This week on Finovate Global we’re taking a look at some recent fintech developments in Canada. On the fundraising front, embedded wealth management platform OneVest announced a $3.9 million (CAD $5 million) seed funding round this week. The investment was led by Luge Capital and takes the Canadian fintech’s total funding to $5.5 million (CAD Read more...
Trading cryptocurrencies and turning your Bitcoins into money requires the ability to read crypto charts. For making good crypto trades you need to know Dow Theory and Japanese candlestick charts. Every historical price, volume, and time interval is available in cryptography. A chart is used to observe investment opportunities in a digital currency based on its past price movements. By reading cryptocurrency charts, investors can identify market trends and predict the future price movements of an asset. Cryptocurrency Chart Patterns Only a few chart patterns have stood the test of time. There is no “proven” chart pattern that works better than another, unlike less subjective analytical tools. Following are the chart patterns available. Price Channels Create a series of highs and lows by creating two ascending or descending parallel lines. Prices tend to bounce between these levels of support (lower) and resistance (higher). While most traders buy lower and sell higher, breakouts and breakdowns can be influential. Ascending & Descending Triangle One horizontal line connects highs or lows, and a second sloped line connects rising highs or falling lows. In a right triangle, the price tends to break out or break down from the horizontal line in the direction of the sloped line. Head & Shoulders The Head and Shoulders chart pattern is characterized by a temporary high or low, followed by a big move higher or lower, followed by an equal move higher or lower. It looks like a head with two shoulders that are either upside down (bullish) or right-side-up (bearish). Triple & Double Top & Bottom It is called a triple or double top and bottom chart pattern when the market bounces off the same resistance or support level two or three times in a row. Bullish signals are considered double bottoms, while bearish signals are considered double tops. Double and triple patterns both indicate that prices are about to reverse directions. Rising Wedge & Falling Wedge The slopes of the upper and lower lines of rising and falling wedges are the same (although they still converge). Rising and falling wedges are reversal patterns unlike ascending and descending triangles. Rising wedges are bearish while falling wedges are bullish. Candlestick Chart In cryptocurrency candlestick charts, time is shown on the horizontal axis, while private data is shown on the vertical axis. It’s important to note that candlesticks show whether the price movement of a market was positive or negative, and to what degree. Candlesticks consist of a body and wicks. The body of each candlestick represents the opening and closing prices, while the top wick represents how high or low the price of a cryptocurrency was during that period. Candlesticks provide users with a great deal of information through their simple structure. Candlestick patterns, for example, can be used to identify potential trend reversals. The bullish and bearish candlestick patterns should be recognized by cryptocurrency traders. Technical Analysis Statistical analysis refers to the study of trends gathered over time to determine how supply and demand affect a particular asset’s future price. Crypto market charts can help investors make informed decisions by letting them know when bullish and bearish movements will end. Bulls, the buyers of an asset, push the price up through bullish movements. It is the downward price movement caused by sellers or the bears. By analyzing price trends and patterns on charts, traders can find trading opportunities. Although crypto charts help monitor market movements, there are some caveats. To better understand technical analysis, one must be aware of the Dow Theory. Here are some key ideas: At the time of pricing, the market considers everything. Existing, prior, and upcoming details have already been accounted for in current asset prices. The crypto market is impacted by a number of variables, including current, past, and future demands and any regulations that may impact the market. Prices do not move at random. Most people follow trends, whether they are long-term or short-term. Analysts focus on the price of a coin rather than every single variable that influences its value. Dow Theory rests on six fundamental tenets: Markets move in three directions A market’s primary movement is called its primary movement. Market trends can last anywhere from a year to several years. They can be bullish or bearish. Medium swings refer to the second or intermediate movement of a market. A medium time frame is between ten days and three months. A medium swing is based on the primary price change. A short swing is a minor movement of the market. It is short-term speculation. Market trends have three phases During the accumulation phase, investors buy and sell the coin against the general perception of the market. In the public participation phase, also known as the absorption phase, the rest of the market follows knowledgeable investors. After the absorption … Continued
