GildCoin - Crypto News

2023-01-17 20:00:15 ​Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000, Following Strong Chinese GDP Figures

Bitcoin climbed back above $21,000 on Jan. 17, as markets reacted to better-than-expected Chinese gross domestic product (GDP) figures. The economic release comes as U.S. traders also returned to action, following the observation of the Martin Luther King Jr. Day celebration. Ethereum rose briefly above $1,600 earlier in the session.

Bitcoin (BTC) rose back above the $21,000 mark on Tuesday, as markets reacted to the latest GDP figures from China.

Figures from the world’s second largest economy showed that gross domestic product rose by 3% last year, higher than the 2.8% expected.

As a result of this, BTC/USD rose to a high of $21,360.87 earlier in the day, less than 24 hours after falling to a bottom at $20,715.75.

Looking at the chart, today’s rebound in price has pushed bitcoin closer to its long-term resistance level of $21,400.

This ceiling has been in place for the past two months, and was marginally broken over the weekend.

The 14-day relative strength index (RSI) continues to hover close to a ceiling of 90.00, and should BTC bulls intend to climb above $21,400, this ceiling on the RSI must first be broken.

In addition to BTC, ethereum (ETH) climbed higher in today’s session, with prices briefly moving beyond the $1,600 level

Following a low of $1,529.57 to start the week, ETH/USD surged to an intraday peak of $1,603 in the early hours of this morning.

Prices have since slipped, and as of writing, the world’s second largest cryptocurrency is trading at $1,569.75.

Overall, with prices significantly overbought, and with bullish momentum seemingly at its peak, many expect a reversal could be on its way.

Currently the RSI of 14 days is tracking at 83.84, which is its highest level since August 2020, when price was trading below $1,200.

Although there are still long-term bulls, it is likely that ethereum could move into consolidation up until price strength is in more neutral territory. Open / Comment

2023-01-16 14:00:18 It seems FTX decided to make up for all the losses ....
Watch


Open / Comment

2023-01-14 20:00:09 ​Bill Gates Props Up AI Against Metaverse and Web3 Tech

Bill Gates, the co-founder of Microsoft, has given his opinion about the relevance of Web3, metaverse, and AI (artificial intelligence), a set of technologies in development today. Gates stated that AI was “the big” revolutionary technology that is comparable to what the internet was in the year 2000.

Bill Gates, one of the co-founders of software behemoth Microsoft, has issued his opinion when it comes to the state and relevance of several emergent technologies being developed today.

In a recent Reddit AMA, Gates showed a preference for AI (artificial intelligence) over other alternatives such as Web3 and the metaverse, when asked about the relevance of this set of technologies being developed, and the similarities these shared with the internet during its early years.

Gates stated:

AI is the big one. I don’t think Web3 was that big or that metaverse stuff alone was revolutionary but AI is quite revolutionary.

However, Gates stated that his occupations went in other directions, as he was more focused on innovations like helping pregnant women know if they need hospital assistance in advance using ultrasound tech, and treating conditions like malnutrition and anemia.

Gates also gave his take directly on generative AI, a branch of intelligence that can create its own content, rather than deriving it from other available works. On this, Gates declared:

I am quite impressed with the rate of improvement in these AIs. I think they will have a huge impact.

The billionaire has had a negative vision of crypto, warning in February 2021 that users with less money than Elon Musk should be careful about putting their funds in cryptocurrency, and also explaining it was based on the “greater fool theory” back in June. He has been more positive about the development of the metaverse, predicting a digital meetings pivot from 2D images to 3D virtual spaces back in 2021.

While Gates is no longer connected to Microsoft, as he abandoned the company back in 2020, Satya Nadella, the current CEO of the company, seems to share his train of thought. Microsoft is reportedly eyeing an investment of $10 billion in Openai, the company behind the popular Chatgpt AI bot, that would value the company at $29 billion.

This move, which would allow Microsoft to have 49% of the shares of the company, is a signal of the significance that the organization assigns to the AI sector. Open / Comment

2023-01-11 20:00:12 ​Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs

The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first quarter of the year.

Moving forward with efforts to introduce its central bank digital currency (CBDC) amid sanctions and financial restrictions, the Bank of Russia is preparing to offer solutions for processing cross-border CBDC payments, the Russian press unveiled.

The proposals are part of a presentation seen by the business daily Kommersant. The document outlines two potential payment models which the Russian monetary policy regulator intends to develop in the first quarter of 2023.

The first one relies on bilateral agreements between countries to integrate their digital currency platforms. This approach puts an emphasis on ensuring convertibility between the CBDCs of two partnering nations and facilitating transfers in accordance with pre-agreed rules.

As an alternative, the Bank of Russia suggests the establishment of a single, multilateral platform enabling payments between the digital currencies of multiple nations. These transactions would be carried out under common standards and protocols, too.

