Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market

Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market

Bitcoin has now entered perhaps one of its most bearish periods ever. The cryptocurrency which has held up quite nicely through all of the market scandals is seeing even more bad news ahead. Previously, it has seen a good number of consecutively red closes that have solidified its entrance into a bear market. However, this time around, it seems that the digital asset is ready to set another record, but this time for the worse.

Seven Red Candles

Anyone that has been following the market recently knows that Bitcoin has been seeing multiple consecutive red closes. This has not been a cause for alarm though since the digital asset has a history of marking bearish trends like these and still coming out on top. But this would prove to be a trend like no other after the cryptocurrency had seen its 7th consecutive red close.

Related Reading | Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?

This would make it the first time in history that bitcoin is marking such a trend. However, what is even more important is what seven consecutive red candles mean for the cryptocurrency. With the digital asset still being a seller’s market, a close like this could trigger even more sell-offs as investors worry about the future of the coin in the short term.

Furthermore, with so many red candles showing on the charts, it could indicate that there is more downtrend left to follow. An example of this was marked in the 2014 bear market that saw bitcoin record four consecutive red closes. What had followed was a single green close that would prove to give way to an even more brutal downtrend. Now, if bitcoin were to mirror this move from 2014, then another plunge below $30,000 may be imminent.

BTC declines to $29,500 | Source: BTCUSD on TradingView.com

Not All Bad News For Bitcoin

While seven consecutive red closes can often paint a bearish picture, this is not always the case. It is well-known that the digital asset can record the most bearish patterns right before recovery. Oftentimes, a tremendous recovery.

An example of this was in August of 2018 when the market had marked six consecutive red closes. Since the market had been in a stretched-out bear market at that point, it was assumed that what would follow this could only be more losses. However, this would prove to not be the case as the digital asset had gone on to record five consecutive green closes.

Related Reading | Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High

Now, this was not the start of the next bull market but it showed that as much as these trends can signify more downtrends to come, they can also be a precursor of a good recovery. Expectations for bitcoin this time around are great as the digital asset has been able to now break above $30,000, although it has trouble maintaining its position above this point.

The price of BTC is trending around $29,600 at the time of this writing. This puts it slightly above its 5-day simple moving average but continues to show bearish trends across other indicators.

Featured image from Cryptonaute, chart from TradingView.com



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Niftables Wants To Take NFTs Into The Mainstream With A New Marketplace And White-Label Solution For Creators

Niftables Wants To Take NFTs Into The Mainstream With A New Marketplace And White-Label Solution For Creators

The mainstream appeal of non-fungible tokens has never been more outspoken than it is today. Everyone seeks exposure to NFT assets, representing a market worth roughly $17 billion. The introduction of white-label solutions and an interconnecting marketplace by Niftables may lead to much higher valuations.

The NFT Industry Growth Continues

The past two years have been rather wild for the cryptocurrency industry. More specifically, the introduction of non-fungible tokens has brought major investors, celebrities, and mainstream users over to this industry. While NFTs are primarily speculative – like cryptocurrencies – several projects have established a long-term presence. Together, all projects combine for an estimated market cap of over $17 billion in 2021.

That market cap is a big step up from $82.5 million in 2020. It is uncanny how far the NFT vertical has come in such a short time. Moreover, brands and creators continue to express an interest in this industry. Unfortunately, they are held back by a lack of convenient and automated solutions taking care of everything surrounding the creation of a new collection.

Niftables may hold the solution to this pressing matter. Any creator or brand can venture into the NFT segment through its upcoming white-label solution. The framework powering that shift possible is the Niftables metamarket, enabling full automation of NFT utilities and seamless frontend and backend integration into an NFT network. Creators launch collections directly into a market, providing utility through a wider ecosystem.

Furthermore, the metamarket approach enables support for VR and AR-compatible 3D galleries. Combined with fiat and crypto payment gateways and integrated custody solutions, the technology stack makes it straightforward for mainstream users to become part of the non-fungible token world. Additionally, creators can distribute NFTs through subscription services, drops, auctions, etc., giving them full control.

