Tom Lee Holds to $25,000 Bitcoin Price Prediction, Cites Three Supporting Factors

Co-founder and Fundstrat strategist Tom Lee is holding to his prediction that Bitcoin (BTC) will reach $25,000, CNBC reports May 23. Lee identifies three key factors that make him believe the price will surge past the 2017 high. On Wednesday, BTC dropped below $8,000 and traded around $7,500, losing most of the gains it made from mid-April to early May. With Wednesday’s plunge, BTC is now down 41 percent this year. Lee believes the drop is only due to “typical crypto volatility”, and explains his bullish stance with three major…

India’s Tax on Cryptocurrency | What are the Main Points of the Proposal?

India’s Tax on Cryptocurrency: Bloomberg announced yesterday that India may soon impose an 18% GST on cryptocurrency transactions despite the country’s legal ambiguity. At present, the Intermediate Indirect Tax and Customs Committee are reviewing the proposal and submit it to the GST Council after completion. As mentioned above, digital assets can be categorized as “intangible goods” just like other software systems, and the agency added that separate laws will be introduced to deal with the use of cryptocurrencies for criminal activities. According to informed sources, the income tax department has realized the importance…

Bank of America Adds to Growing List of Blockchain Patents

Join our community of 10 000 traders on Hacked.com for just $39 per month. Blockchain is finding more implementation in the mainstream and Bank of America (BoA) is at the forefront of a group of legacy companies that are using Distributed Ledger Technology (DLT) to validate the veracity of information and those using it. A Security-inclined Blockchain Recently, the bank won another blockchain patent, adding to its growing list of patents in the emerging technology. This recent patent, whose inventors are identified as Kurian and Manu Jacob,is described in abstract…

Coinbase Is Rebranding Its Crypto Exchange Service

Coinbase announced Wednesday that it is launching a new version of its GDAX platform called Coinbase Pro and acquiring crypto trading relay platform Paradex. The new platform seeks to “make the trading experience easier and more intuitive,” according to the startup. Other features include a new chart system which provides streamlined access to historical data and a consolidated portfolio view. Beyond simply trading assets, Coinbase Pro aims to provide a host of new features for investors, according to the release, which reads: “Our vision is to give customers the ability…

Crypto Investment | A Consideration For US Department of Defence

Bloomberg reported on May 22 that recognizing Bitcoin as a form of foreign currency may have an impact on the decision of the US Department of Defense (DoD) to recruit new employees. The Pentagon’s biggest concern is whether an investment in cryptocurrency indicates criminal intent or the tendency to increase dangerous personal behavior. This may adversely affect the personal image of a job seeker during security checks that the Defense Department conducts. >>Crypto Superheroes: Blockchain & Cryptocurrency Heroes Using Their Superpowers for Good At present, the U.S. Department of Defense…

Federal Reserve President Neel Kashkari On Crypto

Minneapolis Federal Reserve President Neel Kashkari has loudly discarded the cryptocurrency market’s potential to survive long-term, saying it has become a “farce” due to unregulated chaos and escalating fraud.   Cryptocurrency market has been in the state of freefall over the last two weeks potentially die to experts bashing the markets.  Bitcoin price (BTC) plunged below the $8,000 level today while altcoins have also lost the gains they generated earlier this month. The Minneapolis Federal Reserve President, however, expects the market crash to intensify in the days to come. Source Image: coinmarketcap.com…

India Cryptocurrency Tax Proposal | Tax Would Be 18% Under GST

India Cryptocurrency Tax Proposal: India has proposed a crypto tax in the form of GST or the Goods and Services Tax. A proposal was created to implement an 18% GST on cryptocurrencies. India Cryptocurrency Tax Proposal Annonymous sources told Bloomberg that the India cryptocurrency tax proposal would consider cryptocurrencies as goods and, thus, taxable. Those who are “facilitating transactions like supply, transfer, storage, accounting, among others, will be treated as services” and so will also receive the 18% crypto tax. Miners, wallet providers, and exchanges will all be considered taxable under…

The Marshall Islands | Issues its Own Legal Tender Cryptocurrency

The Government of the Marshall Islands is becoming a world reference in the adoption of cryptocurrency thanks to the official promulgation of the Declaration And Issuance Of The Sovereign Currency Act. A legal tender cryptocurrency that could change the current situation regarding the valuation of cryptocurrencies. According to information revealed by Ran Neuner, Host of Crypto Trader, a show broadcasted by CNBC Africa, the document was signed on March 1, 2018, as a final step in a series of efforts made by the country to migrate to cryptos, mitigating its…

Major Japanese Fintech Company Reveals Plans to Launch Crypto Exchange This Year

Money Forward Inc., the operator of one of Japan’s most popular personal budgeting apps, has announced its plans to launch a crypto asset exchange this year, in a company press release Wednesday, May 23. A new subsidiary, MF Financial Co., Ltd., that launched today will be devoted to the company’s new crypto exchange project, and will be headed by a member of Money Forward’s Blockchain and Virtual Currency Laboratory. The press release outlines MF’s plans to first launch a crypto media platform by summer 2018, followed by a crypto asset…

Gang Kidnaps 13 Year Old Boy, Demands Ransom of 15 Bitcoins

The kidnappers of a 13-year-old boy in South Africa have demanded a ransom of 15 bitcoins (BTC) – around $120,000 – for his release, The Guardian reported Tuesday, May 22. Local police stated that on Sunday, May 20, three gang members pulled up in a car near to where the teenager, Kathlego Marite, was playing with two friends close to his home in the town of Witbank. Witnesses said the men dragged him into the vehicle, leaving their ransom note at the scene. The “non-negotiable” note reportedly threatens to kill…