Crypto Corner Episode 447: Bitcoin Tumbles After Meeting $12K Resistance, SBI Holdings (OTC: $SBHGF) to Launch Blockchain-Powered Securities Exchanges
Point Roberts, WA and Delta, BC – September 4, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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Despite briefly poking its head above $12,000 earlier this week on Tuesday (Sept 1), Bitcoin (BTC) quickly retreated to a trading price of about $11,300 by Wednesday before tumbling dramatically yesterday to a low of about $10,180, according to data from CoinMarketCap. A report from Cointelegraph cites: increased selling pressure brought on by miners “sending higher-than-normal amounts of BTC to exchanges,” a rally in the USD, $12,000 acting as a strong resistance for BTC as key reasons for the drastic drop in trading price. On the connection with miner outflow, the piece quotes Ki Young-Ju, the CEO of CryptoQuant, who wrote:
“Miners send a certain amount of BTC to exchanges periodically, so they already have a large amount of BTC in the exchange. Whenever they decided to sell, it seems they move a relatively significant amount of BTCs to other wallets, and some of them are going to exchanges.”
Regarding the connection with the USD rally, the article points out the similarly steep decline witnessed in the price of gold concurrent with Bitcoin’s fall.
Japanese financial giant SBI Holdings, Inc. (OTC:SBHGF) plans to launch blockchain-powered digital securities exchanges, according to a report from Crypto News. The company’s President and CEO, Yoshitaka Kitao, said the exchanges will be located in two new “smart city” fintech hubs in Kobe and Osaka. Kitao also announced plans for “digital stock exchange based on blockchain (distributed ledger) technology” launched at the sites, with the aim of attracting fintech companies.
Brazilian outlet Correio Brazilienese reports that Brazil’s central bank is eyeing a CBDC (central bank digital currency) for 2022. Chief central banker Roberto Campos Neto said:
“To have a digital currency, you need an instant payment system that is efficient and interoperable; an open system, where you can create competition; and a currency that has credibility, is convertible and international. After that, I think you have all the ingredients to have a digital currency. We think we will have this in 2022.”
Campos Neto said digital currency was a consequence of the “process of digitization and modernization of the financial system,” and the central bank said that the issuance of a CBDC “may be a possibility to improve the current model of commercial transactions between people and even between countries.”
Sam Mowers, Investorideas
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Crypto Valley Brings Crypto Tax Payments To Switzerland
The Canton of Zug, a region of Switzerland that has been famous for championing cryptocurrency-related developments, has made another landmark move towards adoption. The region, which many have dubbed “Crypto Valley,” announced this week that residents can now make crypto tax payments.
According to a BNN Bloomberg report, crypto tax settlements will now be available to Crypto Valley residents and businesses interested in exploring them. Taxes will be payable in Bitcoin and Ether, and they will cover all payments up to 100,000 Swiss francs ($109,670).
The Canton of Zug currently plays home to about 127,0 00 people. The new crypto tax initiative was brought to life by a partnership between the region’s government and Bitcoin Suisse AG, a top crypto brokerage firm based there.
Niklas Nikolajsen, Bitcoin Suisse’s founder, explained to reporters that there is no longer any controversy about Bitcoin’s legitimacy and other related activity anymore. He added that the crypto market and its $500 billion worth of total assets has become mainstream, and governments will need to embrace them going forward.
To be fair, this isn’t a first for Switzerland. Bitcoin Suisse partnered with Zermatt, a municipality in the country’s southern canton of Valais, to make crypto tax payments a reality.
According to a press release at the time, Zermatt authorities had started accepting tax payments since January 28. By integrating Bitcoin Suisse, locals will be able to make direct crypto tax payments to the Zermatt Tax Office. Bitcoin Suisse has also allowed the Tax Office to convert all cryptocurrencies into Swiss francs seamlessly. The company’s primary task is to act as a payment processor.
Romy Biner-Hauser, Zermatt’s Mayor, explained at the time that the innovation aimed to help the city meet the surging demand for Bitcoin-based tax solutions from residents.
“An innovative, pioneering spirit is one of the trademarks of Zermatt, which is why we are happy to support residents in providing them with the solutions they require,” he explained.
For Zermatt, citizens can either pay taxes through an online portal or a point-of-sale tool at the Zermatt town all. Those who use the online portal method will need to apply at the Tax Office for a crypto payment solution.
The press release also explained that citizens of the municipality would either make their tax payments via an online portal or a point-of-sale tool that has been installed in the Zermatt town hall. However, those who choose to use the online portal will need to apply directly to the Tax Office for a crypto payment solution.
For now., it’s unclear how Zug plans to enforce the tax system. The new crypto tax payment shows a continued commitment from the region to develop crypto solutions and be a leader in the country’s ever-expanding space. Many had called the Crypto Valley experiment into question after the Swiss government turned down a 100-million-francs ($103 million) coronavirus bailout program for the country.
Cantonal Finance Director Heinz Taennler had called for contributions to the Valley’s blockchain companies, explaining that many would go bankrupt under the current conditions. While these firms’ state is still unclear, rolling out a crypto tax plan shows that the hope of cryptocurrencies is still alive in Zug.
Apex Crypto News – ‘Decentralized Reddit’ enables users to secure Twitter on the blockchain
Reddit-inspired social aggregation platform Discussions.app announced its expansion to the Telos network on Sept. 3.
The first project to come out of the new collaboration will be a decentralized identity system, allowing users to record their accounts and contacts from Twitter and other social networks to the blockchain in the event of a block or ban.
In the social-media age, users spend years growing networks and followers on various platforms, although this work can be destroyed by the sometimes arbitrary-seeming decisions of the networks.
Discussions.app addresses this by allowing users to migrate across platforms without losing their valuable identities and connections. Telos chief architect Douglas Horn explained the problem:
“It seems that every few days I see another unique voice de-platformed and the connections they invested years building pulled out from under them like a cheap rug — especially in the crypto community. Discussions.app empowers individuals to secure their own social networks immune to the whims of Facebook, YouTube and Twitter.”
As Cointelegraph reported, YouTube has arbitrarily banned (and then reinstated) a number of crypto-related channels over the past few months. In May, the platform even pulled the plug on our special livestream of the halving event.
In addition to digital identity management, Telos will provide Discussions.app with options for advanced governance and Ethereum Virtual Machines which can run Ethereum-compatible smart contracts with zero transaction fees.
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