The Niftables Marketplace Vision

Niftables also aims to launch a cross-chain gas-free NFT marketplace to help enthusiasts buy, trade, sell, swap, or redeem NTs and rewards from creators’ white-label platforms. The marketplace will act as a hub to browse verified white-label platforms, stores, profiles, and collections. Furthermore, Niftables’ integration with Rarible and OpenSea will help facilitate secondary market sales.

Niftables Co-Founder Jordan Aitali adds:

A one-stop-shop doesn’t mean one-size-fits-all. That’s why Niftables is built to let creators and brands fully customize their white-label NFT platforms from the get-go. We ensure that each creator’s NFT platform is in tandem with their branding and overall vision.

The Niftables $NFT asset will be a crucial aspect of this ecosystem. It is a payment method throughout the ecosystem, including the white-label platforms established by creators and brands. Additionally, $NFT holders will benefit from customized user profiles and discounted purchase rates across all external white-label platforms.

 

 



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Polygon and others extend helping hand to Terra blockchain projects

Polygon and others extend helping hand to Terra blockchain projects

Numerous developers have been left in uncertainty in the aftermath of the Terra (LUNA) collapse. These Terra-based projects, which are already under a lot of pressure, may be able to save their communities and projects by migrating to other networks.

In a move that is expected to benefit both the Polygon (MATIC) community and Terra projects, Polygon Studios’ CEO Ryan Wyatt tweeted on Monday that Polygon is working with a number of Terra projects to assist them migrating to the Polygon Network. The Polygon community, according to Wyatt, “is ready to welcome the developers and communities of these Terra projects.” He also stated that Polygon would provide the capital and resources needed to assist them in their migration.

Polygon founder Sandeep Nailwal added his two cents by detailing the options most suitable for Terra projects. He suggested that Polygon’s proof-of-stake (PoS) chain may be utilized by community projects needing a common chain. Nailwal noted that zk-Rollups will be available on the PoS network soon. 

Layer-1 blockchain project Fantom (FTM) also extended its support to the Terra community by stating that Fantom is prepared to assist any project or developer who desires to move away from Terra blockchain. The team at Fantom also detailed a grant program to help with integration, marketing and connections.

These efforts are sure to help get many Terra projects back on their feet following last week’s events. Do Kwon, the creator of Terra, finally spoke up and offered a recovery plan. The possibility of implementing a hard fork in the Terra blockchain is one of the ideas being considered. However, because there is an overabundance of LUNA in the market right now, Binance CEO Changpeng Zhao stated that this approach will not work.

Related: 80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?

Despite his reservations, CZ agreed to offer assistance to the Terra community. He stated that:

“Regardless of my personal views, or the solution chosen in the end, we will always be here to support the community in any way we can.”

Ethereum co-founder Vitalik Buterin has also offered his opinion on the issue. Buterin thinks that any repayment plan for Terra should give special consideration to small investors.



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CZ Says Binance Supports Proposal to Compensate LUNA Retail Users First – Featured Bitcoin News

CZ Says Binance Supports Proposal to Compensate LUNA Retail Users First – Featured Bitcoin News

Binance’s Changpeng Zhao (CZ) has said the exchange supports the proposal to compensate retail LUNA users ahead of larger investors. He also said the LUNA tokens received by Binance in exchange for a $3 million investment in Terra have not been sold or moved.

Binance’s LUNA Tokens Not Sold

After his exchange faced criticism for its handling of LUNA tokens, Binance CEO Changpeng Zhao (CZ) tweeted that any compensation for LUNA holders must prioritize protecting the interests of retail users. He said Binance has already taken the lead by electing to be compensated last.

