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Ether (ETH) Hits ATH While Bitcoin (BTC) Dominance Slides Closer to 50%

Ethereum Electric Charge Blue

Ethereum Electric Charge BlueEthereum (ETH) gains over 10 percent while bitcoin (BTC) continues to move sideways. Ethereum Hits New ATH While bitcoin’s price continues to hover in the lower $50k range, ether seems to be slowly gaining some steam. The price of ETH is up almost 8 percent in the last 24-hours, according to data from CoinGecko. Unsurprisingly,

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Ethereum (ETH) gains over 10 percent while bitcoin (BTC) continues to move sideways.

Ethereum Hits New ATH

While bitcoin’s price continues to hover in the lower $50k range, ether seems to be slowly gaining some steam. The price of ETH is up almost 8 percent in the last 24-hours, according to data from CoinGecko.

Unsurprisingly, major “blue-chip” DeFi tokens were buoyed by Ethereum’s price action as most of them witnessed considerable price surge in the past 24 hours.

Among the top DeFi tokens, Maker (MKR), Aave (AAVE), UNI, SUSHI, and Bancor (BNT) all recorded green candles. Notably, MKR recorded its new ATH value at almost $5,000. Similarly, major upgrades among other DeFi projects such as Uniswap’s highly-anticipated Uniswap v3 likely played a role in UNI’s price surge.

While the overall market recorded a green day, tokens witnessing massive price momentum in the past few days continued to languish. For instance, at the time of writing, Dogecoin (DOGE) trades at $0.28, down by more than 8 percent in the last 24 hours.

As for Ethereum, the recent price action could, in fact, just be a teaser of what’s to come for the second largest cryptocurrency in the world in terms of market cap.

Recently, Ethereum underwent the Berlin hard fork which introduced a total of 4 new EIPs or in simpler terms, upgrades to the protocol. Ethereum is slated to undergo a major upgrade in July this year which would likely involve the implementation of the highly contentious EIP-1559.

For the uninitiated, EIP-1559 promises to make ETH a deflationary asset which would put a full stop on Ethereum’s infinite supply once and for all. Further, scalability and control on gas fees are the need of the hour for ETH if it has to stay competitive with other L1 smart contract platforms such as Cardano (ADA), Solana (SOL), and Polkadot (DOT), among others.

Altseason Imminent?

With the rising price of ETH, crypto experts are sensing an upcoming altseason that would send the price of all altcoins to the moon.

Coincidently, the BTC dominance also seems to be sliding down as evident from the following chart. Breaching the key support level at 50 percent could potentially commence the frenzy of a full-blown altseason.

(Source: TradingView)

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European Union Country Plans 50% Crypto Tax Cut to Attract Billions

The lawmakers in Hungary are planning to cut down crypto tax by 50% on the capital gains with an aim to attract billions to its budget.

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The lawmakers in Hungary are planning to cut down taxes by 50% on the capital gains on crypto with an aim to attract billions to its budget most probably by 2022. As announced by Mihály Varga, the Economy Minister of Hungary, the tax on crypto earnings is going to be slashed to 15% in 2022, which is almost half of the present rate, 30.5%.

Crypto Investors in Hungary to be Offered Major Tax Break Soon

The lawmakers of the country are looking forward to making Hungary become more competitive in the period of the COVID-19 pandemic. The recent move of a crypto tax cut by lawmakers of Hungary is expected to attract billions of Hungarian forints to the budget of the country.

Gabor Gurbacs of VanEck has recently released a comment stating that Hungary is buckling up to be the Wyoming of Europe, comparing it to the most crypto-friendly state of the United States.

Mihály Varga mentioned the stimulus program of the government through the year 2022, in a video that appeared on Facebook on Tuesday.

This move was addressed as a part of the COVID-19 relief efforts as the lawmakers of Hungary are considering a crypto tax cut to 15% of the capital gains, which is down from the current rate of 30.5%.

