Malta is Where Money Moves in Crypto; France Lowers Taxes on Crypto Assets

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by | 30th April 2018 | 0 comments

A Morgan Stanley research found that Malta is the real place where Cryptocurrencies move in terms of volume. The United Kingdom has the highest number of exchanges, but it accounts for 1% of volume.

It could be a taxation play, but Malta isn’t is in the top 20 of countries with more legally exchanges; but it is the place where cryptos flow, at least on paper. The reason is Binance, one of the most significant cryptocurrency exchanges.

By volume, Malta is followed by Belize, Seychelles, the United States and Korea. On the other hand, countries with more number of exchanges are lead by the United Kingdom; followed by Hong Kong, the United States, Singapore, and Turkey.

France to lower tax rate for crypto assets

More good news for the crypto assets market as France has decided to lower crypto assets tase rate from 45% to 19%.

In a decision of Le Conseil d’Etat French, the gains from the sale of cryptocurrencies will be taxed in a flat rate of 19% as capital gains are considered now as “movable property,” meaning that cryptos are goods that can be moved like cars, an aircraft or jewelry.

However, bitcoin mining gains are subject to the regular 45%.

Bitcoin is building up its floor at 9,000

BTC/USD Daily Chart - 30-04-18

After a period of consolidation, Bitcoin is currently trading over the 9,000 area against the US Dollar. BTC/USD seems to be ready to attack the 10,000 level.

The move comes from April 24 and 25 highs at the 9,765 area where the 200-day moving average lies. BTC/USD got a rejection at that level, and it declined to 8,650. Then, the crypto started to consolidate between the mentioned 8,650 and the 9,500 prices.

Above the mentioned 200-day MA at 9,800, the so-called 10,000 level will be tested. Next resistances will be the dynamic resistance at 11,200, and 11,800.

To the downside, bears have to wait for another failing at the 9,800 area to see BTC/USD falling below 8,600. Then, it will find supports at 7,800 and April’s lows at 6.600.

Ethereum to test the 710 again

ETH/USD Daily Chart - 30-04-18

The Ethereum unit seems to be ready to test the 710 level another time against the US Dollar as the ETH/USD has been trading at the top 690 area in the last three days with short-term indicators pointing to further gains.

If the crypto manages to break above the 710 resistance, traders will find next selling areas at January 17, February 22 and 23 lows at 800;  late February highs around 870; and the psychological 1,000.

To the downside, if the unit doesn’t break the 710 and get a rejection, next supports are the short-term dynamic support at 675, the 200-day moving average at 640, and the 600 area, where April 25 and 26 lows are.

Ripple remains flat; waiting for a catalyst

XRP/USD Daily Chart - 30-04-18

While the Ripple unit has been moving sideways between 0.8050 and 0.9050 in the last days, moving averages are making a significant movement at least in the chart.

After the crossing of the 20-days moving average above the 50-day MA on April 24, the 20-day MA is now ready to break above the 200-day MA, signaling a possible bullish movement in the short term. Also, the RSI is showing that selling levels are receding to a “more normal” number.

Remember that the 200-day MA level has supported the XRP/USD unit since April 19.

If the crypto manages to move higher against the US Dollar, the unit will find resistances at 0.9115, 0.9260, and 0.9660.

To the downside, a break below the mentioned 200-day MA at 0.7874 will open the doors to the 0.7200 area and then the 0.6400.

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