Bitcoin price BELOW $20,000 – THIS is where BTC is reaching next

Is Bitcoin down? Where will Bitcoin price reach? In this Bitcoin price prediction article, we analyze the general crypto market and BTC.

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Bitcoin Taker Buy/Sell Volume Spikes Up As Price Experiences Volatility

On-chain data shows both the Bitcoin taker buy and taker sell volumes registered large spikes over the past day as the price goes through volatility. Bitcoin Taker Buy And Taker Sell Volumes Have Surged Up To High Values As pointed out by an analyst in a CryptoQuant post, both the BTC taker buy and taker sell volumes hit more than $1.8 billion yesterday. The “taker buy/sell volume” is an indicator that measures the Bitcoin long and short volumes on derivatives exchanges. The metric distinguishes between these two volumes based on whether the transaction occurs at the ask price (taker buy) or the bid price (taker sell). When these volumes are high, it means the exchanges are receiving a large amount of orders right now. This kind of trend usually leads to higher volatility in the price of the crypto. Related Reading: Bitcoin MVRV Ratio Is Back Below 1 As Average Holder Slips Into Loss On the other hand, low values suggest there is little activity in the market at the moment, which can result in a more stale price action for BTC. Now, here is a chart that shows the trend in the Bitcoin taker buy and taker sell volumes during the last couple of weeks: The values of the two metrics seem to have shown large spikes during the past day | Source: CryptoQuant As you can see in the above graph, the Bitcoin taker buy and taker seller volumes have seen  quite sharp increases recently. These spikes have come just after the Federal Reserve chairman Jerome Powell delivered an interest rate warning in a speech yesterday. Related Reading: What The Negative Bitcoin Funding Rates Say About Investor Outlook The taker buy volume took just an hour to reach $1.8 billion, while the taker sell volume rose even higher at around $1.92 billion. The value of Bitcoin observed a drop below the $20k level some time after this elevation in the market activity. Currently, it’s unclear whether this was it for the volatility or if the coin will continue to see more sharp price action in the near future. BTC Price At the time of writing, Bitcoin’s price floats around $19.8k, down 6% in the last seven days. Over the past month, the crypto has lost 6% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has sharply declined over the last twenty-four hours | Source: BTCUSD on TradingView After moving mostly sideways during the past week, Bitcoin seems to have broken out of the range today as the crypto has dipped below the $20k mark for the first time since the middle of July. Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Bitcoin Transactions COULD be Private, Ever Since It's Last Update - But NO EXCHANGES Are Implementing It...

Taproot, Bitcoin's most recent significant update, is more popular among wallets than among exchanges in the ecosystem.

This version included, among other things, privacy-oriented improvements, implying that legally regulated bitcoin (BTC) exchanges may not be greatly motivated to adopt it.

Taproot transactions, on the other hand, are supported by an increasing number of wallets, allowing users to receive or spend bitcoins. Taproot is used by 17 of the top 32 wallets for transferring or receiving bitcoins.

Exchanges Aren't Crazy About Taproot...

On the exchange side, Taproot's adoption isn't looking good, with one of the top 50 exchanges being a little-known P2P exchange (similar to localbitcoins) named Agoradesk.

Exchanges may be hesitant to accept bitcoin deposits sent to Taproot addresses because this feature of Bitcoin is known to promote user privacy while also preventing blockchain examination.

Why are exchanges avoiding it?

Because exchanges must comply with financial regulations in every nation where they operate, private transactions may put them in a position where they are asked to pass over information on a transaction, and do not have it.

What remains unclear is why some of these exchanges offer other privacy coins but not taproot for Bitcoin.

The best guess explanation I have for this is that privacy coins that have been listed for years don't upset enforcers nearly as much as converting Bitcoin from public to private, which may be viewed as a direct hostile move.

But It's Still Easily Accessible...

Find one of the many wallets that support taproot transactions for Bitcoin, and you'll just need to take the step of transferring your Bitcoin from an exchange, to your wallet, then sending it out. 

You should be keeping your BTC on a wallet you control anyway.

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Author: Justin Derbek
New York News Desk / Global Crypto Press
Breaking Crypto News

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California Introduces Bill to Accept Bitcoin for Taxes

California introduced a bill that allows people to pay for state services with crypto. Another initiative was launched to make ...