CZ Says Binance Supports Proposal to Compensate LUNA Retail Users First

In the latest Twitter thread wherein he addresses the controversy surrounding the LUNA token crash, Zhao revealed to his followers that Binance had received 15 million LUNA tokens in exchange for an investment of $3 million. According to the Binance boss, the LUNA, whose value once peaked at $1.6 billion, “still sits on the address we received at. Never moved or sold.”

Likewise, the 12,000,000 UST that Binance gained from staking over time, are also still sitting at the same address, Zhao said. He claimed these have never been moved or sold.

LUNA Users’ Reaction

Despite holding significant amounts of both LUNA and the UST stablecoin, Zhao said the Binance team had agreed with a proposal to prioritize compensating retail users first. He said:

Now the important part. To lead by example on PROTECTING USERS, Binance will let this go and ask the Terra project team to compensate the retail users first, Binance last, if ever. Binance (after a 5 min discussion) fully support this proposal.

Reacting to CZ’s endorsement of a compensation plan that was initially proposed by a Twitter user known as Persian Capital, some of the Binance CEO’s followers insisted this approach was wrong because it would place at a disadvantage those heavily invested in LUNA. The Twitter user named SEIF Motawi said:

“This is extremely wrong. What about the ones who invested money in LUNA and all of their life savings are now gone? Are they not worth being compensated as well?”

Another user, Veronica, remarked: “Brilliant! So those of us who bought UST or luna and sent it to Binance, or Metamask, or another platform, for example, got screwed. Make the rich get richer and the poor get poorer! great job.”

However, some users who claim to have lost funds are praising the position taken by the Binance CEO, but ask if this proposal can be implemented.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














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Digital euro could come as soon as 2026 — ECB official

Digital euro could come as soon as 2026 — ECB official

Fabio Panetta, an executive board member of the European Central Bank, or ECB, has said that a digital euro could come within four years, potentially designed with a person-to-person payment solution.

In a Monday speech at the National College of Ireland, Panetta said the ECB could start the development and testing of solutions toward providing a digital euro for members of the European Union in 2023, a phase that could take up to three years. He added that making the digital currency legal tender and for use in P2P payments could help promote adoption.

Panetta also commented on the recent market volatility for cryptocurrencies, with TerraUSD (UST) depegging from the U.S. dollar and the price of many major coins including Bitcoin (BTC) dropping. According to the ECB official, stablecoins, including Tether (USDT), were not “risk-free” and still “vulnerable to runs,” just as investing in cryptocurrencies carried certain risks.

“Recent developments in the market for crypto-assets illustrate that it is an illusion to believe that private instruments can act as money when they cannot be converted at par into public money at all times,” said Panetta. “Despite claims that cryptos are a trustworthy form of “currency free from public control, they are too risky to act as a reliable means of payment. They behave more like speculative assets and raise multiple public policy and financial stability concerns.”

Related: Chairman of the Digital Euro Association: ‘The primary aim of the digital euro is still not clear’

Estimates from many EU officials suggest that legislation and policy focused on the launch of a digital euro could be coming within five years. Panetta said in March that Europeans would be more likely to accept a digital euro aimed at addressing their payment needs, and so also accepted in physical and online stores.



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XMR and SOL Higher on Monday – Market Updates Bitcoin News

XMR and SOL Higher on Monday – Market Updates Bitcoin News

Despite BTC and ETH trading lower on Monday, several cryptocurrencies managed to move higher to start the week. XMR was one of the biggest climbers, with solana also moving higher during the session.

Monero (XMR)

XMR was one of Monday’s biggest gainers, as prices rose by almost $20 from lows during Sunday’s session.

Following a low of $128.00 on Sunday, XMR/USD rallied to an intraday high of $174.62 to start the trading week.

Monday’s top came as prices surged for four consecutive sessions, hitting a near one-week high in the process.

Biggest Movers: XMR and SOL Higher on Monday
XMR/USD – Daily Chart

Since these highs earlier in the day, XMR is now trading marginally below a ceiling of $173.00, as bullish strength faded as the day progressed.

