Kategorie: Crypto News

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Slovakia to reduce crypto income tax rate: will more countries follow suit?

Key takeaways

  • Slovakian lawmakers have voted in favour of reducing cryptocurrency income tax in the country.

  • The move could see more cryptocurrency investors in the country and could benefit the broader crypto market.

Slovakian lawmakers voted in favour of a law designed to cut taxes on the sale of cryptocurrencies. The new income tax bill in the country seeks to reduce the tax burden in connection with the sale of virtual currencies, thereby simplifying their use in everyday life. 

If the new bill is passed, the taxation on cryptocurrency income would be reduced to 7%. How does the new bill affect the broader cryptocurrency market, and could more countries implement similar cuts? 

What does this mean for Bitcoin and AltSignals?

The cryptocurrency market has performed excellently since the start of the year, with Bitcoin and other leading cryptocurrencies up by more than 40% during that period.

Bitcoin recently touched the $31k level before retracing, with the price of Bitcoin now at $30,617. 

If the new bill is passed in Slovakia, it could boost cryptocurrency adoption in the country as more investors could enter the market.

Subsequently, similar bills could also be introduced by other European countries, depending on the level of success. 

Bitcoin could rally in the near to medium term, and that could also positively affect the prices of numerous cryptocurrencies. AltSignals could be one of the cryptocurrencies that could benefit from the crypto market experiencing a rally in the coming weeks and months. 

As a trading-focused project, AltSignals could benefit from an influx of funds into the cryptocurrency market. With more people entering the cryptocurrency market, AltSignals could experience a surge in adoption, and this could see its native token, ASI, rally higher. 

With the presale stage set to end soon, this could be an excellent time to invest in AltSignals. It is a niche-focused cryptocurrency project that could gain massive adoption by crypto and forex traders. 

What is AltSignals?

AltSignals is a trading platform that provides trading signals for stocks, forex, indices, cryptocurrencies, and CFDs. 

The project is still in its presale stage and looks likely to finish raising its funds soon. At the moment, the development team has raised 96% of the funds required to develop its products and service. With a target of $1,080,000, AltSignals has raised $1,038,697.905 so far. 

ASI, the native token of the AltSignals ecosystem, is currently sold for 0.015 USDT. However, past events indicate that ASI could rally higher once the team launches its products and the token lists on crypto exchanges. 

According to their whitepaper, the AltSignals team will use the generated funds to develop ActualizeAI, a solution that could make it easier for more people to enter the cryptocurrency trading scene. 

AltSignals explained that ActualizeAI would be a fully automated solution and would work 24/7, making it easier for users to trade cryptocurrencies. 

Visit the official AltSignals website to learn more about their presale.

Should you invest in AltSignals now?

Bitcoin has stayed above the $30k level for the past few days. With the market sentiment currently on the positive side and the move by Slovakia to reduce crypto income tax, this could be an excellent time to invest in cryptocurrencies. 

Asides from Bitcoin, some altcoins could benefit from the crypto market’s ongoing positive performance. AltSignals could be one of the biggest winners once the project launches and its ASI token becomes available on cryptocurrency exchanges. 

If the development team delivers on its promise of a platform dedicated to traders, AltSignals could see an influx of traders on its platform, and that could positively impact ASI’s price in the medium and long term. 

Furthermore, the launch of ActualizeAI could also positively contribute to the adoption rate of AltSignals over the coming months and years.

The post Slovakia to reduce crypto income tax rate: will more countries follow suit? appeared first on CoinJournal.

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Dogecoin technical analysis update – bears are still in control

  • A descending triangle pattern keeps the bearish bias alive
  • Dogecoin fails to follow Bitcoin’s steps
  • US data keeps surprising positively, making further rate hikes from the Fed very likely

Cryptocurrency investors were thrilled to see Bitcoin jumping back above $30k recently. It is Bitcoin that leads the cryptocurrency market, and hope has emerged that other cryptocurrencies will follow.

But it wasn’t the case for Dogecoin. In fact, the technical picture looks bearish, and the fundamental one keeps hinting at strong US data. Hence, if anything, the strong dollar will keep pushing against its fiat rivals, and the cryptocurrency market will take its clues from there.

Earlier today, the US GDP was revised higher. This was the Final GDP, and usually, there are no revisions to the data.

Only this time, the Final GDP came out much stronger than expected, at 2% vs. 1.4% expected. As such, the dollar rose across the board, and the Fed will likely hike the funds rate two more times this year, as suggested by Jerome Powell during this week’s speeches.

Dogecoin chart by TradingView

A descending triangle keeps the bearish bias alive

Dogecoin’s bearish trend continues as the series of lower lows and lower highs remains intact. All the previous spikes failed to break above the last lower high, so bears are still in control.

Only a move above $0.1 should shift the bias from bearish to bullish.

Until then, one can see a descending triangle pattern and it looks like it is only a matter of time until the horizontal support gives up.

Summing up, the bearish bias persists, and only a close above $0.1 will put bulls back in control. Until then, expect traders to sell any bounce.

The post Dogecoin technical analysis update – bears are still in control appeared first on CoinJournal.

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Solana price spikes after the deBridge launch: Beware of low volume

  • Solana price went vertical after the launch of deBridge.

  • This feature will make it possible for Solana to communicate with EVM.

Solana price staged a strong comeback on Thursday as investors cheered a new bridge in the ecosystem. SOL jumped to a high of $18.21, which was much higher than this month’s low of $13.56. It was among the best-performing cryptocurrencies on Thursday.