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Five Crypto Technical Analysts You Need To Follow

There’s a lot of crypto TA’s on Twitter but do you ever wonder who you should actually trust? Here we break down our top five. The crypto world seems to go by so quickly, its a 24 hour, seven days a week market that never takes a break. For investors and traders, it’s hard to […]

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NFL star's massive tax bill highlights problems with BTC salaries

Odell Beckham’s reported BTC salary tax debacle may provide a dire warning for anyone looking to get paid in crypto.

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Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think?

Bitcoin has made its own fair share of millionaires and with the recent bull rally, there is no doubt that this number went up drastically. This has led to a number of issues of investors who have made their money off the digital asset, the main one being taxes. A lot of these millionaires have begun to flee to places with less strict tax laws, as well as better weather conditions. Bitcoin Millionaires Flock To Puerto Rico A recent report from CNBC documents the movements of bitcoin millionaires towards Puerto Rico and its beautiful islands. The subject of the report, 36-year-old crypto entrepreneur and investor David Johnson, outlines why he moved himself and his entire family to the North American country. For the entrepreneur, the tropical paradise was a big push, as well as the tax breaks offered to those who spend at least 183 days on the island. Related Reading | Altcoins Are Encroaching On Bitcoin’s Dominance On Digital Payments Johnson also noted that the decision to move was also predicated on the fact that his friends had all moved to the same destination. The 36-year-old who lived in New York before the move said there weren’t any of his friends left in what is said to be one of the most expensive cities in the world as they had all moved to Puerto Rico. “That’s where all my friends are. I don’t have one friend left in New York, and maybe the pandemic accelerated this, but every single one of them has moved to Puerto Rico,” Johnson told CNBC. In addition to offering tax breaks to those who spend a significant amount on the island, residents are also allowed to retain their American passports. Locals Not Feeling The Love Puerto Rican locals are not exactly happy about seeing the move to the tropical paradise. This has less to do with the people coming in and more to do with the fact that the locals themselves do not qualify for the tax exemptions that these non-Puerto Ricans enjoy. Residents like Johnson who move in from other American states after making their millions with bitcoin and crypto do not have to pay capital gains on their earnings. However, Puerto Rican citizens are having to pay up to 15% long-term capital gains tax. Related Reading | American Rapper Lil Baby On Holding Bitcoin And Ethereum Over Fiat This disparity between locals and non-locals has obviously now been the source of tension between the two groups. These tax breaks which were meant to bring more jobs and investors into the region are now being utilized by residents who are trying to get out of paying capital gains tax. Additionally, the influx of new wealthy residents is causing property costs to surge. Diaz Fournier of Luxury Collection Real Estate told CNBC that the increased demand has led to prices not seen before. “I’ve been tracking the markets for several years, and I was not expecting this,” Fournier said. “You have properties in Dorado Beach that have been sold for more than $20 million.” BTC falls to $41K | Source: BTCUSD on TradingView.com Featured image from Wallpaper Flare, chart from TradingView.com

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Koinly Review: Cryptocurrency Tax Software for Automatic Tax Reports

Koinly is an online crypto tax platform that allows you to monitor all your crypto activities and generate regulatory compliant tax reports. Koinly allows you to integrate your wallets and keep track of activities including trading, mining, staking, lending, and airdrops and simplifies the process of recording all the ins and outs. Koinly can be [...]

The post Koinly Review: Cryptocurrency Tax Software for Automatic Tax Reports appeared first on Blockonomi.

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BearTax Review: Bitcoin & Cryptocurrency Tax Software With Automated Calculations

So, you’re a seasoned cryptocurrency investor that has placed hundreds, if not thousands of trades over the past 12 months. While this is likely to be a logistical nightmare for your tax reporting endeavors – this doesn’t matter, because cryptocurrency profits are not taxed, right? Wrong! On the contrary – while the specific tax treatment [...]

The post BearTax Review: Bitcoin & Cryptocurrency Tax Software With Automated Calculations appeared first on Blockonomi.