The 14-day RSI is now trading at a resistance level of its own, which is below 43.14, and should it break, we could see XMR break resistance for the first time since March.

Should this happen, prices could move closer to the $200 region. A point which monero last hit only eight days ago.

Solana (SOL)

Following three consecutive sessions of gains, SOL was also higher to start the week, however prices declined as the day progressed.

On Sunday, SOL/USD finished the day trading at $53, and went on to hit a peak of $58.88 during the early part of Monday’s session.

Since then, prices have slipped, and as of writing SOL is currently trading at a level of $52.32, which is close to a one-week low.

Biggest Movers: XMR and SOL Higher on Monday
SOL/USD – Daily Chart

Overall, SOL has dropped by over $100 since the beginning of April, with prices dropping below $35 last Thursday.

Looking at the chart, the 14-day Relative Strength Index is now tracking at 33.26, which is marginally below a ceiling of 36.

Bulls are likely going to attempt to push prices towards $70, if price strength moves past the current obstacle in the RSI.

Could we see runs higher in upcoming sessions? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Circle Says USDC Reserve Backed Entirely in Cash and Short-Dated US Treasuries – Bitcoin News

Circle Says USDC Reserve Backed Entirely in Cash and Short-Dated US Treasuries – Bitcoin News

On May 13, Circle’s chief financial officer Jeremy Fox-Geen published a blog post called “How to Be Stable,” following the aftermath of Terra’s stablecoin implosion. Circle’s CFO explained that since usd coin’s inception, the stablecoin aims to be “the most transparent and trusted dollar digital currency.”

Terra’s Stablecoin De-Pegging Incident Has Cast a Spotlight on the Entire Stablecoin Economy

For a few years now, stablecoin assets have been a popular hedging vehicle among many participants within the cryptocurrency community. In more recent times, stablecoins are being loaned out in great numbers in order to gather interest and high yield returns. In the early days, stablecoins were centralized projects and these days there are a few decentralized and algorithmic stablecoin tokens among the giants.

Tether (USDT) and usd coin (USDC) are the two largest stablecoin projects in terms of market valuation. Both of them are centralized, which means the company guarantees the stablecoins are redeemable for the $1 parity by holding reserves that cover the funds in circulation. Even before Terra’s stablecoin de-pegging event, more confidence has been placed in the top two stablecoins because they are centralized.

 

Three days ago, Bitcoin.com News reported on the stablecoin shuffle after the recent editorial our newsdesk published, showing that for the first time in history, three stablecoins entered the crypto top ten. That is still the case today, except that terrausd (UST) has been knocked out of the top-ten largest crypto market caps and the stablecoin BUSD has replaced the token’s position. After the terrausd (UST) implosion, Circle Financial’s CEO Jeremy Allaire has been speaking to the press about what makes USDC different, and he believes there needs to be “more regulatory framework around stablecoins.”

Circle CEO Says Company Is Ramping Up Trust and Transparency Efforts, Firm Says ‘USDC Is Always Redeemable 1:1 for US Dollars’

On Friday, Allaire tweeted that Circle was “ramping up our efforts” when it comes to USDC “trust and transparency.” Allaire also shared a blog post written by the firm’s CFO Jeremy Fox-Geen, who gives a summary of what Allaire means about transparency. Fox-Geen’s blog post explains “USDC has always been backed by the equivalent value of U.S. dollar-denominated assets.” The CFO further notes that the funds are held by America’s leading financial institutions such as Bank of New York Mellon and Blackrock. The Circle executive’s report adds:

The USDC reserve is held entirely in cash and short-dated U.S. government obligations, consisting of U.S. Treasuries with maturities of 3 months or less.

Circle’s CFO detailed that the company has been publishing monthly attestations from the leading accounting firm Grant Thornton International. “The USDC reserve is worth at least as much as the number of USDC in circulation, providing reputable third-party assurance of this fact to the USDC ecosystem,” Fox-Geen summarized in the blog post. “USDC is always redeemable 1:1 for U.S. dollars,” the Circle executive adds. The blog post concludes that there are thousands of projects and entities that support and facilitate the exchange of USDC in 190 countries.

