Category Archives: Bitcoin

1. Bitcoin Price Falls Almost 20% Since Biggest Cryptocurrency's Historic Record  Bloomberg
2. Bitcoin nears bear market territory as it slides almost 20 percent  New York Post
3. Bitcoin headed for its worst week in six months  foxbusiness.com
4. Bitcoin briefly drops below $60,000 as major cryptocurrencies fall  CNBC
5. Bitcoin Tumbles to 3-Week Low Under $60K; Next Support at $53K  Coindesk
6. View Full Coverage on Google News

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Bitcoin Price Falls Almost 20% Since Biggest Cryptocurrency's Historic Record - Bloomberg

Bitcoin is the oldest and most popular cryptocurrency in the world

Of late, cryptocurrencies have only risen in popularity. The values of some of the digital assets have soared, and major investors have backed many of them, making the coins all the more attractive. Bitcoin, the world's oldest and most popular cryptocurrency, has, over the years, garnered the trust of investors. There have been endless discussions on various platforms about Bitcoin and its skyrocketing value, but do you know how it all started? If you are someone who is interested in the cryptocurrency market, the origin of Bitcoin is sure to grab your attention.

What is the origin of Bitcoin?

Nobody has ever seen the creator of Bitcoin. This digital currency was mysteriously created in 2008 and released as open-source software in early 2009. The creator of Bitcoin is a person or a group of individuals who worked under the pseudonym Satoshi Nakamoto.

In 2008, an academic white paper related to the concept of Bitcoins was uploaded with the title Bitcoin: A Peer-to-Peer Electronic Cash System.' It mentioned the digital currency that stands bereft of any government interference. No organisation or government will have control over it.

In 2009, the software was finally released and launched the Bitcoin network. Today, the software is open source and anyone can view it and contribute.

Bitcoins work on three main principles demand and supply, cryptography, and decentralised network. If you noticed, Bitcoins and, basically, the idea of digital currency was introduced after the world saw the financial crisis in 2008.

Later, from 2011, many rival cryptocurrencies began coming into circulation.

How does Bitcoin work?

Bitcoin is the oldest cryptocurrency in the world. It is a digital currency that is often used to exchange value for goods and services. Bitcoins work on the principle of blockchain technology. Bitcoins can also be mined or produced using a massive computing system, complex technical process, and an active internet connection.

People have traded in Bitcoin for over a decade now. Many companies have even started accepting Bitcoins as a payment method. The price of the coins has gone up substantially over the years. At the time of writing on Wednesday, Bitcoin was trading at Rs 49.75 lakhs on the Indian exchange, CoinSwitch Kuber.

However, before trading, always remember this virtual currency is highly volatile.

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How Did Bitcoin Originate? All You Need To Know - NDTV Profit

As the U.S. government seeks ways to fund its swellingdebt anddeficits and seemingly ever increasing spending, a puzzling anomalyexists.Investorshave flocked to bitcoin and othercryptocurrencies yet receive a preferred tax rate on long-term profits as compared to gold bullion.This makes no sense if, as its advocates like to say, bitcoin is digital gold.

In 2019, the Internal Revenue Service (IRS) published Notice 2014-21, which characterizes cryptocurrencies as property for tax purposes. Meanwhile, gold bullion and equivalent exchange traded funds (ETFs) are treated as collectibles, like coins, gems, jewelry, art, stamps, toys, comic books, sports cards, etc.

Assets are generally not taxable until the point of sale, when an investor realizes a gain or loss. If either bitcoin or gold is bought and sold within a window of 12 months, the proceeds are taxed as ordinary income at a maximum of 28 percent.

But if bitcoin is held for more than 12 months, anygains from a sale are taxed at the preferred long-term capital gains rate, up to a maximum of 20 percent. Gold bullion held for more than 12 months, however, is still taxed up to a maximum of 28 percent.

The revenue implications of this tax preference for bitcoin are significant if not enormous.If the IRS treated bitcoin like gold,additional billions in tax revenue would result. The value of cryptocurrencies globally has mushroomed from nothing to more than$3 trillionin a decade. A portion of thesemassive gains by U.S. investors would be subject to some form of highertaxation.

Investors appetite for bitcoin and gold is likely to growas inflation heats up andprices rise. As increasing demand for bitcoin drives its value higher, the tax revenue implications of treating it differently than gold will also increase.

What is the rationale for the IRS favoring bitcoin?

If gold and bitcoin are, in effect, alternative currencies, then our current tax policy is irrational.It makes no more sense than a policy that taxes profits from trading euros more lightly than profits from trading yen.

