Summary:

  • The US Securities and Exchange Commission (SEC) looks into the cryptocurrency market, according to the Wall Street Journal
  • Germany moves away from taxing Bitcoin users for using the cryptocurrency in transactions
  • Alibaba reportedly mulls over adopting blockchain technology in its cross-border supply chain

Bitcoin’s price action has been outstandingly calm lately, and despite a bullish candlestick drawn several days ago the price has been unable to break above a crucial $11k resistance. Meanwhile, according to information obtained by the Wall Street Journal the US Securities and Exchange Commission (SEC) is reportedly looking into the cryptocurrency market especially into the structuring of initial coin offerings, which are much less regulated compared to public offerings. Even as no further details have been revealed thus far, it increases risks that the US watchdog will want to implement stricter controls on ICOs and therefore it does not sound well for Bitcoin as well as other coins alike.

link do file download linkBitcoin has just bounced off its relevant support area and it seems to be in a good position to continue rising. The first obstacle can be found nearby $11k, if the price breaks this level it could pave the way for $11750. Source: xStation5

While some countries are keenly looking at the idea of taxing crypto transactions Germany appears to have a different approach. According to the guidance published by the Ministry of Finance the country will not tax Bitcoin users for using the digital currency as a means of payment. This is the completely different point of view compared to the US where the Internal Revenue Services (IRS) treats Bitcoin as property, hence when someone there decides to buy something using the virtual currency a transaction is subject to taxation. Instead Germany is going to regard Bitcoin as the equivalent to legal tender. Moreover, as per the EU ruling converting cryptocurrencies to fiat currencies and the other way around is classified as a supply of services and therefore parties taking part in a process will not be taxed.

link do file download linkLitecoin is testing a pivotal trend line which needs to be broken if sellers want to push the price yet lower. However, when it does not happen an uptrend resumption toward $235 may be on the cards. Source: xStation5

According to revelations published by the Chinese news agency Xinhua Alibaba’s T-Mall e-commerce platform is purportedly adopting blockchain technology in its cross-border supply chain via a partnership with logistics company Cainiao. The partnership is to move information on goods for import and export onto blockchain which then can track their country of origin, shipping ports and so on. Alibaba in the Chinese e-commerce company having a chunk in the market share and the rising count of active online consumers.

link do file download linkThe number of active online consumers in millions. Source: statista.com