Where is the cryptocurrency industry headed in 2019?
To get a sense of just how troubling 2018 has been for the cryptocurrency industry, one need look no further than bitcoin (BTC). Heading into 2018, bitcoin traded for close to $13,500 after reaching an all-time high of $19,783.06 in December of 2017. At the time of writing, bitcoin is selling at $3,400, a loss of about three-quarters of its value — and other digital currencies aren’t faring much better. Ethereum, for example, fell from an early-year high of $1,300 to $91 as of Dec. 17, 2018. But cryptocurrencies like bitcoin and ethereum are hurting on more fronts than value alone. Investor interest in digital currencies has waned dramatically in […]
ATO eyes cryptocurrency activity in annual tax returns
The Tax Office has restated warnings to Australians trading cryptocurrency to declare profits in their annual returns, amid an increase in questions about reporting requirements. Bitcoin and other cryptocurrencies are considered property, not currency, for tax purposes in Australia, making them liable for capital gains tax when sold for a profit after July 2017. If the cryptocurrency is held by an Australian resident taxpayer for more than 12 months before being sold or used, the taxpayer may be eligible for the 50 per cent capital gains tax discount, making them a cryptocurrency “investor”. Exemptions for personal use apply, including to assets worth less than $10,000, which are maintained for personal […]
Stablecoins could lead cryptocurrency growth in 2019
With Bitcoin making a shaky climb closer to $4000, the entire industry of cryptocurrency is still reeling from hitting a relative low on the year last week. Since the start of the year, the number one cryptocurrency by market capitalization is down nearly 80 percent since peaking close to $20,000 in December 2017. For some, the falling price of Bitcoin and the broader altcoin has raised the alarm and led to widespread selling out, negativity and a soured mood towards crypto and blockchain-based assets. Just yesterday, EWN reported on the significant number of crypto-based startups which have been forced either to close shop or make substantial staff cuts in response […]
Yet another end of Cryptocurrency? What influences the market now
Most cryptocurrencies have seen their growth slow down in recent months. The prices of Bitcoin and major altcoins have leveled out at a point well below their peak prices. While some investors take this as a sign that the market is starting to mature, others see this trend as disconcerting. The situation surrounding cryptocurrency is not what it was a year ago. This also means that the factors that influence the market have changed, although some factors are enduring and will always affect cryptocurrency performance. Here are some of the major factors influencing the market right now. Bitcoin Price The price of Bitcoin influences the prices of all other digital […]
US crypto exchange wants a piece of the Aussie market
U.S.-based cryptocurrency exchange, CoinZoom, has announced it will enter Australia after its wholly owned subsidiary, CoinZoom Australia, gained approval from financial regulator AUSTRAC. CoinZoom anticipates its Australian platform will go live in the first quarter of 2019. The fiat to crypto exchange will support major cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Litecoin, Ripple, in addition to top traded altcoins. “Being fully registered with Australia’s regulatory financial oversight body AUSTRAC to operate as a Digital Currency Exchange, is an important step in our goal to provide globally compliant digital currency trading for both institutional and retail traders,” said CoinZoom CEO, Todd Crosland. To read more, please click on the link […]
Startup sanctuary: WA first blockchain centre opens in West Perth
Perth’s who’s who of blockchain were at the opening of the world’s ninth Blockchain centre in West Perth on Monday night. The centre is a WA-first and will allow startups with products that revolve around blockchain technology to share resources and ideas with like-minded entrepreneurs. Blockchain is the underlying technology behind cryptocurrency like Bitcoin. It is a digital transaction record that cannot be tampered with, making it attractive to a range of industries. Sam Lee is the brainchild of the Blockchain centre concept and said the idea helped keep startups in the city they were born in. “Access to capital has been a major pain point for a lot of […]
Stablecoins: Money of the Future
Stablecoins are currently the fastest growing sector of the cryptocurrency market, worth $186 billion; these constitute cryptocurrencies whose values are pegged to real life commodities like gold or the US dollar. This is opposed to traditional cryptocurrencies—such as Bitcoin or Ethereum—whose markets are very volatile and can fluctuate by 10-20 percent in the space of a few hours, causing massive uncertainty among investors. Governments across the globe, from Australia to Sweden, are realizing stablecoins’s potential and developing their own, in addition to official blockchain funds which develop GPB and Japanese Yen-pegged coins. Types of Stablecoins There are numerous stablecoins on the market, which fall into three main categories: fully collateralized, […]
The Fourth Industrial Revolution built on blockchain and advanced with AI
Blockchain technology is so synonymous with cryptocurrencies, and especially Bitcoin that it is almost like the financial sector has usurped its potential. In times like these, where an investing bear market has befallen the cryptocurrency space, it is easy to get down on the revolutionary possibilities of blockchain technology. Since the original Blockchain, that is Bitcoin, emerged, there has been a considerable focus on transactional blockchains which have been at the forefront of the mainstream understanding of the technology. Bitcoin is often the layman’s first point of call with the stories of investing success stories obscuring the view of other possibilities. However, blockchain technology is moving along in an undercurrent […]
