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Japan Tells Tax Bodies to Stop Seizing Crypto + More Crypto News 101
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Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Regulation news

  • The Japanese cabinet has ruled that local authorities may not seize cryptocurrency holdings in the case of individuals that default on their tax payments. The cabinet also says national tax bills cannot be settled in cryptocurrencies. Per Jiji and Nikkansports, the ruling comes after a tax body in Neyagawa, in the Osaka Prefecture, seized just over USD 1 (122 yen) in cryptocurrency from a local man who had failed to pay an outstanding tax bill. The cabinet discussed the matter after an MP questioned the legality of the tax authority’s move.
  • Thailand’s Excise Department wants to use a blockchain platform to provide oil exporters with tax refunds. Per the Bangkok Post, the ministry intends to launch the platform “by the middle of next year.” The ministry calculates excise taxes after exporters make shipments, but companies that overpay often have to wait for tax refunds. The new solution, says the ministry, will help speed up the process and allow for more thorough tax payment inspections.
  • And Thailand will look to boost cryptocurrency-related business and tighten regulations after the country’s regulatory Securities and Exchange Commission (SEC) announced plans to amend an existing royal decree on digital asset businesses next year. The Bangkok Post reports that the SEC is “aiming to facilitate the growth of digital assets while protecting investors from unnecessary risk.” The SEC added that it wanted to remove “stumbling blocks” and promote “flexibility.”

Adoption news

  • South Korean e-commerce platform Fortis says it has launched blockchain business operations, and has partnered with a Hong Kong-based crypto exchange named Token Can. Per Paxnet, the company has also made a slew of high-profile blockchain hires, with a former Chairman of the Korea Communications Commission joining as an external director, and a former chief attorney general taking on the role of auditor.
  • The Philippines’ Ministry of Science and Technology will team up with Singapore-based tech provider BCB Blockchain to collaborate on a smart city project, reports Japanese media outlet Next Money. The agreement has also seen the company stump up USD 300,000 in funding for Philippines-based incubators and startups as part of a project operated by the Philippine Council for Industry, Energy, and Emerging Technology Research and Development.
  • The U.S.-based crypto payments startup Fold, that enables Bitcoin (BTC) cashback during shopping, announced that it’s now also available for all iOS and Android users. Also, Airbnb, Sephora and Domino’s have been added to the Fold platform.

Exchanges news

  • Cryptocurrency exchange Binance says it has established a partnership with Band Protocol, a decentralized data oracle platform backed by Sequoia. The exchange’s new deal means it will be able to provide price data for over 600 pairings on its platform. Decentralized oracles are third-party or decentralized data feed services that make use of multiple sources to ensure that data is tamper-proof.
  • Coinbase will allegedly be hiring c. 10 of Omni’s engineers, as Omni, a marketplace that lets users rent products from nearby stores, is closing shop after being unable to make the economics of equipment rentals and physical on-demand storage work out, reports TechCrunch.

Business news

  • The Washington D.C.-based crypto startup Gladius Network LLC said it has closed operations and has filed for dissolution. The reason is that the company no longer has funds to continue operations, they said, but the code will remain available on GitHub for the next three months. This comes after the startup reached a settlement with the U.S. Securities and Exchange Commission (SEC) in February regarding the 2017 initial coin offering (ICO), per which Gladius was supposed to refund investors who participated in the USD 12.7 million sale.

Crime news

  • A ransomware outbreak hit a Wisconsin-based IT company Virtual Care Provider Inc. (VCPI), which provides cloud data hosting, security and access management to more than 100 nursing homes across the United States, reports KrebsonSecurity. Unknown attackers encrypted all data the company hosts and is demanding a USD 14 million ransom in Bitcoin in exchange for a digital key needed to access the files.

Tim Alper , 2019-11-26 16:26:01 ,

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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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