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Denmark Moves to Modify 100-Year Old Tax Law and Address Cryptocurrencies

Denmark’s tax minister wants to change the country’s existing tax code to respond to the challenges posed by Bitcoin and other cryptocurrencies. 

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The Danish Tax Agency has identified about 16,000 individuals and companies involved in cryptocurrency trading between 2015 and 2019, as per a report from local media outlet Berlingske Tidende

However, as many as two-thirds of all transactions executed within this period of time have not been properly reported in tax filings, the country’s tax minister, Morten Bødskov, said.



According to Bødskov, this is partly due to Denmark’s outdated tax code–current laws were adopted in 1922, when no one could foresee the emergence of new financial instruments, such as cryptocurrency. 

The minister said that the goal is to “ensure that our rules are up-to-date and limit errors and fraud.” Bødskov added that “The crypto space is a good example of such an area,”

According to the Danish Tax Law Council, an independent committee which is now set to review the existing rules, because of the large number of non-professional investors, “the rules should be clear and transparent” and not to leave room for possible misunderstandings and–consequently–errors in tax assessment.

Any modification of the existing rules won’t happen overnight, though. 

The Tax Law Council must submit a draft proposal for legislative changes by mid-2023, so it will take several years before the tax rules in Denmark are tailored to tax gains and losses on crypto trades. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/73038/denmark-moves-modify-100-year-old-tax-law-address-cryptocurrencies

Blockchain

$71B in crypto has reportedly passed through ‘blockchain island’ Malta since 2017

The Financial Action Task Force, a membership body of 37 jurisdictions and two regional organizations, has flagged Malta’s initial push to attract cryptocurrency business as “problematic.”

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Malta’s strategy to become a global enclave for digital assets appears to be working, though lax regulatory oversight has raised concerns over money laundering and other financial crime. 

Roughly $71 billion, or 60 billion euros, worth of cryptocurrencies have passed through Malta since the tiny Mediterranean state first adopted its “blockchain island” strategy in 2017, the Times of Malta reported Sunday. Although Malta has upgraded its crypto-focused regulations in recent years, financial watchdogs are concerned about whether the nation’s anti-money laundering regime has been robust enough.

The Financial Action Task Force, or FATF, met in Paris last week to discuss whether Malta should be put on a list of countries that have fallen short of their obligations to stop financial crime. Specifically, the financial watchdog is concerned about Malta’s initial push to embrace cryptocurrencies in 2017 and 2018 when the sector was far less regulated. FATF officials also expressed concerns over the country’s law enforcement regime.

Several blockchain companies established operations in Malta in 2018, including cryptocurrency exchange Binance, in anticipation of more favorable laws. Companies that set up shop in the country were allowed to operate without a license for up to one year. An industry source told the Times of Malta that the one-year grace period contributed to “an explosion of high-risk transactions carried out by cryptocurrency exchanges in an unlicensed environment.”

Related: Binance is not authorized to operate in Malta, financial regulator says

Nevertheless, Malta is still considered a favorable destination for crypto-asset firms. As Cointelegraph reported, Crypto.com recently acquired Malta’s Class 3 Virtual Financial Asset License, paving the way for broader recognition of cryptocurrencies across the European Union.

In June 2020, Malta broadened its blockchain ambitions, pivoting to digital assets more holistically as a way to drive adoption and business growth. “We’re moving away from blockchain island, and more towards a digital island because we believe more in this holistic vision that includes all aspects and technological components,” Kearon Bruno, chairman of Digital Economy Think Tank tasked with growing Malta’s economic portfolio, told Cointelegraph at the time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/71b-in-crypto-has-reportedly-passed-through-blockchain-island-malta-since-2017

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Blockchain

Every quad witching, this Chainlink price trend can be observed

LINK-powered projects have garnered support from several influencers since the last price rally. Trading at $21.39 level, the market capitalization was at $21.9 Billion level based on data from coinma

The post Every quad witching, this Chainlink price trend can be observed appeared first on AMBCrypto.

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LINK-powered projects have garnered support from several influencers since the last price rally. Trading at $21.39 level, the market capitalization was at $21.9 Billion level based on data from coinmarketcap.com. Based on previous instances, following quad witching, options expiration, LINK’s price rallies consistently every instance.

LINK price moves in this exact way every quad witching

LINK/USD Denominated Closing Price Coinmetrics | Source: Twitter

Based on the above chart from Coinmetrics, LINK’s price is not likely to recover until next week. The concentration by large HODLers is increasing, it has crossed 75% based on data from intotheblock. Besides, with the increase in concentration the percentage of HODLers profitable at the current price level. The percentage of profitable HODLers has increased consistently following a recovery from a dip.

This trend first emerged in the March of 2020, and then it went on for over a year, repetitively. This trend is centered around options expiration, though on-chain metrics suggested that the narrative was bullish based on active traders, and trade volume.

However, it’s interesting that despite new partnerships and updates, LINK’s price has dropped with other alts in the current crash. If the price drops further, it may drop below the psychologically important $20 level. The current price is still mid-way to the lowest that LINK’s price has been in the past 8 weeks. Since there is no hype around DeFi right now, LINK’s price was likely to continue dropping.

A drop in the overall TVL of DeFi is likely to lead to further consolidation in LINK. At the same time, ETH’s increasing strength, volatility, and price rally are likely to have a bullish impact on LINK’s price. LINK was undervalued at a time when sidechains are overvalued.

