Tag: Xtzusd

Market Watch: Bitcoin Retraced After Topping at $45K, Tezos Soars 12%

by CryptoPotato

After several consecutive days of marking impressive gains, bitcoin retraced slightly and lost around $2,000 since its local peak. The altcoins have calmed on a daily scale, except for a few lower- and mid-cap ones that surged, such as Tezos (XTZ).

Bitcoin’s Peak and Subsequent Retracement

Ever since February 4th, when the price of the largest cryptocurrency struggled below $38,000, the overall landscape has been highly bullish. Bitcoin initiated an impressive leg up in which it reclaimed $40,000 for the first time in weeks and only kept climbing.

This resulted in touching $43,000 and $44,000 on February 7th before the bulls pushed BTC north, as reported yesterday. This culminated in touching $45,500, which became the highest price tag seen by bitcoin in over a month.

After gaining $8,000 in days, though, the community expected some kind of a retracement, and it arrived shortly after this peak. It drove the cryptocurrency down by about $3,000 to $42,500, but the asset reacted rather well and recovered $1,000 in the following hours.

As such, its market capitalization continues to stand well above $800 billion, and its dominance over the altcoins is close to 42%.




Thanks for subscribing, you will get your first report in the next hours!


BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Tezos on the Move

Most alternative coins registered similarly impressive gains in the past week or so. Ethereum went from struggling to remain above $2,000 to a multi-week high north of $3,100. The second-largest crypto has calmed since then, but it’s still around that line.

The remaining larger-cap alts have either stalled or retraced slightly. Binance Coin is down by 3%, Solana by 2.6%, Terra by 3.5%, Dogecoin by 3%, while Shiba Inu has lost the most (-6%). This comes despite the recent introduction of Metaverse real estate by the memecoin project.

LEO Token is the best performer on a daily scale with a massive 50% surge. This is perhaps a direct consequence of the positive development in regards to the Bitfinex hack.

Tezos is another impressive performer following a 12% surge. Consequently, XTZ now trades above $4.5.

The crypto market cap topped $2 trillion yesterday, but it’s slightly below that line after a minor daily decline.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




Cryptocurrency charts by TradingView.





Source

Tagged : / / / / / / / / / / / / / / / / / / / / / / / / / / /

After a Court Battle, the IRS Might Not Impose Income Taxes on Unsold, Staked Crypto

by CryptoPotato

The United States Internal Revenue Service (IRS) could stop taxing digital assets obtained through staking. The agency added that it will refund the tax paid by a Nashville couple on tokens they had earned via staking on the Tezos network.

IRS to Refund Tax Paid on Staked Tokens

According to a Forbes report on Thursday, the IRS noted that it will refund the $3,293 in income tax and statutory interest the couple paid on their staked 8,876 Tezos (XTZ) tokens.

In May 2021, the couple, Joshua and Jessica Jarret, filed a civil lawsuit with the U.S. District Court for the Middle District of Tennessee. They demanded a refund of the $3,293 income tax they paid in 2019 on 8,876 XTZ tokens acquired from staking.

The couple also insisted that they be compensated for lost income by a $500 increase in tax credits.

Staked Tokens Should Not Be Taxed

In the court filing, the Jaretts noted that tokens obtained through proof-of-stake protocols should be considered “new property” created by the taxpayer, not as income. Therefore, this new property should not be taxed until it is sold or exchanged for a “readily accessible form of wealth.”

ADVERTISEMENT



While the couple won the case against the IRS, allowing them to get a refund of their 2019 tax on staked tokens, it remains unclear at the moment if the agency has any plans to update its official guidance on crypto taxes.

However, according to confidential sources familiar with the matter, the Jaretts intend to pursue the case further in court to enable them to obtain long-term protection.

Setting Precedents

This move by the couple might set a precedent for anyone who wishes to profit from the rapidly growing cryptocurrency staking industry, which is currently estimated to be worth over $18 billion.

Still on the topic of crypto taxes, the Indian government could soon drop earlier plans to ban digital currencies in the country. Instead, the nation’s authorities moved to provide regulatory clarity on the cryptocurrency market with a 30% tax on such income.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:






Source

Tagged : / / / / / / / /

Entrepreneur First Partners With Tezos To Boost Web3 Startups

by CryptoPotato

Entrepreneur First, an international firm focused on investing in technology companies, is partnering with Tezos to launch a blockchain-focused platform to attract potential founders to Tezos’ web3 ecosystem.