For better or worse, the tax code is a bludgeon that the government uses to influence behavior. Usually, favorable tax treatment exists if the government deems something to be a public good and wants to favor it. For example, tax policy favors home ownership by having the home mortgage interest deduction.

Yet no sound reason exists for public policy through taxation to favor investment in bitcoin and cryptocurrencies, which tend to be speculative, over gold, whichis a time-tested measure and storehouse of value.

The rationalefor taxing gold and collectibles at a higher ratethancapital gains in property like bitcoin is that collectibles were mostly owned by the wealthy and that gains from those collectibles neither motivated innovation nor stimulated economic growth.This rationale no longer makes sense, if it ever did. Regardless, this reasoning wouldapply equally to bitcoin.

The wealthy use bitcoin and other cryptocurrencies as storehouses of value just as they do gold

Billionaires such as Elon MuskElon Reeve MuskHouse Democrats push vote on social spending plan to Friday McCarthy delays swift passage of spending plan with lengthy floor speech Musk planning first orbiting SpaceX test flight in January MORE and Mark CubanMark CubanMark Cuban adamant about vaccinations: 'If you work for me, I require my employees to be vaccinated' 'Shark Tank' investor Barbara Corcoran apologizes for comments about Whoopi Goldberg on 'The View' NFL player said he'll get vaccinated if he can earn a profit from it MORE openly espouse their holdings in cryptocurrencies. They are just some of those who have gone public with their support. Ten individuals hold roughly 6 percent of the entirety of bitcoin.These are known as whales.

So bitcoin and cryptocurrencies are storehouses of wealth for the rich, in a similar manner as gold.

Bitcoin and other cryptocurrencies are no more productive than gold

While technologically innovative, it is unclear whether bitcoin stimulates economic growth compared to other productive uses. In contrast, the (physical) mining industry as a whole, exclusive of oil and gas workers, employs 182,900 in the United States. These are real jobs with real economic benefits for society.

By one account, 4 percent of Americans have quit their jobs due to gains in cryptocurrencies. Good for them, but is this what we really want as a society?

Measuring the productive impact of bitcoin and other cryptocurrencies is less clear since they are mined, or digitally uncovered, by individuals. Of the 21 million bitcoins that exist, 18.7 million, or 89 percent, have already been mined, so even if there is an economic boost from bitcoin mining, it is in theory very temporal.

Tax policy should disfavor bitcoin and deflate the bubble before it bursts

Instead, tax policy shoulddisfavorbitcoin and other cryptocurrencies rather than favor them.

Gold is easier to monitor, tax and regulate, relatively speaking. It cannot go through a metal detector without detection or entirely avoid the possibility of a random bag or cargo inspection.

Bitcoin and other cryptocurrencies, which can be stored on a thumb drive, are more shadowy and elusive, and can be used to evade creditors and to enable criminal enterprises, such as those involved in sex trafficking and money laundering.While privacy advocates may laud this, it comes at a great cost.

Further, the multi-trillion-dollar cryptocurrency market is increasingly a systemic risk to the global economy. The larger it becomes, the more levered the rest of the global economy becomes to it. A sudden drop mirroring the meteoric rise of bitcoin would bring other assets down with it, including housing and the stock market, as crypto investors are forced to sell their non-crypto holdings to cover their losses.

Cryptocurrency minings energy and environmental impacts are also widespread. Digital mining is extremely energy intensive to the point of straining power grids, and therefore a source of environmental concern. Crypto mining operations, by one estimate, consume more energy than the entire country of Argentina. Tax policy should disfavor this.

Fixing the tax anomaly

Taxes on cryptocurrencies should be on par with gold and collectibles. Congress could accomplish this through legislation, or the IRS could simply issue a revised notice and ruling concerning the tax treatment of bitcoin and other cryptocurrencies.

As the old saying goes, If you want to be treated like a lady, act like one.In tax terms, this could be translated as: If bitcoin and other cryptocurrencies are to be valued as digital gold, they ought to be taxed like they are really gold.

Chad Bayse is an attorney and Navy judge advocate. He was a counselor to Attorney General Jeff SessionsJefferson (Jeff) Beauregard SessionsThe metaverse is coming society should be wary Trump criticizes Justice for restoring McCabe's benefits McCabe wins back full FBI pension after being fired under Trump MORE and attorney-advisor at the National Security Agency. He holds stock positions in Barrick Gold (GOLD), Kinross Gold (KGC) and Sibanye Stillwater (SBSW). He holds no bitcoin or other cryptocurrencies. The views expressed in this article are his own and not those of the Department of the Defense or the Navy.

