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A crypto-focused charity organisation has declared today #BitcoinTuesday in an effort to promote the perks of donating cryptocurrency to non-profits. The initiative is the work of TheGivingBlock, with sponsorship from several notable blockchain-related companies.

Cryptocurrency donations, being considered as property, are not subject to capital gains and are tax deductible. This can make digital assets a more effective way to contribute to charitable causes.

Crypto Companies Promote #BitcoinTuesday Charity Initiative

The crypto space now has its own version of #GivingTuesday. The aptly-titled #BitcoinTuesday initiative calls on the cryptocurrency community to donate a portion of their holdings to charitable causes following the commercialism of the trifecta of Thanksgiving, Black Friday, and Cyber Monday.

For those that don’t know, #GivingTuesday is a movement promoting the giving to charity during the holiday season. It was started in 2011 by the non-profit organisation Mary-Archie Theater Company and falls on the Tuesday following the US Thanksgiving. It originally began on the Monday after the holiday but was moved to the following day so as not to clash with the online retail sales event Cyber Money.

Inspired by the growing success of the now international event, crypto startup TheGivingBlock created its own version, known as #BitcoinTuesday. TheGivingBlock is a company that removes as many of the barriers to donating Bitcoin and other crypto assets to non-profits as easy as possible.

Several large cryptocurrency firms are involved in the initiative. These include Brave, BottlePay, CoinTracker, and Gemini. Firms sponsoring #BitcoinTuesday are not only encouraging their users to donate digital currency to the charities working with TheGivingBlock but also by running their own promotions. For example, the major crypto trading venue Gemini will be donating part of the trading fees it makes today to the charitable causes already signed up to TheGivingBlock.

A Medium post by Gemini’s Sales and Relationship Management, Kristen Mirabella, explained how the exchange was part of the charitable startup’s actual donation process. Gemini is responsible for the conversions of donations in Bitcoin, Ether, and other supported currencies into fiat currencies.

Given the legal status of cryptocurrency in the US and other jurisdictions, those behind #BitcoinTuesday are hoping that the fintech innovation will prove a popular way to donate to charities. Crypto assets are treated as property and, therefore, donating them to registered non-profits does not incur capital gains taxes. Additionally, you can often deduct the fair market value of the assets from your tax return. The amount you’re entitled to deduct does depend on your annual income, the amount of time you held the crypto for, and the value of your donation. If you’re wanting to take advantage of the favourable legislation surrounding crypto donations, ensure that you consult a qualified accountant.

Already working with TheGivingBlock is a long list of established international charities. These include Save the Children, Human Rights Foundation, Trees for the Future, Code to Inspire, and Canine Therapy Corps.

 

Related Reading: Leading Medical Charity Exploits Cryptocurrency Tax Status by Accepting Bitcoin and Others

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Rick D. , 2019-12-04 00:00:27

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NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

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Nick Chong , 2019-11-10 12:00:38

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