Peter Brandt Remains Bullish on Bitcoin

Peter brandt bitcoin News

Peter Brandt Remains Bullish on Bitcoin


Peter Brandt is one of the most popular Bitcoin analysts on Twitter. In the last 24 hours Brandt has made a bullish case for BTC, which counters many who thought the market would slump because of Chinese New Year.


Bitcoin Could Hold, Says Brandt

In a rare glimpse into the mind of a trading veteran who has survived and thrived in the markets for 40 years, Peter Brandt, in this Tweet, offers zen-like sage advice to fellow traders.

Brandt argues that a re-test of the breakout we’ve had on the top of a year-long downward channel is normal and he wouldn’t be surprised to see more upside in the near future. He does, of course, add that a more severe correction could take place if the top of the channel breaks to the downside. Nevertheless, the bullish inverse head and shoulders pattern he spotted earlier in the week proved to be accurate, and BTC went on to post an 18% gain before correcting.

Brandt makes a case which contradicts Arthur Hayes, CEO of Bitmex who recently predicted the Chinese New Year would have a negative impact on Bitcoin, as well as the rest of the market. Brandt comments on bitcoin’s recent breakout above the upper boundary of the downtrending channel, and says that the current price action is ‘throwing back’ onto the level as a new support. The 18 DMA is also providing additional support for bitcoin price at this key level.

Mati Greenspan Gives Creedence to Brandt

Mati Greenspan, former Senior Market Analyst at eToro, and founder of Quantum Economics, concurs with Brandt’s bullish sentiment and noted that the strength of Bitcoin’s rebound. He notes that the recent bounce off the interim $8,200 support level is a positive sign for bitcoin.

DonAlt is Catching Waves, Remains Unconcerned

Another well known crypto twitter trader, DonAlt, echoed this also, stating that bearish traders are struggling to fend off the mounting buying pressure right now. He added that only when BTC hits $7,500, will he change his bias.

 

Bitcoin is currently at $8500 USD as of this writing, just $15 dollars shy of the daily high of $8515, earlier today. It remains unclear if this is simply a dead cat bounce or if this trend reversal has legs to carry the market with more momentum to the upside.

Are you bullish on Bitcoin along with Peter Brandt and co? Let us know in the comments!


Images via Shutterstock, Twitter @CryptoDonAlt @MatiGreenspan @PeterLBrandt

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Beware of the IRS, H&S Warns its Crypto Customers

U.S. tax preparation company H&R Block is advising its customers not to consider evading the Inland Revenue Service (IRS) by not reporting their cryptocurrency transactions 


Don’t Worry About Accuracy, Just Report Crypto Taxes

According to Yahoo Finance, H&R Block has told its crypto-owning customers to heed the IRS’ call for crypto tax compliance. In new guidelines shared by the company, the U.S. tax preparation firm encouraged its customers to try and take the initiative concerning the filing of their crypto tax returns.

Commenting on the matter, Kathy Pickering, chief tax officer at the company, remarked:

The IRS is looking for people to self-report. They’re looking for you to come forward, and they’ll be more lenient, even if you don’t get it right, if you’re disclosing.

As previously reported by Bitcoinist, the IRS has stepped up efforts to ensure stricter compliance with tax reporting guidelines for crypto owners. At the start of the year, the U.S. tax agency added a new checkbox on the tax form containing inquiries about cryptocurrency-related activities.

The inclusion of this direct crypto question on Form 1040 — additional income, may also signal the IRS gearing up to prosecute crypto owners who fail to declare virtual currency transactions as part of their tax filings.

H&R Block also advised its customers to determine their crypto tax obligations based on the nature of their virtual currency holdings. According to its guidelines to its users, the company revealed that crypto tax payments depend on: “how they use their cryptocurrency: as an investment, in their business, or as miners. If a taxpayer purchases bitcoin for investment purposes, the tax treatment is similar to buying and selling stock.”

IRS and Other Tax Agencies Keen on Crypto Tax Compliance

Back in 2019, the IRS sent warning letters to U.S. crypto owners, urging them to amend their previous returns and pay any pending interests or penalties. The IRS has also sent refunds to tax-compliant individuals who accurately reported their virtual currency dealings.

Apart from the IRS, tax bodies in other jurisdictions are also shining the spotlight on crypto tax compliance. In December 2019, Brazil’s tax office created a special penalty code for crypto tax evaders while also mandating monthly reporting of virtual currency transactions.

The UK’s tax agency — Her Majesty’s Revenue and Customs (HMRC), is also enforcing stricter crypto compliance. The body released updated cryptocurrency tax guidelines for businesses in November 2019.

Will crypto owners heed the call to file crypto tax returns in 2020? Let us know in the comments below.


Images via Shutterstock

Critical Resistance: Bitcoin’s Response to This Level Could Determine Its Fate

Bitcoin (BTC) experienced a sharp selloff yesterday evening that led its price to dip as low as $8,200 before it found a significant amount of buying pressure that sparked a sharp movement up to highs of $8,500.

BTC now appears to be trading just beneath a critical resistance level that is halting it from climber higher, and a break above this level could spark a massive upwards movement.

