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IRS Launches International Effort to Investigate Cryptocurrency Tax Crimes

IRS
The United States Internal Revenue Service (IRS) is taking cryptocurrency tax compliance to the international stage, joining tax authorities from four other nations to form a coalition tasked with combating cryptocurrency-related tax crimes.Taking the Cryptocurrency Tax Fight to the Global Stage

In recent times, cryptocurrency trading has reached significant levels and can no longer be dismissed as a fad. Countries appear to be waking up to the reality of the considerable trading volume in the market. Thus, cryptocurrency taxes have become a major topic of discussion in many nations around the world.

With tax payments comes the need for adequate monitoring, regulation, and enforcement to ensure compliance. The IRS has been at the heart of virtual-currency related tax compliance, but now it appears the Agency wishes to take the fight to the international stage.

The IRS has teamed up with tax authorities from the United Kingdom, Canada, Australia, and the Netherlands. Together, they have formed the Joint Chiefs of Global Tax Enforcement (J5).

The J5 Mandate

The purpose of the J5 is to fight transnational tax crimes. Cryptocurrency-related tax offenses are a major focus of the J5. The coalition was formed in response to the call from the Organization for Economic Co-operation and Development (OECD) to reduce tax crimes.

According to a statement released by the IRS:

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Blockchain and Cannabis Industries Together can Clear Regulatory Hurdles

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As the cannabis industry around the world begins what is sure to be a long road to finding compliance with governments and establishing security in both logistics and financial transactions, it could find support in another emerging industry that faces many of the same issues.

Blockchain Could Solve the Cannabis Cash Problem

Cryptocurrency entrepreneurs have already created bridges to the cannabis world by creating at least a dozen cannabis-focused blockchain projects competing to provide the framework for the nascent industry to grow on. While the multi-billion dollar a year (in the US alone) cannabis industry offers blockchain and cryptocurrency companies a massive source of revenue.

Though cannabis is already legal in 30 of the 50 states in the US it is still classified by the federal government as a schedule 1 narcotic. Therefore, the cannabis industry remains a cash in hand business, despite the $10 billion dollars transacted in sales every year. Anyone involved in the business chain of a marijuana operation, from farmer to end user, is liable to federal prosecution leaving businesses with limited financial service options.

This undermines one of the main reasons for legalization, which is to eliminate the violent crimes that a cash-based business attracts. Howard Mann, who started as an internet gambling pioneer, saw this problem as an opportunity and launched Alternate Health Inc. As he recently explained to Green Entrepreneur,

“If the only way to do a legal transaction was in one specific blockchain currency, then all transactions in that currency are immediately trackable, traceable, and verifiable to the stakeholder in the State compliant cannabis transaction.”

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Binance Halts All Trading for 12 Hrs Over Irregular Syscoin (SYS) Transactions

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Popular cryptocurrency exchange, Binance, made the executive decision to halt all trading, withdrawals and deposits beginning yesterday at 20:18 (UTC) due to irregular trades that were detected from a number of API users. The internal risk management system of the exchange was what was triggered by the abnormal behavior prompting the sudden stoppage of trading activities.

The exchange has since resumed trading today at 8:00 AM (UTC) with users being able to now trade, cancel orders, process deposits and withdrawals as well as other account related activities. The exchange can be lauded for constantly communicating with users with respect to the on-goings of the maintenance that was undertaken to resolve the issue.

The cryptocurrency that was affected by the abnormal trading was Syscoin (SYS). The team at the project was quick to request all exchanges to halt trading and communicating the same via twitter.

Details from Binance indicate that the abnormal trading was from a number of API users as earlier mentioned. The exchange has since taken the following actions to further deal with the issue.

Removed all existing API keys and requested API users to recreate them. The exchange further cautioned users to keep their API keys safe as well as not providing access to third-party service providers Non-regular traders on Binance are cautioned against creating API keys Rollback of irregular trades Any user negatively affected by choosing to trade the rising SYS price is requested to open a support ticket. There will also be free trading between 2018/07/05 – 2018/07/14 for the said users For all other users, Binance will offer a 70% rebate on trading fees paid between 2018/07/05 – 2018/07/14. The rebate will be given and calculated in BNB using the closing price on 2018/07/14 To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet

Binance also acknowledged the risks of rapid growth for such a young (1 year old) exchange.With growth comes growing pains that should be used as learning opportunities and avenues for improvement. The exchange also thanked its users and supporters through their positive comments, suggestions and feedback during the period of maintenance to resolve the SYS issue.

