Volume-wise, most Polkadot traders were betting heavily on an uptrend, as the DOT market stayed bullish on the daily charts. DASH and Dogecoin on the other hand behaved conversely, depicting bearish scenarios.
Reversing its previous trend, immediate bearish momentum was noted in DASH. While Dogecoin continued to remain bearish for the last 48 hours, with mounting selling pressure visible for the DOGE market.
Polkadot was experiencing some selling pressure on its daily charts today. Despite losing around 2% since yesterday, a decline in its buying pressure was still not visible.
This meant that the bulls continued to remain strong, and the same was witnessed at press time. Above-average buying volumes pushed the digital asset back up, above its immediate support at $ 4.228
The bullishness depicted in MACD which underlined the positive buying momentum in the DOT market. The price further continued to stay above its 200-period moving average, with the 50 SMA above the 200 SMA, another sign of a positive price trend to continue for the short term.
In other news, popular exchange KuCoin recently launched the USDT-Margined Polkadot (DOT), supporting 1-50x leverage.
DASH at press time was seen hovering at the $ 71.141 level. Witnessing a price dump, by almost 1.37% since yesterday, the 1-hour chart for the digital asset was bearish.
The Directional Movement Index, with its +DMI (blue) crossing below the -DMI(orange) hinted towards a bearish setup. However, a falling ADX suggested weakness in the selling pressure.
Further, the dotted lines of the Parabolic SAR above the candles also suggesting a downtrend.
If DASH fails to stabilize just above the key support level at $70.33, the position of the bears may further get strengthened, confirming the downtrend over the next few trading sessions.
Dogecoin displayed a downwards momentum following a dip over the last 48 hrs. The digital asset at press time traded at $ 0.00263
The Awesome oscillator was displaying red closing bars below the zero line, indicating bearishness both in the short- and long-term price trends for Dogecoin.
Confirming the trend of mounting selling pressure, the Aroon Indicator too was bearish, as the Aroon Down (blue) was above the Aroon Up (Orange).
This meant with the DOGE market falling below its immediate support at $ 0.00262, another downtrend below the trendline may also follow.
Author: Published 12 hours ago on October 14, 2020
By Republished by Plato
Spain Approves Bill Requiring Cryptocurrency Owners to Disclose Crypto Holdings and Gains
Spain’s government has reportedly approved a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets.
Spain’s Finance Minister and the government’s spokesperson, Maria Jesus Montero, said at a press conference following the weekly cabinet meeting that this bill is part of broader legislation to crack down on tax fraud, several Spanish news outlets have reported. The bill was sent to the Spanish Congress of Deputies on Tuesday and will now go to parliament for discussion and final approval.
“This is a bill that will add to the work already being carried out by tax authorities,” Montero explained but did not go into detail about how the rules will be enforced. It is one of the latest efforts by the government to raise tax revenue amid a severe coronavirus pandemic-driven economic crisis.
The bill, entitled “Law on preventive measures to combat tax avoidance,” seeks greater control over cryptocurrencies, Criptonoticias publication described, noting that the government intends to “oblige citizens to provide detailed information on balances and transactions carried out inside and outside of Spain.” If approved, crypto activities that must be reported to the authorities include “acquisition, transmission, exchange, transfer, collections and payments,” the news outlet conveyed.
The Spanish tax authority, the Agencia Estatal de Administración Tributaria (AEAT), began sending out tax notices in April to remind cryptocurrency owners of their tax obligations.
According to Global Legal Insights, capital gains from the sale of cryptocurrencies by a resident of Spain are taxed between 19% and 23%. The higher rate applies to gains in excess of €50,000 ($58,666). The exchange between cryptocurrencies and euros is VAT-exempt.
Meanwhile, all 350 Spanish deputies were sent bitcoin last week as part of an educational campaign by blockchain platform Tutellus and Observatorio Blockchain. This initiative is similar to the Crypto for Congress campaign that recently sent bitcoin to all Members of Congress in the U.S.
What do you think about Spain requiring crypto owners to disclose their holdings? Let us know in the comments section below.
The post Spain Approves Bill Requiring Cryptocurrency Owners to Disclose Crypto Holdings and Gains appeared first on Bitcoin News.
Author: By TeamMMG
‘DeFi’ Becomes Popular Crypto Rebranding Term
DeFi, which is also known as “decentralized finance,” has been included in an increasing wave of business promotions in 2020, Bloomberg reported.
An working system that has been energetic for at least three years, Tron, lately issued a DeFi token. Tao Network has been in existence because the center of the 2010’s and now signifies that it’s “constructing DeFi of leisure.”
In principle, DeFi apps are supposed to permit people to borrow, mortgage, get insurance coverage or trade amongst themselves sans middlemen.
The rebranding initiatives in various cases are bringing a couple of rise in crypto costs final noticed in on the top of 2017’s bitcoin bubble.