It is important to note that the cryptocurrency has struggled to garner any decisive momentum in the time since it was rejected at highs of $9,200.

Bitcoin Bounces from Intraday Lows as Bulls Fight to Maintain Control

At the time of writing, Bitcoin is trading up 1.6% at its current price of $8,500, which marks a notable climb from its daily lows of $8,200.

These lows were set late yesterday and marked an extension of the bearish momentum the crypto garnered after it broke down from its consolidation range at $8,600.

It does appear that bulls are currently making a bid to reclaim this level, although it is important to note that BTC is currently hovering just beneath a key resistance level that could prove to be challenging for bulls to surmount.

Satoshi Flipper, a prominent cryptocurrency analyst on Twitter, explained in a tweet from earlier today that this is a “critical resistance” level for Bitcoin, and that a break above this level could lead to a violent upwards movement to $9,000.

“BTC at critical resistance. Slightly front run 8100 as expected, either way, this is a classic retest playing out. Bust through the 8500-8600 level and we’ll see 9k soon enough,” he said while pointing to the below chart.

BTC Could Be Over $9,000 By The End of This Weekend

As for when Bitcoin could break above this key near-term resistance level, it is important to note that its ability to continue tapping the resistance at $8,500 without incurring any swift rejection is a bullish sign.

Satoshi Flipper further went on to note in a later tweet that he believes this next upwards movement that leads BTC towards or above $9,000 will occur today or this weekend.

“BTC keeps tagging the resistance. Can only keep knocking on the door so long before breaking through. Today or this weekend IMO,” he explained.

Unless bears step up to the plate and catalyze a massive influx of selling pressure, it does appear that this latest drop to the lower-$8,000 region was simply a blip that will be followed by further upwards momentum.

Featured image from Shutterstock.

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Bitcoin Burglars on the Run After Mayfair Store Robbery

Bitcoin Burglars on the Run After Mayfair Store Robbery News

Bitcoin Burglars on the Run After Mayfair Store Robbery


In a daring pre-dawn raid, two thieves were able to enter a liquor store in Philadelphia’s 15 precinct on Frankford avenue, and ransack a Bitbox Bitcoin ATM machine. The thieves were able to pilfer the cash box inside the machine, in front of the terrified store employees.



A Brazen Heist

The city has seen yet another Bitcoin related crime, this time the two assailants entered a convenience store in the pre-dawn hours around 5:50 am on the 7200 block of Frankford ave, in Philadelphia’s 15th precinct. One of the assailants or perhaps the driver of the getaway car itself, can be seen entering the business and purchasing a soft drink in order to scope out the location and make sure the coast was clear for the heist. This individual was so brazen he didn’t even attempt to conceal his identity or face beyond wearing a common hoodie.

A few minutes later, either the same individual in a disguise, or two of his accomplices can be seen on the store’s surveillance cameras, exiting the vehicle which they conveniently parked out of view of CCTV cameras. They proceeded to enter the store wearing ski masks and donning crowbars and began to pry open the ATM machine in front of the establishment’s shocked employees. The employees were behind protective glass, and could do nothing but shout at the burglars. In a time span of less than two minutes they were able to pry open the machine despite it’s locked service compartment, and make off with the cash box inside. The thieves calmly walked off to their awaiting getaway car to make their escape with their ill-gotten proceeds.

If you have any information leading to the capture of these suspects, the Philadelphia Police and the business’ owners would like to encourage you to reach out to the 15th precinct’s Northeast Detectives at 215-686-3153/3154. All tips will be confidential.

Not Philly’s first brush with Bitcoin-related crime

Philadelphia is one of the major US cities on the East Coast, and home to more than 1.5 million residents, so it makes sense that this would not be the city’s first run-in with Bitcoin related crime. In 2017, a 24 year-old Pennsylvania resident was charged with operating an unlicensed money transmitting business, and sentenced to a year in prison for selling more than $1.5 million in Bitcoin to undercover agents of the Department of Homeland security. He was also forced to payback the $40,000 USD he made in commission on the unregulated sales, as restitution in his plea agreement.

One of the stranger aspects of this case was that the defendant was incarcerated on unrelated drug charges for part of the time period in which he operated his illegal money transmitting business. It appears he was able to make illegal Bitcoin sales to undercover agents while behind bars.

In another case, Western Philadelphia US Attorney Scott Brady took part in the federal case against the admins of DeepDotWeb, a website which published news and reviews about the Dark Web’s illegal marketplaces in exchange for kickbacks which were laundered through shell companies. The men who were charged were Brazilian nationals who received commissions for driving new business to the illegal marketplaces which sold drugs, forged documents, malware, and stolen identity documents online.

In one of the stranger cases, another Philadelphia resident under suspicion of burglary claimed to investigators during his interrogation that he had developed a malware program which steals Bitcoin and was responsible for a $40 million USD Bitcoin heist, and had also worked as a hacker for foreign governments. Investigators took his claim seriously and found that he actually hadn’t stolen more than about a $150 dollars in the digital currency. Prosecutors claimed the suspect exaggerated his technical ability and sent them on a wild goose chase.

