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Cryptoassets – can you tax it? Yes, you can.

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For many years, independent financial advisers and accountants have been helping people up and down the country invest for their futures.

And alongside the millions of pounds that are funnelled into funds, ISAs and share accounts each month, IFAs and accountants also help their clients negotiate the thorny issue of tax – or keeping it in check.

While they might be able to advise on where to put your pension, there is one thing this group may be a little late to the party on: cryptoassets. The IFA world is still very paper-based while their customers are increasingly digital natives.

A recent survey by eToro found 26% of investors who were taking advice from IFAs advisers, either currently or previously held cryptoassets in some form. Additionally, more than three in five IFAs said they had been asked about investing in cryptoassets by their clients.

Clearly there is a demand for bitcoin, litecoin and all the others, and if IFAs and accountants want to keep giving their clients what they want, they will have to get up to speed. There is quite a bit for them to learn if they want to keep the “trusted adviser” status – and the first thing to read up on is tax.

Tax is an extremely important consideration when investing in cryptos – and getting it wrong this end of the stick could be a costly mistake. Selling, exchanging or using cryptos as payment is all considered by Her Majesty’s Revenue & Customs (HMRC) as a disposal.

Advisers need to know (and tell their clients) that no matter the reason for buying cryptos – for investment or just to pay for something – when they action a disposal, any gains are likely to be hit with capital gains tax (CGT). And it is up to the investor to notify the tax office to pay it.

The good news is there are ways to offset this tax – HMRC lets crypto investors deduct what they call allowable costs from any gains or losses made on disposals and these cover a wide range of expenses.

However, if HMRC think you have been making trades using cryptos you may be liable for income or corporation tax. Equally, if someone gives you cryptoassets as a gift, it’s wise to get advice on whether you are liable for duties there too.

The main point for crypto investors and their IFAs  and accountants to realise is that regulation seems to be changing all the time and ignorance of the rules is no defence – at least to HMRC.

Want to learn more? Read our report Cryptoassets uncovered which explores the tax treatment of cryptoassets.

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TRON Price Prediction Today: Daily (TRX) Value Forecast – May 20

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Tron-Surpasses-1-Billion-In-Trading-Volume-Reaching-New-Highs-In-Over-12-Months

Tron-Surpasses-1-Billion-In-Trading-Volume-Reaching-New-Highs-In-Over-12-Months

  • The short and medium-term outlook is in a bearish trend.
  • Traders may consider selling at key areas.

TRX/USD Medium-term Trend: Bearish

• Supply zones: $0.04000, $0.05000, $0.06000
• Demand zones: $0.01000, $0.00900, $0.00800

TRON is in a bearish trend in its medium-term outlook. After bullish exhaustion at $0.03319 in the supply area, the bears took control of the market. The cryptocurrency is in an ascending channel a correction pattern for downward price continuation.

The bulls manage a push to $0.02880 as the high of yesterday market before exhaustion and the bears stage a return.

The bearish 4-hour opening candle at $0.02830 sustained the bearish momentum with the cryptocurrency down at $0.02703 in the demand area.

The stochastic oscillator signal points down at 47% while price is between the two EMAs. These suggest downward momentum with more candle opened and closed below the two EMAs due to increased pressure by the bears.

$0.02655 in the lower line of the channel and a subsequent break may occur in the medium-term.

TRX/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in its short-term outlook. The double-top10 formation at $0.02870 in the supply area favour the bears in the short-term. Confirmation to the downward movement occurred at the bread of the two EMAs by the large bearish candle at$0.02830.

TRXUSD is currently down at $0.02697 in the demand area with $0.02550 in the demand area is the initial bears’ target. This was confirmed by the signal of the stochastic pointing down at % in the oversold region coupled with price below the two EMAs.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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Game Changer for Bitcoin? VanEck ETF Decision Tomorrow –  All You Need to Know

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One of the events the entire cryptocurrency community has its sights turned to is the VanEck/SolidX Bitcoin ETF proposal. It was published in the Federal Register back on February 20th, giving the SEC a legal timeframe of 90 days to make a further decision. This means that the Commission must come up with a decision tomorrow, May 21st.

May 21st – An Important Date for Bitcoin

The saga around VanEck/SolidX Bitcoin ETF proposal has been going on for quite a while now. Last year, their application was withdrawn after being delayed on multiple occasions by the US Securities and Exchange Commission (SEC). However, shortly after that, the application was submitted again, reigniting hope among those who believe that a Bitcoin ETF would catalyze a further increase in the price of the cryptocurrency, as well as further adoption.

