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Number of Bitcoin ATMs Passes 6K Mark…But the Taxman Is Taking Note 101
Source: a video screenshot.

There are now more than 6,000 Bitcoin ATMs in the world – but as the devices become more widespread, it seems tax authorities are also starting to pay closer attention to the devices.

Per data from monitoring site Coin ATM Radar, there are currently 6,003 Bitcoin ATMs in operation now – with a whopping 3,923 of that number in the United States, followed by just over 700 in Canada.

More than 100 new devices have been installed globally in November 2019, and the website data shows that the rate of new Bitcoin ATMs installation now stands at 9.3 per day.

However, the growth rate has slowed down in 2019, in both absolute numbers and percentage terms. In twelve months from November 2017, 2,115 new Bitcoin ATMs were installed, compared to 1,982 devices, installed in twelve months before November 2019. The annual growth rate slowed down from 117% to 51%.

Number of Bitcoin ATMs Passes 6K Mark…But the Taxman Is Taking Note 102
Source: Coin ATM Radar

However, Bloomberg Tax reports that the top American tax authority, the Internal Revenue Service (IRS) is now working with the police to block Bitcoin ATM-related “illicit activity.” The media outlet quotes IRS Criminal Investigation Chief John Fort as saying his team is “very focused” on tax-related Bitcoin ATM issues.

Fort stated,

“We’re looking at Bitcoin ATMs, and the ones that may or may not be connected to bank accounts. In other words, if you can walk in, put cash in and get Bitcoin out, we’re interested potentially in the person using the kiosk and what the source of the funds is, but also in the operators of the kiosks.”

Fort added, “They’re required to abide by the same know-your-customer, anti-money laundering regulations, and we believe some have varying levels of adherence to those regulations.”

As previously reported, the IRS has announced it will be cracking down on cryptocurrency-related tax policing in recent months, with some (often confusing) new guidelines now in place. And the agency now appears to have warned American citizens that moving their crypto to overseas exchanges will not help would-be tax avoiders.

Fort stated,

“We have concerns that as things tighten up here in the United States, that we are pushing people to foreign exchanges. We have to focus on that as well.”

Tim Alper , 2019-11-18 07:29:50 ,

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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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