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If bitcoin is 'digital gold,' it should be taxed like gold | TheHill - The Hill

Bitcoin trading volumes are rising in Turkey as the increasingly authoritarian government there goes diligently about the work of setting its currency, the lira, on fire.

Turkish President Recep Tayyip Erdogan, who has retained power since 2003, has to all appearances lost his mind: With inflation sitting at around 20%, Erdogan yesterday lowered Turkeys key interest rate to 18% from 19% (no, not a typo), instead of raising them to tighten the money supply.

Currency markets have responded decisively to the expected move, with the lira losing 10% of its value against the U.S. dollar since Monday. Some Turkish citizens decided to take their business elsewhere: BTCTurk, one of a handful of local exchanges offering lira/BTC trades, has seen a noticeable uptick in volume, according to public data. That interest comes despite the recent collapse of two other Turkish exchanges, one in an apparent exit scam.

This article is excerpted from The Node, CoinDesks daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the full newsletter here.

Erdogans government banned crypto for payments in April, but owning crypto is legal in Turkey at least for now. Sadly, the logic of the current situation may push Erdogan to tighten further, as any open lira/BTC trade could put further downward pressure on the lira by enabling capital flight.

Erdogan has reportedly claimed that lowering interest rates which makes money cheaper and more plentiful will somehow curb inflation. But his reasoning is opaque. He recently referred to interest as the devil, perhaps an oblique appeal to Islamic morality in the face of economic reality.

Its just crazy, theres zero justification for this move as theres been zero justification for the rate cuts weve seen so far this year, an asset manager told the Wall Street Journal. Erdogan is running monetary policy on his own.

Its not hard to infer Erdogans actual motive for (more or less) letting the money printer go brrr: Keeping rates lower is one of only a handful of tools he has for shoring up Turkeys economy. Turkey has seen short-term hits to its economy thanks to regional instability and COVID-19, which has devastated tourism.

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The longer-term picture is even more shocking: Since 2013, Turkeys GDP has plummeted from more than US$950 billion to $720 billion, partly thanks to instability after a failed coup against Erdogan in 2016. Erdogans attempts to ramp things back up have been deeply unorthodox for years, particularly relying on unsustainable levels of debt throughout the economy.

Read more: Turkey Blocks Bank Accounts of a Crypto Exchange Even as It Hunts for the CEO of Another

And Erdogan no longer has an independent economic council to push back after firing a series of central bank governors who wouldnt get in line. That makes the current wave of instability all the more dangerous for lira holders.

Erdogans Turkey is fast becoming a case study of bitcoins potential benefits for residents of countries with fragile currencies, or authoritarian leaders likely to pursue short-term political gain through inflationary policies. Luckily, Turkey is closely tied to Europe, and Turks currently have at least some access to dollars and euros to protect their wealth. In many other similarly troubled regions, that luxury is hard to come by, leaving bitcoin the only option.

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Turkey Makes the Case for Bitcoin as Erdogan Runs the Autocrats Inflation Playbook - Yahoo Finance

Crypto-enthusiast Chris MacDonald discusses with The Motley Fool's Eric Bleeker why he believes Bitcoin(CRYPTO:BTC) ETFs and rising adoption of crypto by corporations could be key drivers to watch for over the longer-term, on this episode of "The Crypto Show" from Backstage Pass, recorded onNov. 10.

Eric Bleeker:Tim Cook said he has been interested in crypto for a while. He is personally invested in the space.

Now, here's what I think is going to be interesting. We had MicroStrategy (NASDAQ:MSTR) [laughs] reporting last night, I think they're up past 9,000 Bitcoin in their treasury. One of the bull cases for Bitcoin is if you have treasury adoption across large S&P companies, that's going to put a lot of positive pressure on the price of Bitcoin.

Tim Cook says, for now, his investment is personal. It's not something Apple (NASDAQ:AAPL) is considering on its balance sheet. But Chris, I would note. The fact that someone of Tim Cook's stature is saying that he personally owns this is just another positive sign of the luminaries of Silicon Valley, really being interested in crypto in general.

Chris MacDonald: Tim Cook is someone people listen to for sure. I think Apple is a company in general that people look at as to where they're putting their excess cash, because, whether it's Apple or Berkshire Hathaway (NYSE:BRK.A), companies with 100 billion plus in cash just sitting there -- where are they going to put it?

