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BitGive Partners With CoinsTax to Simplify Tax Planning Process for Crypto Donors

TRUCKEE, Calif.–(BUSINESS WIRE)–#GivingTuesday—BitGive, the first bitcoin and blockchain nonprofit, is partnering with CoinsTax LLC, providers of Bitcoin.Tax, a leading do-it-yourself crypto tax calculation software, on Giving Tuesday. Through this partnership, cryptocurrency holders can seamlessly calculate their taxes and offset gains by making donations to BitGive directly from their Bitcoin.Tax account.

With nearly one third of annual giving occurring in the month of December, BitGive and Bitcoin.Tax aim to remove the complexities surrounding crypto tax accounting to ensure that those donating this month can allocate cryptocurrency funds with peace of mind. Donations to BitGive aid the dozens of global nonprofit organizations it supports.

Connie Gallippi, Founder and Executive Director of BitGive, said: “BitGive’s partnership with another established veteran in the ecosystem, CoinsTax, brings trusted clarity to the ambiguous crypto regulatory landscape. Allowing users to tax prep, offset gains and have social impact, while there’s still time left in the current tax year.”

On the Bitcoin.Tax site, users can upload their cryptocurrency trading, mining, and spending transactions to receive an instant summary of gains. Users have the option to reduce their taxes, by connecting to the BitGive site and making a donation in bitcoin straight from their tax report. In 2020, BitGive and CoinsTax plan to expand the partnership and allow users to make donations in other cryptocurrencies.

Colin Mackie, Founder and CEO of CoinsTax, said: “We are proud to be able to work with BitGive and help with the amazing work they have already done by bringing together crypto taxpayers and their kind donations for such good causes.”

The United States has classified bitcoin and other cryptocurrencies as capital assets, which means that earnings are subject to capital gains tax. Crypto losses or donations are weighed against your capital gains, and ultimately reduce the amount of taxes owed.

Tax planning is very important, and especially in the crypto space, as there are opportunities to realize gains, harvest losses or donate long-term gains to charity,” said Mackie.

Donors interested in accessing Bitcoin.Tax accounting offerings and making a donation to BitGive can visit https://bitcoin.tax/.

About BitGive:

BitGive, established in 2013, is the first official cryptocurrency nonprofit.

About CoinTax, LLC:

Launched in 2014, Bitcoin.Tax is the original do-it-yourself tax calculation software for active cryptocurrency traders.

Contacts

Sandra Rodriguez (917) 900-2738

 

Business Wire , 2019-12-03 16:02:26 ,

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NewsBlock © 2019 - 2020 All rights reserved.

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.

Featured Image from Shutterstock


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

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