Original linkOriginal author: John P. Njui
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Cardano (ADA) Expansion is not Relaxing: Africa and Asia

cardano

Input Output HK or mostly known as IOHK which we all know for creating and developing the 8th largest coin Cardano [ADA], is reaching very widely in a globe-range.

Right now, IOHK is delivering the blockchain platform in various countries in Africa and Asia. It is not long ago, when our team covered the signed partnership between the Ethiopian gov and Cardano. It was announced that Cardano’s blockchain technology will be studied and explored out for use cases in the nation’s Agritech industry.

The announcement has come to public via Charles Hoskinson twitter profile as he let know that a formalized contract has been made with the Ethiopian Ministry of Science and Technology.

The Ethiopian coffee supply chain may soon be using the Cardano blockchain. IOHK will help the government of Ethiopia to hire and train junior software developers to learn about using Cardano blockchain solutions and implement them in the coffee supply chain. It is planned to initiate this September with 30 female developers making the group.

Director of African Operations – John O’Connor added:

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Litecoin Price Analysis: LTC/USD Correcting Lower

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Litecoin price tested the $90.00 resistance zone and started a downside correction against the US Dollar. LTC/USD is holding the $84 support, which is a positive sign.

Key Talking Points

Litecoin price traded towards the $90.00 resistance recently where sellers appeared (Data feed of Kraken) against the US Dollar. There is a major bullish trend line formed with support at $83.00 on the hourly chart of the LTC/USD pair. The pair must stay above the $83.00 and $84.00 support levels to resume its upside move.

Yesterday, there was a short-term high formed just below the $90.00 level in litecoin price against the US dollar. The LTC/USD pair started a downside correction and declined from the $89.79 high.

Looking at the chart, the price corrected below the $86.00 support level. There was a break below the 50% Fib retracement level of the last wave from the $78.41 low to $89.79 high.

However, the downside move found buyers near the $84.00 support, which was a resistance earlier. There is also a major bullish trend line formed with support at $83.00 on the hourly chart of the LTC/USD pair.

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Ripple Price Analysis: XRP/USD’s Resistance Turned Support

ripple-cryptocurrency
Key HighlightsRipple price traded further higher and almost tested the $0.5250 resistance against the US dollar. There is a new bearish trend line in place with resistance at $0.4850 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently holding an important support near $0.4750, which was a resistance earlier.

Ripple price is trading near key supports against the US Dollar and Bitcoin. XRP/USD must stay above the $0.4700-0.4750 support to resume its upside move.

Ripple Price Support

Yesterday, there were further gains in Ripple price above the $0.5000 level against the US Dollar. The XRP/USD pair gained momentum and broke the $0.5100 resistance. It traded close to the $0.5250 resistance before sellers appeared. A high was formed at $0.5196 and the price started a downside correction. It declined below the $0.5000 support area to start a major correction.

There was a break below the 50% Fib retracement level of the wave from the $0.4531 low to $0.5196 high. However, the decline was protected by a major support near $0.4750. The stated level was a resistance earlier, and it is now preventing declines below $0.4700. Moreover, the 100 hourly simple moving average is also at $0.4720 to act as a support. On the upside, there is a new bearish trend line in place with resistance at $0.4850 on the hourly chart of the XRP/USD pair. The pair has to move above the trend line and $0.5000 resistance to resume its upside move in the near term.

Looking at the chart, the price is holding the $0.4750 support very well. If it fails to stay above $0.4700, the price could move back in a bearish zone. The next supports are at $0.4550 and $0.4500.

Looking at the technical indicators:

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Crypto Rally Runs Out of Steam But Steem is Green

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Crypto land is in the red again, Cardano, Nem and Bytecoin getting hit. Steem and Syscoin on the up

The rally did not last long and a pullback has occurred dropping crypto markets once again. Total market cap has dropped back below $270 billion and is in danger of falling further as confidence wanes and the bears grow in strength.

Bitcoin has declined 2.3% on the day and fallen back towards the support level of $6,400. BTC currently trades at closer to $6,500 but it is in an ascending channel so buyers could be waiting. Ethereum has also fallen back, trading 4.3% down at the moment around $460. As usual altcoins have taken a bigger hit, most of them wiping out their gains over the past few days.

Cardano is taking the biggest beating in the top ten, falling 9.5% back to $0.148, followed by Bitcoin Cash and Iota, both down over 6% on the day. The rest are all losing between 4-5% at the moment as the altcoin selloff resumes. Further down the charts Nem, OmiseGO and Icon are having a rough day all falling over 8%. At 25th spot Bytecoin is getting battered, dropping 15% in the past 24 hours.