Most of the time, it's in marketable securities or short-term paper. But there are companies, whether it's Tesla (NASDAQ:TSLA), that is high-profile cases of corporations putting up their cash as Bitcoin and deciding to diversify a little bit into crypto to get those returns. I think that is an interesting thesis that there could be more adoption from the corporate side.

I think you're going to show some more data too on the venture capital space and how much capital is flowing into Bitcoin a little bit later on, so there'll be more on that. But I do think that in terms for Bitcoin or for Ethereum (CRYPTO:ETH), some of the bigger names, that's likely to continue to be a big driver.

Bleeker: Yeah. Here is one such driver. We look at inflows into Bitcoin, and the reality is right now, there's a lot of, we're, being something that is decentralized and deregulated by nature, there has been a lot of factors holding investment into things like Bitcoin back.

We saw recently the launch of the first Bitcoin ETF. This week though, there is another opportunity that many investors might mess because it's not from America, so you're not going to see a lot of coverage, which is Australian regulators at the end of October gave the green light to crypto exchange-traded funds, which could see Bitcoin and Ether ETFs trending on the country's stock markets in the coming months.

Now, two points I want to make on this and why I highlighted this among all of the potential news this week. Number 1, what we have right below. Australia might be a small country. I believe it's only a population of 25 million, but has the fifth biggest pool of pension assets in the world, which is an incredible figure.

Second, I know very well Australia has an investor nature. The Motley Fool has been in Australia for a long time. It's an incredibly successful market for us, in part because they have a lot of regulations driving people toward investing and making it an advantaged space.

Let's see a quote here what you're going to see is literally every month, another 50 million or 100 million will go into crypto ETFs in Australia. It doesn't take very long before it becomes a big number, and that's from a local, we'll just say, expert in the space. And as one reminder, when we're looking at a potential catalyst in the future, the US has only allowed Bitcoin futures ETFs to launch and that might sound like a trivial point, but it definitely means that there is a lot less capital flowing into the space and there could be.

The first Bitcoin futures ETF launched and got $550 million in funds on its first day of trading, which again, that's a number without context, but here's the context that matters. The ETF that has the largest amount inflows is a Vanguard ETF and what that added in that first day is about five-fold the level that Vanguard ETF, which I might note is larger, the scale of order of magnitude larger than even the 10th largest ETF. That launch was truly historic.

Chris, when you look at this, what are you thinking is reasonable to expect ETFs as a major catalyst for Bitcoin in 2022?

MacDonald: I think the US is obviously the biggest market in the world for ETFs. But when you look around the world and look at where other countries are headed, so Australia is a great example. I know Canada has launched a Bitcoin ETF that is actually tied to spot Bitcoin.

There are markets where these ETFs have been launched. There's a precedent for it. That suggests that regulators may not have that difficult of a time doing it in the US if it's already being done let's say in Canada or Australia, which are smaller markets by population but have quite a bit of capital like you mentioned. It's significant news in that these markets opening themselves up to the innovation that ETF companies are trying to provide. That just lends itself well for this happening in the US as well. It's an important thing to keep an eye on for sure.

Bleeker: Yeah, I think that's a great point, that precedent is going to make it easier for regulators.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Bitcoin ETFs and Corporate Adoption Are 2 Key Crypto Catalysts to Watch - Motley Fool

MUMBAI: Renowned author and investor Morgan Housel has said that no one can call Bitcoin, the largest cryptocurrency in the world, a joke anymore.

Speaking at a virtual event hosted by Motilal Oswal Asset Management earlier this week, Housel said that he himself may have thought of Bitcoin as a joke five years ago but does not think so anymore.

So many of the smartest people are devoting their life to making this work, Housel said.

The father of all cryptocurrencies has seen a tremendous rise in adoption across the world over the past 18 months as institutional investors joined retail investors in seeing value in the digital currency. Several global hedge funds, pension funds and companies like MicroStrategy and Tesla have taken exposure to the cryptocurrency since the beginning of the COVID-19 pandemic.

While detractors of the cryptocurrency are many, several big names in the investment world such as Ray Dalio, Paul Tudor Jones and others have vouched for the cryptocurrencys place in the investment world.

Bitcoin today is seen as a store of value, a hedge against rapidly rising inflation and a substitute for gold even as its true followers see it as the future of money. Based on blockchain technology and cryptography, Bitcoin is a peer-to-peer cash transfer system that does away with the need for a third-party to validate a transaction.

