Connect with us

Blockchain

Alpha Finance (ALPHA) Climbs to All-Time High — Targetting $1

After a possible short-term drop, ALPHA is expected to resume its upward movement towards $1.08 and could possibly even reach $1.31.   Doji Signals ALPHA Top? ALPHA has been on a parabolic upward trend since it began trading on Oct. 10, 2020. The rate of increase accelerated and ALPHA was able to reach an all-time … Continued

The post Alpha Finance (ALPHA) Climbs to All-Time High — Targetting $1 appeared first on BeInCrypto.

Republished by Plato

Published

on

Alpha Finance Lab (ALPHA) has been increasing at an accelerated rate since December 2020. It proceeded to reach an all-time high price of $0.80 on Jan. 21.

After a possible short-term drop, ALPHA is expected to resume its upward movement towards $1.08 and could possibly even reach $1.31.

 

Doji Signals ALPHA Top?

ALPHA has been on a parabolic upward trend since it began trading on Oct. 10, 2020.

The rate of increase accelerated and ALPHA was able to reach an all-time high price on Jan. 21. However, this created a long upper wick. Depending on the close, it could create a Doji or a shooting star candlestick.

Nevertheless, the trend remains bullish as long as ALPHA is trading above this parabolic support line.

ALPHA Parabola
ALPHA Chart By TradingView

Due to the lack of support below the current price, a breakdown could cause a significant drop. It could potentially fall back to the 0.5 or 0.618 Fib retracement levels at $0.41 and $0.31 respectively.

However, technical indicators are still bullish and have failed to generate any significant weakness.

ALPHA Indicators
ALPHA Chart By TradingView

Short-Term Movement

The short-term chart shows a pronounced bearish divergence in both the RSI and the MACD, which preceded the current drop.

In addition, it provides a support area at $0.64, which has been reached and initiated a bounce.

Furthermore, there is an ascending support line at $0.60.

Therefore, as long as ALPHA is trading above the latter, we can consider the short-term trend bullish.

A breakdown from this support line would also entail a breakdown from the parabolic support line outlined in the previous section. This would likely confirm the bearish trend reversal.

ALPHA Short-Term
ALPHA Chart By TradingView

Wave Count

Cryptocurrency trader @CryptoNTez outlined an ALPHA chart which shows an upward movement of nearly 80% over the past three days. However, he did not provide any possible targets for the upcoming upward move.

ALPHA Movement
Source: Twitter

The most likely count suggests that ALPHA is in an extended wave 3 (shown in white below) of a bullish impulse that began in October 2020. The sub-wave count is given in orange.

The most likely target for the top of wave 3 is found at $1.08 (3.61 Fib extension of wave 1). A likely target for the top of the entire impulse is found at $1.37 (4.61 Fib extension of the same wave).

A decrease below the sub-wave 1 high of $0.51 would invalidate this particular wave count. It would also entail a breakdown from both the parabolic and normal ascending support lines, hence confirming that the trend is bearish.

ALPHA Count
ALPHA Chart By TradingView

Conclusion

While the long-term trend for ALPHA seems to still be bullish, a short-term drop that validates the ascending support line near $0.60 could occur prior to the resumption of the upward trend.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Source: https://beincrypto.com/alpha-finance-alpha-climbs-all-time-high-targetting-1/

Blockchain

Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022

Republished by Plato

Published

on

As cryptocurrencies continue to pick up steam and encompass the features of regular asset classes, governments have likewise imposed taxes on capital gains from digital currency. South Korea is the latest country to adopt this initiative. Its Ministry of Economy and Finance said it will levy taxes on cryptocurrency profits from next year.

The South Korean government is going ahead with its proposal to tax cryptocurrency returns after several reconsiderations. A local news agency, Yonhap reported in December that the National Assembly’s Planning and Finance committee deliberated on the amendment of income tax laws and individual consumption tax laws.

As part of the income regulatory initiative, cryptocurrency traders and investors are mandated to pay 20 percent if they earn more than 2.5 million won (almost $2300 at the present exchange rate) from bitcoin and other cryptocurrencies. Gains below 2.5 million won will not be taxed. The law was initially scheduled to be implemented in October this year, but it will now be enacted in 2022.