Traders who held LINK for less than 12 months may consider hedging their position to protect from the drop and consider accumulating as well, while LINK consolidates. It is a bullish narrative for LINK in the long-term since the recovery is expected to be strong, keeping with the trend. LINK is likely to follow, while ETH leads the second altcoin rally in 2021.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/every-quad-witching-this-chainlink-price-trend-can-be-observed

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Michael Burry Predicts Bitcoin Will Follow This Pattern, Has BTC Bottomed Out?

Bitcoin has displayed high volatility during the weekend. The first cryptocurrency by market cap has lost two critical support points and, at the time of writing, trades at $34,312 with a 5.3% loss in the daily chart. Legendary former hedge fund manager Michael Burry has returned to social media. Via his Twitter account, he has […]

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Bitcoin has displayed high volatility during the weekend. The first cryptocurrency by market cap has lost two critical support points and, at the time of writing, trades at $34,312 with a 5.3% loss in the daily chart.

Bitcoin BTC BTCUSD
BTC on a downtrend in the daily chart. Source: BTCUSD Tradingview

Legendary former hedge fund manager Michael Burry has returned to social media. Via his Twitter account, he has made some predictions about the markets. Many are pessimistic and could be bad news for investors with long positions.

Burry is famous for predicting the collapse of the mortgage bond market. His fund Scion Asset Management made a big profit by shorting this market in the mid to late 2000s.

In his latest tweet, Burry compared Bitcoin with NFL player Troy Polamalu. Jokingly, Burry asked his followers what the cryptocurrency has in common with Polamalu and shared the chart below.

Bitcoin BTC BTCUSD
Source: Michael Burry

Here, the former hedge manager predicts BTC’s price will follow a Head and Shoulders pattern. This chart formation usually presents itself as a baseline with three peaks. This pattern suggests a flip from a bullish to a bearish trend.

Many replied to Burry for this prediction, some consider it accurate, and others tried to rebut it. A trader said: “It seems we’re going down to -5000$ on the negative scale. Reasonable”.

Burry has been highly critical of the crypto market’s alleged high number of investors with leverage positions. He is now betting against Bitcoin and other cryptocurrencies, as well as against profitable companies in the traditional market.

When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries(…). If you don’t know how much leverage is in crypto, you don’t know anything about crypto

Bitcoin Outlook In The Short Time, Rebound Incoming?

The bulls stand at the last line of support, Bitcoin must hold above $33,500 or it risks a further retracement towards the $20,000 area. Analyst Ali Martinez has recorded several sales signals for BTC in the past 24 hours.

The first one was recorded by the TD Sequential, an indicator used to measure when a price might have exhausted an up or downtrend, in the 24-hour chart yesterday. At that time, the price dropped below $37,000 and range in the $35,000 area for several hours until Bitcoin went lower to its current levels. Martinez added:

Based on the TD, there is a chance BTC could hold above this $33.5K since this indicator is flashing a buy signal on the BTC 12hr chart.

Bitcoin BTC BTCUSD
Source: Ali Martinez

The area around $31,700 to $33,500, according to Martinez, is a major resistance zone with 1.3 million addresses that bought 643,000 BTC at those levels. The TD Sequential indicator flashed a buy signal in the 12-hour chart, Martinez said. If support holds, BTC could rebound to the $37,000 area.

(…) the most significant support zone underneath #Bitcoin sits between $31.7K and $33.5K (…). Losing this area as support could push BTC to the next critical demand barrier at $23.4K.

BTC BTCUSD
Source: IntoTheBlock via Ali Martinez

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/michael-burry-predicts-bitcoin-will-follow-this-pattern-has-btc-bottomed-out/?utm_source=rss&utm_medium=rss&utm_campaign=michael-burry-predicts-bitcoin-will-follow-this-pattern-has-btc-bottomed-out

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Stock to Flow Analysis: Worst Case Scenario Could See $135K BTC by December

Worst case price prediction for bitcoin using the stock to flow analysis could see bitcoin hitting $135,000 by December 2021 according to PlanB

The post Stock to Flow Analysis: Worst Case Scenario Could See $135K BTC by December appeared first on BeInCrypto.

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Worst case price prediction for bitcoin using the stock to flow analysis could see bitcoin hitting $135,000 by December 2021 according to PlanB

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Popular crypto analyst PlanB has outlined the potentially bearish situation for bitcoin over the course of 2021. The analysis makes use of the stock to flow (S2F) model to determine the potential price of bitcoin. 

In a recent tweet, PlanB states “Bitcoin is below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down.” The analyst further reiterates his sentiment using the S2F model, saying “There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K”

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Best case scenario sees $450K BTC

While PlanB reiterates that the current price model is the worst case scenario, the analyst still believes that BTC could break its previous all-time high by October. Also stating that BTC could hit $135,000 before the end of the year. 

PlanB commented further on his tweet, offering a best case scenario price prediction, “my base case and best case scenarios! a hint: best case Dec $450K.” 

PlanB expects in the worst case that BTC should hit $135,000 by December, with a potential to hit $450,000 in a best case scenario. 

The stock to flow model is based on bitcoins valuation model, which was inspired by Nick Szabo’s concept of unforgeable scarcity. The model measures scarcity, and the price of bitcoin over time. 

Other price predictions

Recently Perianne Boring told CNBC that bitcoin could reach $288,000 according to the same model, saying ““Stock to flow says bitcoin should be priced at $100,000 to $288,000 this year. We have 12 years of data on Stock to flow on bitcoin. If you measure with the U.S. dollar, stock to flow is 94% correlated.”

Nexo co-founder Antoni Trenchev recently spoke to Bloomberg and gave his price predictions, saying that BTC would hit $100,000. Trenchev also stated that he expects other countries to follow El Salvador in making BTC legal tender in the future.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/stock-to-flow-analysis-worst-case-scenario-could-see-135k-btc-by-december/

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