Bitcoin Cash {BCH} bounces back above $300; over 4000 SLP tokens have been created on the …

Bitcoin Cash is ranked at #4 on coinmarketcap, beneath XRP and Ethereum. The price climbed at a rate of 2.06% in the course of the past 24-hours.

Bitcoin Cash is ranked at #4 on coinmarketcap, beneath XRP and Ethereum. The price climbed at a rate of 2.06% in the course of the past 24-hours. This brought BCH all the way up to $304.22 where it presently holds. The trading volume recorded stands at $1.281 billion, while the supply has 18,003,925 BCH coins in play. As of this instant, the total market cap of Bitcoin Cash is $5.477 billion.

If you’re worried about building your business on the #BitcoinCash@SimpleLedger Protocol or even $SPICE specifically, don’t be. In 3 days Spice Casa has already had 3000 bets from only word-of-mouth promotion.

Kickstart yours at the hackathon Sept 27-30, https://t.co/ffLChLcQTW

— Spice Casa (@SpiceCasa) September 14, 2019

As reported a day ago, an ATM was set up in Venezuela meant to serve hundreds of crypto-enthusiasts. The machine has so far unveiled support for three major digital currencies: Bitcoin, Bitcoin Cash and DASH [which has garnered attention from thousands in Caracas, and other neighboring cities].

Amaury Séchet is a lead developer belonging to the Bitcoin Cash ABC ecosystem. He gave a brilliant speech at the BCH City Conference that was held in Townsville, Australia. While referring to culture, Amaury said that the BCH chain has better products and fundamentals, and has proven to be more useful in comparison to Bitcoin and various other competing projects.

He spoke of the need to focus on infrastructure. His speech was greeted with thunderous applause as he concluded it. You can watch the full 34-minute talk right here:

According to the data obtained from the candlestick chart connected to the BCH/USD pair on tradingview, one can note that the asset is trying its best to heal gradually. The daily RSI rests at 50.24, and the final two tiny peaks [of the Awesome Oscillator] bear the green shade. This point to bullish momentum returning to influence this altcoin.

About Post Author

Aditya Chatterjee

A specialist in comics and cryptocurrencies with an inclination towards DASH and Cardano. I have an innate desire to be a seasoned trader in the near future. Analyzing candlestick charts is a personal hobby.

Related Posts:

  • No Related Posts

The Crypto Daily – The Movers and Shakers – 15/09/19

Ethereum (+3.96%), Bitcoin Cash SV (+2.8%), and Stellar’s Lumen (+2.73%) also saw solid gains on the day. Ripple’s XRP (+2.34%), Litecoin (+2.2%) …

Bitcoin slipped by 0.04% on Saturday. Following on from a 0.73% fall from Friday, Bitcoin ended the day at $10,380.

A relatively choppy morning saw Bitcoin slide from an early morning high $10,395 to a mid-day intraday low $10,255.

In spite of the choppy start to the day, Bitcoin left the major support and resistance levels untested.

Finding support through the afternoon, Bitcoin rallied to a late intraday high $10,488. Falling short of the first major resistance level at $10,514.33, Bitcoin fell back to $10,300 levels and into the red.

For Bitcoin, the extended bullish trend remained intact. Bitcoin continued to hold above the 38.2% FIB of $9,734 having steered well clear of sub-$9,000 levels and the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag.

Monero’s XMR joined Bitcoin in the red on the day, with a 0.99% loss.

It was a bullish day for the rest of the pack, however.

EOS led the way, surging by 8.02% on Saturday. Ethereum (+3.96%), Bitcoin Cash SV (+2.8%), and Stellar’s Lumen (+2.73%) also saw solid gains on the day.

Ripple’s XRP (+2.34%), Litecoin (+2.2%), and Binance Coin (+0.77%) trailed the pack in spite of the gains on the day.

The relatively bullish start to the weekend left the majors mixed for the current week.

EOS led the way, rising by 6.63% Monday through Saturday. Ethereum and Litecoin were also in positive territory, with gains of 4.02% and 0.24% respectively.

It was red for the rest of the pack, however. Bitcoin SV and Binance Coin led the way down, with losses of 11.03% and 6.25% respectively.

Stellar’s Lumen also struggled in the week, falling by 3.3%. Losses elsewhere were modest, however. Monero’s XRM was down by 1.53%, with Bitcoin Cash ABC and Ripple’s XRP down by 0.39% and 0.11% respectively.