Seeking Talented Web3 Developers

The new platform, dubbed Entrepreneur First Web3, is designed to attract potential blockchain innovators and DeFi app creators into the Tezos ecosystem. They will be able to share ideas with the community, collaborate with other DeFi app creators, apply for grants and investments to fund future projects, and more.

The platform will select the most talented and ambitious Web3 developers and integrate them into the Tezos Web3 ecosystem, providing them with technical training and guidance by experts from the community, besides financial support to develop their applications. Founders will also have full access to Entrepreneur First’s network of investors and mentors.

The firm said participants will have until the end of May 2022 to send their applications, selecting two cohorts of 40-50 founders who will participate in a six-month in-person program in London. They will seek a co-founder, develop a promising web3 project, and request grants to fund it after three and six months.

Entrepreneur First is a London-based investment firm that supports technology startups with over 3,000 alumni globally. The firm has worked with notable companies like Magic Pony Technology, Merkle Science, and Propine Capital. Talking about the partnership, EF CEO Matt Clifford said:

ADVERTISEMENT



Entrepreneur First was created to give founders a platform and community to find their co-founder, develop ideas and get customer traction, fast. This platform is ideal for founders who already have a clear conviction to build for a decentralized future, and want to do it as part of a tight-knit community of potential co-founders and collaborators.

Tezos Continues to Gain Ground in the DeFi Space

The Tezos token, XTZ, saw a small but positive 1% increase after the announcement. XTZ is currently trading at nearly $6, and its market capitalization is above $5 billion.

Despite a sluggish price for the XTZ token, Tezos has continued to seek new partnerships and integrations into its platform. On Oct. 20, the popular F1 team McLaren joined the NFT craze by launching its own NFT collection on the Tezos platform.

A month ago, CryptoPotato reported that the Arab Bank Switzerland enabled its institutional clients to stake, trade, and store XTZ. The institution sees Tezos and digital assets as a fundamental part of its mission to bridge “tradition and cutting-edge innovation.”

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.

You Might Also Like:






Source

Tagged : / / / / / /

Arab Bank Switzerland Enables Tezos Staking, Trading, and Storing as XTZ Charted New ATH

by CryptoPotato

Arab Bank Switzerland will enable its institutional clients to store, stake, and trade XTZ – the native cryptocurrency of the popular blockchain project Tezos. This announcement comes amid the token’s recent price surge, which led it to a new all-time high.

  • The press release seen by CryptoPotato reads that the banking organization, founded in 1962, has selected Tezos to develop a new set of “innovative and compliant” on-chain digital financial products.

  • The private bank will also allow its customers to stake, store, and trade the XTZ token on its institutional-grade platforms.


  • “Digital assets are a cornerstone of our strategy, requiring strong agility while complying with the highest security standards. Our mission is to bridge tradition and cutting-edge innovation. Tezos, with its scalability, high-quality governance, and staking possibilities, fits perfectly within our vision.” – commented Rani Jabban – Managing Director of the bank.

  • Tezos already has experience with working with large banks. Back in April this year, the protocol partnered with Societe Generale as the French institution wanted to employ the Tezos blockchain to issue its own security token.

  • Additionally, Tezos has cooperated with multiple Swiss-based organizations. The trio of Crypto Finance Group, InCore Bank, and Inacta recently picked it to enable asset tokenization.

  • The price of the native token has been on a roll lately as well. It had dropped below $4.5 on September 22nd but more than doubled its value and tapped a new all-time high above $9 yesterday.

  • As of now, it trades north of $8, and it has entered the top 30 largest cryptocurrencies by market capitalization.

XTZUSD. Source: TradingView
XTZUSD. Source: TradingView

SPECIAL OFFER (Sponsored)


Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:






Source

Tagged : / / / / / / / / /

Bitcoin Rejected at $49K After Charting a 4-Week High (Market Watch)

by CryptoPotato

After tapping a near one month high above $49,000, bitcoin retraced by over $1,000 and currently struggles below $48,000. Most alternative coins have also stalled today, with the apparent exception of Algorand, Tezos, and Axie Infinity.

Bitcoin Failed at $49K

Ever since the end of September, when BTC had dipped below $41,000, the price of the asset has been gradually increasing. Following a few hourly surges, it went above $43,000 and then reclaimed $47,000 in just a few days.

This led to tapping $48,000 on Saturday, where it stood for a while. Bitcoin retraced briefly on Sunday to $47,000, but the bulls regained control and sent it north again.