In a single occasion, Tron’s TRX coin’s market worth is linked to the Solar Genesis Mining DeFi coin and spiked by $800 million within the three days following the brand new token’s unveiling.
Tron Founder Justin Sun rolled out the Solar Genesis Mining meme token “to advertise the vigorous improvement and prospects of TRON’s DeFi self-governance group,” in accordance with a weblog submit, as famous by Bloomberg.
In different information, the G7 warned of the utilization of nefarious cyber-attacks – and ransomware, particularly — in accordance with a Tuesday (Oct. 13) statement posted on the U.S. Division of Treasury web site.
The group stated that ransomware incidents in opposition to banks, medical facilities, instructional establishments and different “crucial infrastructure” in G7 nations has been rising in scope, complexity and commonness.
“Ransomware is primarily a profit-seeking endeavor, and its purveyors usually deal with essentially the most profitable targets, akin to these with vital sources of funding or these with restricted cyber safety safety,” in accordance with the assertion.
The group famous that ransomware brings about sizable adverse financial impacts and threatens shopper safety along with info privateness for various companies.
Moreover, the group identified that the monetary companies house has been a horny focus for ransomware incidents. And, in latest months, the group famous that banks have reported greater complexity in malicious cyber-enabled incidents.
Competition for global crypto derivatives market dominance heats up
At the start of October, the crypto market was faced with extremely tumultuous financial conditions, thanks in large part to the recent filings against BitMEX, which saw the company’s top brass being indicted by the United States Commodity Futures Trading Commission on several charges. Not only that, but just a few days before the BitMEX scandal came to light, cryptocurrency exchange KuCoin was hacked to the tune of over $275 million on Sept. 26.
In the midst of all this, the crypto derivatives market also witnessed a major development in the form of Binance overtaking Huobi and OKEx to become the largest crypto derivatives exchange by volume for the month of September, with the platform recording a total trade volume of $164.8 billion for the month.
The data, released by U.K.-based crypto analytics firm CryptoCompare, took into consideration the trading volume of the aforementioned exchanges and found that Binance drew in a total of $8 billion more in trade volume than its closest competitor, Huobi, which raked in $156.3 billion during the same time period, while OKEx drew in around $155.7 billion.
Binance and OKEx demonstrated relatively similar derivatives volumes during July and August; however, it’s worth noting that during this same time window, Huobi had quite a margin on both its closest rivals. This then poses the question of how Binance was able to make such strides in just one month to overtake Huobi and OKEx so quickly. Providing his thoughts on the subject, Jay Hao, CEO of OKEx, told Cointelegraph:
“Binance held a $1.6 million trading competition on its futures exchange to mark its one year anniversary in September. This may have led to the sudden rapid spike in volume and also explain why the OI is so low compared to OKEx, as traders did not open long positions but were competing for their share of the prize pool.”
According to a Binance spokesperson, one of the key drivers that helped spur the recent market performance was user feedback, especially in regard to the less-than-ideal trading experiences that many customers had previously faced on other derivatives exchanges: “They told us about system outages or instability, interfaces that weren’t user-friendly, and that all the exchanges then were only offering incentives for market makers, which created a lopsided environment that disadvantaged market takers.”
Another event that may have bolstered market confidence in Binance’s derivatives arm was Black Thursday, or March 12, a day that greatly impacted both traditional and crypto markets. While many other derivatives exchanges encountered significant outages, Binance offered uninterrupted service to its customers, thereby potentially cementing confidence in the platform.
Lastly, during the course of summer this year, a number of users moved from Bitcoin to various altcoins and DeFi-based derivatives. During this transitional phase, Binance Futures expanded its offerings pool. The Binance spokesperson noted: “There’s also better awareness on how we balance Bitcoin and altcoins; altcoin futures volumes make up around 40% on Binance. We think we understand and reflect market conditions well.”
While September saw Binance lead the derivatives roost, heading into October, OKEx is leading all Bitcoin futures exchanges in terms of Bitcoin futures open interest. In its most basic sense, open interest signifies the total number of outstanding derivative contracts — be it options or futures — that are yet to be settled. From a more technical standpoint, open interest serves as an indicator of options trading activity and whether or not the total amount of money coming into the derivatives market is increasing.
On Oct. 4, OKEx’s 24-hour trading volume was over the $1.3 billion mark, dwarfing the $1.23 billion trade volume of its closest competitor, Binance Futures. Additionally, as can be seen from the chart above, open interest on OKEx is the highest by a wide margin, with the other five exchanges performing similarly to one another.
Such positive statistical data seems to suggest that BTC futures and options sentiment has remained quite strong, despite the recent BitMEX lawsuit and KuCoin hack. Not only that, but OKEx’s futures open interest has risen from $850 million to $930 million since the start of October, something that is potentially indicative of a bull run in the near future. Providing his insights on the subject, Hao told Cointelegraph:
“Trading volume is a very important metric but it is not the only metric to keep in mind when assessing the overall health and popularity of an exchange. OKEx has been laser-focused on DeFi lately as well and this move from Binance in derivatives is a signal for us that we cannot take our attention from our flagship product.”
