2 minutes reading time (416 words)

Daily Dose: It's Over, Oops, Under 9000!

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After going as high as $9200, Bitcoin failed to close above $9,000 after retesting it yesterday; price took an interesting dive intraday and found support around $8,450. In the daily, the 10 EMA still acts as a support trail. Price needs to maintain its range, should there be any strength left to hold. Otherwise, it could fall back to $8,000 - $7,600 level as its next possible support.

Global market cap is at $237B, while BTC's market cap is at $157B.

A bill seeking to exempt realized gains from crypto transactions under $200 has been introduced by US Reps. Suzan DelBene, David Schweikert, Darren Soto and Tom Emmer. "The Virtual Currency Tax Fairness Act of 2020" would provide relief for low-level use cases, as under current federal law, day-to-day crypto traders must report even marginal capital gains. Back in 2014, the US Internal Revenue Service (IRS) defined bitcoin and other cryptocurrencies as a form of private ownership, and thus, any transactions are subject to income tax.

Should be bill pass and eventually come into force as law, it would retroactively apply to all qualified transactions from Dec. 31, 2019.

The US Securities and Exchange Commission (SEC) has charged convict Boaz Manor, his business associate, and CG Blockchain Inc. and BCT Inc. SEZC, for a fraudulent initial coin offering (ICO) that raised over $30 million. The ICO was conducted with the objective to develop techonology to help hedge funds test and record transactions on the blockchain. Manor misrepresented himself as "Shaun MacDonald," an employee of his associate Edith Pardo.

Both Manor and Pardo were criminally charged, with the SEC seeking disgorgement of illegally obtained profits plus interest, penalties, and injunctive relief, as well as barring Manor and Pardo from acting as officers or directors of public companies and from participating in future securities offerings.

BTCX, a Stockholm-based crypto exchange confirms its plan for an initial public offering (IPO) before the end of Q3 2020. Corporate financial advisory firm Eminova Partners has been engaged to help file the offering. The filing is expected to take place in Sweden. Oskar Soderstrom, CEO of BTCX wrote an email saying, "Our aim is to bring bitcoin to the masses and to bridge the gap between new and traditional finance."

This Daily Dose is brought to you by SCI News Channel.

 

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