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  • 18 Oct 2023

Bitcoin to ether shift going unnoticed with ‘bear market ptsd’ — trader

A crypto analyst says the altcoin season “we are all craving for” now hinges on ether doing better and showing strength. 1827 total views 12 total shares listen to article 4:41 bitcoin to ether shift going unnoticed with ‘bear market ptsd’ — trader markets news cointelegraph in your social feed follow our subscribe on crypto market interest is slowly moving from bitcoin btc $104,776 to ether eth $2,529 , but most investors are unlikely to notice this due to fear of past market downturns, a crypto analyst says. “the markets aren’t entirely bitcoin focused; as a matter of fact, it is shifting toward ethereum,” said mn trading capital founder michaël van de poppe in a market update on wednesday. van de poppe cited recent documents from popular bitcoin onchain analyst willy woo, who argued that the crypto market is entering a state of “ethereum.” crypto investors are stuck in a “markets are bad” mindset “i like the statement,” van de poppe said, agreeing with it. however, he said the first stages of this shift are probably going unnoticed as “everybody is still stuck in the fact that the markets are bad.” “the first signs of that is that we are currently seeing that the returns of ethereum are better.” “the reason for the fact we are seeing an ethereum shift, or an ethereum market is that the macroeconomic tables are shifting as the dollar is becoming weaker and the business cycle starts to go up,” he said. at the time of publication, ether is up 71% since reaching its april year-to-date low of $1,472, according to coinmarketcap data. cryptocurrencies, markets ether is down 1.54% over the past 30 days. source: coinmarketcap advertisement start your crypto journey with coinbase! join millions worldwide who trust coinbase to invest, spend, save, and earn crypto securely. buy bitcoin, ethereum, and more with ease! ad however, it is still down 48% from its november 2021 all-time high of $4,878. van de poppe said: “in recent months, we are finally getting into better shape, but everybody is still stuck in the bear market ptsd.” the eth/btc ratio is up 0.33% over the past 30 days but still down 32.32% over the past six months, at 0.024, according to tradingview data. crypto analyst “crypto fella” told their 82,100 x followers this is the “most important chart to look at.” “we need to see some strength before we can see the big reversal,” crypto fella said. meanwhile, crypto analyst ted said ether is following bitcoin’s pattern during the 2017-2021 cycle. “the real parabolic move will start once eth breaks $4,000,” ted said. spot ether etfs showing promising momentum however, the recent performance of the ether exchange-traded fund (etf) has been more promising. us-based spot ether etfs recently recorded their longest-ever inflow streak at 19 consecutive days, with $1.37 billion in inflows, according to farside data, representing approximately 35% of total inflows since their july 2024 launch. yet, other indicators suggest it is still a very bitcoin-dominated market. coinmarketcap’s altcoin season index — which measures whether altcoins are outperforming bitcoin based on 90-day performance — currently signals it’s still firmly “bitcoin season,” with a 23 out of 100 score. there were recent signs of a potential flip on may 10, when the index hit 43 following ether’s 42% rebound from $1,811 on may 7 to $2,582 on may 10. altcoin season depends on ether doing better and showing strength van de poppe said that ether needs to deliver stronger and more sustained performance for the long-awaited altcoin season to return. “if we want to have an altseason that we all are craving for, well, we want to get out of our positions at breakeven or perhaps even make money, then we need ethereum to do better, then we need ethereum to show strength,” van de poppe said. “the markets are becoming way more complex,” he added. related: staked ethereum hits 35m eth high as liquid supply declines cointelegraph reported on friday that ether futures premium briefly turned bearish as eth price plunged 15% to $2,440, wiping out $277 million in leveraged long positions over two days. however, the futures premium had reclaimed the neutral 5% threshold by sunday, suggesting that traders are regaining confidence in the $2,400 support level. magazine: arthur hayes doesn’t care when his bitcoin predictions are totally wrong this article does not contain investment advice or recommendations. every investment and trading move involves risk, and readers should conduct their own research when making a decision. explore more articles like this subscribe to the markets outlook newsletter get critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. delivered every monday email address subscribe by subscribing, you agree to our terms of services and privacy policy #bitcoin #cryptocurrencies #altcoin #ethereum #markets read more nobitex source code leaked after $100m hack by pro-israel group nobitex source code leaked after $100m hack by pro-israel group ad why do we fall for crypto scams? understanding human vulnerability in the digital age bitcoin supply squeeze intensifies as ‘ancient’ holders eclipse newly mined btc bitcoin supply squeeze intensifies as ‘ancient’ holders eclipse newly mined btc ad jesse coghlan jesse coghlan 5 hours ago ohio house passes bill allowing up to $200 tax-free crypto payments ohio’s house passed a bill to legally insulate various crypto activities, such as mining and staking, and exempt some transactions from capital gains tax. 2005 total views 4 total shares listen to article 4:14 ohio house passes bill allowing up to $200 tax-free crypto payments news cointelegraph in your social feed subscribe on subscribe on ohio’s house of representatives has passed a bill that would give a raft of protections for crypto and exempt crypto transactions below $200 from capital gain taxes. state house lawmakers voted 70-26 on wednesday to pass house bill 116, titled the ohio blockchain basics act, which will now head to the state’s senate before it lands on governor mike dewine’s desk. the bill passed the state’s technology and innovation committee with bipartisan support in a 13-0 vote earlier in the day. the bill is primarily backed by republican representative steve demetriou, who said on wednesday that its “two main focuses” are allowing for easier crypto payments and “protecting digital asset mining businesses from discriminatory government overreach.” many us state lawmakers are considering passing crypto bills, with 40 out of 50 states in the us having introduced a total of over 160 crypto-related bills, according to the digital asset law tracking site bitcoin laws. bill to make $200 crypto payments tax-exempt the bill would exempt all crypto transactions under $200 from capital gains taxes, a figure that would rise each year with inflation. the $200 limit would apply in the first tax year when, or if, the bill is passed and would be raised in line with the consumer price index, rounded up to the nearest $5. the bill would also stop the state’s tax commissioner from decreasing the limit after it’s been raised and prohibit the state government and state agencies from implementing rules restricting residents from accepting crypto as a payment method. ohio wants to open up crypto mining the bill would also allow anyone to mine crypto in an area zoned for residential use, so long as they comply with local ordinances and regulations around noise. crypto mining businesses that meet local regulations would also be allowed to “operate in any area of this state that is zoned for industrial use,” the bill states. the bill also aims to protect crypto mining operations, and says the state should not enforce laws or rules specific to crypto mining business “that does not also apply to other similarly situated businesses.” related: trump on genius stablecoin bill: ‘get it to my desk, asap’ it would also ban the state from rezoning land that would affect a crypto mining business “without going through the proper notice and comment process,” and aggrieved crypto miners can take any rezoning to court if they believe they’re being discriminated against. deregulating mining, staking, swaps, nodes and wallets the blockchain basics act also states that no money transmitter license is required for a host of actions that help run blockchains or don’t involve the use of fiat currencies. the bill states no person needs a license “solely to engage” in crypto mining, staking, operating a blockchain node, exchanging one cryptocurrency for another, or developing or deploying software that allows for crypto swaps. an excerpt of hb 116 listing some of the crypto activities that won’t require a money transmitter license. source: the ohio legislature it also states that businesses providing crypto mining or staking services are “not considered to be offering a security or investment contract,” which federal regulators under the biden administration argued was the case when taking dozens of crypto companies to court. the bill also prohibits the government and its agencies from making rules that stop or inhibit ohioans from taking custody of crypto using a hardware or self-hosted wallet. ohio is also set to consider a bill that would create an “ohio bitcoin reserve fund,” which was introduced in january and referred to the financial institutions, insurance, and technology committee.


