Bitcoin Today: lateral again

26. Juni 2018

Price
Monday did not manage to follow recent growing tendency and went into narrow lateral movement, as we saw couple times before meeting of the Bearish Trend Line. Breakthrough of Bearish Trend Line, line which represents downing tendency, will be a major technical issue for today and tomorrow. A breakthrough above 6300.0 will be a positive sign, but only movement above 6650.0 level will confirm the breakthrough of the bearish tendency. From the downside, dive below 6000.0 level will cause a panic and possible sell-off to the lower levels.

Today forecast
Trading in the 6000.0 – 6600.0 zone.

Latest news

• Jack Ma slams Bitcoin but heaps praise on the future of blockchain
  Billionaire business magnate Jack Ma has warned against speculating on the Bitcoin market after saying that the virtual currency could be a potential bubble.
  Ma, who is the founder of technology conglomerate Alibaba, made the remark yesterday as he launched his own "electronic wallet" which would make allow blockchain-based money transfers between Hong Kong and the Philippines.
  The Chinese investor, who is worth nearly 50bn (£37bn), said: "Blockchain technology could change our world more than people imagine, adding that “Bitcoin however could be a bubble."
  The comments come in the wake of Bitcoin’s fall on Sunday, as the cryptocurrency suffered its worst day on the market this year, dipping as low as $5,808 despite nearly reaching a high of $20,000 late last year.
  
  
• Japan Wants to Scrap Its Progressive Crypto Tax Rate
  Cryptocurrency traders in Japan currently can be taxed as high as 55% on their profits. However, the country’s Deputy Prime Minister, Taro Aso, wants to change how crypto transactions are taxed, from a progressive rate to a uniform rate.
  The Japanese Deputy Prime Minister and Minister of Finance, Taro Aso, said at the Upper House budget committee meeting on June 25, as reported by Reuters:
  “The profits gained by virtual currency transactions should be changed from current ‘miscellaneous income’ to ‘declaration separate taxation.’”
  Currently, capital gains from crypto transactions are taxed as miscellaneous income. Accounting software company Freee described, “Miscellaneous income is subject to comprehensive taxation, and the tax rate is decided according to the amount combined with other income such as salary income.”
  The National Tax Agency (NTA) explained that Japan has seven income tax brackets, with the tax rates ranging from 5% to 45% based on earnings. On top of the progressive tax rates, inhabitant taxes are levied in Japan by prefectural and municipal governments at the rate of 10%.