Schlagwort: crypto business

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XTZ price outlook as Mumbai upgrade goes live on Tezos

  • Tezos price is poised between key suppport around $0.97 and major resistance at $1.28.
  • XTZ bulls could target $2 in April if price breaks higher, or seek support at $0.70.
  • The Tezos blockchain welcomed its 13th network upgrade dubbed Mumbai.

The price of Tezos (XTZ) is down roughly 6.2% in the past 30 days, with declines of 1.2% seen in the past 24 hours. The market has largely been stable as far as XTZ price goes, with XTZ/USD hovering just above $1.10 since the retreat from highs of $1.50 in February.

Tezos price is down 70% this past year, and more than 87% off its all-time highs of $9.12 reached in early October 2021.

Tezos’ Smart Rollups go live via 13th protocol upgrade

Tezos is a proof-of-stake (PoS) blockchain designed to be self-evolving or self-amending with adoption.It means the blockchain undergoes several upgrades as it looks to increase security and decentralisation. 

Tezos’ liquid proof-of-stake consensus mechanism allows for the staking of XTZ, which is called baking. Holders of XTZ can earn rewards when they “bake” to help keep the network secure.

After introducing updates to optimistic rollups and consensus keys via its 12th upgrade dubbed Lima in December 2022, Tezos announced on Wednesday the next upgrade – Mumbai – was live. The main update from this 13th upgrade to the blockchain is the introduction of Smart Rollups.

The upgrade introduces a layer-2 scaling solution that will bump the network’s transaction throughput, with block time reduced from 30 seconds to 15. Apart from enabling faster transaction processing, Mumbai also enhances the security and integrity of decentralised applications (dApps) built on Tezos.

XTZ price outlook

The price of XTZ is retesting the support of a downtrending line on the 4-hour chart. While there is decent demand around $1.06, the 4-hour RSI is dipping below 50.

Tezos price on the 4-hour chart. Source: TradingView

As such, a breakdown from the downtrend line could increase selling pressure and see XTZ/USD seek fresh impetus from around $0.97. Beyond this, Tezos could rely on the robust support expected near $0.70.

On the upside, the key resistance zone to turn into support is around $1.28. If this happens amid increasing buy pressure, bulls can target $1.50 and then $2.00 in April.

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Belarus extends tax exemptions for crypto firms to 2025

  • Belarus will allow crypto businesses, including miners, to operate tax-free until 2025.
  • Exempted taxes include value added tax, income tax and personal taxes.
  • Belarus is one of the countries looking to incentivize more crypto-related investments.

Belarus is one of the many countries not looking to lock out crypto firms from their jurisdiction with excessive taxation.

As the regulatory environment becomes increasingly hostile to several crypto firms, the latest news from Belarus indicates the country has extended its tax exemptions for crypto related platforms and entities. 

Belarus now joins countries such as Singapore, the UAE, Switzerland and Germany in being crypto tax-free. 

No taxation for crypto firms in Belarus till 2025

According to details in the local news outlet AFN, Belarus president Aleksander Lukashenko only recently signed a decree that allows crypto miners and developers to operate tax-free within the country until 2025. The exempted taxes include personal tax, value-added tax and income tax.

The tax exemptions do not benefit crypto miners and developers only – also set to enjoy the latest outlook are firms and individuals working around the exchange of coins and tokens for the Belarusian ruble and foreign currencies.

AFN reported early Thursday that the new decree replaces the previous one that required crypto businesses and people working in the industry to pay applicable taxes up to the of 2023.

Offering access to tax-free operations to businesses and industry players is the latest move by Belarus suggesting fresh incentives to crypto related projects. 

The country unveiled its High-Tech Park in 2017, targeting a new wave of crypto miners, and moved the efforts a notch higher with incentives for crypto firms, including through making initial coin offerings (ICO) legal.

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Bitcoin correlation with stocks rises again, normal service resumed


Key Takeaways

  • Bitcoin had deviated slightly from stocks over the last couple of weeks 
  • Correlation has bounced back since
  • Tech-heavy Nasdaq continues to trade in lockstep with Bitcoin as investors in both asset classes look to shifting expectations around interest rates 

It’s been an odd few weeks in the market. The banking wobbles over the last few weeks, triggered by the bank run on the crypto-friendly Silicon Valley Bank (SVB), caused everything to go a little wonky. 

One of the most curious aspects of this was a deviation from the normal Bitcoin/stocks relationship. Or, sort of. Bitcoin raced upwards while markets digested the banking news, with the correlation – at least on a short-term rolling 30-day metric – dipping as per the below chart. 

The chart also shows, however, that the correlation has since come back up. 

As I wrote in a deep dive at the time, we have seen these cases of temporarily dipping correlation a few times over the last year, most notably with the FTX crash in November, as well as the Celsius and LUNA crashes before it. 

But in each case, the correlation roared back. The above chart shows that it is beginning to do the same again this time. And the chart below shows that no matter what you swing it, the relationship here is pretty close (and forgive the axis crime on this one, please). 

What happens next?

