Deposits And Withdrawals To Resume On Hacked-Exchange Bitrue On July 3rd

Deposits-And-Withdrawals-To-Resume-On-Bitrue-On-July-3rd

Earlier this week hackers were able to breach the accounts of about 90 users of the Singapore-based cryptocurrency exchange, managing to steal 9.3 million XRP and 2.5 million Cardano, totaling $4.7 million.

Now, they have announced that they will resume deposits and withdrawals on July 4th. They will have BTR/XRP, BTR/BTC, BTR/USDT, and BTR/ETH ready to go.

Per Bitrue’s statement, administrators detected the hack and immediately shut down trading on their platform, putting the site in maintenance mode while they investigated what was happening. Bitrue said it’s working with Bittrex, ChangeNOW, and Huobi to recover the funds from their respective platform.

They even assured that they are reviewing their security measures and policies to ensure that this never happens again. They are even in touch with relevant authorities in Singapore to assist the team in tracking down the culprits.

This was their second security incident this year. In January, Bitrue admins also acknowledged to falling victim to a 51% attack during which an attacker exfiltrated over 13,000 Ethereum Classic (ETC) coins worth over $100,000 from the platform’s accounts. That attack, however, was thwarted.

Reacting in the wake of the attack, Binance’s CEO, Changpeng Zhao tweeted that they were edging closer to finalizing work on a revolutionary anti-fraud system that will be free for all. Admitting that the industry is, decentralized, but united, CZ, as he’s best known, said that the system would be available soon. Once released, the system would be able to track stolen assets using the Blockchain platform they are moved through.

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Author: Sritanshu Sinha

Todd J. Zywicki: Your Historic Baseball Cards Could be a Better Store of Value

Todd J. Zywicki: Your Historic Baseball Cards Could be a Better Store of Value

Compared with Bitcoin has always been tipped as a store of value. This is the common belief among many crypto worshippers out there, however crypto naysayers have a different view about the king coin.

An investment commodity can be described as things that individuals purchase that represent a store of value since at the end they can be used as aesthetics, or have historical or emotional value. That is why Baseball cards as well as other collectibles such as arts or rare coins are good examples of investment commodity. C

According to Todd J. Zywicki is a Senior Scholar of the Mercatus Center at George Mason University, Bitcoin has no intrinsic value. He explains his point to CCN:

“Economist Vernon Smith has shown that investment markets are more prone to boom and busts then markets involving end-use goods. The argument is not so much about subjective value, but that the value of an investment commodity is your expectation as to what everybody else will value it at. Bitcoin has no intrinsic use value. Its value derives from your expectations about other people’s values, which is in turn based on their expectations of everybody else’s views.”

The scholar adds that Bitcoin has no end-use, aesthetic, historical, or emotional value. He explains that the coin is 100% speculation and no clear utilization value is attached to it. The scholar says that these are the reasons why the king coin has a high price volatility.

According to Zywicki, Bitcoin is anchored on nothing and its value highly depends on various layers of investor expectations which effectively makes it a derivative of derivative that is based on nothing.

He explains that Bitcoin cannot be a store of value as it has 95 percent probability to swing 166 percent to any direction in a particular year.

Baseball Cards Better Than Bitcoin

The scholar explains that baseball cards have a higher store of value compared to Bitcoin. He starts by explaining that Baseball cards’ volatility is low compared to Bitcoin.

He then points that the top 100 rarest baseball cards have at times outperformed the S&P 500 by over 200 percent in the wake of the financial meltdown. He also adds that the top 2500 baseball cards have matched the S&P 500’s return and with even low volatility as seen in the charts below:

PWCC 100 Index outperforms S&P 500 | Source: PWCC Marketplace

The scholar goes ahead to compare baseball card’s volatility with that of the Bitcoin as indicated in the chart below:

Suffice to say that BTC is more than a bit volatile. | Source: High Charts

Zywicki concludes by saying that a store of value enables an investor to have a dreamy night aware that when he finally wakes up there will be less price movement in the holding value of the asset. However, this is not the case with Bitcoin as it can even move for more than 15 percent within one hour.

Will Zywicki and other crypto naysayers be forced to eat humble pie in the future when the cryptos become the most preferred commodity to store value? Let us know in the comments section.

