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U.S. stocks were mostly lower at mid-session Thursday as banks and retailers fell while traditionally safer, high-dividend stocks in real estate and utilities climbed. The European Central Bank said it will end its bond-buying economic stimulus program at the end of the year, but it trimmed its…
Stocks are closing slightly lower on Wall Street after a mid-afternoon rally faded away, the AP reports. The modest declines Thursday came after three days of gains, including the market’s biggest jump in eight months on Wednesday. Technology companies and banks had the biggest declines, offsetting gains in health care…
Stocks, bonds and commodities from copper to crude oil to burlap are staging a rare, simultaneous retreat, putting global markets on track for one of their worst years on record and deepening a sense of unease on Wall Street.
WSJ.com: What’s News Asia
When Christopher Cacho is home, the 23-year-old data specialist doesn’t do much out of the ordinary. He may run a computer analysis at his desk, play a video game or lie down with a good book.
But when he does, he’ll do it from a roughly 11-by-8-foot space that’s cordoned off by a foldable tan…
Stocks were falling early in a shortened Black Friday session as energy shares plummeted with oil. Crude tumbled to below $ 51 a barrel, its lowest level in a year, on signs of oversupply, leading a broad retreat in commodities.
All major equity indexes were flashing red as U.S. markets reopened…
Stocks closed lower as a combination of weak economic data from China and disappointing earnings hurt technology and internet companies, the AP reports. Crude oil prices fell Friday for the 10th day in a row, hurting energy companies. Video game maker Activision Blizzard plunged 12.4% after forecasting weak holiday…
French lawmakers have adopted an amendment to the 2019 budget bill that will cut capital gains tax on bitcoin sales to 30 percent from 36.2 percent. This will bring cryptocurrency transactions in line with other non-real estate assets, which are taxed at a flat rate of 30 percent.
Amendment Awaits Approval by Parliament
The budget amendment was adopted by a finance commission in France’s lower house of parliament, a Reuters report said. But it must first be approved “in the final version of the budget bill by the broader parliament in order to become law.” If approved, the new tax will come into force in January.
At one point, cryptocurrency taxes in Europe’s third largest economy reached 45 percent. In April, however, the Council of State said that gains generated from digital assets were to be considered as capital gains of movable property. That meant a significant slash in the tax rate, with the exception of earnings from cryptocurrency mining, which are taxed as non-commercial profits and income resulting from professional activity that is taxed as industrial and commercial profits.
Under president Emmanuel Macron, France is trying to transform itself into a haven for business, including the business of cryptocurrency. Earlier this year, Macron launched the Action Plan for Business Growth and Transformation (PACTE) which, among other things, aims to make it easy for companies to operate in France, and to lay out legal guidelines for fund raising via token sales.
In September, the French parliament passed a law setting out guidelines for initial coin offerings. Announcing the new legislation, finance minister Bruno Le Maire said at the time that the legal framework enables the French financial regulator Authorité des Marchés Financiers (AMF) to approve and issue permits to businesses intending to float ICOs in France – but only if “those projects provide specific guarantees for investors.”
Issuers will be expected to give full disclosure to the AMF, allowing buyers to make informed decisions about the ICO in question. The French regulator has previously raised concern over the lack of clear regulation on token sales “as an inherent risk factor of ICOs,” heightening the possibility of loss, money laundering and terrorist financing.
What do you think of the French government’s approach to cryptocurrency? Let us know in the comments section below.
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U.S. stocks slipped Friday as Apple had its biggest decline in more than four years. Thanks to gains over the previous three days, the Standard & Poor’s 500 index still finished with its biggest weekly increase since March.
Apple, the world’s largest technology company, forecast weak revenue in…
Stocks closed lower on Wall Street as Apple fell to its worst loss in more than four years, the AP reports. Even with Friday’s losses the market still wound up higher for the week thanks to gains over the past three days. Apple sank 6.6% after forecasting weak revenue….
