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Chainlink long-term Price Analysis: 10 September

With the digital asset market stabilizing on the charts to attain some recovery over the past week, Chainlink has been the one to lead this pack of altcoins. Recovering from a local bottom of $9.10, t

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With the digital asset market stabilizing on the charts to attain some recovery over the past week, Chainlink has been the one to lead this pack of altcoins. Recovering from a local bottom of $9.10, the crypto-asset has done well to briefly re-test the $13-mark over the past 12-hours. However, the appalling bearish pressure continues to be dominant on the charts and despite strong efforts to regain a position above the $13-$15 range, LINK may be looking at another phase of correction over the next few days.

Chainlink 6-hour chart

Source: LINK/USD on TradingView

The 6-hour chart for Chainlink suggested that the crypto-asset was looking at a period of correction for a long time, well before the September collapse. It manifested after undergoing an oscillation between the trendlines of an ascending channel and on 2 September, the price broke out of the channel. With the breach in the pattern, the crypto-asset also dived under the 50-Moving Average, a development that was yet another bearish signal for the cryptocurrency.

At the time of writing, with a rising wedge pattern taking shape, there was near certainty that another correction down to $9.10 will be met by the crypto-asset. An immediate bounceback from $10 can also take place, but the bearish sentiment can be flipped as well.

Observing the Relative Strength Index or RSI, the crypto-asset was found to be right under the neutral point, a level over which sellers continued to maintain a strong grip. If buying pressure is able to cross 54 on the RSI, there is a minor chance that LINK might record a breach of the 50-Moving Average, following which, the bearish trend can be reversed.

Chainlink 1-day chart

Source: LINK/USD on Trading View

The 1-day chart for Chainlink faced the same dilemma in terms of reversing the bearish pattern. As pictured, the token was maintaining a position above the 50-Moving Exponential for a long time, until recently, when the valuation tumbled below $10.

At press time, the crypto-asset was trying to close a position above the 50-EMA, despite the same having not been completely successful. In the event of a period where the price remains under the 50-EMA for 48-72 hours, the bear trend will be all but confirmed and new lows will be witnessed over the coming weeks.

Hence, a position above the 50-EMA is essential if the crypto wants to sustain its long-term bull run.

Source: https://eng.ambcrypto.com/chainlink-long-term-price-analysis-10-september

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Why Uniswap, Cardano, Solana, and Dogecoin Could Become Best-Performing Cryptos Of 2021

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Why Uniswap, Cardano, Solana, and Dogecoin Could Become Best-Performing Cryptos Of 2021

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The year has been a good one so far for altcoins. There’s no denying Bitcoin’s pedigree and influence on the market as it is still the biggest cryptocurrency by far in the crypto space. Having said that, there are a lot of altcoins or relatively smaller and cheaper cryptocurrencies which have attracted investors and newbies looking to diversify their crypto portfolios. As crypto adoption continues to grow so has the interest in it which has been evident in the last few months. Institutional interest is at an all-time high as many traditional companies, firms and institutions are boarding the cryptocurrency bandwagon.

There are a lot of altcoins putting up impressive numbers guaranteed to give back good yields and this article sheds light on four of them.

Uniswap (UNI)

Uniswap is one of the dApps based on the Ethereum blockchain. The project allows users to trade Ethereum tokens through liquidity pools. The DeFi coin boasts of being the first decentralized exchange with the option of a margin and leverage trading.

The UNI coin has two main services, thus delivering and utilizing liquidity. Although it is new in the crypto space as it was released into the market last year, its performance has made it one of the leading DeFi coins on the market.

UNIUSD
UNIUSD Chart By TradingView

Uniswap v3 was released days ago, an upgrade of its protocol and aims to provide better oracles, new fee tiers as well as give users more control over the liquidity they provide. Many analysts believe the coin is expected to blow and with its price at $36, it would be a steal compared to others.

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Cardano (ADA)

Cardano has been one of the popular coins on the crypto market for some while. Its network has a smaller footprint which makes it flexible, more adaptable, and secure. Transactions are faster as it requires less energy, and have interoperability and scalability among its pros.

ADAUSD
ADAUSD Chart By TradingView

Cardano’s recent update has equipped it with the ability to build smart contracts which have attracted a lot of dApp developers, a sector that is blowing up this year. The coin is 4th on the crypto ladder with a trading price of $2.32 which has seen a 27.35% rise within the last seven days.

Solana (Sol)

Another coin that is making a name for itself in the fast-growing DeFi ecosystem is Solana.

Launched in March 2020, the digital project has enjoyed a steady rise, making its way up the crypto ladder with impressive runs. Sol is currently at 16 on the crypto ladder with an impressive market valuation of $14 billion.