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Author: Joseph Kibe

Bitcoin Price of $100K is Within Reach in 2019, Likely to See $20,000 Within Next Two Weeks: Senior Analyst

Bitcoin Price of $100K is Within Reach in 2019, Likely to See $20,000 Within Next Two Weeks: Senior Analyst

For investors in major cryptocurrencies, this month has seen some of the most febrile activity and best performance from the likes of Ethereum and Bitcoin for a long time. Just where will this ongoing bullish trend take Bitcoin in the near future?

For Simon Peters – who works as an analyst for the online trading platform eToro – it could easily match and break past its all-time high valuation of $20,000 within as short a window as two weeks.

After this, he is very much of the opinion that it could hit $50,000 and even $100,000 by the end of this year. This is according to a claim made by Peters this week.

According to him, having seen that BTC managed to reach the current stellar performance at $11,800 this week, it is very possible that Bitcoin could reach and even break its peak figure of $20,000.

While he was hawkish on the prospects ahead of Bitcoin, he did provide caution regarding the fact that his predictions are based more on the current assumption that Bitcoin will be able to continue on this current trajectory.

While some investors and crypto enthusiasts remain hesitant at the prospects of this rally going forward; having seen past surges rise and deflate. But Peters is very much of the opinion that this ongoing rally is wholly different when looking at it side by side with previous surges in the market.

One of the examples he provides is the fact that it hasn’t been accompanied by previous increases in consumer-base investment, as was the case with the bullish year of 2017. We can attest to this on account of the side-ways trending of google searches for ‘Buy Bitcoin’ – which gives the indication that investment isn’t coming from grassroots consumers, but far more from over the counter investment as well as institutional investors that have pulled their capital out of Stablecoins and right into BTC.

Going even further, when questioned on whether or not the ongoing surge is sustainable, Peters gave the following statement.

“With the number of sell positions building in the market it’s possible we could see a correction very soon. Even if that was the case though, bitcoin continues to remain on track to close out the first half of the year on a highly positive note. We could see bitcoin reaching $50,000 or even $100,000 this year.”

Going on from this, Peters went on to highlight that the current gains that BTC was experiencing were at the expense of Altcoins; the latter of which serves most commonly as a hedge during times of bad performance from major coins. These same altcoins are currently being “pummeled” as they continue to languish at respective low points.

In stark contrast, Bitcoin has been demonstrating an inspiring parabolic advance, pushing it past $12,000 as of June 26th – the first time that it has managed to do so over the course of a year.

Going even further, the most recent data taken from CoinMarketCap has shown that Bitcoin has successfully managed to pass beyond the 60 percent range in market dominance for the first time in over two years – featuring a total market capitalization of more than $226 billion.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: James Fox

Australia’s Crypto Tax Laws Faulted for Inefficiency as Investor Pays $100,000 for Holding a $20,000 Digital Asset Portfolio

Australias-Crypto-Tax-Laws-Faulted-for-Inefficiency-as-Investor-Pays-100000-for-holding-a-20000-Digital-Asset-Portfolio

Australia, a market leader in digital asset accommodation has contributed strongly to this space since the bull run in Q4 of 2017. This atmosphere is generally good for the blockchain and crypto industry as more enthusiasts look for regulatory friendly destinations to implement their ideas.

In addition, the premier Bitcoin Exchange Traded Fund is set to be launched by BDO, an accounting company that operates in Australia.

The Australian crypto regulatory space is however not perfect as one would imagine for a crypto-accommodating country. A recent report by Micky.com indicates that foreigners investing in digital assets within Ausralia’s market are faced with higher tax burdens. In fact, one of the investors was shocked when they realized that they had to pay taxes more than the amount of digital assets owned.

Crypto Tax Australia Director, Adrian Forza, said that one of the firm’s client was forced to pay taxes for digital assets 5 times bigger than his current portfolio. The situation came about as a result of Australia’s Taxation Office (ATO) requirement to declare digital assets upon receiving. Forza’s client had received an initial $250,000 worth of digital assets but the investment had fallen to $20,000 at the time of tax payment.

The digital currency proceeds owned by this client had been documented in January,2018 and were meant for development within the same industry. At that time, the market was still green after BTC hit the $20,000 but did not sustain this level past Q1. It therefore followed that the client now owes $100,000 worth of taxes while the investment is way below the taxed amount.