Do you know of any other wild Bitcoin crimes? Let us know in the comments!


Images via Shutterstock

Major Australian Exchange Expands to Singapore for Crypto-Friendly Regs

Independent Reserve, one of the largest cryptocurrency exchanges in Australia, is expanding to Singapore after an “overwhelmingly positive” response from the regulator.

Adrian Przelozny, CEO and founder of the Sydney-based exchange, announced Friday it had expanded its trading services to users in Singapore, saying in a statement that his team “felt the time was right to make this move.”

Przelozny referenced “a number of positive moves by Singaporean regulators” as part of his reasoning.

Independent Reserve offers a host of retail and institutional trading features, including a spot marketplace and over-the-counter (OTC) service. The exchange introduced insurance coverage against theft or loss of digital assets held in a client’s account in February 2019.

Established in 2013, Independent Reserve claims it has more than 120,000 customers and 8,000 self-managed super funds (SMSFs), a private superannuation fund operated by its members and regulated by Australian law.

Singapore adopted an open-arms approach to cryptocurrency regulation when the Monetary Authority of Singapore (MAS), the country’s de facto central bank and financial regulator, created a legal framework – the 2019 Payment Services Act – that effectively brought all cryptocurrency payments providers under its jurisdiction.

The Payments Services Act was one of the main factors that influenced the Independent Reserve’s decision to move to Singapore, according to Przelozny.

“Having worked closely with Australian regulators, and as the only Australian exchange to have insurance on crypto assets, the response we’ve received so far from the Singapore market has been overwhelmingly positive,” Przelozny said.

A number of other exchanges, attracted to Singapore’s regulatory regime, have also expressed an interest in moving to the country. Binance announced plans to set up a new fiat-to-crypto exchange in the country last year. A group of ex-Morgan Stanley bankers launched a crypto derivatives exchange in December after MAS published a proposal to regulate these types of financial products.

New Singapore users will now have access to an institutional trading platform for cryptocurrencies including bitcoin, ether, litecoin and XRP. Singaporean dollar trading pairs will be integrated into its platform and will operate as a wholly separate entity from the Australian-based platform, Independent Reserve confirmed.

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Iran Thinks It Can Outwit Trump. The Key? Bitcoin

As tensions mount between the United States Trump administration and the Iran regime, the rogue state has been working on a strategy to outwit the US President and get around his economic sanctions and political pressure – and it all relies heavily on Bitcoin and cryptocurrencies.

Is Iran Using Bitcoin to Outwit President Donald Trump?

While World War III may have thus far been averted, the tensions between the United States and Iran continue to increase and come to a boiling point.

Earlier this month, the US Trump administration completed a drone missile strike that claimed the life of Iranian General Qasem Soleimani.

Related Reading | FinCEN Issues Advisory On Iran’s “Illicit” Use of Crypto to Bypass Sanctions 

In retaliation, Iran’s Islamic Revolutionary Guard Corps launched ballistic missile attacks at the Ayn al-Asad airbase in Iraq, killing American citizens. While Trump said the damage done was minimal, as many as 80 deaths were recorded of US citizens.

But the attacks are just the latest in an ongoing saga between the United States and Iran, dating back decades.

Even President George W. Bush had dubbed Iran as one of the three countries in the “axis of evil” nearly twenty years ago, and the turmoil dates back much further than that.

Among the ways that the United States Trump Administration applies pressure to these rogue states, is by enforcing economic sanctions.

According to data, the strategy has been working and has diminished the Iranian economy by as much as 10 to 20 percent.

However, Iran has recently discovered one simple trick to outwit President Donald Trump and the rest of the United States government officials: evading sanctions with Bitcoin and cryptocurrencies.

Interviews with anonymous Iranian citizens claim that Bitcoin is the only way to move money out of the country, so it’s becoming more popular within the country.

This could be the reason why following the attacks on Iran, Bitcoin rallied and Iranians began paying as much as a 3x premium just to buy Bitcoin from website LocalBitcoins.

Could Evading Sanctions Be Partly Responsible for US Crypto Crackdown?

But it’s not just Iranian citizens relying on Bitcoin and crypto. Two Iranian individuals have had their Bitcoin addresses added to the Specially Designated Nationals List kept up to date by the US Treasury Department’s Office of Foreign Assets Control.

And Iran is said to have been planning a digital version of the country’s native fiat currency, the rial, specifically to evade Trump-imposed economic sanctions.

While this hasn’t yet happened, the situation in Iran, North Korea’s increasing interest in crypto, and even the implications of Facebook’s Libra have caused the Trump administration and the US Treasury office to look closer at cryptocurrencies and their “illicit use.”

Related Reading | Trump Tweet Timing Coincides With Bitcoin Breakdowns

Trump even tweeted about his distaste towards Bitcoin and crypto in early July, just as the 2019 parabolic rally topped out.

Trump is only bound to dislike Bitcoin even more if Iran is able to continue to use Bitcoin and other cryptocurrencies to skate around his sanctions and continue to make a mockery of the President.