Steem is the only altcoin in the top 40 posting a gain during the morning’s Asian trading session. According to Coinmarketcap Steem is up 7.6% to $1.82. There have been a few obscure spikes in this coin over the past 24 hours but it is the only one in the green at the moment. Steem recently patched its blockchain to re-initiate transactions following a stall. The team emphasized that no user accounts or tokens were ever at risk. 

The South Koreans are heavily into Steem at the moment with Bithumb and Upbit taking almost 55% of the total trade in KRW. Trade volume has jumped from $8.8 million to $10.8 million as all other cryptos around it fall. Steem currently has a market cap of $480 million ranking it at 30th.

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Ethereum Price Analysis: ETH/USD Holding $450 Support

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Key HighlightsETH price started a fresh correction wave after trading as high as $487 against the US Dollar. There is a key bullish trend line in place with support at $450 on the hourly chart of ETH/USD (data feed via Kraken). The pair has to move above the $465 and $468 resistance levels to resume its upside move.

Ethereum price is correcting lower against the US Dollar and Bitcoin. ETH/USD is holding an important support near $450 which holds the key in the near term.

Ethereum Price Support

Yesterday, there were further gains above $480 in ETH price against the US Dollar. The ETH/USD pair traded as high as $487.39 before starting a downside correction. The price declined and broke the $476 and $470 support levels. There was also a break below the 50% Fib retracement level of the last wave from the $443 low to $487 high. It opened the doors for more losses and the price tested the $448-450 support area.

However, the decline was protected by a key bullish trend line with support at $450 on the hourly chart of ETH/USD. The pair is currently trading below the $465 resistance and the 100 hourly simple moving average. There is also a short-term connecting bearish trend line with resistance at $464. A break above the trend line, $465 and the $468 level is needed for buyers to regain control. Above this last, the price may perhaps move above the $470 level to revisit the $480 zone.

Looking at the chart, the price spiked below the 76.4% Fib retracement level of the last wave from the $443 low to $487 high. Therefore, if the price fails to recover above the $462-468 resistance zone, there is a risk of more declines. The most important support is at $450, below which, ETH sellers may take control.

Hourly MACD – The MACD is now in the bearish zone.

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Monero (XMR) Price Analysis: Breakout and New Channel

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Monero was previously trending lower inside a descending channel on its longer-term time frames before making an upside break that now seems to be sustained. Price also completed its pullback to the broken resistance and is now forming a smaller rising channel.

Price is currently testing the resistance of this short-term ascending channel and may be due for a correction to support. Applying the Fibonacci retracement tool on the latest swing low and high shows that the 61.8% level lines up with the bottom at $125 while the 38.2% Fib is closer to the mid-channel area of interest at $132.40.

The 100 SMA is holding its head above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse. In addition, the moving averages are close to the middle of the channel, serving as dynamic inflection points on a correction.

RSI appears to have some room to fall, though, so Monero might still follow suit. On the other hand, stochastic is starting to pull up from oversold conditions to signal that bullish pressure is returning. A break below the short-term channel bottom, however, could mean that long-term bearish momentum is in play.

Cryptocurrencies have been off to a good start this quarter as investors remain optimistic that the industry could turn a corner and end stronger this year. So far, there have been no negative headlines and it appears that regulatory efforts are increasing trust in the industry after all.

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Bitcoin (BTC) Price Analysis: Ready to Breach Next Area of Interest?

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Bitcoin appears to be starting a climb on its short-term time frames but has yet to break past this major area of interest to sustain the uptrend. On the 4-hour chart, technical indicators are suggesting that there’s a chance for the downtrend to resume.

For one, the 100 SMA is safely below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff is more likely to carry on than to reverse.

Stochastic is turning lower after hitting overbought levels, which means that selling pressure is returning while buyers take a break. Similarly RSI is heading south so bitcoin could follow suit and revisit the swing low around $5,750.

Price has broken past the 100 SMA near-term dynamic resistance to show a bit of bullish momentum but has yet to contend with the 200 SMA dynamic inflection point. This lines up with the 50% Fibonacci retracement level around $6,750. A break higher could still hit a ceiling at the 61.8% level near the $7,000 major psychological resistance.

A break past these levels could finally signal that bulls have won over and reflect a longer-term reversal from the drop that lasted roughly a couple of months. On the other hand, if any of the nearby resistance levels keep gains in check, bitcoin might even break below the swing low later on.

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