In Forza’s opinion, the scenario is a mess which does not take fairness into account;

“That’s a really unfair outcome because he’s basically received cryptocurrency and the value has dropped significantly and now he has to pay tax on money he doesn’t have. This is something they will have to change as it is unfair.”

Furthermore, Forza added that Australia ought to enhance its regulation to be more clear for the blockchain and cryptocurrency space. This is particularly for income generated from mining and investing activities within cryptocurrency.

Exclusion Of Hard Fork Coins In Regulations

According to Forza, the ATO made additional regulations that prospective crypto investors may have not come across. One of the distinguishing examples is the case of Ethereum Classic that is considered as the original cryptocurrency while Ethereum’s value is pegged at $0 for investors who held the coin at time of its fork. In simple terms, one would have to incur tax charges for the full amount received upon the sale of ETH. He further explained that;

“In the crypto space people think of Ethereum as the original, but the ATO has said that Eth is the one that changed and ETC kept all of its original properties.”

Similarly, folks who got proceeds for Bitcoin SV and BCH during hard forks are subjected to the same outcomes as that of Ethereum Classic and ETH. Digital coins that were received due to have forks have their base cost set at 0. However, crypto investors that have been holding their positions longer than 12 months are allowed to claim tax discounts.

Better Clarification In Cryptocurrency Tax Laws (Mining & Masternodes)

One of the issues that Forza has asked to be addressed is setting clearer regulations around the earnings from cryptocurrency. This mainly involves the income resulting to mining and masternode investments together with better definition of investing compared to crypto trades.

Jonathan Carley, DigitalX head of finance, also joined in the push for better regulations for firms to leverage digital coins even more. The blockchain firm head noted that reforming the Fringe Benefits Tax would allow employers to pay in digital coins.

The former BDO auditor noted that Australian firms that paid their employees in crypto coins were subjected to the Fringe Benefits Tax. This also affects the payment of services by firms who wish to leverage the lower transaction costs and time efficiency of digital assets.

Carley, said that this type of tax makes companies lose instead of gaining by transacting in crypto coins as they have to incur more than 40% costs on the dollar. The alternative of stablecoins is also as costly given that ATO does not qualify them as fiat currencies hence taxed as cryptocurrencies. He pushed for a better definition of the digital assets recommending that ATO classifies them as security tokens, cryptocurrencies and stablecoins.

In addition, Carley called for a tax structure that would enable offsetting losses incurred during a financial year with gains made in another time period. He supported the argument with 2017’s market run where investors made over 70% in profits but later lost more after they invested in different digital assets and the market went into a downtrend.

Regulation On Crypto Payments And Investments

The crypto assets ought to be defined according to their purpose, investing or payments, according to Carley’s view. He said that digital assets regulation would be much easier if they were categorized and users did not have to incur penalties for using the wrong coins.

Both Carley and Forza however do not believe that the popular suggestion in crypto forums to tax the coins as ‘fiat in, fiat out’ would be adopted by the ATO. Carley noted that in as much as this is preferred he does not see any signs by the ATO to accommodate such a strategy in crypto regulation.

Knowledge Gap In Cryptocurrency Laws

Forza stated that the most threatening challenge in crypto taxation was a poor understanding of these laws amongst the market players. Its main consumers are between the age of 25 to 40 and are yet to encounter an accountant in their lives.

One advice that Forza gave to crypto investors was to invest more in record keeping. This can be done through crypto services such as TaxToken, CoinTracking and using the Independent Reserve to calculate tax. Despite the slight variation in accuracy due to different exchange prices, Forza assures that this information would cut it for the ATO.

“The ATO only expects you to make a reasonable effort,” he noted.

Furthermore, crypto investors ought to download their statements from time to time as we have seen digital exchanges closing without notice in the past.

Australia’s Crypto Tax chat founder in Facebook also acknowledged that the gap in regulation understanding poses the biggest challenge in crypto. Users often do not understand the distinction between investing and trading digital assets. One is subject to tax once they convert crypto into fiat due to the taxable gains of exchanging one asset for another.