European Union Country in Preliminary Discussions Surrounding a CBDC

In the month of August 2020, a representative from the Hungarian National Bank joined a preliminary discussion regarding a Central Bank Digital Currency (CBDC). The discussion was with colleagues from the Swiss National Bank, the Bank of England, and others in the discussion of the potential rollout of the Central Bank Digital Currencies in the near future.

In addition to this, it should be noted that Hungary is not the only European country that has introduced tax-based incentives for the owners of cryptocurrencies in their country. Portugal, for instance, does not require its customers to pay any taxes at all provided that they are not engaged in any kind of professional trading.

READ  Craig Wright Refuse Moving 50 BTC, Now In Catch-22 Situation

#CBDC #Crypto Tax Cut #Hungary #Mihály Varga

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Source: https://www.cryptoknowmics.com/news/european-union-country-plans-50-crypto-tax-cut-to-attract-billions

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Litecoin, Tezos, Uniswap Price Analysis: 12 May

Bitcoin’s consolidatory movement within its tight price band didn’t stop the crypto-market’s altcoins from registering some degree of volatility on the charts. In fact, while BTC, again, was valued at

The post Litecoin, Tezos, Uniswap Price Analysis: 12 May appeared first on AMBCrypto.

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Bitcoin’s consolidatory movement within its tight price band didn’t stop the crypto-market’s altcoins from registering some degree of volatility on the charts. In fact, while BTC, again, was valued at just over $57,000 at press time, the likes of Litecoin, Tezos, and Uniswap, were noting significant movements in both directions.

Litecoin [LTC]

Source: LTC/USD on TradingView

Litecoin, the cryptocurrency popularly dubbed the silver to Bitcoin’s gold, has had a bullish price trajectory since it recovered from the market-wide depreciation in the latter half of April. In fact, such has been the scale of LTC’s uptrend that the alt climbed by 46% in less than 10 days. In fact, at the time of writing, the alt was valued at $392, just below its ATH of $410 which it hit a few days ago.

The aforementioned uptick was accompanied by a sharp spike in trading volumes too, with the same allowing the crypto to touch greater heights.

The said bullishness was underlined by the alt’s technical indicators as Parabolic SAR’s dotted markers were well under the price candles, while Awesome Oscillator’s histogram pictured surging market momentum.

LTC’s latest performances have heightened expectations for its price in the long-term, with some analysts claiming that the alt might follow ETH’s trend to go as high as $1000 even.

Tezos [XTZ]

Source: XTZ/USD on TradingView

It was uncertain times for Tezos, at the time of writing, with the cryptocurrency recording corrections on the back of yet another market hike that exhausted itself too quickly. The latest depreciation in price was ins sharp contrast to XTZ’s fortunes earlier in the week, with the alt climbing by 37% in just 48 hours.

While market dynamics, despite corrections, remains largely bullish, the crypto’s indicators might soon see some bearishness creeping in.

While the mouth of Bollinger Bands was widening somewhat to make way for some incoming volatility, MACD was still holding above the Signal line. It’s worth noting, however, that a bearish crossover on the latter had become a distinct possibility.

According to a recent analysis, investing in Tezos might have its upsides at this time.

Uniswap [UNI]

Source: UNI/USD on TradingView

Compared to Litecoin and Tezos, Uniswap’s price action shared a closer resemblance to Bitcoin, the world’s largest cryptocurrency. Like BTC, UNI too has been rangebound for the past week or so, with the aforementioned period seeing the alt drop by over 15.5% before recovering once again.

At the time of writing, UNI wasn’t far from its ATH level. However, its price action was missing the bullish momentum the likes of Litecoin were recording.

Even so, the alt’s indicators gave positive signs. Both Relative Strength Index and Chaikin Money Flow noted sharp spikes following UNI’s latest recovery efforts, fueling expectations of a breakout on the price charts soon.

With Uniswap V3 mainnet being launched just a few days ago, it would seem that the same hasn’t been priced in yet.


