Ripple Price Analysis: XRP/USD Facing Tough Challenge

Key Highlights Ripple price declined further and traded below the $0.6000 support level against the US dollar. Yesterday’s highlighted important bearish trend line with current resistance at $0.6300 is intact on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently correcting higher and it may face hurdles near the $0.6200 and 0.6300 levels. Ripple price remained in a bearish zone against the US Dollar and Bitcoin. XRP/USD traded towards $0.5750 before starting an upside correction towards $0.6200. Ripple Price Resistance After a minor upside…

Read More

Ethereum Price Analysis: ETH/USD Back Below $600

Key Highlights ETH price nosedived below $620 after it struggled to move above the $650 resistance against the US Dollar. There are two bearish trend lines forming with resistances at $610 and $655 on the hourly chart of ETH/USD (data feed via Kraken). The pair is currently consolidating losses above $650 and it remains at a risk of more losses. Ethereum price fell sharply against the US Dollar and Bitcoin. ETH/USD settled below the $600 support and it may continue to decline in the near term. Ethereum Price Decline There…

Read More

Bet vs. Buy? The ICO Market Has a Serious East-West Divide

In the U.S., initial coin offerings (ICOs) are about ideas. In the Asian market, they’re about returns. “At the very beginning, the information coming from Asia to the US was very limited. We didn’t know what’s really going on,” Zhuling Chen, co-founder of Aelf, a cloud computing startup out of Singapore, told CoinDesk. So the Asian market took off on its own, informed by the ecosystems around bitcoin and ethereum but also distinct from them, such as when major Asian banks launched distinct efforts starting in early 2016. Some of…

Read More

Bitcoin Price Has Hypotehtical Value of $1,800: Federal Reserve Report

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. The Federal Reserve Bank of San Francisco released a report on May 18 discussing the volatility of the bitcoin price and its impact on the ways bitcoin should be classified, whether as a currency, security, or commodity. Joost van der Burgt, author of the publication and fintech policy advisor at the Federal Reserve’s San Francisco branch, confirms what many have already said: that bitcoin straddles the properties of all three asset classes. However, he draws interesting points over…

Read More

India’s Tax on Cryptocurrency | What are the Main Points of the Proposal?

India’s Tax on Cryptocurrency: Bloomberg announced yesterday that India may soon impose an 18% GST on cryptocurrency transactions despite the country’s legal ambiguity. At present, the Intermediate Indirect Tax and Customs Committee are reviewing the proposal and submit it to the GST Council after completion. As mentioned above, digital assets can be categorized as “intangible goods” just like other software systems, and the agency added that separate laws will be introduced to deal with the use of cryptocurrencies for criminal activities. According to informed sources, the income tax department has realized the importance…

Read More

Bank of America Adds to Growing List of Blockchain Patents

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. Blockchain is finding more implementation in the mainstream and Bank of America (BoA) is at the forefront of a group of legacy companies that are using Distributed Ledger Technology (DLT) to validate the veracity of information and those using it. A Security-inclined Blockchain Recently, the bank won another blockchain patent, adding to its growing list of patents in the emerging technology. This recent patent, whose inventors are identified as Kurian and Manu Jacob,is described in abstract as:…

Read More

Coinbase Is Rebranding Its Crypto Exchange Service

Coinbase announced Wednesday that it is launching a new version of its GDAX platform called Coinbase Pro and acquiring crypto trading relay platform Paradex. The new platform seeks to “make the trading experience easier and more intuitive,” according to the startup. Other features include a new chart system which provides streamlined access to historical data and a consolidated portfolio view. Beyond simply trading assets, Coinbase Pro aims to provide a host of new features for investors, according to the release, which reads: “Our vision is to give customers the ability…

Read More

Crypto Investment | A Consideration For US Department of Defence

Bloomberg reported on May 22 that recognizing Bitcoin as a form of foreign currency may have an impact on the decision of the US Department of Defense (DoD) to recruit new employees. The Pentagon’s biggest concern is whether an investment in cryptocurrency indicates criminal intent or the tendency to increase dangerous personal behavior. This may adversely affect the personal image of a job seeker during security checks that the Defense Department conducts. >>Crypto Superheroes: Blockchain & Cryptocurrency Heroes Using Their Superpowers for Good At present, the U.S. Department of Defense…

Read More

Federal Reserve President Neel Kashkari On Crypto

Minneapolis Federal Reserve President Neel Kashkari has loudly discarded the cryptocurrency market’s potential to survive long-term, saying it has become a “farce” due to unregulated chaos and escalating fraud.   Cryptocurrency market has been in the state of freefall over the last two weeks potentially die to experts bashing the markets.  Bitcoin price (BTC) plunged below the $8,000 level today while altcoins have also lost the gains they generated earlier this month. The Minneapolis Federal Reserve President, however, expects the market crash to intensify in the days to come. Source Image: coinmarketcap.com…

Read More

India Cryptocurrency Tax Proposal | Tax Would Be 18% Under GST

India Cryptocurrency Tax Proposal: India has proposed a crypto tax in the form of GST or the Goods and Services Tax. A proposal was created to implement an 18% GST on cryptocurrencies. India Cryptocurrency Tax Proposal Annonymous sources told Bloomberg that the India cryptocurrency tax proposal would consider cryptocurrencies as goods and, thus, taxable. Those who are “facilitating transactions like supply, transfer, storage, accounting, among others, will be treated as services” and so will also receive the 18% crypto tax. Miners, wallet providers, and exchanges will all be considered taxable under…

Read More