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Bitcoin Can Still Rally Past $11,700

Bitcoin Can Still Rally Past $11,700

The market has finally crashed hard these past two days. Bitcoin (BTC) is trading well below $9.7k and eyes further downside. Bitcoin CME Futures started the day in red and have the potential to decline even lower. That being said, there is now a big gap to the upside that has to be filled. Now, it might be surprising to a lot of you that I am talking about a rally towards $11,700 when the market is crashing considering that I keep on talking about a crash all the time and some of you might even say that I am a permabear who has never been bullish on Bitcoin. 

It is true that I have been bearish on Bitcoin mostly but I have been bullish during times when it made sense. The $6.4k level was one such level where I expected the price to have temporarily bottomed and that proved to be right when the market started to rally from there. However, I adopted a more cautionary approach as the price started to pump higher within the rising wedge. This was mostly to protect mainstream traders against the risks of entering bullish positions such points. While experienced traders might be able to get in and out on time and protect themselves in case the trade doesn’t go in their favor, it is not easy for most retail traders to do this considering most of them just buy and hold. 

To understand why BTC/USD may be headed towards $11,700 or higher from here, we have to look at the game plan. Big moves like these in the market are classic examples of manipulation. They are aimed at creating panic in the market short-term only to the point to scare retail bulls short-term so they would panic sell and to make the bears more confident to enter shorts so they can be shaken out on the way up again. It is very important to realize that this may certainly not be the end of the uptrend. We are very likely to see a move towards $10k again to fill that gap. When that is done, we might likely see the price rally towards $11,700 after which it could decline to fill gaps in the $8.5k and $7.3k zones. 

The daily chart for ETH/USD shows that Ethereum (ETH) has room to rally further after the recent correction. Bitcoin dominance (BTC.D) has shot up these past two days but it is likely to see a decline in the days ahead which means that altcoins may continue to rally against Bitcoin in the days and weeks ahead. However, it is very important to realize that this will most likely be the largest bull trap that we have seen in a long time. It will certainly trap a lot more traders again when the market begins to make another move to the upside. It is therefore important to keep a level head and not be carried away by the FOMO around the upcoming halving. 

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Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

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1 minute read

  • Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. 
  • It was announced last week that Fred would be joining the board following a recent round of funding.

Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. It was announced last week that Fred would be joining the board following a recent round of funding.

The co-founder of the well-known crypto platform is getting ready to join the company as a board member following a $30 million funding ground to help expand its operations on an international level.

Throughout 2020, Fireblocks has launched a secure asset transfer network which would allow more institutions to efficiently transfer assets on chain. And on top of this, the platform also announced that it has seen more than $150 billion in transferred assets over the course of the past year. Fred has said:

“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones… The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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North Carolina residents to soon have access to Binance.US services

North Carolina residents to soon have access to Binance.US services

Quick take

1 minute read

  • Binance.US is getting ready to launch its services available to North Carolina residence. 
  • Binance published a statement earlier this month Catherine Coley saying that the digital asset marketplace is now available for residents in North Carolina.

Binance.US is getting ready to launch its services available to North Carolina residents. The subsidiary of the major crypto platform Binance published a statement earlier this month on the 12th of November to CT with the CEO, Catherine Coley saying that the digital asset marketplace is now available for residents in North Carolina.

This would allow them to buy, trade and earn cryptocurrency.

“[North Carolina] is a state that has been involved in building the banking industry and evolving technology,” stated Coley.

It is also worth noting that North Carolina is home to the research triangle park. For those that don’t know, this is a well-known high tech research and development company that includes Cisco systems as well as other consulting companies in relation to blockchain.

In regards to this, they further say:

“Research Triangle Park and the robust school systems in the state have it positioned to meaningfully impact the blockchain industry [...] the state can begin to build more companies that have easy access now to cryptocurrencies.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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IRS crackdown on Coinbase users who are dodging their tax

IRS crackdown on Coinbase users who are dodging their tax

Quick take

1 minute read

  • The tax office of David W Klasing has just issued a public release morning the United State IRS is cracking down seriously with users on the Coinbase platform.
  • The dual licensed tax lawyers employed at the company say that they have been tracking an increase in IRS enforcement activity against users on the platform you are not complying with their requirements for tax and reports.

A specialised Californian tax company, the tax office of David W Klasing has recently issued a public release stating the United States internal revenue service (IRS) is cracking down seriously with users on the Coinbase platform.

The dual-licensed tax lawyers employed at the company say that they have been tracking an increase in IRS enforcement activity against users on the platform who are not complying with their requirements for tax and reports.

The company has heeded a warning saying people who are not paying the tax on the platform “end up facing serious civil and criminal trouble down the line”. They further say:

“If you have failed to report holding Bitcoin or other virtual currencies on your past returns or filed an incomplete or misleading picture of your cryptocurrency holdings, the time to act to correct this is now. Once an audit or criminal tax investigation has begun, it will be too late to amend your returns or take advantage of a voluntary disclosure program.”

A transparency report was released by the exchange earlier this year in October which was highlighted by the law company saying that it should “serve as a major wake-up call“ to users of the exchange.

For those that don’t know, this report clearly indicated that both the IRS and its criminal investigation unit were filing information requests with the platform.

The uptick in the enforcement activity against Coinbase uses from the IRS on those who don’t their taxes would appear to confirm that the exchange is cooperating closely with federal authorities in the United States as the company has further said:

“This data [in the October report] makes it clear that the IRS is requesting information from Coinbase for the express purpose of checking it against its own taxpayer data and looking for discrepancies where holdings on Coinbase have not been reported on taxpayers’ returns.”



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© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto exchanges boom in Cuba during the pandemic

Crypto exchanges boom in Cuba during the pandemic

Quick take

1 minute read

  • Cryptocurrency has been going at an immense rate over the course of 2020. 
  • With the coronavirus pandemic in full swing and the economic crisis that came as a result still ongoing, crypto is looking as a tasty alternative for mini all over the world.

Cryptocurrency has been going at an immense rate over the course of 2020. With the coronavirus pandemic in full swing and the economic crisis that came as a result still ongoing, crypto is looking as a tasty alternative for many all over the world.

Cuba is one such country that has been seeing a spike in its crypto activities over the course of this year. This comes as there is an absence of related regulation in the country according to senior executives at local crypto companies.

Earlier this month, the nation recorded a massive spike in Google queries relating to bitcoin which suggested an increase in crypto activity in the nation.

Speaking to CT, a local crypto exchange Bitremesas said that the platform has been slowly but surely growing over the course of this year and has seen a noticeable influx in its user activity in recent times. The creator of the exchange, Erich Garcia said “By now, the use of the service is increasing at 200% every month.” 

Mario Mazzola, another founder of a different local exchange known as Qbita, said:

“Bitcoin usage and volume in Cuba is exploding right now.”

Cryptocurrency regulations in Cuba are next to none. They are completely deregulated according to local enthusiasts. Some say that they are neither legal nor illegal but the government in Cuba has favourably looked to the industry in the past.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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