Weekly letter of most important stuff we’ve seen previous week in crypto world with personal comment Whole week major drivers We can observe the decrease in market volatility last days and looks like market bottomed. Sell pressure is about to be alleviated because U.S. tax season ends in less than two weeks. It appears that this year tax day is important for US crypto investors. The problem could be that some people reinvested last year gains and bought other cryptos in December or January 2018. These people thought they were fine because they could cash out their crypto to pay taxes when the time came. However, the price of dropped so all of a sudden, they had to sell at a loss to pay taxes. Sometimes they had to sell a lot more than planned. Also some people were surprised that trading crypto to crypto was taxable event. There were developments regarding Bitmain’s ASIC machines. Looks like Ethereum community would like to block possibility to mine Eth, but developers are not yet determined to do that. To see how much power already Bitmain have it’s worth to note that Monero hash rate dropped about 70% after last week fork. That means that Bitmain’s machines could already have 50–70% of Ethereum network hash rate. Lastly, there are DAPP’s announcements about going live soon. For example digix.global (DGD) project announced, that 2 years after ICO they manage to deliver their project. It’s possible now to buy 1 token which is backed by 1 gram of gold. It’s interesting to see how this will develop because this is . This way crypto economics should become more stable because it’s another way of allowing better price discovery for crypto coins and token. one of the first examples of tokenization of assets Price action It was a stable week for prices, but we could observe Bitcoin lowest price since February 2018 at about 6600 USD. Looks like this is the current main resistance and we should see higher levels next weeks. Weekly crypto performance — 2–9 April 2018 (by coin360.io) Market capitalization bottomed last week at about 257 billion dollars. It’s also crucial resistance level at this moment for the whole market and this level must be held if we want to see gains in near future. Weekly crypto market capitalization— 2–9 April 2018 (by coinmarketcap.com) Major crypto events in week 2–9th April 2018 The Polish government’s announced official stance regarding cryptocurrency taxation. Some people, who trade cryptocurrencies, may have to pay more than 100% in taxes. This can be a problem especially for young people. This can also force crypto business to move business outside Poland. Poland tries to introduce horrible crypto tax rules The Spanish and Polish tax authorities have sent requests for information to crypto exchanges and crypto trading companies. Agencies are looking for detailed information about transactions and parties involved in trading. Spanish and Polish authorities are looking for crypto users’ data According to Bloomberg, one of the managers at Soros’ family investment office, Soros Fund Management, has been given a green light to trade digital currency in the last few months. Also, Venrock, the official venture capital arm of the Rockefeller family, has partnered with crypto investment group Coinfund to support cryptocurrency and Blockchain business innovation. George Soros and Rockefeller family looks into crypto trading India joined the group of countries blocking development of cryptocurrencies. The Reserve Bank of India (RBI) announced, with an immediate effect, a ban for cooperation with companies dealing in cryptocurrency trading. The central bank announced that its goal is “consumer protection, market integrity, and money laundering”.On the other hand, next day National Bank Of India announced that it still working and researching Central Bank Digital Currency. Reserve Bank of India announced blocking Thank you for reading the whole story! Our next “What changed in crypto” letter is due on April 16th, 2018 Visit our , follow us on and and share this story. This really helps us. website Twitter Facebook
