“While the IRS is reminding everyone to report their virtual currency earnings,
let’s take a moment to remind the IRS that they have yet
issued guidance on how to comply w/ its determination that
virtual currencies would be treated as property.”
Are you ready for the weekend? I am and I think the Bitcoin market is as well; unfortunately, there is no such animal. The price of Bitcoin, as well as the overall market, is still feeling downward pressure. It’s anyone’s guess as to what is causing the pull back to earth. Retail investors (which can be considered weak hands), Futures Market activity, Whales, or Mt. Gox selling – no one is clear on why the market is tumbling – now standing at $278B Market Cap.
But Frank Holmes, CEO at U.S. Global Investor is looking ahead to $20,000 Bitcoin. He is not alone, If you listen to Bill Barhydt, CEO of ABRA, “All hell will break loose” as he predicts Bitcoin price boom will return this year. So maybe listen to Wall Street analyst Tom Lee, he makes an evidence-based case for holding (or HODLing) Bitcoin for the long-term.
There are 5 Strategies to possibly consider in order to make profits in times of Crypto-Market turbulence:
- Buy the dips and hold
- Follow the trend
- Invest in uncorrelated traditional assets
- Invest in a Tokenized Crypto Fund
There are some interesting developments in the world of Cryptocurrency and Blockchain. Quant Network rescues Crypto Freedom Fighters from single ledger dependence by creating interoperability between Blockchains. IBM unveils tiny computer based on Blockchain. Energy-saving Bitcoin rival Chia raises nearly $4 Million from A16z and plans a mini-IPO; this is one to keep an eye on. Ethereum founder, Vitalik Buterin, says users should pay “rent” on the Ethereum Blockchain to help save it. Transaction privacy of Monero in jeopardy due to several flaws.
Adoption of Blockchain technology is taking some interesting turns. Cryptokitties are racing for prize money on the Ethereum Blockchain in the game KittyRace; you can’t make this up. However, in the real world, West Virginia is piloting Blockchain voting app in Senate election. Retail giant Newegg s expanding Bitcoin payments to Canada. Job seekers are far more interested in the Blockchain than in Bitcoin roles. Unfortunately, Reddit disabled Bitcoin payments but it is interested in Coinbase Commerce platform.
In the world of mining, AMD downplays dependency on Crypto mining and new smart heater also mines Ethereum. Hydro-Quebec strike measured approach to Bitcoin mining. If you are launching an ICO you might want to approach the SEC yourself, Scott Nelson of Sweetbridge did that and found positive results.
Globally, Romania Hails First Blockchain Association, Major Cryptocurrency Exchange Bitfinex Weighs Move to Switzerland, Bitcoin Mining Training Program Expands to 30 Cities in India, Chilean Cryptocurrency Exchanges Seek Clear Regulations After Banks Shutter Accounts, China’s blockchain ambitions are revealed in the sheer number of patent applications, State Digital Currency Still On Agenda, Says China Blockchain Research Lead, Bitfinex Exchange Will not Support Venezuela’s Cryptocurrency Petro, Two JapaneseCryptocurrency Exchanges to Shut down Amid Coincheck Hack Fallout: Report, S Korea’s Top Crypto Exchange to Reward Scam Informers, Germany: National Tourism Center Adds Cryptocurrency Payments For Services, and Liechtenstein To Support Blockchain With New Regulations. Go down the rabbit hole click HERE for all the articles from the past 24 hours.
Happy Investing and Trading!