According to the new report, bitcoin gains will be filed under ‘other income.’ Cryptocurrency investors will report their gains through an income statement and will pay taxes in May every year.

A turn of proceedings saw South Korea become a burgeoning cryptocurrency market. In 2017, the government announced that it would strictly regulate cryptocurrency transactions and even shut down exchanges in the country after Seoul-based exchange, Youbit, was hacked.

Bithumb Tax Saga

This is not the Korean government’s first attempt at bitcoin taxation. Korea’s National Tax Service asked cryptocurrency exchange, Bithumb to pay its foreign customers withholding taxes to the tune of 80 million won in 2019.

There were uncertainties surrounding that. It was unclear whether the cryptocurrency industry was subject to withholding tax. Bithumb filed a complaint to the tax tribunal over what is referred to as a “groundless” tax imposed by the NTS. It also argued that cryptocurrencies were not recognized by South Korean law and should not be taxable.

The industry has evolved since then. Cryptocurrencies are bridging the gap on conventional assets, and emerging laws classify them as taxable properties.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/korean-government-to-levy-taxes-on-bitcoin-capital-gains-starting-2022/

Continue Reading

Blockchain

Vice President of Nigeria Tips Cryptocurrencies To Challenge Traditional Banking

Republished by Plato

Published

on

The Nigerian cryptocurrency community was shaken to its core when the country’s apex bank released a circular warning financial institutions to desist from enabling cryptocurrency transactions. The Central Bank made arguments to justify the decision, with several notable figures weighing in on the subject.

Nigeria’s Vice President, Prof. Yemi Osinbajo is the latest to share his view on the ban. In his keynote address at the CBN Bankers’ Committee Economic Summit, Osinbajo tipped digital assets to fiercely challenge traditional and reserve banking in the future.

Calls For Knowledge-Based Actions That Will Prove Beneficial

The ban on cryptocurrencies has continued making the rounds in Nigeria. Several weeks after, it has finally forced reactions from the upper echelon of the government. Vice President Yemi Osinbajo bared his views at a summit organized by the Central Bank earlier today.

He admitted to the disruptive capacity of cryptocurrencies and blockchain technology, stating that they could well displace existing banking systems in the coming years.

He further opined that emerging technologies like blockchain must be adopted strategically, before praising the regulatory bodies for being ‘very articulate’ with their measures. He called for initiatives that will enable people to enjoy the benefits of blockchains and cryptocurrencies while keeping the adverse effects in check.

Prior to Osinbajo’s remarks, CBN Governor, Godwin Emefiele publicly defended the ban, saying that cryptocurrencies were created “out of thin air”. He further described cryptocurrencies as being “used to describe the activities of players in an electronic dark world”

Many Nigerians have taken the Vice President’s comments with a grain of salt. They urged him to use his influence to turn the tides instead.

Waging War Between Cryptocurrencies and Nigerian Banking System

Industry enthusiasts in Nigeria interpreted the CBN ban as a direct attack on cryptocurrencies. Speculations emerged that the apex bank was rattled by the traction gained by the digital assets and the fact that they were gradually displacing conventional banks.

A Nigerian economist shared a shocking statistic that bared the Nigerian Stock Exchange trading volume and how it measured against the trading volume on Binance.

In all of these, it is widely rumored that the adoption of bitcoin in last year’s protest against police brutality was the last straw to break the camel’s back. Activists spearheading the protests started accepting bitcoin donations after the Central Bank issued orders to freeze their bank accounts. The recent ban allegedly signals the central bank’s intention to maintain a stronghold on the country’s monetary system.

Entrepreneur and investor, Victor Asemota believes that banning cryptocurrencies is self-defeating and does not address the deficient banking system. He tweeted :

“I have predicted the demise of traditional banking institutions in Africa for a while now until things accelerated during the pandemic and agent models became prominent. The cost structure of old banking Africa do not make sense. Community banking and cooperatives make more sense. What happened to Nigerian remittances during the pandemic was that people discovered more efficient channels to send money home as bank branches were closed. We now had multiple FX exchanges as people became aware that it was lucrative. Crypto is not the problem, it is banking.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/vice-president-of-nigeria-tips-cryptocurrencies-to-challenge-traditional-banking/

Continue Reading

Blockchain

Stellar, BitTorrent, DigiByte Price Analysis: 28 February

Republished by Plato

Published

on

The cryptocurrency market has had to face increased bearish momentum in the past week and with Bitcoin dropping to the $45k price range, many of the market’s altcoins too have followed BTC and traded lower. At the time of writing, Bitcoin was trading at $44,474 with a 24-hour trading volume of $42.9 billion.