Solana and Ethereum bridge

Solana is a leading blockchain platform that was once the biggest players in industries like decentralized finance and non-fungible tokens. At its peak, its DeFi ecosystem had billions of total value locked (TVL). All this came tumbling down following the collapse of FTX and Alameda Research. The two companies were among the biggest contributors to its ecosystem.

The main reason why Solana price jumped is the launch of deBridge feature that allows Solana to communicate with Ethereum. This is the first time that the two ecosystems can communicate with each other. 

They can also communicate with other Ethereum Virtual Machines (EVM) like Arbitrum and Optimism. Without this bridge, the alternative communication process is using wrapped and other derivative tokens. In a note, the founder of deBridge said that:

“Users and projects that needed to transfer liquidity to Solana have always faced limitations due to the lack of liquidity in Wormhole pools and high slippage during the exchange of the wrapped assets, which often made developers have to deal with non-liquid Wormhole assets.”

Solana price also jumped as signs emerged that the new management will relaunch FTX. As we have written before, the management is speaking with counterparties as it works to relaunch the exchange. It is not clear what this relaunch will mean for Solana and other companies that FTX had invested in like Near Protocol and Serum.

Solana price prediction

The daily chart shows that the SOL price has been under pressure in the past few months. This trend saw it drop to the January low of $13.35 this month. It has made a modest recovery and is now attempting to move above the 50-day moving average. It has also jumped above the resistance at $16.05.

The red flag I have with Solana is that this jump has not been accompanied by higher relative volume. Therefore, I suspect that it will be short-lived, which will see it drop to the support at $16. The only caveat for the bearish view is if Bitcoin stages a comeback above its year-to-date high of $31,400.

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The post Solana price spikes after the deBridge launch: Beware of low volume appeared first on CoinJournal.

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Whale activity pushes COMP token price up by 50%

  • Compound (COMP) was up 8% in the past 24 hours and 51% this past week.
  • The gains for COMP token have come amid this week’s spike in whale activity.
  • Also helping bulls looks to be a market reaction to Coinbase’s response to SEC allegations that the exchange lists securities.

Increased whale activity has seen the price of COMP, the native token of DeFi protocol Compound, soar to levels last witnessed in early March.

According to blockchain sleuth Loookonchain, Compound’s price upside coincides with increased activity by large holders. One of these wallets deposited $3.5 million of stablecoin Tether (USDT) on Binance earlier this week, and acquired 50,000 COMP. 

The whale added another 120,000 COMP tokens to their holdings on Thursday.

Daily trading volume for Compound was $89 million at the time of writing, down 12% in the past 24 hours. However, it remains significantly higher compared to the volume seen over the month. 

For instance, historical data shows 24-hour volume ranged between $9.4 million and $13 million from June 17 to June 25, before spiking to $154 million on June 26.

COMP price also spikes amid Coinbase response to SEC

COMP had spiked to $47.98 on Coinbase as of 6:45 am ET on Thursday, with CoinGecko data showing the token’s value was +8% in the past 24 hours and over 51% higher in the past seven days. 

COMP price movement on the daily chart. Source: TradingView

The DeFi token had traded at lows of $23.15 on June 10 amid sell-off pressure after the SEC sued Coinbase and listed a number of tokens it alleges are securities. These include Solana, Cardano, Chiliz, Flow, NEAR and Dash. 

Market reaction pushed prices lower, with COMP among those to turn red as bears strengthened. 

However, the latest upside comes as Coinbase filed a response to the SEC’s lawsuit.

On June 29, Coinbase filed a notice of intent seeking to dismiss the SEC’s case against it. According to the exchange, the regulator overstepped its jurisdiction and that the assets currently trading the US-based platform’s secondary market “are not within the SEC’s authority.”

Coinbase maintains the listed assets are not “securities” as SEC alleges. Paul Grewal, Chief Legal Officer at Coinbase says the exchange is open to engaging regulators, but SEC’s claims “go beyond existing law and should be dismissed.”

The post Whale activity pushes COMP token price up by 50% appeared first on CoinJournal.

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Bitcoin price update – bullish inverse head and shoulders pattern points to more upside

  • Bitcoin price found support at an inverse head and shoulders pattern’s neckline
  • The measured move points to more upside for Bitcoin
  • There is no significant resistance until the $48k level

Bitcoin’s price holds above the key $30k level, and the price action is bullish while above $25k. This is the level that offered support on the recent downward trend as the neckline of an inverse head and shoulders pattern rejected the price.

From a fundamental perspective, Bitcoin remains bullish while the US dollar’s bearish trend continues. While strengthening lately, the dollar’s move higher is not convincing, as reflected by the EUR/USD exchange rate still hovering around 1.10.

Yesterday, the Fed’s Chair, Jerome Powell, participated in a panel at the ECB Forum in Sintra. He was clear in saying that the Fed did not pause but skipped a rate hike in June.

While his comments were hawkish, so were the comments of other panelists, such as the Bank of England’s Governor or the European Central Bank’s President. Therefore, the dollar weakness may dominate markets during the summer months should investors perceive other central banks as more hawkish than the Fed.

Bitcoin chart by TradingView

Did Bitcoin bottom in late 2022?

One question is on every crypto investor this year – did Bitcoin bottom in late 2022?

Sure enough, the price action following the December 2022 low gives bulls hope. Bitcoin’s price action also suggests that a major bottom might be in place.

An inverse head and shoulders pattern points to more upside. The fact that the market retested the neckline and was rejected by it shows that bulls are still in control. In other words, the price action reinforces the bullish case.

Finally, now that Bitcoin’s price is at the year’s high, there is no significant resistance until $48k. This is the 2022 high, and it looks like the market is building energy to break higher.

The post Bitcoin price update – bullish inverse head and shoulders pattern points to more upside appeared first on CoinJournal.