The QuickSwap neighborhood has determined to separate the platform’s native token, QUICK. Reacting to the upside within the final hour and previous 7-days, QUICK may see extra upside because the Polygon-based decentralized alternate strikes to extend its stage of adoption. Related Reading | QuickSwap Asks The Community, To Split or Not to Split QUICK Token? […]
Cryptocurrencies have grown over the past time to reach new heights and a market capitalization that cannot be ignored. Consequently, more people have joined in the hype, ranging from developers, investors, and founders of various crypto-based projects. Over time, more use cases for crypto come up to sustain their growth and lead the world to the next finance phase. Among them, staking has grown and become common over the past year as Proof-of-Stake rose. Staking is a way of rewarding participants in the blockchain system. Through staking, users assist in validating transactions in the blockchain hence minting additional coins through the digital assets they own. Stakers, on the other hand, face an unclear tax regulatory landscape in terms of taxation of their activity on PoS platforms. Since the IRS has not issued clear guidance on staking rewards, taxation has been contentious for many years. Since the IRS did not provide this guidance, many taxpayers opted to report income when they received rewards. Crypto Staking on Blockchain PoS networks are decentralized, so they do not have a central authority to oversee transactions. To ensure that transactions are conducted properly, they rely on a consensus mechanism that enables participants to verify transactions. Notably, validators provide the consensus of the PoS system. To become a validator, users must submit a transaction to the network. The network will randomly select validators based on their percentage of crypto assets. Those not chosen will attest to the validity of transactions contained within the block proposed by the chosen validator. Validators are rewarded for creating new blocks and performing good faith transactions. If they fail to do so, they risk losing their crypto assets. Validators who implement this approach add new blocks to the blockchain, which keeps the network’s integrity intact. Taxation Efforts Through Notice 2014-21 Currently, no financial regulator has enacted any tax guidance on cryptocurrency staking. However, the IRS Notice 2014-21 states that any taxpayer engaging in “mining” virtual currency is liable to ordinary income tax on the additional virtual currency obtained from such operations. Mining, in this case, is the process by which blockchain is verified by proof of work. It entails solving mathematical computations through computers. On the other hand, the Revenue Ruling 2019-24 states that an “airdrop” of new crypto after a hard fork results in income. However, there is a condition that taxpayers should have total dominion over the cryptocurrency at the time of the airdrop. In light of the Service’s position in the Notice, a more conservative place would define stakers recognizing gross ordinary income upon receiving reward tokens. Despite the differences between mining and staking, both involve creating and validating blocks on a network. To this end, it would be more appropriate to view the “staking” of crypto assets as a process of entry into the crypto community rather than an investment instrument with a capital return. Deductibility of Expenses Another factor to examine is the deductibility of staking-related expenditures. In the lack of specific IRS guidance, the answer appears to be whether a taxpayer’s staking operations qualify as a trade or business. If the activities are related to a trade or a business, these expenses should be deductible. Generally, a taxpayer should only consider the time and effort involved in carrying out the activities. However, if the IRS considers the activities a hobby, these expenses are not deductible. Likewise, if the taxpayer engages in investment activities, these expenses are not deductible. The Jarrett v. U.S. Case Sheds More Light Another milestone in taxation in crypto is the Jarrett v. U.S. case. Joshua Jarrett staked his existing Tezos tokens on the Tezos public blockchain in 2019, whereby he contributed to creating new blocks. He made a total of 8,876 Tezos tokens due to Jarrett’s staking rewards. The value of Jarrett and Jessica’s staking rewards was reported as ordinary income on their 2019 joint federal income tax returns, and they paid taxes accordingly. In July 2020, the couple filed an amended tax return claiming that their rewards were not taxed. The IRS did not respond to their request for a $3,793 refund. This move prompted the pair to sue for a refund in 2021. The U.S. Department of Justice told the Jarretts that the IRS would refund the amount with interest. However, they rejected the offer due to the agency’s failure to provide a reason for the refund. The trial in the case has been scheduled for March 2023. However, in February 2022, the government indicated that it would ask the judge to dismiss it because it was moot. Not so Good News? The IRS’s refund offer has raised concerns about the taxation of certain types of rewards. First, the IRS’s decision not to pursue a case involving staking rewards suggests that the agency believes that these are taxable. Hence, getting a better case elsewhere. The … Continued
The Gensyn Protocol Trustlessly Trains Neural Networks at Hyperscale with Lower Order of Magnitude of CostLinks: Gensyn website, Litepaper, CoinFund Portfolio, TechCrunch Article LinkInvestment Thesis SummarySecular...
