After a hike in the price of Bitcoin, the participants in this market started to look at the chances that the currency could get to 100,000 U.S. dollars. The higher the Bitcoin’s price, the higher the number of demand call options that reflect the bullish sentiment amongst the investors.
The price of Bitcoins has soared by more than 12% to reach $63,470 after the close of a session, following the announcement by Fed Chairman Jerome Powell that they wouldn’t be bringing any tightening or rate hikes. Also, the US nonfarm payrolls figure that came in below expectations added to the positive movement of bitcoin.
Thus, we see a notable upsurge in the demand for Bitcoin when it comes to call options on different platforms, and traders are targeting the price level of $75,000 or even more astounding $100,000. These calls contain the legal right to purchase Bitcoin at a pre-agreed price, showing optimistic behavior that Bitcoin will be traded at a higher exchange rate in a short period.
The fact that more people are currently buying call options shows simply that they have an optimistic expectation about the further growth of Bitcoin’s price. In particular, traders long $100 million of calls, with an expiration date range, at that strike.
In the meantime, Bitcoin experts have pointed out many positive characteristics of the crypto asset, for example, further expansion of the budget deficit and the falling value of the dollar as well. Per some technical analysts, Bitcoin’s price may reach $92,000, following the Elliot wave theory assuming there is a steeper wave.
As a whole, the renewed optimism related to Bitcoin’s price proves that the cryptocurrency market is experiencing a surge with traders anticipating further price gains soon.
Is Your Crypto Safe? Australia’s Taxman Wants a Peek at Exchange Accounts
Australia’s revenue office is tendering to obtain personal information and transaction records from crypto exchanges on those who are using virtual currency to minimize tax obligation evasion. With an estimated 1.2 million existing accounts falling under the spotlight, this drive identifies people who might be non-compliant with tax laws and crypto activities.
Not long ago, the Australian Taxation Office (ATO) issued an advisory that underlined the significance of capturing all crypto transactions, i.e. regardless of whether these had to do with the acquisition of some product or service. The fact that the crypto industry is complicated in many ways and the possibility of making payments without identification made investors and governments think that they could be using this method to not pay any taxes.
If the party asks for the information, they should provide details like birth date, phone numbers, and social media account plus transaction data that include bank accounts, wallet addresses, and coins traded type. Australia treats digital currencies as an asset for taxation which renders investors liable to capital gains tax on the profits made from selling crypto and treating Virtual currencies as a paid commodity.
Despite the wide acceptance of crypto assets, lack of awareness means that crypto owners in Australia tend to overlook their tax duties. The crypto business has attracted a large number of taxpayers, at least 800,000 Australian taxpayers, who have dealt with digital currency in the ever-increasing trade.
One of the biggest challenges that Australian authorities are seeking to address is how to prevent crypto-based tax evasion. They want to ensure that these types of assets are subject to the same rules as other asset classes when it comes to taxation. This initiative is nothing else but a reminder of the expanding regulatory hold seemingly slipping around cryptocurrencies and the need of the users to pay their taxes as non-compliance may lead to some serious consequences.
Is Brazil Buying Too Much Bitcoin? Record Imports Spark Trade Balance Worries
Brazil, as evident in the big increase in the importation of cryptocurrencies, is witnessing an increasingly significant impact as far as the national trade balance is concerned. For the last 365 days, there has been an unusual growth of overseas crypto exchanges which now amount to $14.84 billion. Mentionably in the beginning of the year 2024, which is the first quarter, the amount of crypto volumes reached the drastic figure of $4.69 billion. The World Bank projects that the global trade volume for 2024 will reach USD 21.3 trillion, representing a significant increase of 118% compared to the same period in 2023.
One of the implications is that cryptocurrency transactions have been having an increased impact on the economy of Brazil, as the customs figures, treated as imports by the central bank, give evidence of this. The US recorded in March a total of $1.751 billion. It has been added to the GDP during that period, and overall, it has definitely contributed a lot to the total GDP in that quarter.
Giving an account of cryptocurrency imports rise, the rise in Bitcoin value and that of other digital assets is the main basis for this. Economists nowadays attach great importance to these trends, since they not only affect trade deficits but also weaken the role of Brazil as a leading agricultural exporter. Sergio Goldenstein, chief strategist at Warren Investimentos, recently presented matters in such a manner as though the mentioned digits played a key role in Brazil’s current balance of trade.
However, the crypto imports growth will unlikely remain at this level of development because although there are prospects for mining cryptocurrencies within the country, the adverse conditions don’t make it that attractive. The high expenses of energy, with average prices of $0.14 Kwh. A ceiling cost of 14 cents per kilowatt–hours is undoubtedly one of the downfalls for mining operations, making it hard for companies to hold their ground in Brazil.
With this in mind, Livio Ribeiro, one of the partners at BRCG Consultoria, expects that the cryptocurrency trade for Brazil will have a negative balance of R$18 billion by the end of this year. This phenomenon explains why Brazil steps into the world of crypto, the region takes a leading role in the extension of digital money initiatives, as highlighted by Citi.
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