The interesting question is what will happen going forward. The key development recently has been with regard to expectations around the future path of interest rates. 

The forecasts have been transformed. With hiking interest rates exposing the mismanagement of the aforementioned collapsed banks, the trouble has led to the market forecasting a pullback in plans to hike further. 

Instead of future hikes, there are now cuts in the pipeline, or at least according to the probabilities implied by fed futures. 

And it was the transition into this new interest rate paradigm, occurring last year as inflation began to roar and it became clear that central banks needed to act, which kicked the correlation up between stocks and Bitcoin. 

It is not that one is controlling the other, it is that Jerome Powell is controlling both. Tech stocks are particularly sensitive to interest rates, given the sector is valued so much by discounting future cash flows – and a lack of current profit – which is why the correlation, and bloodbath in 2022, was so strong between Bitcoin and the Nasdaq. 

Whether a potential pivot back off this uber-tight monetary policy sparks a deviation in correlation going forward is yet to be seen. Perhaps it will to a certain extent, but at the same time, it remains difficult to come up with a strong argument that Bitcoin is ready to truly deviate. 

A decoupling remains the ultimate bull vision for the asset, and perhaps it will get there one day in the future. But there is not much evidence, beyond blind hoping by those in the sector, that this is imminent. 

Over a multi-year time horizon into the future? That is anyone’s guess. But if the past couple of years has taught us anything, it is that stocks and Bitcoin are paired at the hip, especially tech stocks. The past couple of weeks, and the resumption of this trend, is actually more of a reminder of this than a proof against the theory.

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1inch price prediction as 1INCH surges 16% to multi-week highs

  • 1inch price broke higher on Thursday, rising by more than 10% on the day as 24-hour gains hit 16%. 
  • A bullish scenario for 1INCH could see its price break to $1 in the short term. 
  • The bearish case could materialise if sellers target $0.48. 

1inch (1INCH) price is up 16% in the past 24 hours as of 8:45am ET on Thursday, with the cryptocurrency seeing huge buying pressure to invalidate a bearish formation that appeared after breaking lower mid-March.

The 1INCH/USD pair is trading at its highest price level since 1 March, and the last 24 hours have been the best for bulls since 21 February 2023.

1INCH price breakout – what’s the short term target?

The bounce from lows of $0.48 on Monday had the 1INCH/USD pair just shy of the $0.60 resistance level, with the technical picture suggesting bulls have taken control. Indeed, the bullish breakout has 1INCH price sporting a 4% green candle on the hourly time frame as prices of major coins reclaim key levels.

As can be seen in the chart below, 1inch price has soared with three consecutive daily green candles and both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) on the daily chart indicating bulls have an upper hand.

1inch price chart showing huge breakout in past 24 hours. Source: TradingViewMarket data shows massive open interest for 1inch. If bulls sustain the upward momentum, a breakout above $0.60 could see the 1inch token target the next major resistance zone near $0.68.

The psychological $1 level is a key area of interest in the short term, especially given 1INCH traded to its all-time high of $8.65 in October 2021.

1INCH price: what’s the bearish scenario?

At current prices, 1INCH is trading at levels likely to attract profit booking from some investors. The outlook could come into play if rejection at current highs sees the support at the 100 day simple moving average pierced.

The case is also suggested by the upward sloping RSI, which is trending towards the overbought territory. This means that should bears retake initiative, a breakdown at $0.48 would risk further losses to the $0.43 area.

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Beaxy Exchange suspends operations after the US SEC charges

  • The US SEC has filed several charges against the Beaxy Exchange.
  • The exchange has consequently suspended operations
  • In its defence, Beaxy has said that it committed to cooperation with the SEC for over two years.

US-based cryptocurrency exchange Beaxy Exchange suspended its operations immediately after the United States Securities and Exchange Commission (SEC) filed multiple charges against the exchange and its founder Artak Hamazaspyan.

The US regulatory authorities including the SEC seem to have gone full throttle in their crackdown on cryptocurrency platforms. SEC’s lawsuit against Beaxy comes just a few days after Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its CEO Changpeng ‘CZ’ Zhao.

The exchange in a statement issued after the SEC lawsuit said:

“We forthrightly committed to cooperation with the Securities and Exchange Commission (SEC) for over two years, continually providing information, data, and interviews to assist regulators in whatever manner we could. Unfortunately, despite our best efforts, it has become clear that the regulatory environment is just too uncertain to continue operations.” 

SEC sues Beaxy for the sale of an unregulated security

According to a press release issued by the US SEC, Beaxy Exchange and its executives have been charged for failing to register as a national securities exchange broker and clearing agency for the sale of BXY token.

Beaxy Exchange has raised about $8 million through the sale of BXY token, which the SEC alleges is an unregistered security.

The SEC further alleges that Beaxy’s founder Artak Hamazaspyan misappropriated about $900K for his personal use, allegedly including gambling. In addition, the SEC says that Beaxy’s market makers for operating as unregistered dealers.

According to the SEC, the exchange has violated the Securities Exchange Act of 1934.

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