Bitcoin’s dominance eased back to 69% levels following a lackluster day on Saturday.

Through the current week, the total crypto market cap recovered from a Wednesday low $257.48bn to $266bn levels. In spite of the recovery, another crypto rally is needed to recover to $270bn levels seen at the start of the week.

At the time of writing, the total crypto market cap stood at $266.04bn.

This Morning

At the time of writing, Bitcoin was down by 0.19% to $10,360. A bearish start to the day saw Bitcoin fall from an early morning high $10,403 to a low $10,337.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Monero’s XMR (-1.65%), Stellar’s Lumen (-0.7%), Binance Coin (-0.03%), and Bitcoin Cash SV (-0.43%) also saw red.

Bitcoin Cash ABC led the way in the early hours, up by 0.98% at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $10,360 levels to support a run at the first major resistance level at $10,469.

Support from the broader market would be needed, however, to break out from the morning low $10,403.

Barring a Bitcoin breakout later in the day, Saturday’s high $10,451 and first major resistance level would likely pin any upside.

Failure to move through to $10,360 levels could see Bitcoin spend a 3rd consecutive day in the red.

A fall through to $10,320 levels would bring the first major support level at $10,273 into play before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,200 support levels on the day.

Get Into Cryptocurrency Trading Today

This article was originally posted on FX Empire

More From FXEMPIRE:

Related Posts:

  • No Related Posts

Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 15/09/19

Bitcoin Cash ABC rose by 2.15% on Saturday. Reversing a 0.63% fall from Friday, Bitcoin Cash ABC ended the day at $303.81. A bearish start to the …

Bitcoin Cash – ABC – Holds onto $300

Bitcoin Cash ABC rose by 2.15% on Saturday. Reversing a 0.63% fall from Friday, Bitcoin Cash ABC ended the day at $303.81.

A bearish start to the day saw Bitcoin Cash ABC fall to an early morning intraday low $295.24.

Steering clear of the first major support level at $294.76, rallied to a late intraday high $307.0.

Bitcoin Cash ABC broke through the first major resistance level at $300.97 and second major resistance level at $303.94.

Easing back in the final hour, Bitcoin Cash ABC fell back through the second major resistance level, whilst holding onto $300 levels.

At the time of writing, Bitcoin Cash ABC was up by 0.98% to $306.78. A bullish start to the day saw Bitcoin Cash ABC rise from an early morning low $304.97 to a high $307.

Bitcoin Cash ABC left the major support and resistance levels untested early on.

For the day ahead, Bitcoin Cash ABC would need to steer clear of sub-$303 levels to support a run at the first major resistance level at $308.79.

Support from the broader market would be needed, however, for Bitcoin Cash ABC to break out from this morning and Saturday’s high $307.

Barring another broad-based crypto rally, Bitcoin Cash ABC would likely come up short of the second major resistance level at $313.78.

Failure to steer clear of sub-$303 levels could see Bitcoin Cash ABC test the first major support level at $297.03 before any recovery.

Barring a crypto meltdown, Bitcoin Cash ABC should steer well clear of the second major support level at $290.26.

 

Litecoin Visits $71

Litecoin rose by 2.2% on Saturday. Reversing a 0.16% fall from Friday, Litecoin ended the day at $70.62.

A bearish morning saw Litecoin fall from an early morning high $69.49 to a mid-day intraday low $68.30.

Steering clear of the first major support level at $67.56, Litecoin rallied to a late afternoon intraday high $71.45.

The rally saw Litecoin break through the first major resistance level at $70.15 and second major resistance level at $71.22.

A pull-back late in the day saw Litecoin fall back through the second major support level to wrap up the day at sub-$71 levels.

At the time of writing, Litecoin was up by 0.31% to $70.84. A bullish start to the day saw Litecoin rise from an early morning low $70.64 to a high $71.47 before easing back.

Litecoin left the major support and resistance levels untested early on.

For the day ahead, holding above $70.60 levels would support another run at the first major resistance level at $71.95.

Litecoin would need the support of the broader market, however, to break out from this morning’s high $71.47.

Barring another broad-based crypto rally, Litecoin would likely fall short of the second major resistance level at $73.27.

Failure to steer clear of $70.60 levels could see Litecoin reverse Saturday’s gain. A fall through to sub-$70 would bring the first major support level at $68.80 into play before any recovery.

Barring a crypto meltdown, Litecoin should steer clear of sub-$68 levels on the day.

