Bitcoin tumbled to an 11-month low, now sitting just below $30,000
The world’s largest crypto is now trading at the bottom of a year-long price range.
Bitcoin is down by 6 per cent over the past 24 hours.
The cryptocurrency could find support between $27 thousand and $30 thousand dollars.
Although according to coindesk, negative momentum signals point to additional breakdowns.
The relative strength index on the daily chart is deeply oversold, similar to what occurred earlier this year and may of last year.
Analysts still predict a downtrend, as oversold conditions can persist for a few weeks before an upswing in price occurs.
The drop came after data showed U.S. consumer prices rose by more than forecast in April, indicating inflation will persist at elevated levels for longer.
The data point also suggests the Federal Reserve will stay on its path of aggressive interest-rate hikes.
Robinhood launches second crypto wallet
A little over a month after Robinhood released its first crypto wallet, the company says it’s already working on a second
Robinhood’s new wallet will give users sole custody over the keys needed to control their money on the blockchain.
It means users won’t depend on Robinhood if the system fails.
But there are some risks of losing the funds altogether, especially if they lose their private key.
The company says the wallet will be offered as a standalone app and says it will have an accessible and simple design.
Crypto has quickly become part of Robinhood’s business strategy.
The company recently said Bitcoin was the number one recurring asset its users have been buying this year.
MiamiCoin lost 88 per cent of its value in less than a year
MiamiCoin crypto lost 88 percent of its value in less than a year
The CityCoin initiative requires miners to gain tokens on the Stacks Blockchain to then be used to bid for Miami-Coin
Allegedly the winning bidder receives 70 per cent of their investment in MiamiCoin, while the U.S. city receives the other 30 per cent in tokens.
The coin has enjoyed the support of the city’s Mayor Francis X. Suarez, who once said it could lead to a government running the city without citizens paying taxes.
When the project first launched, it was projected to succeed as the city’s mayor received a grant for over $5 million.
This is a historic moment for our city to collaborate with an innovative project that creates resources for our city through innovation not taxation.
— Mayor Francis Suarez (@FrancisSuarez) February 2, 2022
“I don’t know whether it’s going to work,” he says as the coin’s value dropped to around four-tenths of a cent.
Now it sits at $0.0044, down more than 88 per cent as reported by OkCoin–the only exchange that supports trading for the coin.
In November, the Mayor of New York City, Eric Adams also offered to take three paychecks in Bitcoin.
He also launched the N.Y.C. Coin project, which has already shed around 98 per cent of its value.
Amanda Gunn contributed to this post.
When Crypto could come under a major tax crunch
Cryptocurrencies may soon be subject to taxation requirements in Portugal following recent comments made in the nation’s parliament
The Portuguese Minister of Finance says the move would be in line with many other countries who already have such regulations in place.
Portugal was previously considered a tax haven for crypto investors, with the nation boasting an effective capital gains rate of zero.
Experts are now convinced the government will move forward with the taxation changes, and believe the new policy will include a capital gains tax.
It remains unclear how the practices of staking or yield farming will be affected.
It follows the Australian government warning investors need to report capital gains and losses on crypto each year.
The UK and the U.S. have also recently introduced similar tax requirements for digital currencies.
Cody Simpson eyes off Commonwealth Games spot
Authorities find drug-smuggler’s tunnel under the U.S. and Mexico border
Finland and Sweden submit applications to join NATO
What is happening between SHIB and Vitalik? | TICKER VIEWS
Move over Dogecoin, SHIB coin is here
Russia has cancelled itself. But the world should beware of poking the Russian bear￼
Trending on Ticker
Business3 days ago
Barbie introduces new dolls with hearing aids and skin condition
Crypto3 days ago
Tax offices to crack down on cryptocurrency
Crypto3 days ago
Is crypto finally recovering?
Media3 days ago
How Eurovision was targeted by pro-Russian hackers
World3 days ago
Deadly shooting at California Church marks grim mass shooting milestone
World2 days ago
Russia’s “grave concerns” over Finland, Sweden NATO ambitions
Tech2 days ago
Apple users frustrated at company’s new policy
Sport3 days ago
Rugby World Cup player arrested