Digital asset prices dropped in value on Monday after the last few weeks of cryptocurrency market consolidation and stability. Around 8:10 a.m. EDT on Oct. 29, the top 10 digital currency markets saw percentage losses of between 2-5%. Since our last markets update two days ago, the entire crypto-economy has lost $ 5.6 billion in value.
Top Cryptocurrency Markets Dip While Traders Play the Range
After the tight trading range over the last few weeks, many people joked about cryptocurrency prices remaining stable indefinitely. Of course, most crypto enthusiasts know better and on Monday, after a dull trading weekend, the majority of digital asset markets saw price declines across the board. Bitcoin core (BTC) prices saw a low of $ 6,208 and bitcoin cash spot prices dipped to $ 414. Even though markets are now in the red, trading volumes have increased immensely since our last report. At the time, $ 8.6 billion worth of 24-hour cryptocurrency global trade volume was recorded but today the worldwide trade volume touched around $ 12 billion.
Bitcoin core (BTC) is currently trading for $ 6,344 per coin and has seen a loss of around 2% over the last 24 hours. Following behind is ethereum (ETH), as markets have seen a 3.5% loss during the morning trading sessions. One ETH is being swapped for $ 197 at the time of publication. The third largest market capitalization held by ripple (XRP) lost 3.5% and each token is trading for $ 0.44. The morning dip has erased 4.7% off the overall eos (EOS) capitalization and each token is trading for $ 5.14. On Oct. 29, at 12:15 p.m., the market valuation of all 2,000+ cryptocurrencies is around $ 206 billion. Just before the dip, dwindling cryptocurrency trade volumes started to reverse and now many traders are scrambling to find new positions.
Bitcoin Cash Market Action
Bitcoin cash (BCH) is currently trading for $ 416 per coin and the cryptocurrency has lost 4.7% since the initial plunge. The BCH market valuation is $ 7.2 billion and there’s been $ 298 million worth of BCH trades over the last 24 hours.
The top five exchanges trading the most BCH this Monday are Lbank, Hitbtc, Bithumb, Okex, and Digifinex. BTC trades cover 40% of today’s BCH pairs, followed by USDT (26%), KRW (13.4%), ETH (10.2%), and USD (5.5%). BCH is currently the seventh most traded cryptocurrency out of all the virtual currency markets.
BCH/USD Technical Indicators
Looking at the four-hour and daily charts shows traders have been ‘playing the range’ so to speak over the last couple of days, and even more so now. Bollinger bands are extremely tight and the long and short-term SMA trendlines have crossed. On the four-hour BCH/USD chart, the longer-term 200 SMA is now well above the short term 100 SMA. This shows the path of least resistance for BCH traders right now will be the downside.
The relative strength indicator (RSI) shows BCH is oversold right now (-21) and traders may see a reversal after all the scraps are bought. Right now on Bitstamp’s order book, there’s a huge sell wall that will keep bulls at bay until $ 430. Bulls have another obstacle around the $ 475 region if they plan on gathering momentum. On the backside, bears will see resistance at the current vantage point up until $ 350 where they will hit a bigger buy wall.
The Verdict: Traders On Edge Find New Positions Before the Next Significant Move
Overall, many traders have noticed that trade volumes have been relatively low and that there’s been anomalies and weird correlations between cryptocurrency markets and traditional equity markets. Then there’s been the peculiar action taking place with the various stablecoins over the last two weeks. Also, the decline in Japanese yen against cryptocurrency pairs and the rise of the Korean won has been a curious occurrence. The recent downturn has put traders on edge, and now on high alert, which makes a refreshing change from the tedium of the crypto-economy’s stability over the last few weeks.
What do you think about digital asset market dips today? Let us know what you think about this subject in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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The post Markets Update: Traders Play a Lower Range After Cryptocurrency Prices Dip appeared first on Bitcoin News.