This time, BTC even exceeded $49,000 for the first time since early September. However, it failed to continue upwards, and the subsequent rejection led to a drop of more than $1,500.

As of now, bitcoin has recovered some ground but still stands below $48,000. Nevertheless, its market capitalization is just over $900 billion, and the dominance over the alternative coins sits at 42.5%.




Thanks for subscribing, you will get your first report in the next hours!


BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: XTZ Paints New Record

Most altcoins have performed similarly to their leader in the past few days. Ethereum had dropped all the way down to $2,900, but the market recovery drove it back to above $3,400 yesterday. A slight retracement in the past 24 hours, though, has pushed ETH below that level now.

Cardano is among the most substantial losers from the top 10 coins, with a 4% decline. As a result, ADA has dropped below $2.20. Binance Coin, Solana, Ripple, Polkadot, Dogecoin, Avalanche, and Uniswap are also well in the red on a daily scale.

There’re a few exceptions, though. Luna has increased by 4% to above $45. Algorand has spiked by nearly 15% and currently stands above $2.

As reported earlier, AXS reached a new all-time high after another massive double-digit surge. Tezos (XTZ) saw a record of its own hours ago above $9 after a 10% daily increase.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

After reaching a multi-week high above $2.150 trillion, the cryptocurrency market capitalization has also declined in a day by $50 billion.

SPECIAL OFFER (Sponsored)


Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




Cryptocurrency charts by TradingView.





Source

Tagged : / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /

Tezos risks correction below record high with XTZ rallying 250% since July

by Cointelegraph

A recent price boom in the Tezos (XTZ) market risks exhaustion as it triggers a classic bearish pattern.

Dubbed as Ascending Broadening Wedge, the pattern develops when the price oscillates between two upward but diverging trendlines. According to its creator Thomas Bulkowski, these Wedges tell less about buying exhaustion and more about sellers’ ambition to take control, i.e., buyers tend to lose dominance every time the price touches the upper trendline.

XTZ’s 250%-plus price rally from its July 2021 low of $2.08 has led to Ascending Broadening Wedge’s formation. On Monday, the cryptocurrency tested the structure’s upper trendline as resistance (around $7.5) to eye an extended upside move towards its previous record high of $8.76.

XTZ/USD daily price chart featuring Ascending Broadening Wedge. Source: TradingView.com

But the price corrected, confirming strong selling sentiment near the Wedge resistance. It now risks enlarging its correction towards the lower Wedge trendline (near $5), based on similar pullback moves spotted since July 2021.

As a general rule with Ascending Broadening Wedge patterns, the price should eventually break below the structure’s lower trendline and target th lowest point, i.e., around $2.38 in Tezos’s case.

XTZ/USD’s wedge target. Source: TradingView.com

Central charts note that almost 80% of the Ascending Broadening Wedge exits are bearish. Meanwhile, the price falls towards the bearish target six out of ten times.

Fundamentals disagree

Despite grappling with an eerie technical setup, ADA expects to retain its bullish bias based on Cardano’s proof-of-stake blockchain adoption.

Recently, American songwriter, rapper, and singer Doja Cat launched her nonfungible token (NFT) collection on OneOf, a digital art collectible marketplace running atop the Tezos blockchain. Her announcement coincided with a 42.65% upside move for ADA/USD during the September 9-10 trading session.

Doja Cat NFTs. Source: OneOf

NFTs have emerged as one of this year’s most trafficked trades, with OneOf’s top rival OpenSea reporting about $3.4 billion worth of volume in August.

Meanwhile, Ethereum hosts most NFT projects, but high transaction costs have become a point of concern. As a result, many new NFT projects have been choosing Ethereum’s cheaper alternatives.

For example, Solana’s native asset SOL surged up to 825% from its July 20 low, primarily because of the success of Degenerate Ape Academy, an NFT project, followed by Sam Bankman-Fried’s crypto exchange FTX’s decision to integrate Solana on their NFT platform.

A similar craze assisted in pushing the demand for XTZ tokens higher in the past seven days.

Related: Altcoin Roundup: High Ethereum fees kick-start a liquidity migration to layer-1 platforms

Last month, Tezos also received a boost from Europe-based banks Crypto Finance Group, InCore Bank, and Inacta. The firms announced that they would use the Tezos’ DAR-1 token standard to issue their native tokens. 

Additionally, InCore revealed its plans to launch of institutional-grade storage, staking, and trading services XTZ, raising prospects that wealthy investors would want to invest in the Tezos token in the near future.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.