The new application was filed with the Federal Register on February 20th, giving the SEC a binding term of 90 days to come up with a decision to approve, deny, or delay it. Interestingly enough, another Bitcoin ETF application was also filed with the Register on February 15th – that of Bitwise. The SEC delayed its decision on the latter, while even deciding to use the full 90 days term to make up its mind on the application of VanEck and SolidX. This is why May 21st is an important date to expect.

According to famous legal expert among the cryptocurrency community, Jake Chervinsky, however, the chances of a delay or denial are much higher than the chances of approval.

He bases his merit on the fact that the SEC is unlikely to approve the first-ever Bitcoin ETF without taking the full 240 days period that it legally can. Moreover, he also finds it rather unusual that the Commission didn’t delay the VanEck Bitcoin ETF together with that of Bitwise.

The lawyer also cited some of the reasons for the delay of the application of Bitwise, which include:

  • The nature of the market for Bitcoin
  • The efficiency of that market
  • The susceptibility of that market to manipulation
  • How the market is similar to markets for other commodities
  • Reports that a large percentage of reported volume is fake

Chervinsky pointed out that if VanEck has any chance of approval, then the SEC “would need to delay & aks all these same questions to them as well.”

What Does This Mean For Bitcoin?

While it’s anyone’s guess how a potential approval of a Bitcoin ETF would impact Bitcoin’s price and whether it would surge, the majority of the cryptocurrency community is undoubtedly sure of it.

According to Josh Roger, a well-known cryptocurrency trader and investor, the different scenarios will have different impacts on the price.

The upcoming VanEck ETF decision could certainly have a serious impact on BTC price.

Denial = Pull back the current price regardless of how good it looked this weekend.

Approval = push the price to new yearly high and create mass FOMO buying.

Delay = Expected & likely little change.

Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.


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Game Changer for Bitcoin? VanEck ETF Decision Tomorrow –  All You Need to Know

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One of the events the entire cryptocurrency community has its sights turned to is the VanEck/SolidX Bitcoin ETF proposal. It was published in the Federal Register back on February 20th, giving the SEC a legal timeframe of 90 days to make a further decision. This means that the Commission must come up with a decision tomorrow, May 21st.

May 21st – An Important Date for Bitcoin

The saga around VanEck/SolidX Bitcoin ETF proposal has been going on for quite a while now. Last year, their application was withdrawn after being delayed on multiple occasions by the US Securities and Exchange Commission (SEC). However, shortly after that, the application was submitted again, reigniting hope among those who believe that a Bitcoin ETF would catalyze a further increase in the price of the cryptocurrency, as well as further adoption.

The new application was filed with the Federal Register on February 20th, giving the SEC a binding term of 90 days to come up with a decision to approve, deny, or delay it. Interestingly enough, another Bitcoin ETF application was also filed with the Register on February 15th – that of Bitwise. The SEC delayed its decision on the latter, while even deciding to use the full 90 days term to make up its mind on the application of VanEck and SolidX. This is why May 21st is an important date to expect.

According to famous legal expert among the cryptocurrency community, Jake Chervinsky, however, the chances of a delay or denial are much higher than the chances of approval.

He bases his merit on the fact that the SEC is unlikely to approve the first-ever Bitcoin ETF without taking the full 240 days period that it legally can. Moreover, he also finds it rather unusual that the Commission didn’t delay the VanEck Bitcoin ETF together with that of Bitwise.

The lawyer also cited some of the reasons for the delay of the application of Bitwise, which include:

  • The nature of the market for Bitcoin
  • The efficiency of that market
  • The susceptibility of that market to manipulation
  • How the market is similar to markets for other commodities
  • Reports that a large percentage of reported volume is fake

Chervinsky pointed out that if VanEck has any chance of approval, then the SEC “would need to delay & aks all these same questions to them as well.”

What Does This Mean For Bitcoin?

While it’s anyone’s guess how a potential approval of a Bitcoin ETF would impact Bitcoin’s price and whether it would surge, the majority of the cryptocurrency community is undoubtedly sure of it.

According to Josh Roger, a well-known cryptocurrency trader and investor, the different scenarios will have different impacts on the price.

The upcoming VanEck ETF decision could certainly have a serious impact on BTC price.

Denial = Pull back the current price regardless of how good it looked this weekend.

Approval = push the price to new yearly high and create mass FOMO buying.

Delay = Expected & likely little change.

Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.


