but looks set to end it with a whimper. U.S.-China tensions continue to make investors nervous, and Trump may escalate them further today. Nevertheless, one historical indicator suggests stocks are primed for a major rally. The Dow Jones Industrial Average (DJIA) looks set to open lower on Friday as investors brace for another aggravation in U.S.-China tensions. Analysts say these geopolitical tensions have become a major threat to the stock market. But history suggests the rally may just be getting…

Bitcoin Could Hit $11,000 in June 2020; Here’s Why

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Bitcoin is correcting lower after testing $10,000 as its local top. But a confluence of technical and fundamental catalysts could flip the cryptocurrency’s direction towards $11,000. They include a Symmetrical Triangle formation, the Sino-U.S. geopolitical conflict, and the Federal Reserve’s unlimited fiscal support. Bitcoin is correcting lower in the final week of May but its likelihood of retesting levels above $11,000 is growing higher next month. That is, according to Symmetrical Triangle, a technical chart pattern wherein the slope of the asset’s highs and lows converge together to meet at…

Bitcoin Could Hit $11,000 in June 2020; Here’s Why

boss

Bitcoin is correcting lower after testing $10,000 as its local top. But a confluence of technical and fundamental catalysts could flip the cryptocurrency’s direction towards $11,000. They include a Symmetrical Triangle formation, the Sino-U.S. geopolitical conflict, and the Federal Reserve’s unlimited fiscal support. Bitcoin is correcting lower in the final week of May but its likelihood of retesting levels above $11,000 is growing higher next month. That is, according to Symmetrical Triangle, a technical chart pattern wherein the slope of the asset’s highs and lows converge together to meet at…

SEC Orders ICO Startup to Return $25.5M to Investors

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The United States Securities and Exchange Commission (SEC) has ordered cryptocurrency firm BitClave to return $25.5 million to investors. In a March 28 announcement, the SEC announced charges against the California-based cryptocurrency startup. The regulator found BitClave to be responsible for selling unregistered securities in its initial coin offering. Chief of the SEC Enforcement Division’s Cyber Unit Kristina Littman commented: “Issuers of securities, traditional or digital, must comply with the registration requirements of the federal securities laws. […] The remedies ordered by the Commission will provide meaningful relief to investors…