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A crypto analyst says the altcoin season “we are all craving for” now hinges on ether doing better and showing strength. 1827 total views 12 total shares listen to article 4:41 bitcoin to ether shift going unnoticed with ‘bear market ptsd’ — trader markets news cointelegraph in your social feed follow our subscribe on crypto market interest is slowly moving from bitcoin btc $104,776 to ether eth $2,529 , but most investors are unlikely to notice this due to fear of past market downturns, a crypto analyst says. “the markets aren’t entirely bitcoin focused; as a matter of fact, it is shifting toward ethereum,” said mn trading capital founder michaël van de poppe in a market update on wednesday. van de poppe cited recent documents from popular bitcoin onchain analyst willy woo, who argued that the crypto market is entering a state of “ethereum.” crypto investors are stuck in a “markets are bad” mindset “i like the statement,” van de poppe said, agreeing with it. however, he said the first stages of this shift are probably going unnoticed as “everybody is still stuck in the fact that the markets are bad.” “the first signs of that is that we are currently seeing that the returns of ethereum are better.” “the reason for the fact we are seeing an ethereum shift, or an ethereum market is that the macroeconomic tables are shifting as the dollar is becoming weaker and the business cycle starts to go up,” he said. at the time of publication, ether is up 71% since reaching its april year-to-date low of $1,472, according to coinmarketcap data. cryptocurrencies, markets ether is down 1.54% over the past 30 days. source: coinmarketcap advertisement start your crypto journey with coinbase! join millions worldwide who trust coinbase to invest, spend, save, and earn crypto securely. buy bitcoin, ethereum, and more with ease! ad however, it is still down 48% from its november 2021 all-time high of $4,878. van de poppe said: “in recent months, we are finally getting into better shape, but everybody is still stuck in the bear market ptsd.” the eth/btc ratio is up 0.33% over the past 30 days but still down 32.32% over the past six months, at 0.024, according to tradingview data. crypto analyst “crypto fella” told their 82,100 x followers this is the “most important chart to look at.” “we need to see some strength before we can see the big reversal,” crypto fella said. meanwhile, crypto analyst ted said ether is following bitcoin’s pattern during the 2017-2021 cycle. “the real parabolic move will start once eth breaks $4,000,” ted said. spot ether etfs showing promising momentum however, the recent performance of the ether exchange-traded fund (etf) has been more promising. us-based spot ether etfs recently recorded their longest-ever inflow streak at 19 consecutive days, with $1.37 billion in inflows, according to farside data, representing approximately 35% of total inflows since their july 2024 launch. yet, other indicators suggest it is still a very bitcoin-dominated market. coinmarketcap’s altcoin season index — which measures whether altcoins are outperforming bitcoin based on 90-day performance — currently signals it’s still firmly “bitcoin season,” with a 23 out of 100 score. there were recent signs of a potential flip on may 10, when the index hit 43 following ether’s 42% rebound from $1,811 on may 7 to $2,582 on may 10. altcoin season depends on ether doing better and showing strength van de poppe said that ether needs to deliver stronger and more sustained performance for the long-awaited altcoin season to return. “if we want to have an altseason that we all are craving for, well, we want to get out of our positions at breakeven or perhaps even make money, then we need ethereum to do better, then we need ethereum to show strength,” van de poppe said. “the markets are becoming way more complex,” he added. related: staked ethereum hits 35m eth high as liquid supply declines cointelegraph reported on friday that ether futures premium briefly turned bearish as eth price plunged 15% to $2,440, wiping out $277 million in leveraged long positions over two days. however, the futures premium had reclaimed the neutral 5% threshold by sunday, suggesting that traders are regaining confidence in the $2,400 support level. magazine: arthur hayes doesn’t care when his bitcoin predictions are totally wrong this article does not contain investment advice or recommendations. every investment and trading move involves risk, and readers should conduct their own research when making a decision. explore more articles like this subscribe to the markets outlook newsletter get critical insights to spot investment opportunities, mitigate risks, and refine your trading strategies. delivered every monday email address subscribe by subscribing, you agree to our terms of services and privacy policy #bitcoin #cryptocurrencies #altcoin #ethereum #markets read more nobitex source code leaked after $100m hack by pro-israel group nobitex source code leaked after $100m hack by pro-israel group ad why do we fall for crypto scams? understanding human vulnerability in the digital age bitcoin supply squeeze intensifies as ‘ancient’ holders eclipse newly mined btc bitcoin supply squeeze intensifies as ‘ancient’ holders eclipse newly mined btc ad jesse coghlan jesse coghlan 5 hours ago ohio house passes bill allowing up to $200 tax-free crypto payments ohio’s house passed a bill to legally insulate various crypto activities, such as mining and staking, and exempt some transactions from capital gains tax. 2005 total views 4 total shares listen to article 4:14 ohio house passes bill allowing up to $200 tax-free crypto payments news cointelegraph in your social feed subscribe on subscribe on ohio’s house of representatives has passed a bill that would give a raft of protections for crypto and exempt crypto transactions below $200 from capital gain taxes. state house lawmakers voted 70-26 on wednesday to pass house bill 116, titled the ohio blockchain basics act, which will now head to the state’s senate before it lands on governor mike dewine’s desk. the bill passed the state’s technology and innovation committee with bipartisan support in a 13-0 vote earlier in the day. the bill is primarily backed by republican representative steve demetriou, who said on wednesday that its “two main focuses” are allowing for easier crypto payments and “protecting digital asset mining businesses from discriminatory government overreach.” many us state lawmakers are considering passing crypto bills, with 40 out of 50 states in the us having introduced a total of over 160 crypto-related bills, according to the digital asset law tracking site bitcoin laws. bill to make $200 crypto payments tax-exempt the bill would exempt all crypto transactions under $200 from capital gains taxes, a figure that would rise each year with inflation. the $200 limit would apply in the first tax year when, or if, the bill is passed and would be raised in line with the consumer price index, rounded up to the nearest $5. the bill would also stop the state’s tax commissioner from decreasing the limit after it’s been raised and prohibit the state government and state agencies from implementing rules restricting residents from accepting crypto as a payment method. ohio wants to open up crypto mining the bill would also allow anyone to mine crypto in an area zoned for residential use, so long as they comply with local ordinances and regulations around noise. crypto mining businesses that meet local regulations would also be allowed to “operate in any area of this state that is zoned for industrial use,” the bill states. the bill also aims to protect crypto mining operations, and says the state should not enforce laws or rules specific to crypto mining business “that does not also apply to other similarly situated businesses.” related: trump on genius stablecoin bill: ‘get it to my desk, asap’ it would also ban the state from rezoning land that would affect a crypto mining business “without going through the proper notice and comment process,” and aggrieved crypto miners can take any rezoning to court if they believe they’re being discriminated against. deregulating mining, staking, swaps, nodes and wallets the blockchain basics act also states that no money transmitter license is required for a host of actions that help run blockchains or don’t involve the use of fiat currencies. the bill states no person needs a license “solely to engage” in crypto mining, staking, operating a blockchain node, exchanging one cryptocurrency for another, or developing or deploying software that allows for crypto swaps. an excerpt of hb 116 listing some of the crypto activities that won’t require a money transmitter license. source: the ohio legislature it also states that businesses providing crypto mining or staking services are “not considered to be offering a security or investment contract,” which federal regulators under the biden administration argued was the case when taking dozens of crypto companies to court. the bill also prohibits the government and its agencies from making rules that stop or inhibit ohioans from taking custody of crypto using a hardware or self-hosted wallet. ohio is also set to consider a bill that would create an “ohio bitcoin reserve fund,” which was introduced in january and referred to the financial institutions, insurance, and technology committee.
  • 18 Oct, 2023
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Bitcoin gets fed rate pause 'tailwind' as btc eyes $106k short squeeze bitcoin price trajectory is primed to benefit from both macroeconomic and crypto derivatives trends, said new research from cryptoquant. 1264 total views listen to article 4:18 bitcoin gets fed rate pause 'tailwind' as btc eyes $106k short squeeze markets news cointelegraph in your social feed join our subscribe on key points: bitcoin bulls could gain from the fed’s decision to hold interest rates, given historical tendencies, new analysis says. falling binance open interest with btc/usd making higher lows could add to potential upside momentum. order book liquidity leads analysis to forecast a short squeeze to take out $106,000. bitcoin btc $104,777 should show “bullish tendencies” as the dust settles on the federal reserve’s interest-rate freeze, research says. in one of its “quicktake” blog posts on thursday, onchain analytics platform cryptoquant saw new tailwinds entering for btc price action. bitcoin can gain from fed policy, binance oi trend bitcoin has historically