While Terra’s Algorithmic Stablecoin Shuddered, a Few Decentralized Fiat-Pegged Tokens Still Exist, Many Crypto Supporters Believe They Are Needed

Meanwhile, there are a few decentralized and algorithmic stablecoin assets that exist today like LUSD, DAI, FEI, MIM, USDV, and USDD. For instance, the Ethereum-based Makerdao project leverages an over-collateralization method to back the stablecoin DAI. Tron recently introduced an algorithmic stablecoin token called USDD, and a blockchain project called Vader has a native algorithmic stablecoin called USDV. Another stablecoin asset, dubbed magic internet money (MIM), is built on top of Avalanche (AVAX) and is issued by the decentralized lending platform Abracadabra.

Decentralized and algorithmic stablecoin proponents believe they are needed among the centralized heavyweights like USDT and USDC. Supporters of such assets think that centralized stablecoins are subject to the same failure, and others believe decentralized and algorithmic stablecoins trump centralized models because they cannot be frozen by the issuer. Despite these benefits, centralized stablecoins have ruled the roost and crypto users, at least for now, have more confidence in them.

Tags in this story
Blog Post, Cash, cash reserves, Circle CEO, Circle CFO, DAI, FEI, fiat-pegged tokens, Jeremy Allaire, Jeremy Fox-Geen, LUSD, MIM, report, Short-Term Paper, stablecoin assets, Stablecoin Economy, Stablecoin Tokens, Stablecoins, Tether (USDT), Transparency, Treasuries, trust, us bonds, USDC, USDD, USDV

What do you think about centralized stablecoins and Circle’s recent blog post about transparency and the token’s reserve backing? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Breaking Financial Shackles & Making Crypto Trading Easier

Breaking Financial Shackles & Making Crypto Trading Easier

CoinEx, a crypto exchange that serves more than 3 million registered users in over 200 countries and regions, has adopted a new brand slogan — Making Crypto Trading Easier. We interviewed Mr. Haipo Yang, CoinEx’s founder and CEO, and discussed topics concerning CoinEx and the future development of the crypto industry.

Q: What are the considerations behind CoinEx’s new slogan — Making Crypto Trading Easier?

A: Today’s crypto market has entered a new stage in terms of technological progress, market scale, and user base. At its height, the total market cap of cryptocurrency approached $3 trillion. Meanwhile, surpassing Facebook, Bitcoin has become one of the 10 most valuable assets globally. Cryptocurrency is now an integral part of global assets, and crypto technologies are also influencing more industries and users.

At the same time, many are daunted by crypto technologies. In their view, the market is reserved for geeks and professional investors only. Such a stereotype is not wholly unfounded — many trading platforms out there are indeed designed for professionals. They just keep introducing new functions and pile up all features and products without considering user capabilities, which discourages many newcomers.

Picture this: An average user visits a crypto exchange to buy Bitcoin. However, swamped by derivatives like delivery contracts and European options, he has no idea how to buy Bitcoin at all. Are such platforms really designed for the general public? They think users might need this or that but ignore the most important fact that for most users, it is not that easy to complete the very first crypto trade.

Decentralized crypto technologies are created to serve the public in the first place. All crypto users deserve respect —not only just the professional, but also retail investors, deserve access to the crypto industry. The dismissal of beginners and retail users goes counter to the crypto sector’s original mission, which is to break the financial monopoly.

As such, we work to remove users’ misgivings about the crypto industry and break financial shackles. We want to deliver a message that crypto trading is a level playing field and that finance is by no means the privilege of certain groups of people. We will build a bridge that connects users with the crypto space. As a gateway to the crypto market, CoinEx helps users complete each crypto transaction with ease.

Q: The slogan upgrade of CoinEx involves strategic adjustments in terms of branding, product and technology. Could you shed light on the future vision and strategic plans of CoinEx?