Russia’s access to global finances and markets has been severely limited by penalties imposed by the West over its invasion of Ukraine. Besides the push to speed up the introduction of the digital ruble, the Russian central bank has also softened its stance on crypto payments as long as they are employed exclusively in international trade or under special legal regimes.

The presentation quoted by the Russian daily also provides a glimpse of other next steps in the CBDC project, including the testing with C2B transactions with participating banks. Over a dozen banking institutions and other financial companies have joined the trials so far.

Preparing the necessary legislation to regulate operations with the digital version of the national fiat is another objective for the said period. A respective bill was already filed in December. The monetary authority also plans to pilot digital ruble payments between customers on a limited scale. Open / Comment

2023-01-08 20:00:10 ​Romania Carries Out Raids as Part of Crypto Tax Evasion Probe

Authorities in Romania have conducted more than a dozen raids against people suspected of hiding income from cryptocurrency operations. The searches took place in late 2022 following an earlier investigation which established that crypto traders had failed to report digital assets exceeding $50 million in value.

Police and tax officials in Romania have carried out 17 raids in the fall of last year as part of an investigation against persons accused of evading taxation by concealing profits from transactions with cryptocurrencies, local media revealed.

Addresses were searched in the capital Bucharest as well as the counties of Dâmbovița, Ilfov and Olt, according to Cristian Roman, partner at the Iordăchescu & Asociații law firm, who shared the information with Romania Journal.

The lawyer was referring to data provided by the Romanian police. Law enforcement authorities in the EU country allege that, between 2019 and 2022, 19 targeted individuals formed or joined an organized crime group for the purpose of tax evasion.

The taxable income, which they tried to hide, was obtained from transactions with digital currencies, investigators claim. According to preliminary estimates, their activities have resulted in losses for the state budget totalling 3 million Romanian lei (almost $650,000).

The operation was conducted after the tax fraud combatting unit of the National Agency for Fiscal Administration (ANAF) launched a probe last summer into proceeds from crypto trading received between 2016 and 2021 through various platforms such as Binance, Kucoin, Maiar, Bitmart, and the now-bankrupt FTX.

At the time, tax inspectors identified revenues of over €131 million obtained by 63 Romanian citizens. They were also able to establish that the persons had failed to report over €48 million worth of digital assets on their tax returns.

ANAF explained that its actions were part of a push to increase taxation and compliance among taxpayers. According to amendments to the Romanian Tax Code passed by the parliament in 2019, income resulting from the transfer of virtual currencies is taxable at a 10% rate on capital gains exceeding an annual threshold of 600 lei (approx. $130). Open / Comment

2023-01-05 20:00:08 ​Bitcoin, Ethereum Technical Analysis: BTC Consolidates as FOMC Indicates Further Rate Hikes to Come

Bitcoin consolidated marginally below $17,000, as market volatility remained high following the recent Federal Open Market Committee (FOMC) minutes. In December’s meeting, the U.S Federal Reserve agreed to maintain hiking rates, with inflation still near historic highs. Ethereum also remained close to recent highs on Thursday.

Bitcoin (BTC) mostly consolidated on Thursday, as price failed to break out of the key level of $17,000 yesterday.

Following a high of $16,964.59 on hump day, BTC/USD slipped to an intraday low of $16,789.75 earlier in the session.

The drop comes as markets reacted to the latest FOMC minutes, where the Fed have seemingly agreed to maintain interest rate hikes.

This comes as the bank expects a more aggressive rise in inflation, forecasting consumer prices to be at 3.5% in 2023, higher than the 3.1% previously expected.

Looking at the chart, the decline in price also comes as the 14-day relative strength index (RSI) moved below a resistance zone of 51.00.

As of writing, the index is now tracking at 49.14, and seems to be moving towards a support level of 46.00.

In addition to BTC, ethereum (ETH) also consolidated in today’s session, with momentum marginally shifting on Thursday.

ETH/USD dropped to a bottom of $1,246.21 earlier in the day, which comes less than 24 hours after hitting a high of $1,264.81.

Despite the drop, sentiment remains somewhat bullish, as ETH continues to trade above its long-term resistance level at $1,230.

From the chart, the 10-day (red) and 25-day (blue) moving averages also remain close in proximity, maintaining chances of an upwards crossover.

This seems to be one of the factors in place that is keeping bullish sentiment alive. However, with the RSI now falling lower, this could begin to change.

Since failing to break out of a ceiling at the 57.00 level, price strength is now tracking at 55.40. Open / Comment

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2023-01-04 16:00:14 New Year $300 Giveaway

Let’s celebrate the New Year with the holiday contest! Crypto exchange ChangeHero is giving away presents for new followers. Guess the Bitcoin price and win $300 in USDT!

To join: https://t.me/CHCryptoNews/1673

Rules are simple:
1. Follow @CHCryptoNews
2. Find the pinned post in the channel with giveaway rules.
3. Write in the comments the price prediction for BTC on January 9, 2023.