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PSA: Bitconnect ‘2.0’ Triggers Countdown to Resurrect Greatest Crypto Ponzi Ever

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By CCN: In 2016 a cryptocurrency project named BitConnect came along offering 1% daily compounded interest for those who purchased and staked its token.

When the BitConnect (BCC) bubble inevitably burst, the owners, as expected, made off everyone’s money. The BCC token price sunk by 99.9%, and a previously $2.5 billion valued project became worthless.

Now, the greatest scam ever sold is back. Enter BitConnect 2.0.

Hey, Hey, Hey: BitConnect 2.0 Arrives for a Second Bite at the Cherry

A website and Twitter profile advertising the arrival of BitConnect 2.0 appeared in the last few days. The website shows a countdown to the rebirth of one of the worst cryptocurrency scams of all time.

Bitconnect countdown

The Twitter profile contains just two posts – one is a link to the new website; and the other is a Binance referral link with the directive ‘Buy Now’.

Of course, there are no BitConnect tokens (either 1.0 or 2.0) hosted on Binance. If we take a look at the domain registrar details for the new website – BitConnect.io – we see some strange peculiarities.

Despite the Twitter post promising a July 1st launch, the website’s domain name is set to expire two weeks before that date. The domain, which differs slightly from the original BitConnect.co website, was registered in 2017.

bitconnect domain

Scamception: A Scam Inside a Scam

All of this adds up to what looks like a scam inside a scam. Assuming the site domain isn’t renewed before the expiration on June 19th, then perhaps what we have here isn’t BitConnect 2.0 at all.

Rather, it appears someone with an old domain name is attempting to squeeze as much money out of their Binance referral link as possible before the site expires. The Twitter profile shows almost 1,000 followers already, despite the first post not appearing until one day ago. However, the new website is also registered in the same geographic location as the original – Panama.

One person who was able to see the funny side of the BitConnect revival was former BCC front-man, Carlos Matos. Famous for his exuberant and dramatic on-stage sale pitch, Matos continues to post memes about the BitConnect saga. Recently he revived his infamous ‘Hey, Hey, Hey…’ slogan to comment on BitConnect 2.0; which he apparently has no part in.

[embedded content] [embedded content]

Matos even posted this meme expressing a skeptical take on the project’s revival.

bitconnect grand theft auto meme

Too Late for Skepticism

Ultimately, the same skepticism would have been useful several years ago, before gullible investors were taken for all they had. From the ICO price of $0.17, the value of BCC tokens shot up to $509.99 in one year – marking ridiculous gains of 299,894%.

bitconnect charts

Of course, those gains were never cashed out. When the exit scam hit in January 2018, the value of BCC dropped like a stone. Data for the token price continued to be tracked up until August 2018, when it held a value of just $0.263786, before being removed from all exchanges.

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EOS Price Prediction Today: Daily (EOS) Value Forecast – May 20

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  • On the upside, if the price is sustained above the EMAs, the bulls are likely to retest or break the $6.60 and $6.80 resistance levels.
  • However, if the bulls fail to break the resistance levels, the crypto’s price is likely to fall back to the range bound zone.

EOS/USD Medium-term Trend: Ranging

  • Resistance levels: $ 6.80, $7.0, $7.20.
  • Support levels: $6.20, $6, $5.80.

Last week the price of EOS was in a bullish trend. On May 16, the crypto’s price tested a high of $6.80 and was resisted. The market fell and was in a downward correction to the support level at $5.80 price level. On May 19, the crypto’s price was in a bullish move but was resisted at the $6.60 price level. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.

On the upside, if the price is sustained above the EMAs, the bulls are likely to retest or break the $6.50 and $6.80 resistance levels. However, if the bulls fail to break the resistance levels, the crypto’s price is likely to fall back to the range bound zone. Meanwhile, the market is at the overbought region of the daily stochastic but below the 80% which indicates that price is in a bearish momentum and a sell signal.

EOS/USD Short-term Trend: Ranging

On the 1-hour chart, the price of EOS is in a bearish trend zone. On May 19, the crypto’s price reached a high of $6.52 but was resisted. The crypto’s price fell and was in a downward correction. The bears have broken the 0.236, 0382 and the 0.50 Fib. retracement levels.

The price is in a downtrend zone but the 0.618 retracement level is likely to hold. In other words, the price may fall to the $6.19 price level. Meanwhile, the market has reached the oversold region of the daily stochastic but below the 40% range. This indicates that the price of EOS is in a bearish momentum and sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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