benefited from periods of fed rate freezes, and 2025 could provide a particularly bullish climate, cryptoquant said. officials voted unanimously to hold rates at current levels during the wednesday meeting of the federal open market committee (fomc), with markets only seeing a shift in q3. “following the federal reserve’s decision to hold interest rates steady during its most recent policy meeting, the bitcoin market has shown a complex set of signals, especially on binance,” contributor amr taha summarized. taha pointed to a divergence between btc price trajectory and binance open interest (oi) — the total number of derivatives contracts held by traders, both long and short. “as seen in the binance btc price & open interest change chart, btc has formed consistent equal lows slightly above $104,000. this level has acted as a strong demand zone, repeatedly absorbing sell pressure,” he continued. “however, in contrast, the open interest on binance has recorded a series of lower lows, showing progressive deleveraging across the derivatives market.” binance btc/usd vs. oi change (screenshot). source: cryptoquant advertisement start your crypto journey with coinbase! join millions worldwide who trust coinbase to invest, spend, save, and earn crypto securely. buy bitcoin, ethereum, and more with ease! ad despite multiple price support retests, declining oi combined with cool fed policy typically boosts the bitcoin bull case. “the timing of this cleanup coincides with the fed’s decision to pause rate hikes — a macroeconomic signal that often acts as a tailwind for risk-on assets like bitcoin,” the quicktake concluded. “historically, btc has shown bullish tendencies following rate stabilization, especially when paired with signs of liquidation exhaustion and fading open interest.” binance btc liquidation data (screenshot). source: coinglass btc shorts tease $106,000 short squeeze short-term btc price forecasts also continue to lean bullish while btc/usd ranges. related: bitcoin price top metric with 10-year record stays ‘neutral’ at $112k for monitoring resource coinglass, the odds of a “short squeeze” are increasing, with ask liquidity stacking around the $106,000 mark. earlier, separate liquidity analysis warned that a trip below $104,000 could result in a “rug pull” thanks to order book spoofing. coinglass’s dedicated derivatives risk index (cdri) circled neutral territory on the day, pointing to slowly-increasing liquidation risk.
  • 18 Oct, 2023
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Bitcoin price remains stuck under $112k since may 23, and data suggest the pattern could continue for a few more days amid macroeconomic and geopolitical uncertainty. 495 total views 14 total shares listen to article 3:40 why is bitcoin price stuck? market analysis cointelegraph in your social feed subscribe on follow our key points: bitcoin price is stuck in a range, with overhead resistance at $106,000 continuing to obstruct a rally past $112,000. traders are in a wait-and-see mood due to geopolitical and macroeconomic uncertainty. bitcoin btc $104,780 seems to have paused its bull run, with the price consolidating within a roughly $10,000 range over the last five weeks, as the all-time high around $112,000 remains a stubborn barrier. btc/usd weekly chart. cointelegraph/tradingview let’s look at some of the reasons why the bitcoin price remains stuck. bitcoin price in limbo amid geopolitical tensions rising geopolitical instability in the middle east, including the recent escalation of the conflict between israel and iran, has created a risk-averse environment for investors. traditional safe-haven assets like gold and us treasurys have seen inflows, with the price of gold nearing all-time highs earlier this week. on the other hand, risk-on assets like bitcoin face reduced demand, with btc dropping 3.6% since israel’s first attack on iran last week. the hacking of iran-based cryptocurrency exchange nobitex for $81 million by a pro-israel hacker group added to the headwinds. this politically motivated attack highlights bitcoin’s and crypto’s potential vulnerability in geopolitical cyberwarfare. although bitcoin is often touted as “digital gold,” its correlation with risk assets like equities means it frequently underperforms during geopolitical crises. this macro backdrop has stifled bitcoin’s ability to rally to new all-time highs. bitcoin cools as fed leaves rates unchanged the us federal open market committee’s (fomc) decision on june 18 to maintain the interest rates at 4.25%–4.50% has dampened bitcoin’s bullish momentum. the fed’s cautious stance, driven by persistent inflation (core pce at 2.8%) and concerns over tariff-induced price pressures under president donald trump’s policies, has reduced expectations for rate cuts in 2025. advertisement start your crypto journey with coinbase! join millions worldwide who trust coinbase to invest, spend, save, and earn crypto securely. buy bitcoin, ethereum, and more with ease! ad the fomc’s updated “dot plot” now projects only two 25-basis-point cuts for 2025, down from four previously, with markets pricing in just a 58.4% chance of a cut in september, per cme group’s fedwatch tool. target rate possibilities for sept. 17 fomc meeting. source: fedwatch tool this restrictive