A: CoinEx will “make crypto trading easier” through product, token listing, and user services.

First of all, when it comes to products, we exercise restraint and never pile functions upon functions. Instead, CoinEx promises to offer sufficient and satisfying functions. Unlike many exchanges that offer an excessive number of redundant functions, CoinEx pursues “EASIER”. This does not mean that there are fewer things you can do on CoinEx. On the contrary, we aim to turn sophistication into simplicity by building products that meet real demands.

In addition, we also attach great importance to token-listing. CoinMarketCap shows nearly 20,000 types of crypto assets globally. However, many of them come with great risks. As we can see today, most trading platforms suffer from either a lack of diversity or garbage assets. This is why our research team spends plenty of time screening the cryptos available in the market. To a certain extent, CoinEx saves users the trouble of risk filtering, allowing them to invest easily in assets minimizing users’ workload.

Last but not least, CoinEx emphasizes user service. Here at CoinEx, we offer professional, efficient and considerate user services. When beginners are confused with crypto-related products, which is frequently the case, they can always turn to our intuitive beginner guides, all-encompassing help documents and humanitarian user support. CoinEx respects each ordinary user via first-rate services.

Q: Compared with the past, many professional investors like VC firms, hedge funds, and asset managers have joined the crypto market. Will this lift up the investment threshold of the crypto space? Do retail investors still have a chance in such a market?

A: Professional investors and retail investors are not in an antithesis relation. The fact that more investors have joined the industry comes as a recognition of the market and injects more liquidity into the crypto space. It is natural that an established market will attract various investors, but that does not mean there are no opportunities for retail investors.

Here, we can compare the crypto market with conventional financial markets. In a conventional financial market, large investment banks are inherently centralized. A company needs to go through a complicated process before it can go public. As such, stocks can only be issued via big institutions, while primary markets are exclusive to professional investors. Retail investors, on the other hand, are kept out of this process.

Such a centralized monopoly incurs expensive costs and creates a high threshold. Essentially, stock issuance offers funds to project teams and creates investment opportunities for investors. Meanwhile, intermediary players like investment banks and VC firms do not improve capital efficiency. Blockchain and crypto technologies have brought a new decentralized solution that allows retail investors to directly participate in primary markets through IDO and IEO, thereby breaking the monopoly of professional investors.

Over the past few years, we have seen many new attempts in the crypto industry, covering DeFi, meme and Play-to-Earn. Many of these new categories are neither created by professional traders, nor are designed for big institutions. The crypto sector is now accessible to all, which means that every investor has the opportunity to profit from cryptos.

Q: During the last two years of rapid growth, CoinEx has always prioritized user experiences and user demands. How do you put “EASIER” into practice during constant product iterations? In the future, what are your priorities for streamlining the trading experience?

A: We have been focusing on mechanisms, interaction, and content-guided when upgrading CoinEx products. Users use a product to meet their intended goals. As such, “EASIER” means that we should help users meet such goals as quickly as possible.

As for product mechanisms, we hope that users can meet their goals via the simplest operations. For instance, Swap, a new feature recently launched by CoinEx, helps users meet one simple goal, which is to swap one type of cryptocurrency for another. Unlike other swap products that often ask users to account for complicated terms such as slippage, market price, and limit price, CoinEx Swap is backed by a set of independently developed smart algorithms, which only requires users to enter the target cryptos and the swap amount, and everything else will be handled by CoinEx. With Swap, users benefit from fast conversions at excellent prices.

Other than mechanisms, we also value interaction, which covers webpage interaction and visual guides. Instead of stacking up all the functions and information on one page, CoinEx strives for simple content that allows users to spot the function they need at the first glance. Moreover, we will keep improving our text introductions and product descriptions in content guidelines, helping all users get started with CoinEx right away through simple, intuitive expressions.

