bitcoin

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• Bitcoin May Return to Center Stage After Ethereum's White-Hot Summer - CoinDesk - CoinDesk
• Traders discuss what’s next for Bitcoin after abrupt 3% overnight drop - Cointelegraph
• Could tax-free Bitcoin be one of 2020’s hottest trends? - Cointelegraph

Bitcoin May Return to Center Stage After Ethereum's White-Hot Summer - CoinDesk - CoinDesk Posted: 29 Sep 2020 09:12 AM PDT The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Traders discuss what’s next for Bitcoin after abrupt 3% overnight drop - Cointelegraph Posted: 29 Sep 2020 03:58 AM PDT The price of Bitcoin (BTC) abruptly dropped on Sep. 29 from $10,950 to $10,630 overnight, recording a 3% drop. Following the rejection at $11,000, the sentiment of traders remains mixed. Some are cautiously optimistic under the premise that BTC reclaims the $10,700 level. Technically, analysts say that the $10.7k area is a critical pivotal price point for Bitcoin in the near term. Others say that the price trend of BTC has reversed in the short term after its rejection. The intense reaction of Bitcoin to a crucial resistance level at $11,000 presents a threat of a larger pullback. Cautiously optimistic: what Bitcoin needs to do to recover According to a pseudonymous trader known as "Byzantine General," there are three key macro levels for Bitcoin. The three levels are found at $10,700, $9,800, and $11,800, with $10.7k presenting a near-term roadblock for BTC. The trader said: "10700 seems to be a key level. 9800 & 11800 are the closest 2 other important levels." If Bitcoin convincingly reclaims $10,700, it would raise the probability for a retest of $11,800 heading into October. A new monthly candle would open on Oct. 1, and a price spike with a market open could occur. The price chart of Bitcoin with key levels. Source: Byzantine General But if BTC fails to remain above $10,700, it would amplify the chances of seeing $9,800. That would also make the $9,600 CME gap retest highly likely if BTC were to reject $10,700. The short-term bearish scenario Another pseudonymous Bitcoin trader known as "Benjamin Blunts" foresees the "savage rejection" causing a larger correction. He said that the recent rejection of Bitcoin at $10,950 tapped a critical Fibonacci level. In technical analysis, levels in the Fibonacci Sequence are considered pivotal areas for a potential trend reversal. The trader said a drop below $10,000, possibly to the $9,600 to $9,800 support range, could happen. He said: "Like clockwork, perfect tap of the 0.78 for BTC and savage rejection from it. expecting a new low below 9.5k from here, however am short ETH instead because I think it will fall more. make no mistake, this is a clear downtrend imo, back into mainly stables again." Atop the bearish rejection, on-chain indicators and network activity signal short-term bearishness. Researchers at Santiment said the address activity on the Bitcoin blockchain has been slowing.  The number of active Bitcoin addresses drops. Source: Santiment Declining fundamentals while the market uncertainty intensifies could cause heightened levels of selling pressure. The researchers said: "Why is $BTC continuing to see drop-offs occur whenever we near $11k? Our DAA Divergence model indicates the network is seeing a severe lack of address activity. Today is the 5th most bearish output in the past 6 mths." Typically, on-chain indicators and metrics are medium to long-term signals, and they often do not accurately depict short-term price trends. Hence, in the near term, the price of Bitcoin would most likely depend on whether it retests $11,000 or risks falling to the low $10,000s. However, other analysts are nevertheless seeing bullish signs. The difficulty hash ribbon indicator, for example, has been signaling a "buy zone" for Bitcoin, which buoys the medium-term bull case for BTC.

Could tax-free Bitcoin be one of 2020’s hottest trends? - Cointelegraph Posted: 29 Sep 2020 12:13 AM PDT A company that allows consumers to invest in Bitcoin on a tax-free basis says it has seen demand surge in recent months. iTrustCapital allows Americans to gain exposure to the world's biggest cryptocurrency through a self-directed individual retirement account, otherwise known as an IRA. These vehicles allow owners to get involved in a diverse array of alternative investments, such as digital assets, precious metals and real estate. According to the trading platform, increasing numbers of investors have been moving their current retirement accounts out of traditional financial institutions that usually only offer stocks and bonds. Interest in cryptocurrencies has been buoyed by a number of high-profile advertising campaigns of late, and some have started to view Bitcoin as a safe haven against inflation and mass sell-offs in the equities market. There's also another factor at play: the Internal Revenue Service's determination to clamp down on cryptocurrencies. iTrustCapital says the message is clear: "There is no excuse for investors to not track, report and pay taxes on every single crypto transaction unless it's in a tax-free, self-directed IRA." Anthony Bertolino, the company's director of customer experience, explained: "Buying and selling in an iTrustCapital account feels very similar to using Coinbase. You simply log in and trade in just three clicks. What separates us apart is that our users don't have to worry about taxes because our accounts are IRAs." Crypto doesn't have to be taxing iTrustCapital believes that tax-free options will only become more popular as increasing numbers of investors begin to explore what the likes of Bitcoin have to offer. The company says this approach delivers comparable advantages to investing in crypto normally but without as much hassle. To reduce the barriers to entry even further, the company also gives its clients institutional wallet custody and security through Curv — a business that "sets the standard for digital asset security." More insights from iTrustCapital here Announcing the partnership back in July 2019, iTrustCapital CEO Todd Southwick said: "We chose Curv because securing our clients' funds is paramount. By eliminating the private key from the transaction entirely and relying on math instead of hardware, we ensure that no person or piece of software can make a transaction on its own." Given how self-directed IRAs are used to prepare for retirement, peace of mind is paramount. To this end, investors also get access to a $50-million insurance policy through Munich Re — an S&P AA-rated international insurance company. Good news for the sector? Bitcoin is especially popular among millennials, and substantial inflows of capital are expected in the coming years. According to iTrustCapital, the tax-free model it offers will help increase this even further. Tim Shaler, an economist who advises the firm, said: "We predict technology like blockchain and digital assets will create a new segment that, in addition to access to retirement capital, will inspire new uses for tax-advantaged accounts. We expect to see $1.5 trillion of capital moving into this new asset class within five to seven years." Although there are a number of IRA providers that unlock access to crypto for investors, the company says it's important for interested consumers to perform as much research as possible into the fees that these providers charge. In a recent blog post, Blake Skadron, the chief operating officer of iTrustCapital, wrote: "My number one red flag when researching any product or service is whether or not they clearly display their pricing and fees upfront. If you have to speak to someone to find out what it will cost you, the odds are you will pay too much." Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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