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Author: Bitcoin Exchange Guide News Team

Will the Price of Bitcoin in USD Value Stop at $20,000 This Cycle? Here’s Four Catalysts for New Highs

Will the Price of Bitcoin in USD Value Stop at $20,000 This Cycle? Here's Four Catalysts for New Highs

Bitcoin is not Just Stopping at $20,000 This Time – Here are Four Reasons Why

This month has seen the abrupt and very welcome surge of Bitcoin’s value over this year, and its price continues to set itself new yearly highs in stark contrast to the less than impressive displays over the previous year.

While we are seeing an impressive rise in Bitcoin’s value year on year, the question that is taking the front seat in the minds of investors and enthusiasts of all kinds, is whether this bullish upswing is different to the surge that took place in late 2017.

The best way for us to understand whether or not this is, in fact, different, we need to take a close look at why this market rally is well and truly different compared to the investment ‘bubble’ that was 2017.

What a good number of experts and analysts point out is that bitcoin has currently been pushing about the key upper and psychological $10,000 price mark. This push above the $10k point brings with it the prospect of triggering a broader feeling of FOMO (or the Fear of Missing Out), according to experts like Tom Lee of Fundstrat. Lee himself goes on to add that Bitcoin, as a result of this fact, that Bitcoin is now in a position to take out some of its all-time high price points.

This is not a uniform opinion among market analysts and investors, however. Others, like Tone Vays is among those that disagree with this theory, he argues the following:

“I actually don’t think it’s important at all. The $10,000 benchmark did nothing to slow down price back in 2017. And it looks like it did nothing to slow down the prices here in 2019.”

With the Bitcoin Bus Heading Uphill – Who’s in the Driver’s Seat? Institutions

While one of the main drivers for the massive bullish uptick of 2017 for Bitcoin was attributable, to a large extent, the interest of retail companies and investors, allowing for the upswing of its value to $20,000 – the same is not the case for this uptick, however.

This time, the very same public and retail investors have pretty much been sitting on the sidelines instead of putting themselves back into the game, according to Google Trends.

The most prominent example of this that we’ve seen is from the number of Google searches related to Bitcoin, or cryptocurrencies; both of which are only around 10 percent of what they were in contrast with the public hype of 2017.

To put this another way, while momentum has picked up for Bitcoin’s value, there has yet to be any clear feeling of FOMO among the same retail investors that drove the bullish trend this year. This factor may suggest that the price of Bitcoin has the potential to rise far higher than in 2017.

While this is one strong theory, the other perspective is that institutional demand for Bitcoin has increased dramatically.

According to developments from June 17th of this year, there was some very open interest from the CME Group, which saw the creation of more than 5,311 contracts worth a total of more than 26,555 BTC, translating to more than $246 million – which dwarfed the volumes seen during the bullish upswing of 2017, even at its peak.

“CME Bitcoin futures (BTC) shows growing signs of institutional interest,” according to the CME Group during the same week through its Twitter feed.

“BTC open interest rose by a record 643 contracts in a single day, establishing a new all-time high of 5,311 contracts on June 17 (26,555 equivalent bitcoin; ~$250M notional).”

There have been some other indicators seen within the institutional market – these include the GBTC price premium, which, along with the charted record volume for Bitcoin-based derivatives within the exchange – BitMEX (this weekend). Both of these suggest that there is a larger deal of ‘Smart Money’ entering the crypto ecosystem.

Better Than Ever Before – Network Fundamentals

Along with the side-lining of retail investment, along with the increasing level of institutional investment, there have been other attributes that we can look to as indicators that Bitcoin is on a different trajectory.

One of these is the report from this week that Hash rates from Bitcoin have since reached an all time high, totalling more than 65 million TeraHashes Per Second (TH/s). So what does this mean, exactly? Bitcoin is proving to be more secure than it ever has been and, in order to actually influence the network – entities would need an ungodly amount of power in terms of computational power in order to get away with it.

In the meantime, other fundamentals have developed in conjunction with the increasing hash rate of Bitcoin. Some of these include the Daily on-chain transaction volumes, the relative block size, height, weight and number of transactions within each of these blocks. These are also confirming that there are far more people than ever before making use of Bitcoin.

Along with these attributes, the networks transaction fees, in contrast with the levels seen during 2017 between users, have remained comparably low over 2019. We can thank innovations such as off-chain, layer-2 scaling solutions such as the Lightning Network being used in order to ease congestion, along with SegWit and Merkle Trees in order to optimize the network overall.