Source: CoinStats

For altcoins like Stellar, DigiByte, and BitTorrent such has been the case and an immediate recovery looks unlikely given the current market conditions.

Stellar [XLM]

Source: XLM/USD, TradingView

Stellar’s price fell by over 15 percent in the past week and currently trades at $0.41. According to CoinMarketCap’s list, the coin has a market capitalization of over $9.3 billion and occupies the 10th spot. The coin’s price has tested the support at $0.37 in the past few days and is now making slight gains towards its immediate resistance at $0.54. If the present support would fail, XLM may even drop down towards the second support at $0.27.

The Bollinger Bands for the coin have contracted and show less volatility in the coin’s price action. The RSI indicator looks bearish at the moment as it heads closer to the oversold zone.

BitTorrent [BTT]

Source: BTT/USD, TradingView

BitTorrent’s price fell by over 28 percent in the past 7 days and is currently valued at $0.0011. The bearish pressure is visible as the coin’s price plummeted by over 8 percent in a day’s time. The coin is currently testing its support level around its current trading price and if this support fails BTT is likely to undo all its recent gains and trade around the $0.0004 price range. There is significant resistance around the $0.0014 range if an uptrend were to occur.

The RSI indicator for the coin is falling steadily as it heads into the oversold zone. Interestingly, the EMA ribbons have settled below the coin’s trading price and are offering support for the coin.

DigiByte [DGB]

Source: DGB/USD, TradingView

DigiByte is currently trading at $0.051 and has a market cap of over $730 million. In the past week, the coin’s price fell by 33.6 percent and currently finds itself close to the support level at $0.049. If the downtrend were to continue there is another support around the $0.035 price level that could help stabilize the coin’s price.

The MACD indicator and the RSI signal increased bearish pressure for DGB. The MACD indicator has undergone a bearish crossover while the RSI continues to move into the oversold zone.


Sign Up For Our Newsletter


Source: https://ambcrypto.com/stellar-bittorrent-digibyte-price-analysis-28-february

Continue Reading
Blockchain3 days ago

Gemini collaborates with The Giving Block and others, adds donations option

Blockchain4 days ago

Optimized Ethereum Mining Settings for Nvidia RTX 3060 Ti, RTX 3070, RTX 3080 and RTX 3090 GPUs

Blockchain2 days ago

NextGen Blockchain Platforms Self-Organize to Win Government Contracts

Blockchain5 days ago

Elon Musk Reacts to Tesla Losing $15 Billion After Investing in Bitcoin

Blockchain4 days ago

Crypto Lending Explained 2021

Blockchain5 days ago

XRP, Basic Attention Token, Compound Price Analysis: 23 February

Blockchain4 days ago

Trailing Take Profit Explained

Blockchain4 days ago

Traditional Banks get serious about enabling crypto-related services

Blockchain5 days ago

Kraken Reacts to Market Selloff

Blockchain3 days ago

What Coinbase Going Public Could Do For Crypto

Blockchain2 days ago

Crypto Investment Fund to Sell $750M in Bitcoin for Cardano and Polkadot

Blockchain4 days ago

BitMEX adding six new perpetual contacts: ADA, DOT, EOS, YFI, UNI, and XLM

Blockchain5 days ago

Bitcoin-Ethereum correlation: Ways the market has changed its dynamics

Blockchain4 days ago

World’s First Bitcoin ETF Records Stellar Growth, AUM Crosses Half A Billion Dollars

Blockchain4 days ago

All of the Federal Reserve’s wire and ACH systems are down

Blockchain4 days ago

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

Blockchain5 days ago

MicroStrategy’s Michael Saylor: Billions will choose Bitcoin for life savings

Blockchain5 days ago

DeFi Orion Protocol Launches Staking Calculator

Blockchain4 days ago

MicroStrategy Completes Another $1 Billion Bitcoin Buy

Blockchain4 days ago

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

Trending