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Should This Backtest Hold, Bitcoin Could Be Looking At “Explosive Move” Says Tech Analyst

Bitcoin, and the rest of the market, have been floundering of late. Thought, the charts might be giving us something to hope for, according to TechDev. We might yet still see the resumption of a Bitcoin bull market…  Covered: Bitcoin Bull Market: Wen Blowoff Top? Similarities to 2019 Does This Mean The Bullrun Hasn’t Really […]

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Bitcoin:  Back Above Support After Strong Weekly Close

The Bitcoin price surged back above support mere hours before yesterday’s weekly close, but more milestones must be achieved to see Bullish Continuation. Covered: Back Above Support The Next Hurdle Potential Paths Forward Back Above Support After Friday’s big move down, things were looking pretty grim for our intrepid hero, Bitcoin.  It had fallen out […]

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Bitcoin Bullish Again, But Watch For This Key Pattern

Will Bitcoin be able to maintain bullish posture in the face of low volume? Covered: The Struggle Is Real We May Be Back Above Support, But… Bitcoin: The Struggle Is Real After yesterday’s massive sell-off and big red candle, Bitcoin has somehow managed to defy gravity and fight its way back above the lower support […]

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Bitcoin Crash: BTC Falls Almost 10%, But Finds Support At The 100 Day SMA

Bitcoin crash: BTC finds support at the 100 Day Simple Moving Average (SMA).  Will it continue to hold? Covered: What A Difference A Day Makes Bitcoin Finds Support At The 100 Day SMA If The Price Continues To Fall… Closing Thoughts Bitcoin Crash: What A Difference A Day Makes It seems like just yesterday (because […]

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When Do You Have To Pay Taxes On Crypto? All You Need To Know

Find out when do you have to pay taxes on crypto gains. Discover how do taxes on crypto vary from country to country? Crypto taxes in the USA, China, India, etc.

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Bitcoin Breakout? BTC Back Above Support After “W” Pattern Forms

Bitcoin breakout: Bitcoin has broken to the upside and pushed its way back above support.  But can it do it again? Covered: Give Me Some Dubbs A Double “W?” Potential Price Target Bitcoin Breakout: Give Me Some Dubbs Starting on the one hour chart, we find the Bitcoin has broken out of a “W” pattern […]

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All Quiet On The Bitcoin Front — BTC Price May Be Ready For A Big Move

BTC Price: Bitcoin has been very boring lately.  But is this the calm before the storm? Covered: All Quiet On The Bitcoin Front The Calm Before The Storm Something To Watch Out For All Quiet On The Bitcoin Front The past 24 hours have been rather uneventful for the Bitcoin (ticker symbol: BTC) Price.  BTC […]

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Bitcoin Clinging To Support — Watch For This Key Pattern

Bitcoin down: As Bitcoin continues to cling to life support, signs emerge that a top might be in. But, there are also signs of key support.  Covered: Head And Shoulders A Broken Neck Bitcoin Down But Not Out Hope Is Not Lost Bitcoin Down: Head And Shoulders With Bitcoin’s failed break above the 50 Day […]

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Volatile Bitcoin Always Full of Surprises

The past few hours have been filled with crazy whipsaw volatility for the Bitcoin price — I even had to trash an earlier draft of this article thanks to today’s wild price fluctuations. Which way is it headed next? Covered: The Ups and Downs Where Do We Go From Here? Volatile Bitcoin: The Ups and […]

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Crypto Mania Coming, Are You Ready To Get Rich?

Crypto Bitcoin mania is here and building, are you ready to get rich? ?? CELSIUS EARN 6.2% & $50 FREE BTC ?? https://cryptolark.co/CEL (Sign up via mobile app) Promo Code LARK or Referral Code 1825690ce9 ?? RECEIVE MY FREE INVESTMENT REPORT EVERY WEEK ?? https://cryptolark.co/WEALTHMASTERY 0:00 Today in Crypto 1:32 Most Important Chart 4:17 It’s […]

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Bitcoin Bouncing, But Not Out of The Woods Yet

Bitcoin is attempting to rally. Will it have the strength to smash through resistance? Covered: Bitcoin Gets The Bounce Cause For Concern The Bullish Case The Bearish Case Closing Thoughts Bitcoin Gets The Bounce Since the open of yesterday’s daily candle, the Bitcoin price plummeted down almost 9% into the $55k range, as the Crypto […]

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