Fundstrat’s chief analyst Tom Lee lowered his Bitcoin forecast by the end of the year. A major Swiss exchange will introduce a cryptocurrency ETP. Poland will impose a 19% cryptocurrency tax and other news for the past two days.
Over the weekend, the situation in the digital money market remained virtually unchanged, but several events occurred at the same time that could have influenced the fact that Bitcoin updated the annual minimum today and is now trading at $ 4,624 on FXOpen.
Poland will levy taxes on cryptocurrencies
The bill to introduce a 19% tax on cryptocurrency revenues in Poland was signed by President Andrzej Duda. New rules don’t affect exchanging one digital money for another – only when new assets are converted into fiat currencies, goods, services, etc. Citizens have to report on their work with cryptocurrencies every year. The law comes into force in January 2019.
A large Swiss exchange starts Bitcoin ETP
SIX Swiss Exchange, the fourth largest trading platform in Europe, is launching a Cryptocurrency Exchange Traded Product (ETP) that tracks an index of five major cryptocurrencies: Cryptocurrencies – Bitcoin, XRP, Ethereum, Bitcoin Cash ABC and Litecoin. With the Amun ETP fund, institutional and private investors can work with digital money without direct interaction.
ICORating: The market is disappointed with ICO projects
The market has shown signs of traditional frustration with traditional ICOs such as the risk financing method, ICORating analysts said in their new study. Analysts emphasized that in the third quarter of 2018, the capitalization of projects launched in 2017 and 2018 fell significantly, market regulation tightened and security tokens spread more widely.
Experts said the profitability for ICO participants has dropped significantly and the teams are running out of new ideas. There are many fraudulent and dubious projects as well as restrictions on US citizens. From June through September, startups raised $ 1.8 billion, though that number topped $ 8.3 billion in the second quarter.
76% of companies didn’t have an MVP – the minimally viable product. 72% of these startups couldn’t raise more than $ 500,000.
Huobi Exchange offers the ability to buy cryptocurrencies for rubles
Huobi trading platform customers can buy cryptocurrency for rubles on over-the-counter (OTC) services. The company will also set up a call center in Russian. Personal managers are provided for large clients. If users’ trading volume exceeds 50 BTC for two weeks in November, they will be given access to special commission rates.
In addition, customers can earn 20% cashback from commissions that are credited in the form of Huobi tokens. The company will also provide loans for the purchase of ASIC miners and rent premises for equipment. This service can be started in the first quarter of 2019.
Tom Lee: Bitcoin will rise to $ 15,000 by the end of 2018
Tom Lee, the chief analyst at Fundstrat Global Advisors, still believes Bitcoin’s value will rise, but lowered his previous forecast. Now the expert believes that the first cryptocurrency can rise to the level of $ 15,000 by the end of 2018, three times as much (now the coin is trading at $ 4,624). It previously targeted Bitcoin to hit $ 25,000 and then lowered its forecast to $ 22,000 in July.