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Daily Email 04-05-19
Bitcoin Gold (BTG)
BTG is a cryptocurrency with Bitcoin fundamentals, mined on common GPUs instead of specialty ASICs. ASICs tend to monopolize mining to a few big players, but GPU mining means anyone can mine again – restoring decentralization and independence. GPU mining rewards go to individuals worldwide, instead of mostly to ASIC warehouse owners, recreating network effects that Bitcoin used to have. It has a market cap over $312.3 million, a circulating supply over 17.4 million and has traded over $25.3 million in the past 24 hours according to CoinMarketCap.com.
BTG/USD completed an inverted head and shoulders pattern with its breakout on April 2. Over the past two days it began consolidating and with a close above the April 3 high of %17.688 is an indication of another leg higher toward the 61.8% Fib retracement of the late 2018 sell-off near $24.000. A potential stop could be placed $2 below the entry price and raised below each successive higher low.
News to Know
Benefits of the New Coinsquare eCAD Stablecoin
According to the recent press release of the Canadian crypto exchange, the new Coinsquare eCAD stablecoin is expected to be released soon. One of the leading Canadian crypto exchanges emphasized that the new coin will be a reliable and stable value repository, which provides investors with an alternative to similar coins provided by the US dollar.
3 Red-Hot 5G Stocks: The Death of Comcast Is Near
SEC Guidance Sparks Fear and Loathing in Crypto Industry
When the Securities and Exchange Commission this week issued guidelines for cryptocurrency companies that want to sell digital tokens, many in the industry praised the SEC for new regulatory clarity, but also privately seethed the agency had gone too far. “This feels like an overt declaration of war on cryptocurrencies,” said a senior lawyer who advises crypto firms. “The guidance is terrible but people say, ‘we have to say nice things or they’ll prosecute us.’
Bitcoin Trading Volume Sunk to 2-Yr Low in March as Price Cratered 75%
Bitcoin trading volume tumbled to a two-year low in March 2019 as the industry was in the midst of a prolonged crypto bear market. Cryptocurrency exchanges reacted by raising trading fees, according to TradeBlock, a provider of trading tools for digital currencies. The fee hikes are not surprising because it’s a defensive maneuver to protect against dwindling revenues from falling trading volumes.
CryptoTrader.Tax Integrates with Intuit TurboTax For Easier Crypto Tax Filing
Cryptocurrency-focused tax software CryptoTrader.Tax integrated its software with American tax software Intuit TurboTax platform to make it easier for consumers to calculate crypto-trading gains and losses and for easy tax filing. As per the Internal Revenue Service (IRS) guidelines for reporting digital asset gains, virtual currency is treated as property for U.S. federal tax purposes. General tax principles applicable to property transactions apply to transactions using virtual currency.
Check If Your Market Predictions Are Right with Sparkprofit
Following the recent price spike, there’s a lack of clarity as to where crypto markets will be heading from here. The importance of accurate predictions has never been more valuable to the cryptoconomy. A platform called Sparkprofit combines forecasts made by traders to produce a crowdsourced estimate of the future market movements.
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