6 lucky winners will share $300.

Join until January 8, 11 PM UTC. Results will be announced on January 10. Open / Comment

2023-01-02 20:00:14 ​Italian Parliament Approves 26% Tax for Cryptocurrency Gains in 2023 Budget Law

The Italian Parliament has introduced a 26% capital tax on cryptocurrency gains as part of the 2023 budget law, which was approved on Dec. 29. The document also offers incentives for taxpayers to declare their cryptocurrency holdings, proposing a 3.5% aliquot for undeclared cryptocurrencies held before Dec. 31, 2021, and a 0.5% fine for each additional year.

The Italian parliament greenlighted a new tax for cryptocurrency on Dec. 29, as part of its budget law for the year 2023. Senators approved the document presented on Dec. 24, which approved a 26% aliquot for cryptocurrency gains above 2,000 euros (approx. $2,060) during a tax period.

The capital gains tax for crypto had been proposed since Dec 1, when the draft for the budget law was presented. The approved document includes a series of incentives for taxpayers to declare their cryptocurrency holdings, proposing an amnesty on gains achieved, paying a “substitute tax” of 3.5%, and adding a 0.5% as a fine for each year.

Another incentive included in the budget law will allow taxpayers to cancel their capital gains tax at 14% of the price of cryptocurrency held on Jan. 1, 2023, which would be significantly lower than the price paid when the cryptocurrency was purchased.

In the same way, cryptocurrency losses higher than 2000 euros in a tax period will count as tax deductions and will be able to be carried out to the next tax periods.

The law is clear about most of the key circumstances in which cryptocurrencies will be taxed. However, the law mentions that “the exchange between crypto assets having the same characteristics and functions does not constitute a taxable event.” This means that users will have to receive guidance to present their tax statements, as these assets having the same characteristics and functions have not been defined in the body of the law.

Italy, which lacks comprehensive cryptocurrency regulation, is following in the footsteps of Portugal. The European country included a similar capital gains tax at a rate of 28% as part of its budget law for 2023, a decision that might put in danger the status of the country as a haven for cryptocurrency companies and holders.

This proposal, revealed in October, also contemplates taxes on the free transfer of cryptocurrency and on the commissions charged by cryptocurrency exchanges and other crypto operations for facilitating cryptocurrency transactions. Open / Comment

2022-12-30 20:00:12 ​Dollar Loses to Digital Currencies in 2023, Former Russian President Medvedev Says

Digital fiat currencies will spread next year while the U.S. dollar will be losing its status of global reserve currency, according to Russia’s former head of state. In a string of tweets, Dmitry Medvedev gave his two cents on what the future holds for the world, a “humble contribution,” as he put it, to the “wildest predictions” ahead of New Year’s Eve.

The Bretton Woods monetary system will collapse next year causing the International Monetary Fund and the World Bank to crash, according to the man who was at the helm of Russia for four years between two of Vladimir Putin’s presidential terms.

“Euro and dollar will stop circulating as the global reserve currencies. Digital fiat currencies will be actively used instead” while “all the largest stock markets and financial activity will leave the U.S. and Europe and move to Asia,” Dmitry Medvedev stated on social media.

Through a series of posts in a humorous tone this week, he gave his thoughts on what could happen in 2023. “On the New Year’s Eve, everybody’s into making predictions. Many come up with futuristic hypotheses, as if competing to single out the wildest, and even the most absurd ones. Here’s our humble contribution,” the leader of the ruling United Russia party tweeted on Monday.

Medvedev went on to forecast that oil prices will reach $150 a barrel and natural gas will top $5,000. He also expects the EU to collapse after the United Kingdom rejoins the bloc, and the euro to fall out of use. In a divided Europe, France and Germany will clash while Hungary and Poland will occupy parts of Western Ukraine, he added.

The Russian government official, now serving as Deputy Chairman of the country’s Security Council, sees California as an independent state and Texas leaving the U.S. to form an alliance with Mexico. “Elon Musk’ll win the presidential election in a number of states which, after the new Civil War’s end, will have been given to the GOP,” he wrote.

Dmitry Medvedev, who was also Russia’s prime minister between 2012 and 2020, and is regarded as a more liberal politician than Putin, has been quite active on social media since Moscow attacked Ukraine in late February. The military invasion was met with waves of Western sanctions. Days after the war started, he posted that Russia may “nationalize” foreign assets in response to the penalties.

Throughout the outgoing year, Russian authorities have been working to expand the legal framework for digital assets and regulate cryptocurrencies, in particular their use for cross-border settlements amid financial restrictions. While the Bank of Russia, which is developing its own digital ruble, proposed a blanket ban on crypto transactions in the country, Medvedev told Russian media in January that a prohibition could have the opposite effect. Open / Comment