During the interview, Haipo Yang also mentioned that the improvement of user experiences is a never-ending process. According to him, product development requires unremitting efforts. CoinEx insists that crypto assets should be made available to the general public. It aims to “break financial shackles” and strive for “EASIER” with user-centered design (UCD) or user-driven development (UDD) by improving its products. We have every reason to believe that driven by CoinEx’s efforts, the crypto trading sector will provide new opportunities for more retail investors.

 



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Crypto capital gains one of four key areas for Australian Tax Office

Crypto capital gains one of four key areas for Australian Tax Office

The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus in 2022.

A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold. The percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months.

The ATO, which has fired off many warnings to crypto investors over the past few years, has also directly mentioned nonfungible tokens (NFTs) as an asset class that will be scrutinized for correct tax reporting.

According to a Monday announcement, alongside capital gains from crypto, property and shares, the ATO will also look at record-keeping, work-related expenses and rental property income/deductions.

With the prices of most crypto assets suffering from major losses in 2022, the ATO noted that any sold crypto asset, including NFTs, needs to have a calculated capital gain or loss recorded with it and will be “taking firm action” to deal with taxpayers who try to falsify their records.

ATO assistant commissioner Tim Loh also suggested that the taxation body already has a fair idea of people’s investment activity but urged everyone to keep diligent records to avoid any penalties, stating:

“While we receive and match a lot of information on rental income, foreign-sourced income, and capital gains events involving shares, crypto assets, or property, we don’t pre-fill all of that information for you.”

Related: Aussie crypto ETFs see $1.3M volume so far on difficult launch day

Loh also went on to note that the ATO has seen a significant rise in local crypto investors who may not be aware of the correct reporting methods:

“Crypto is a popular type of asset and we expect to see more capital gains or capital losses reported in tax returns this year. Remember you can’t offset your crypto losses against your salary and wages.”

“Through our data collection processes, we know that many Aussies are buying, selling, or exchanging digital coins and assets so it’s important people understand what this means for their tax obligations,” he added.



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BTC Below $30,000 to Start the Week – Market Updates Bitcoin News

BTC Below $30,000 to Start the Week – Market Updates Bitcoin News

Following a volatile weekend of trading, cryptocurrency prices consolidated to start the week, with BTC close to its long-term floor. Overall, bitcoin was trading marginally below $30,000, with ETH hovering slightly above $2,000.

Bitcoin

BTC started the week trading below $30,000 following a volatile weekend of trading, which saw prices mainly consolidate.

Following a rise to a peak of $31,308.19 during Sunday’s session, BTC/USD fell to an intraday low of $29,412.58 on Monday.

Today’s low has seen prices approach the long-term support level of $28,800, following a rebound from this point on Saturday.

Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 to Start the Week
BTC/USD – Daily Chart

Overall, price strength continues to hover in oversold territory, with the 14-day relative strength index (RSI) tracking at 32.44.

This is below a resistance level of 36.40, which was held on Sunday, leading to today’s selloff, as bears re-entered the market.

Should this momentum continue, we will likely see the price floor of $28,800 hit, with a chance of a potential breakout towards $25,000.

Ethereum

The world’s second largest cryptocurrency also started the week lower, however, it was able to stabilize above the $2,000 level for most of the session.

ETH/USD dropped to a bottom of $2,000.09 on Monday, which is around 3.27% lower than yesterday’s peak of $2,147.19

Similar to BTC, today’s drop sees ETH move closer to its price floor, which is near the $1,950 level.

Bitcoin, Ethereum Technical Analysis: BTC Below $30,000 to Start the Week
ETH/USD – Daily Chart

As of writing, prices are trading slightly higher at $2,024.92 following previous lows. However, the 10-day moving average is still pointing to further downwards momentum.

This trend was magnified after the 35.35 resistance level on the 14-day RSI failed to break out during yesterday’s session.

As discussed earlier with bitcoin, we may inevitably see further lows in the coming days, but how low prices will drop will be the key question to ask.

Do you expect ETH to stay above $2,000 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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