Ripple’s XRP Back at $0.26 Levels

Ripple’s XRP gained 2.34% on Saturday. Following on from a trend-bucking 0.55% rise from Friday, Ripple’s XRP ended the day at $0.26251.

A bearish start to the day saw Ripple’s XRP fall to a mid-morning intraday low $0.25465 before making a move.

Steering clear of the first major support level at $0.2536, Ripple’s XRP rallied to an early afternoon intraday high $0.2660.

Ripple’s XRP broke through the major resistance levels on the way through to a current week high.

A late pullback saw Ripple’s XRP fall back through the third major resistance level at $0.2632. Of significance, however, was the first hold onto $0.26 levels for the week.

At the time of writing, Ripple’s XRP was up by 0.14% to $0.26287. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.26405 before pulling back to a low $0.26242.

Ripple’s XRP left the major support and resistance levels untested, in spite of the choppy start.

For the day ahead, Ripple’s XRP would need to steer clear of sub-$0.2615 levels to support another day in the green.

A move back through the morning high $0.26405 would bring the first major resistance level at $0.2675 into play.

Barring another broad-based crypto rally, Ripple’s XRP would likely come up short of $0.27 levels on the day.

Failure to steer clear of sub-$0.2615 levels would bring sub-$0.26 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Ripple’s XRP should steer clear of the first major support level at $0.2561.

Please let us know what you think in the comments below

Thanks, Bob

Related Posts:

  • No Related Posts

Cryptocurrency frauds rise, hundreds cheated

Bengaluru: Joining the big league of financial fraud cases, like cheque bounce and online swindling, is the cryptocurrency investment, such as Bitcoin, …

Bengaluru: Joining the big league of financial fraud cases, like cheque bounce and online swindling, is the cryptocurrency investment, such as Bitcoin, iCoin and others, that has taken the Internet by storm.

Hundreds of complaints are pouring in at various police stations across the state, including Uppalli, Gaurikaluve, Vijayapura, Tipunagara, Allampura, Mallandooru, Mallenahalli, Kadur, Mudigere, N.R. Pura, Beluru and Chikkamagaluru in the recent past. One of the victims is by Ms Sindhura, who is the granddaughter of former MLA late C.M.S. Shastri. She had reportedly invested in a cryptocurrency and she had filed a complaint with the police after getting cheated.

One of the complaints names two accused, who have approached the Karnataka High Court and obtained bail. They have been booked for offences punishable under Sections 406 & 420 of IPC, Section 66(D) of Information Technology Act, 2000 and under Sections 21(2)(3) & 22 of Banning of Unregulated Deposit Schemes Ordinance, 2019. The case is pending before the Second Additional District and Sessions Judge in Chikkamagaluru.

One of the victims Mohammed Zuber has alleged in his complaint that the prime accused, Rukshida Baaanu, lured him and others to invest money in “Bitcoin” and “’I’ Coin” website schemes with the promise that their money would be doubled in six months.

Rukshida had told them that if the amount is not withdrawn, a bonus will be paid. She had also said that a message will be sent to the depository to create an ID for the amount to be deposited, and Zuber deposited Rs 35,000. An ID was created in his name and he received a message about the depositing the amount. But he did not receive any amount from the accused. When the complainant enquired about it and asked her to return the amount, she told him that there was a problem in the ‘I-Coin’ website.

Instead of repaying the amount, she introduced a new scheme and told Zuber to deposit Rs 25,000 which he did on March 4, 2019.

Within a week she paid Rs 6,000 and when he asked for the amount in the second week, she gave an evasive answer and was getting ready to leave the place. That was when he filed a complaint.

While granting bail to the accused, the high court cited that there are no other allegations against them and their role in respect with the prime accused has to be established during the trial. Several conditions have been imposed for their bail.

Related Posts:

  • No Related Posts

Cryptocurrency Personal Property Exchanges Pre-TCJA

We’ve been discussing virtual currency, cryptocurrencies, and digital currency quite a bit lately here. That’s by design. They’ve all been in the media a …

We’ve been discussing virtual currency, cryptocurrencies, and digital currency quite a bit lately here. That’s by design. They’ve all been in the media a lot lately. That’s largely due to the increased tax collection efforts by the IRS. Many bitcoin holders started out with the impression that they were “outside the system”. Despite those impressions, though, the IRS has made it abundantly clear that this isn’t the case.