SOLUSD
SOLUSD Chart By TradingView

Its Proof-of-History algorithm has the highest speeds of a transaction and offers relatively cheaper transaction fees as compared to other coins such as Ethereum. The digital asset currently trades above $50.

Dogecoin (DOGE)

DOGE has defied many odds to become one of the fastest-growing digital coins on the crypto market presently. Created as a meme coin back in 2013, it has seen a major resurgence taking its price from $0.0076 to an all-time high of $0.7 in less than 21 days led by Elon Musk’s never-ending endorsements.

DOGEUSD
DOGEUSD Chart By TradingView

Dogecoin has seen a surge of over 8000% so far this year and remains one of the cheapest coins to buy. It is currently trading at $0.5, and despite the many controversies surrounding DOGE, it does have what it takes to yield massive progress if adopted by Tesla for payments.

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Source: https://zycrypto.com/why-uniswap-cardano-solana-and-dogecoin-could-become-best-performing-cryptos-of-2021/

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Invested In $DOGE? Here’s How To Do Your Crypto Taxes

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Invested In $DOGE? Here’s How To Do Your Crypto Taxes

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As a result of the crypto market having grown at a staggering pace over the course of the last year or so, many individuals have been able to rake in handsome profits thanks to their digital currency investments. To put things into perspective, since the start of 2021, the capitalization of this fast-evolving industry has increased from $1 trillion to over $2.3 trillion. As a consequence, Bitcoin and Ether are now worth more than companies such as Alibaba, Tencent, Facebook, Walmart, MasterCard, Bank of America, amongst others.

While all of this growth is fantastic in and of itself, the inflow of such massive capital has attracted the attention of regulators all over the globe. For example, since 2018, the United States Internal Revenue Service (IRS) has been warning investors about being diligent about declaring their crypto returns. 

In fact, in 2019, the government body issued warning letters to more than 10,000 taxpayers who had performed crypto transactions but may have failed to report their income or pay taxes owed on the same. That said, crypto accounting is easier said than done since most of the guidelines when it comes to keeping a tab on one’s digital assets are quite complex and can include a lot of physical/mental effort.

So how does crypto taxation actually work

Straight off the bat, it needs to be made clear that any dealings one may have had with cryptocurrencies in the past may be liable for taxation. As an example, say a person has 10 BTC. Of the lot, he uses 3 for buying pizzas, 4 for purchasing certain gadgets, and the rest for converting into fiat. 

For each of these separate transactions, the government expects the individual to maintain the dollar equivalent value for each tx and compute their net dollar income in relation to their total crypto holdings. On the basis of this aggregated data, a person can compute his/her net liability.

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Also, to maintain one’s records in an appropriate manner, it is of utmost importance that individuals understand how exactly their tokens are taxed. Say for example, if a cryptocurrency is acquired as payment for providing someone with a service of any sort of good, the gains are taxable as ordinary income.

In another case, say if a token is acquired from a hard-fork or airdrop, it is again treated as a medium of ordinary income. Alternatively, if a cryptocurrency is purchased with the intention of it being used as an investment vehicle, then the taxation of such an asset is determined by its holding period. 

So, say a token is held for less than a year, the net receipts are viewed as regular income but still subject to certain state levy’s. On the other hand, If the holding period has exceeded twelve months, the profits accrued are treated as capital gains tax and can potentially incur an added 3.8% tax on net investment income.

Automated platforms can make crypto taxation a breeze

Even though counting for one’s digital transactions can be quite a cumbersome task, there are now many tax automation platforms that are available in the market today. For example, some white-labeled cryptocurrency dashboards — such as Atani — have been designed to automatically download and store all of an investor’s detailed balance and transaction histories from multiple leading exchanges and wallets in one place.

After collection, this data can be transferred and processed, subsequently converted into detailed reports that can be utilized by CPAs in order to accurately determine which of their client’s cryptocurrency transactions can be classified as taxable events. Furthermore, since Atani’s operational framework is totally scalable, it can be employed by small-scale investors as well as larger retailers with the same level of ease.

Thanks to the use of such applications, complex return filings, which can typically take hours to process, can be completed within a matter of minutes, thus allowing investors to not only save on a lot of time but also bypass a lot of the mental and physical stress that usually comes with doing one’s taxes manually.

Looking ahead

As the crypto market continues to attract the attention of authorities across the globe, it stands to reason that as head into a cashless, digital future, more and more businesses operating within the blockchain/crypto sector may have to start getting their digital asset accounts in order. The best way to do that is through the use of platforms that are capable of monitoring, tracking all of one’s trades in a completely automated fashion.

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Source: https://zycrypto.com/invested-in-doge-heres-how-to-do-your-crypto-taxes/

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