monetary policy strengthens the us dollar, pressuring risk assets like bitcoin. combined with geopolitical tensions, the circumstances under which the us federal reserve is fighting inflation are extraordinary, according to commentators. related: bitcoin supply squeeze intensifies as ‘ancient’ holders eclipse newly mined btc “this is no ordinary inflation fight,” said singapore-based crypto trading firm qcp capital in a june 18 telegram note. “our base case is that the fed may adopt a more cautious tone in its september, potentially indicating a single rate cut for 2025, in contrast to market pricing,” the firm explained, adding: “such a revision would likely pressure risk assets, including bitcoin and broader digital assets, as liquidity expectations are pared back.” key trendlines pin down btc price bitcoin’s price is trapped below the 100-period simple moving average (sma) at $106,000, the 50 sma at $106,040 and the 200 sma at $106,400, which act as significant resistance as shown in the chart below. this convergence has compressed price action into a narrow range between $103,600 and $105,500 since june 17, with the moving averages repeatedly rejecting attempts to push past $106,000. cointelegraph reported that a break above the moving averages could push the btc/usd higher to confront resistance from the $112,000 all-time high. btc/usd four-hour chart. source: cointelegraph/tradingview the relative strength index, or rsi, is moving close to the midline at 46, indicating market indecision, while low trading volume on exchanges like binance underscores a lack of conviction. additionally, the looming bearish cross of the 50-period sma below the 100-period sma in the four-hour time frame signals weakening short-term momentum. this technical setup could prevent bitcoin from gaining the momentum needed to move higher and challenge $112,000, keeping it pinned in consolidation. in the near term, however, btc price could see a short squeeze from favorable conditions in the derivatives market.
  • 18 Oct, 2023
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Australia now taxes crypto as property, with capital gains on swaps, defi and wrapped tokens, plus new ato data sweeps targeting 1.2 million users. 407 total views listen to article 11:04 is crypto still taxed in australia? major legal update explained how to cointelegraph in your social feed subscribe on follow our key takeaways australia is one of the world’s most crypto-aware nations, with over 31% of citizens owning digital assets and nearly 1,800 crypto atms across the country. crypto is currently taxed as property in australia, triggering capital gains tax (cgt) on disposal and income tax on mining, staking or payments. a may 2025 court ruling may challenge the status quo, suggesting that bitcoin could be classified as “australian currency,” potentially exempting it from cgt. the ato has not changed its policy yet, but the outcome of the appeal could set a transformative precedent for future crypto taxation in australia. australia’s cryptocurrency tax landscape is undergoing significant scrutiny and potential transformation in 2025. with the australian taxation office (ato) intensifying its focus on digital assets and recent legal developments challenging existing tax interpretations, both investors and policymakers are navigating a complex and evolving environment. advertisement start your crypto journey with coinbase! join millions worldwide who trust coinbase to invest, spend, save, and earn crypto securely. buy bitcoin, ethereum, and more with ease! ad let’s dive into the australian cryptocurrency market and taxation to find out what has changed and whether it is favorable for crypto users or not. is cryptocurrency legal in australia? australia has rapidly emerged as a global leader in cryptocurrency adoption. data from the 2025 independent reserve cryptocurrency index (irci) reveals that approximately 31% of australians have owned or currently own cryptocurrency, positioning the nation among the top adopters worldwide. with 93% of australians aware of at least one cryptocurrency, bitcoin remains the most recognized and held digital asset. approximately 70% of crypto investors include it in their portfolios. the surge in adoption is not limited to individual investors. institutional interest is also on the rise, with major financial institutions like blackrock, grayscale and vaneck integrating digital assets into their offerings. the australian securities exchange listed its first spot bitcoin exchange-traded fund (etf) on june 20, 2024, when vaneck’s vbtc began trading, marking a major milestone for regulated crypto exposure in australia. australia’s cryptocurrency market is supported by a robust network of exchanges, both domestic and international. some exchanges operating in the country include: swyftx: a brisbane-based exchange known for its user-friendly interface and a wide range of supported cryptocurrencies. swyftx has gained popularity among australian users for its competitive fees and comprehensive trading features. coinspot: established in 2013, coinspot is one of australia’s most established exchanges, offering over 430 cryptocurrencies. it is particularly favored by beginners due to its high security standards and easy-to-use platform. coinbase