Now, the IRS is looking at cryptocurrency investors and their cryptocurrency transactions with focused attention. The IRS is just like any other person or entity. That is, it doesn’t want to waste its time and energy. And this means that it wisely directs its attention to those who have the most resources. Many bitcoin holders have massive tax liabilities to the IRS. The media is focusing on them. The IRS doesn’t want to lose its slice of the pie. Accordingly, we’re now we’re seeing it exert increased efforts to use the tax law to move in that direction.

Personal Property Classification

The IRS’ classification of cryptocurrency as “personal property” for a tax year has some interesting implications. One implication is that cryptocurrencies may have been eligible in “personal property” 1031 exchanges prior to the Tax Cuts & Jobs Act (TCJA). This issue is moot now, though, because the TCJA eliminated all personal property exchanges. But we may also see reviews of exchanges which occurred before the TCJA was implemented. In this post, we will go over the basics of personal property exchanges and then discuss some of the issues which may come up when pre-tax reform crypto exchanges are examined by the IRS in an audit. We’ll look at issues like potential short term capital gains taxes.

Personal Property Exchanges Pre-TCJA

Prior to the TCJA, taxpayers were able to exchange personal property held for business or investment purposes under Section 1031 in like kind exchanges. Many intermediaries specialized in personal property exchanges, and those intermediaries went out of business the moment that the TCJA took effect. Common exchange items, pre-TCJA, were for assets like business jets, cars owned by rental agencies, precious metals and antique cars. The rules for exchanging personal property were a bit different than the rules for real estate. The like-kind requirement, for instance, was interpreted more narrowly, as personal property had to be matched, according to “asset class.” This meant that a business jet couldn’t be exchanged for gold, for instance.

Before the TCJA, many crypto holders asked the question: does Section 1031 apply to bitcoin and other cryptocurrency? Is Form 8824 a required attachment to a Form 1040 personal income tax return? ? In light of the IRS position in Notice 2014-21, the logical response appears to be “yes.” If bitcoin and other cryptocurrency is taxable, then they should also be eligible for tax deferral. But, in light of the novelty of cryptocurrency, it’s likely that crypto exchange gains or losses occurring pre-TCJA will be reviewed by the IRS.

Review of Pre-TCJA Crypto Exchanges

If the IRS does review crypto exchanges occurring in the pre-TCJA era, what will be the outcome? These exchanges would seem to touch on key legal requirements, such as the like-kind requirement. If a person exchanges bitcoin for another cryptocurrency, such as Ethereum, does that satisfy the like-kind requirement? The answer seems to be yes, as they are both “cryptocurrency” and have similar features. But, what if there is a bitcoin exchange for another currency altogether, such as Japanese Yen or Mexican Pesos? If cryptocurrency is classed as property, then a logical argument can be made that it should also be in the same asset class as other currency. This could even mean that cryptocurrency exchanged for U.S. dollars could qualify for tax deferral. We won’t know the answer until we know the asset class which cryptocurrency falls into. That, in turn, will require an IRS ruling.

As we know, exchanges are documented at the time of their occurrence, in order to be valid. Accordingly, crypto holders cannot retroactively go back and try to claim that a particular transaction was an “exchange” after the fact. If someone sells their rental property and then later tries to use that property in an exchange, they will fail. That’s because that property became ineligible the moment it was sold without a contract with an intermediary. But clearly we can see that many issues come up when we discuss cryptocurrency in the context of Section 1031. If personal property exchanges return, and there’s a chance that they might, we’ll undoubtedly see cryptocurrency figure prominently in the debate.

Contact MC&C to Learn More Today

So there you have it. We may see a few crypto exchanges scrutinized by the IRS to see if those exchanges qualified under the old rules. If this does happen, the outcome will be interesting. There’s a chance that personal property exchanges may again be recognized in the future; so crypto exchanges may return. Who knows, we may even see this issue lobbied for by cryptocurrency enthusiasts during the next tax law change.

At Mackay, Caswell & Callahan, P.C., we try hard to stay on the cutting-edge of tax law. We do this by keeping up with current issues and reviewing current cases. We’ll continue to keep a focus on the evolving cryptocurrency tax treatment. That’s because we know that this is a key topic, both in the media, and the tax world, today. In addition to helping clients who have crypto tax debt, we handle cases involving New York income tax debt, sales tax debt, OICs, installments, and other tax matters. If you have a tax case and need assistance, don’t hesitate to reach out to us. Contact us and one of our top New York City tax attorneys will review your issue right away.

Related Posts:

  • No Related Posts