Bitcoin investors this year were repeatedly disappointed. Many have a question, is there any bitcoin news for October that testifies to the likelihood of the “bulls race”? This probability is confirmed by a whole set of factors. In January 2017, the cost of cryptocurrency was about $1,000. Observers and experts gave predictions that the cryptocurrency would have been added in weight to 3-4 thousand dollars by the end of the year. But the situation was such that bitcoin costed about 20 thousand dollars by the end of 2017.
Bitcoin news prices told about the driving force behind such growth. Such were the retail investors, excited by the increasing hype. They were in a hurry to be part of the cryptocurrency express too. As is customary in the financial world, everything that once grew runs the risk of significantly falling. Earlier, a bitcoin correction of 90% has already occurred and the story repeated again.
At that time, the latest Bitcoin news told about significant growth, and this attracted an increasing number of investors. As a result, they were waiting for a huge disappointment. Those of them that entered the market at the maximum levels, in February of the current year, observed how the currency falls to the mark of 5800 dollars. Since then, there have been many attempts to restore the previous level of value. They were unsuccessful. Cryptocurrency had a lot of opportunities to grow in March, April, May, July and September, when instead there was a drop in value. Gradually, many retail investors no longer hope, but simply despaired, their patience ended, and they began to leave the game with significant losses.
Bitcoin today’s news show that the situation may well change. The current month is saturated with many positive factors for cryptocurrency. The likelihood of rising prices to the top marks Increases. Analysts are convinced: the bottom of the cryptocurrency passed. If we proceed from the position of technical analysis, the price has been consolidated within the long-term downward triangle.
The American Stock Exchange and Securities Commission continue to reject all applications for ETF Bitcoin. The difference is that the regulator now wants to see public opinion on the totality of the presented cryptoproducts. The growing interest on the part of institutional investors is quite capable of becoming a factor in the SEC's decision review. The commission appointed a deadline for reviewing comments for October 26th.
It is expected that at the expense of Bitcoin ETF will open doors for the infusion of institutional investments. This will be a significant impetus for the influx of bulls into the market. Last year brought a similar effect after the announcement of the launch of bitcoin futures on CME and Cboe. It was the reason for the rapid rally.
There is a factor influencing the price of bitcoin, as the seasonality of the market. For bitcoin, the period September - December has been the most successful for several years. In past years, the cryptocurrency has repeatedly demonstrated rapid growth.
The cost of bitcoin has repeatedly confirmed that it can go on an exponential path, and this happens in a few days or weeks. There is no need for longer periods. To date, the news background and indicator serve as evidence of the likelihood of a breakthrough in October. The significant moment concerns not frequent coincidence of forecasts with reality.
Bitcoin trading news is often replete with information that the system encounters certain problems and troubles. As one of the most pronounced obstacles of recent times was the uncertainty of the official status of the tax authorities. It is just missing.
European sales tax is a value added tax (VAT). The requirement to pay VAT on Bitcoin will mean that the system is officially recognized. At the same time, the collection of tax can destroy its essence.
The latest Bitcoin news today told that in Germany at the legislative level, cryptocurrency was recognized by personal means. This was the cause of great joy among fans of the platform, as this law was the first for a European country. Bitcoin began to adjust accordingly to certain standards. The situation with Bitcoin taxes in the country remains tense. The capital gains tax is not removed from the cryptocurrency based on the results of the year of ownership; however, it is not mentioned anywhere from the sales tax. The presence of Germany in the European Economic Area makes the practice of taxation in the country interesting for everyone, since it can be transferred to the European Union as a whole.
If Bitcoin will have the status of the official currency, the further use of tax law can cause a decrease in the demand for cryptocurrency, since the benefits of transfers will disappear. The use of such laws significantly complicates the situation around bitcoin, bringing new problems to the circulation of cryptocurrencies.
In the UK, bitcoin news tells us that companies are required to register as VAT payers when a turnover of 79 thousand euros per year is reached. Bitcoin merchants stepped over this barrier. It is important to determine whether bitcoin is considered a material gain or currency. Otherwise, we can talk about the illegality of the activities of entrepreneurs at the moment.
In the news about bitcoin and gold, it was said that the UK Tax and Customs Services began officially classify this cryptocurrency in the form of a voucher. As a result, transactions must be subject to VAT.
A markup of 20% will make the use of the payment system unprofitable. The main advantage of bitcoin is a small commission for use.
Experts speak about the inappropriateness of the classification of bitcoin in the form of a voucher, since it is not manufactured and does not have any value. In addition, it can be used as a payment for an extensive list of services and products. British traders have already started receiving notifications from the tax authorities about the need to pay VAT on transactions with cryptocurrency. Now the situation is carefully analyzed. Experts hope that the classification problem will be solved.
Now the bitcoin system has received certain obligations to the treasury. Their compliance is closely monitored. This is one of the steps to get bitcoin official status in the UK. This contribution is the first from the state to the business.
The UK customs and tax authorities explained that foreign exchange transactions are not subject to VAT if the currency has an official status. Bitcoin is not involved. Representatives of tax authorities are open for dialogue and consideration of proposals on alternative ways to pay VAT. An important requirement is strict compliance with all rules of the tax code.