australia: the australian arm of the global exchange coinbase, registered with the australian transaction reports and analysis centre (austrac), provides a secure platform for trading a variety of cryptocurrencies. whitebit: a european-headquartered exchange that has expanded into the australian market, offering a comprehensive trading platform with support for over 325 cryptocurrencies. additionally, australia has seen a significant increase in the number of cryptocurrency atms, becoming a leader in the asia-pacific region. as of may 2025, there are approximately 1,817 crypto atms across the country, with major concentrations in sydney (631), melbourne (382), brisbane (319), perth (159) and adelaide (110). however, this rapid growth has attracted regulatory scrutiny. austrac has raised concerns about potential money laundering activities facilitated through these atms and has emphasized the need for operators to implement robust anti-money laundering (aml) and counter-terrorism financing (ctf) measures. moreover, australia’s regulatory environment has been evolving to accommodate this growth. the australian securities and investments commission (asic) and the ato have been actively developing policies to protect investors while encouraging innovation. did you know? in october 2024, coinbase became the first official cryptocurrency partner of the nike melbourne marathon festival. through this marketing partnership, over 35,000 participants were offered digital medals with permanent records of their race results stored on the blockchain. additionally, runners had the opportunity to receive $20 in bitcoin upon completing their first trade on coinbase, aiming to introduce them to the crypto economy in a secure and engaging manner. understanding the crypto tax framework in australia in australia, cryptocurrencies are treated as property rather than currency. consequently, disposing of crypto assets, whether through selling, trading, gifting or using them for purchases, triggers a capital gains tax (cgt) event. the capital gain or loss is calculated as the difference between the asset’s value at disposal and its original cost base. notably, if the cryptocurrency is held for more than 12 months, individuals may be eligible for a 50% cgt discount. cryptocurrency received as income, through activities like mining, staking or as payment for services, is taxed as ordinary income. the taxable amount is determined by the fair market value of the cryptocurrency at the time of receipt. reporting obligations and ato guidelines the ato mandates that all cryptocurrency transactions be reported in annual tax returns. in australia, the financial year runs from july 1 to june 30, and tax returns are generally due by oct. 31 of the same calendar year. taxpayers must maintain detailed records of their digital asset activities for at least five years, including dates, values in australian dollars and the nature of each transaction. to facilitate accurate reporting, the ato provides online tools and calculators to help taxpayers determine their cgt obligations. mytax portal is the ato’s official platform for lodging tax returns, including cryptocurrency transactions. the ato has intensified its data-matching protocols, collaborating with australian cryptocurrency exchanges to collect customer information, including transaction data and personal identifiers. this initiative aims to ensure compliance and identify discrepancies in reported income. taxpayers who receive warning letters from the ato are advised to review their cryptocurrency transactions and amend any inaccuracies in their tax filings promptly. decentralized finance (defi) activities, such as lending, borrowing, staking and yield farming, have specific tax implications in australia. the ato considers many defi transactions as cgt events, particularly when there is a change in ownership of crypto assets. additionally, earnings from defi activities are typically categorized as ordinary income, assessed at their fair market value in australian dollars when received. did you know? the ato has initiated a data-matching program targeting approximately 700,000 to 1.2 million individuals and entities each financial year. this initiative aims to identify taxpayers who may have failed to report disposals of crypto assets in their income tax returns. by acquiring data from cryptocurrency exchanges and matching it against ato systems, the program seeks to enhance compliance and ensure accurate tax reporting. thus, the ato has been actively treating crypto as property for taxation. so, what has really changed? potential legal reclassifications and implications a may ruling by a victorian magistrate in australia has sparked significant discussions regarding the classification of bitcoin and its implications for capital gains tax. on may 19, a victorian magistrate ruled on a case involving former australian federal police officer william wheatley, who was accused of stealing 81.6 bitcoin btc $104,791 in 2019. judge michael o’connell determined that bitcoin could be classified as “australian currency” rather than property. this interpretation challenges the ato’s long-standing position, established in 2014, which treats bitcoin as a cgt asset, thereby subjecting its disposal to capital