The BabyThoreum team is pleased to announce the release of its new project it considers as “the baby that everyone wanted.” The presale is set to start from 25th March.
The team saw the need to grow the Thoreum project better and therefore has introduced BabyThoreum to do the job. According to the team, the “baby” was born to support the existing Thoreum and help it to “grow much stronger.”
The baby token was created in the Binance Smart Chain network and is designed to stand out from the pack. The team explained that BabyThoreum offers cryptocurrency users freedom in the cryptocurrency sector, ease of use, professionalism, and seriousness.
First on the list are the distribution holders. They will receive a portion of the token according to purchases and sales. The former will receive 6% of the total supply while the latter will be allocated 8%.
1% of the total supply will be burned to reduce the volume of coins and circulation, thereby increasing the coin's appreciation.
Understanding the importance of marketing's role in giving the project maximum publicity and global exposure, the team will allocate 4% and 6% to purchases and sales respectively.
A commission of 1% will be allocated to self-liquidity. According to the team, that is achievable as the currency is strengthened daily with less likelihood that much damage can be caused by large sales.
While other projects allocate 1% to the developers, the BabyThoreum team takes a different course by not having any wallet in its name to ensure smooth and error-free distributions.
How to Buy BabyThoreum
Interested members of the cryptocurrency community are invited to purchase the $BABYTHOREUM token. The team has made it easy for prospective investors to join the train.
Download TrustWallet or MetaMask
Download the TrustWallet phone app or MetaMask, a crypto extension, and set it up. After the setup, update your network list with the Binance Smart Chain.
Buy and Send BNB
Buy BNB on any of the recognized exchanges such as Kraken, Binance, and Coinbase. After purchasing the token, send it to the MetaMask wallet address.
Swap on PancakeSwap
After transferring your token to the MetaMask wallet address, visit PancakeSwap and select BABYTHOREUM. Then set the slippage tolerance to between 15% and 18%, depending on the demand.
After swapping the BNB for BABYTHOREUM, update your TrustWallet or MetaMask with BABYTHOREUM to view your $BABYTHOREUM. Hold the token for as long as you desire.
Note that the $BABYTHOREUM presale will start on March 25, 2022.
The BabyThoreum team explained that it is more than just a token. It added that it created a platform for cryptocurrency enthusiasts to perform several crypto-related activities.
In its words, “we want to be the best and for this, we will develop numerous platforms throughout the project so that members and new people can interact with them, either by creating their own NFT exchanging currencies, and blocking the tokens in a staking to generate benefits in the short, medium, or long term.”
Ripple CEO Brad Garlinghouse is celebrating a recent court decision to deny the U.S. Securities and Exchange Commission (SEC) a motion seeking to strike the payment company’s fair notice defense. In the ongoing lawsuit, the SEC alleged that the payments company unlawfully sold XRP as an unregistered security, a position the regulator maintains to this […]
Apache Kafka is well known for its performance and tunability to optimize for various use cases. But sometimes it can be challenging to find the right infrastructure configuration that meets your specific performance requirements while minimizing the infrastructure cost. This post explains how the underlying infrastructure affects Apache Kafka performance. We discuss strategies on how […]
If you can prove that your marketing activities actually made an impact on your business, you'll have many more opportunities (and budget) to grow your marketing efforts. Sounds like a marketer's dream, right?