On Oct. 11, the United Kingdom’s Financial Conduct Authority — the country’s principal finance regulator — issued a blanket ban prohibiting crypto service providers from selling derivatives and exchange-traded notes to retail investors. While the U.K. derivatives market may not be large in comparison to others, the fact that a prominent regulator such as the FCA continues to claim that “cryptoassets are causing harm to consumers and markets” is rather alarming for the industry.
The government agency is still alleging that digital assets have no inherent value — an argument that has been used against crypto since its inception. Moreover, another reason for the ban is the “extreme volatile nature” of crypto, which seems like another unjust evaluation considering the same can be said about many traditional stock options. The FCA claims that retail investors “do not understand enough about the derivatives market,” so there is no real need for them to invest in such offerings.
That being said, it is worth remembering that when the ban was proposed in July last year, it generated a total of 527 responses from various companies that sell derivatives as well as crypto exchanges, law firms, trade bodies and other entities. In a 55-page report released by the FCA, a staggering 97% of respondents are shown to have opposed the proposal.
RIA Digital Assets Council, founded by Ric Edelman, acquires JV Events Group, appoints Inside ETFs co-founder as President and launches new website plus Certification Program for Advisors
GREAT FALLS, Va., Oct. 14, 2020 /PRNewswire/ — The RIA Digital Assets Council announced today that it has acquired JV Events Group, which owned the Digital Asset Strategy Summit, and its founder, Don Friedman, has joined RIADAC as president. The company has also launched its new website, https://riadac.com/ and its first major virtual conference, RIADAC VISION, is scheduled for March 4, 2021.
The acquisition firmly establishes RIADAC as the “go-to” source for financial advisors who want to learn about blockchain and digital assets such as bitcoin. The organization was founded by Ric Edelman, one of the most prominent thought leaders in the investment advisory field. Edelman said he created RIADAC to connect the advisory and crypto communities.
“RIAs manage $2 trillion in discretionary assets for millions of American investors,” Edelman said. “It’s crucial that they learn about blockchain and digital assets so they can incorporate these new asset classes into client portfolios.”
Before forming JVEG, Friedman co-founded Inside ETFs, the world’s largest ETF conference. “I’m excited to be working alongside Ric Edelman,” said Friedman, who has 18 years’ experience producingworld-class conferences. “”Blockchain and digital assets are fast becoming mainstream, offering tremendous investment opportunities, and that has created a vital need for financial advisors to learn about these asset classes so they can serve their clients’ best interests.”
Friedman noted that a RIADAC survey of financial advisors found that 80% of advisors are getting questions from clients about bitcoin and other digital assets, but 92% say they don’t know how to explain digital assets to their clients. “Clearly, there is a huge knowledge gap in the advisory community,” Friedman added.
RIADAC produces live and online events and content for Registered Investment Advisors, bolstering their knowledge of blockchain and digital assets. The company has staged programs in partnership with Barron’s, Schwab, TD Ameritrade, T3, Inside ETFs, Financial Advisor and others.
Advisors can also attain the company’s Certification in Blockchain and Digital Assets® to demonstrate their knowledge and set themselves apart from others. The program debuts in Q1 2021 and has already garnered significant attention in the advisory and crypto communities.
About Ric Edelman
InvestmentNews, RIABiz and Wealth Management say Ric Edelman is one of the most “influential” and “transformative” people in the advisory field. He was named the nation’s #1 Independent Financial Advisor three times by Barron’s. He’s in the Barron’s Financial Advisor Hall of Fame and recipient of the IARFC’s Lifetime Achievement Award. Ric is a #1 New York Times bestselling author of ten personal finance books and has earned two “Book of the Year” awards from the Institute for Financial Literacy. His weekly radio show is heard by one million listeners on 80 stations, and TALKERS named him 4 times as one of the 100 most important radio talk show hosts in the country. Ric founded the nation’s largest independent RIA, with $200 billion in AUM. He’s also founder, with the Bipartisan Policy Center, of the Funding Our Future Coalition; with more than 50 nonprofit, academic, think-tank and corporate members, it’s the largest coalition ever assembled to improve financial security for all Americans. Ric has also received two patents for financial product innovation and he created the industry’s first-ever ETF on exponential technologies.
The RIA Digital Assets Council advances RIA awareness, knowledge and understanding of blockchain and digital assets. Through RIADAC’s leadership, RIAs can connect with regulators and academia to explore blockchain and digital assets and be introduced to innovators that offer products and services for practice management and investment opportunities for clients of RIAs. Follow on Twitter @RIA_DAC.
#bitcoin #crypto #blockchain #cryptocurrencies #digitalassets @riadac
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