gains tax. adrian cartland, a tax lawyer and co-defendant in the case, stated, “it was held that bitcoin is australian money. that is, it is not a cgt asset. therefore, acquisitions and disposals of bitcoin have no tax consequences.” if upheld on appeal, this ruling could lead to significant financial implications. cartland estimates potential cgt refunds totaling up to 1 billion australian dollars (approximately $640 million) for individuals who have previously paid taxes on bitcoin transactions. the implications of this ruling are far-reaching. if this stands, bitcoin transactions might no longer trigger capital gains tax events. this could significantly alter how crypto is taxed in australia. however, it is important to note that this ruling is currently under appeal and has not yet altered the ato’s enforcement policies. until further notice, the ato continues to require that bitcoin and other crypto assets be reported as cgt assets. what’s next for crypto taxes in australia? australia’s crypto tax regime may be standing on the brink of significant change. while the current framework continues to classify digital assets like bitcoin as property, the legal landscape is shifting fast. the landmark ruling in may that labeled bitcoin as “australian money” opens the door to possible tax exemptions on crypto disposals. but there’s a catch: the ruling is under appeal, and the ato has not updated its guidance. until a higher court confirms the reclassification, all individuals and businesses must continue to comply with existing tax rules. looking ahead, 2025 could become a watershed year for digital asset policy in australia. policymakers, regulators and legal experts are closely watching the case, knowing that its final verdict could reshape how crypto is treated, not just legally, but economically. for crypto holders, investors and builders, what is the best move for now? stay informed, maintain clear records, and follow the ato’s current directives. because if things do change, they could change fast and in your favor.
  • 18 Oct, 2023
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Bitcoin price hovers around $105,000 on wednesday and shows staying power as btc’s chance of falling to $100,000 appears to be decreasing, new analysis suggests. key takeaways: bitcoin price consolidates around $105,000 as liquidity builds up above the spot price. a support/resistance flip at $106,00 is a must for the bulls as $100,000 remains a key level. bitcoin fell alongside the broader crypto market during tuesday’s late new york trading hours, dropping by as much as 4% to $103,400 after us president donald trump’s comments on the iran-israel conflict. after tapping the liquidity around $103,000, traders said a correction to areas below $100,000 was unlikely as liquidity builds up above $106,000. bitcoin price key support remains at $100,000 bitcoin’s price has held successfully above the $100,000 psychological level since reclaiming it on may 8. this has remained a critical level on traders’ radars and has not received a convincing retest recently. related: bitcoin downside risk lingers, upside hinges on holding above $102k mn capital founder michael van de poppe spotted bitcoin hovering at $104,400, saying that after being rejected from the $106,000 level, btc may drop lower to take the liquidity between $100,000 and $103,000. an accompanying chart shows $100,000 as the key level to watch on btc’s four-hour time frame. losing this level would see traders look for entry positions below $100,000. van de poppe added: “the second region is sub-$100k, which i find less likely.” btc/usd four-hour chart. source: michael van de poppe advertisement start your crypto journey with coinbase! join millions worldwide who trust coinbase to invest, spend, save, and earn crypto securely. buy bitcoin, ethereum, and more with ease! ad pseudonymous analyst crypnuevo shared a chart showing bitcoin “looking good” as it holds above $100,000 after successfully retesting it on june 6. “all we need is this support level to hold, and to flip $106,000 into support to push the price higher,” the trader said. btc/usd daily chart. source: crypnuevo as reported by cointelegraph, the $100,000 level is an important psychological boundary with implications for sentiment should it fail to hold. liquidation clusters pop up above $106,000 several traders eye a potential upside liquidity grab with ask orders clustering above $106,000. the latest data from monitoring resource coinglass showed price eating away bids around $105,000, with ask-orders clustering between the spot price and $109,000. bitcoin liquidation heatmap (screenshot). source: coinglass the chart above shows ask orders worth $70 million building up around $106,500, with the $109,000-$110,000 cluster being another potentially significant liquidity area. if the $106,000 level is broken, it could spark a liquidation squeeze, forcing short sellers to close positions and driving prices toward $110,000, which is the next major liquidity cluster. this article does not contain investment advice or recommendations. every investment and trading move involves risk, and readers should conduct their own research when making a decision.
  • 18 Oct, 2023

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