11 Months Away From Bitcoin Reward Halving

The current upswing in Bitcoin to five figures is taking place with a long time before the next halving of Bitcoin mining rewards takes place – the latter of which is scheduled to happen during May 2020.

With this taking place, any mining block rewards will be cut from 12.5 Bitcoin to 6.25, reducing the underlying number of Bitcoin being minted by the miners of the community – who are commonly the biggest market sellers.

One of the interesting facts is that – during the last halving event within Bitcoin, which occured during the summer of 2016 – this was more than one year before the price of Bitcoin surged upwards. What makes this time different is that the pairing of BTC to USD is headlining this bullish event, with the halving event still under one year away.

PlanB, who is one of the more well known analysts of the Bitcoin market has since suggested that investors could be waiting around until the expected reduction in supply that will coincide with the halving of Bitcoin rewards in May 2020. PlanB goes on to further add –

“Front running would be in line with Efficient Market Hypothesis: if you believe S2F and that BTC will be $50k May 2020, why wait?”

Looking at the Macroeconomics for Bitcoin

When it comes to the day to day movements of Bitcoin, these developments aren’t exactly as critical to pay attention to if you’re a low time preference investor, or in it for the long-haul. These same ‘Hodler’ types have a good degree of confidence in Bitcoin and its potential to go higher.

These Hodlers point to its intrinsic fixed supply of Bitcoin over time as a way in which it will prove able to outperform conventional supply and demand fiat currencies – with their relative volumes of supply increasing at a far faster pace now in contrast to just decades ago.

According to reports out of the European Central Bank in June 18th, the head of the institution – Mario Draghi dropped hints that, in light of a still sluggishly performing Eurozone economy – that a monetary stimulus package may be in the works. Draghi’s hints represent a more dovish tone that has since been met with a great deal of positivity by the financial districts of the European Union.

At the same time, however, Draghi has since been criticized by the President of the United States – Donald Trump. The US President arguing that this move by the central bank of the EU would spark an unfair level of competition against the United States – the latter of which has put pressure on the United States Federal Reserve to hold off on any push to raise interest rates.

Anthony Pompliano, one of the co-founders of the financial institutions – Morgan Creek, has since stated that this economic state of affairs and respective macroeconomic instability would make Bitcoin an even more scarce resource, especially as interest rates go lower and more fiat currency is created and issued.

“Cut rates. Print money. Make BTC more scarce. Long Bitcoin, Short the Bankers!”

Generally speaking, the macroeconomic landscape for Bitcoin and its associated investors is looking very bright. Especially as more and more investors, on an individual and institutional level, are scrapping the now depreciating fiat currencies in order to pour more assets into Bitcoin as a hedge against economic uncertainty.

In addition to this, investors of all kinds are starting to broadly see that the supply of Bitcoin is itself fixed and wholly transparent. But, along with these factors – it is a wholly neutral, open-access money that has no centralized system of authority that can control it.

To put this in a different way – what the first and later iterations of the internet did to the concept of information, Bitcoin is starting to do with the world of money.

The historic market cycles encountered within Bitcoin, the rising level of interest from institutional investors, along with increasingly durable network fundamentals, along with the confirmation of the depreciating nature of fiat currencies, all of these have the potential to push the price of Bitcoin to a scale that has never before seen – exceeding even the levels seen within 2017.

Bitcoin’s price is $10,825.14 BTC/USD exchange rate today. The real-time BTC market cap of $192.43 Billion currently ranks #1 with a chart dominance at 59.11%, daily trading volume of $7.85 Billion and live coin value change of BTC 1.23 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$10,825.1370 change ~ 1.23%

Coin Market Cap

$192.43 Billion

24 Hour Volume

$7.85 Billion

24 Hour VWAP

$10.8 K

24 Hour Change

$133.0000

“}” data-sheets-userformat=”{“2″:14849,”3”:{“1″:0},”12″:0,”14″:[null,2,0],”15″:”Open Sans”,”16″:11}”>Bitcoin’s price is $10,825.14 BTC/USD exchange rate today. The real-time BTC market cap of $192.43 Billion currently ranks #1 with a chart dominance at 59.11%, daily trading volume of $7.85 Billion and live coin value change of BTC 1.23 in the last 24 hours.

“}” data-sheets-userformat=”{“2″:513,”3”:{“1″:0},”12”:0}”>All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: James Fox