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Source: https://ambcrypto.com/litecoin-tezos-uniswap-price-analysis-12-may

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Bitcoin’s Halving May Not Pump Price Like Last Time – Here’s Why It Doesn’t Matter

With sideways trading, a bearish sentiment, and a slowing two months, Bitcoin has seen a slump from $14,000 USD highs to under $7,000 USD in recent weeks. With the Bitcoin Halviening less than 6-months away, will the market change pace and fuel the bull run that we’ve all been hoping for? While camps are divided, … Continued

The post Bitcoin’s Halving May Not Pump Price Like Last Time – Here’s Why It Doesn’t Matter appeared first on CryptoCanucks.

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With sideways trading, a bearish sentiment, and a slowing two months, Bitcoin has seen a slump from $14,000 USD highs to under $7,000 USD in recent weeks. With the Bitcoin Halviening less than 6-months away, will the market change pace and fuel the bull run that we’ve all been hoping for?

While camps are divided, here’s why we believe this Bitcoin halving will be beneficial for the market and help propel the industry to new heights.

bitcoin clock

Understanding the Potential Downside:

Bitcoin halvenings occur every 210,000 blocks. This is, on average, about every four years and was likely designed as a way to maintain a stable circulating supply and avoid hyperinflation.

When this happens, a miner’s reward per block is cut in half. As the reward level for a block decreases and difficulty for the block increases (as there are more miners competing for a smaller block reward), opportunistic miners are effectively priced out of the competition. The idea is, theoretically at least, that low-end miners cannot afford to continue mining.

As rewards for the block decrease, miners need an ever more efficient way of competing in the marketplace. Those that cannot compete, sell-off Bitcoin in an effort to cut losses and take their gains.

Historically this has only happened after Bitcoin halvenings after reward blocks are cut in half. The worry is that even with low prices now, after the halvening there will be additional selloff because of reduced block rewards, and there may not be a significant upward move for Bitcoin for months to come.

donedonedone

(source: Digital Asset Research – statistical model, not price predictions)

 The above chart as an example shows what happens with the price (light blue line) after halvenings (dotted red lines) occur. What we’re seeing here, is that there was no price increase after the last halvening. Instead, the price started increasing in the middle of the cycle, suggesting that the increase may have already been priced in. Or said another way, that the price increase from $3,000 levels earlier this year, up to $12,000 levels already represent potential gains that might have otherwise occurred after the halvening.

But this is only part of the story.

Reviewing the upside:

Weeding out inefficient miners effectively helps boost the long-term health of the overall market. Both halvenings and low prices help drive this. With continued low prices, this might actually mean that we’ve already priced in ‘miner reduction’ simply because of the current sluggish Bitcoin prices. Only the most efficient Bitcoin miners can sustain a drop in price from $14k to current $7k levels. Many miners have already been forced to shut down their rigs.

Which could mean that the halvening may not force as much sell-off as initially thought.

If it does force additional sell-off, there could be a temporary downslide before a strong bullish movement forward. If it doesn’t force additional sell-off, the halvening will only support a strong bullish trend as supply is limited, rewards are halved, and only the strongest miners remain.

Industry Strength

If we take a step back and look at long-term projections, both cases are more than positive for the industry as a whole. While short-term gains may suffer in the worst of cases, the Bitcoin halvening should help drive a long-term bullish trend.

A simple supply and demand scenario is the easiest explanation, although there are many more nuanced theories.

As halvening difficulty increases, supply is reduced. As supply is reduced the cost of each Bitcoin is likely to rise due to scarcity. Additional factors, such as global economics, increased awareness about cryptocurrency, and increased demand for Bitcoin itself should add fuel to a bullish rally.

It has yet to be determined, and the narratives surrounding the halvening are mixed at best. Yet when we look at the long term possibilities on the state of the industry, two things are very clear.

One – cryptocurrency is here to stay. And two – in the long-run Bitcoin will see a bullish movement forward.

Are you ready to take advantage of the future?


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Source: https://cryptocanucks.com/bitcoins-halving-may-not-pump-price-like-last-time-heres-why-it-doesnt-matter/

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