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Top Altcoins Surge As Bitcoin Price Crosses $2400 in Sign of Recovery

Top Altcoins Surge As Bitcoin Price Crosses $2400 in Sign of Recovery

    

The pioneer cryptocurrency Bitcoin crossed the $2,400 line

At 11:00 GMT+2 on Thursday, the pioneer cryptocurrency Bitcoin crossed the $2,400 line by appreciating 10.22 percent and recording a market price of $2,419. The aftermath of last weekend's panic has seen the price going up and down like a pendulum. But this morning robust growth has returned to the cryptocurrency ecosystem. There are talks of Chinese exchanges resuming withdrawals and if that is the case then it is a good omen for the industry. For almost four months now, Chinese exchanges have suspended Bitcoin and Litecoin withdrawals. This was supposed to last for just a month when the directive came from the People's Bank of China (PBoC) in February.

Top achievers

Moreover, the top 10 on CoinMarketCap is green with the only exception of Stratis, with the Blockchain application going down 9.14 percent. Ripple seems to be making amends with a grand 39.45 percent hike, being the biggest achiever at the elite altcoins club for the day. New Economic Movement (NEM) is not dim-witty either by attaining 20.93 percent. Dash is not relaxing after losing some points and it is up to an admirable 18.17 percentage score. Moreso, Monero and Litecoin appreciated more than 11 percent. Bytecoin brightens the bottom of the top 10 with a 10.97 percent growth rate. It is amiable to see Ethereum and his younger brother, Ethereum Classic managing the least gains of the day. They went up modest 1.78 and 0.07 percent respectively.

A bountiful weekend ahead?

There are talks about back to the winning ways in the community. For instance, there is a lot of optimism on various platforms especially Bitcoin Powpow. Are we heading for a weekend of bounty harvest with prices going up and cryptos bloating their market capitalization? Friday will tell if the current gains are sustained and improved upon. For now, the news is refreshing and just the opposite of what we went through last week. Let us hope the industry will end the week on a very good note.

Chuck Reynolds
Contributor
Please click either Link to Learn more about – Bitcoin.

Alan Zibluk – Markethive Founding Member

Tax Authorities In Pakistan Zero In At Bitcoin Traders

Tax Authorities In Pakistan Zero
In At Bitcoin Traders

    

Tax authorities across the globe have set their sights on Bitcoin traders.

The latest to join the set is the FBR (Federal Board of Revenue) in Pakistan.

Bitcoin in Pakistan

While Asian countries like Japan, China and South Korea have been in the news for people taking a fancy to Bitcoin, adoption in Pakistan has been low key. The first Bitcoin exchange in Pakistan, Urdubit, was established in 2014. There is tremendous potential for Bitcoin in Pakistan, with the country receiving remittances of $20 bln every year. Pakistan also has a vibrant freelance economy, with estimated revenue of $1 bln. Wider adoption of Bitcoin can bring efficiencies in both remittances and payment for online freelancing.

Windfall profits

The recent rapid increase in Bitcoin price has meant that Bitcoin investors were able to reap windfall profits. Not all of them declare this income, resulting in scrutiny from tax authorities. In the US, the IRS served a John Doe summons to Coinbase, asking it to hand over details of US customer transactions. The IRS had sought details of customer transactions between 2013 to 2015, much before the current bull rally.

In Pakistan, the volume of Bitcoin transactions has recently increased, leading to the intelligence department of the FBR launching an investigation. The objectives of the FBR are two-fold – detect cases of tax evasion as well as money laundering. According to tax officials, major traders of Bitcoin have not reported their business profits to tax authorities and hence a summons has been issued.

Cracking down

The State Bank of Pakistan does not recognize cryptocurrencies, including Bitcoin. Cryptocurrencies are traded as commodities and the government has not shown any indication that it would either regulate or impede cryptocurrency transactions. The focus of the current government action seems to be restricted to cracking down on cases of money laundering and tax evasion. The government will find it tough to restrict its people from purchasing a deflationary currency when the average rate of inflation in Pakistan during the last 60 years is 7.8 percent.

Chuck Reynolds
Contributor
Please click either Link to Learn more about – Bitcoin.

Alan Zibluk – Markethive Founding Member

Top Altcoins Bounce Back, Ethereum Price Gains Big Time

Top Altcoins Bounce Back, Ethereum Price Gains Big Time

    

The despair that gripped the crypto market

last week appears to be over. Now the markets are bouncing back with tokens making impressive gains.

Altcoin rollercoaster

Since Saturday ctryptocurrency markets have been in scarlet red with almost every altcoin taking a whack. Sunday seems to be the most horrible day with all top 20 dipping at an outrageous manner.

Occupying the bottom of the top 10 altcoins, Microfinance Blockchain, Stellar Lumen was smitten so hard by the brief depression it tripped down with an unimaginable 44.24 percent. NEM who was one of the major beneficiaries of the rollercoaster wasn't spared as it also took a dip of 40.87 percentage points. The least depreciation was 24.20 percent which was accounted for by the market leader – Bitcoin. On Monday morning the story was no different. Earlier on it was only Golem that was in green at the top 10 but it also somersaulted along the line. The market, however, started showing some recovering late afternoon.

Green is back

Now the markets are bouncing back with tokens making impressive gains. As early as 8:00 GMT+2 on Tuesday, all top 10 altcoins were appreciating with remarkable speed. Generally, it is leafy with a few downs here and there on CoinMarketcap. Ether is having a field day with an accumulation of a 25.48 percent skyward increase. Its market price is close to the $200 mark once again. At the moment it is the biggest swell on top 10. Well, magnificently, Stratis vaulted 22.73 percent over Stellar Lumen and Golem to be countered among the elites of cryptocurrencies. As a matter of fact, this crypto has been knocking on the doors of top 10 for more than a month now.

Deserving a mention here is ETC which also grew by 19.87 percent. The Decentralized Smart Contract platform cannot be left out if we are talking about some of the entities who kept most of their gains during last week's ride.

Prior to the price rally, Monero was tanking gradually, however, it up its game and managed a 70 percent bulge during the price harvest. On Tuesday morning as cryptos are resurrecting from the brief scare, it is the fourth most appreciated currency with 17.03 percent. Bitcoin went up by 7.22 percentage points and the least increase was 8.05. The trend looks more heartwarming than the previous days. The other digital currencies in the elites standing scored between six and 12 percent.

It wasn't a bubble

On many interactive crypto platforms, the popular question that has been floating around is whether the bubble is over or not. But engrossingly, JuicyG of Coinchat.Club beg to differ. The crypto expert is of the opinion that what happened was not a bubble and as an element of fact, there is nothing like that in the recent circumstance.

He says:

"I think it was just a weekend break and there was a banking holiday on Friday so you could call it an extended weekend. No fiat hit the exchanges on the weekend and there was another banking holiday on Monday in the US and other places."

Intriguingly enough, he indicated that there will be much more money flowing into the cryptocurrency market. When Cointelegraph asked of his conviction, he accentuated that cryptocurrencies are gaining traction in the mainstream.

"Take ETC for example – there was that recent New York conference and ETC was the star of the show. Lots of big money guys got acquainted with ETC for the first time and they didn't even get the chance to buy yet."

Chuck Reynolds
Contributor
Please click either Link to Learn more about – Bitcoin.

Alan Zibluk – Markethive Founding Member