Five years ago, I probably would have laughed at Bitcoin, but today I wont bet against it, Housel said. He, however, warned that the cryptocurrency could still destroy investor wealth as large draw downs are part and parcel of investing in Bitcoin.

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Dont think anybody can say Bitcoin is a joke now: Morgan Housel - Economic Times

Prices of leading cryptocurrencies, including Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), and Cardano (CRYPTO:ADA) are down more than 10% in the last week and some have fallen 20% or more from their highs.

Unlike a company with a management team and financial figures, getting to the bottom of why crypto prices are moving sharply to the upside or downside takes a little more digging. Here are five reasons why crypto prices are moving lower -- and what to do about it.

Image source: Getty Images.

President Biden signed the $1 trillion bipartisan infrastructure bill into law on Monday. Certain crypto-related provisions offer some of the ways the Administration hopes to bolster tax revenue to fund both this bill and the proposed $1.75 trillion Build Back Better plan. The bill's loose definition of what exactly it means to be a crypto broker also encompasses small and large miners and other individuals or entities that aren't exactly brokers in the traditional sense.This issue circles back to regulatory fears of the U.S. government cracking down on the industry, making it less profitable and just more of a hassle overall.

There's also a provision related to transactions of $10,000 or more where social security numbers must be verified and the transaction reported to the government. This is yet another deterrent challenging decentralized finance and the crypto market overall.

Bitcoin Price data by YCharts

On Tuesday, news came in that China's National Development and Reform Commission is continuing its pursuit of a crypto crackdown. The lion's share of crypto mining currently comes from China, where crypto is seen as a direct threat to the country's fiat currency and economy. The second-largest economy's negative stance on crypto isn't exactly a positive sign for the market.

On Nov. 10, Bitcoin and Ethereum both reached all-time highs of $69,000 and over $4,800, respectively. The same day, the U.S. Bureau of Labor Statistics reported that the Consumer Price Index (CPI) rose 6.2% over the last 12 months, representing the highest yearly increase in three decades. Since then, the dollar has been showing some strength thanks to higher-than-expected American spending across the retail sector. A stronger dollar means less inflation, which reduces the argument to invest in inflation-resistant asset classes.

Gold and high-yield dividend stocks have long been great ways to combat inflation. But cryptocurrency, especially Bitcoin, also has inflation-resistant characteristics due to a fixed maximum supply and independence from any one economy. If inflation starts heading in the other direction, then it would be a great thing for stocks and the U.S. economy, but a bad thing for crypto.

Riddled with speculation, the crypto market is also home to a lot of borrowed funds. Using margin magnifies potential gains and losses. Companies like BlockFi and Coinbase are willing to pay their users high interest rates for holding stablecoins, big-cap cryptos, and even altcoins on their platforms because they can lend out those same assets for a higher interest rate and make money on the spread. However, when prices crash and investors lack the equity to keep their accounts solvent, then the broker can forcibly issue a margin call. If the user can't add new funds into the account to bolster their equity, they may need to sell crypto at lower prices to raise cash to cover the deficit.

In the last 24 hours alone, $609 million were liquidated from over 147,600 traders, which is an average of over $4,100 per trader. That's a lot of money, gone in a hurry. Although the crypto market is still up a lot year-to-date, there have been many occurrences where liquidations caused steep sell-offs, including in the May crash which spilled into a June sell-off, and even the brief pullback in September. Simply put, the widespread use of debt by crypto traders adds fuel to the fire of a crash, but can also accelerate a boom on the upside.

The crypto market is no stranger to volatility. But few phrases evoke more fear than the threat of impending crypto winter.

Crypto winters are basically prolonged periods of stagnating or declining crypto prices. In the past, they've come one and a half to two years after a Bitcoin "halving." A Bitcoin halving is when the reward per block mined is cut in half. They occur roughly every four years. Given that the last halving was in May 2020, many predict that a crypto winter will set in sometime within the next six months.However, the reward per blocked mined is much less than it used to be, and nearly 90% of Bitcoin's supply is already in circulation. Given this backdrop, halvings should have less impact over time.

Quite honestly, it doesn't make sense for Bitcoin and other crypto prices to go through a fairly predictable cycle of bullish and bearish years as they did in the past. But because it happened the last few halvings, and there's widespread consensus that it could happen again, we could very well see a situation of "sell the rumor, buy the news."

The five reasons above all have one thing in common -- they are short-term challenges. The reality is that the long-term thesis for investing in top-tier cryptos like Bitcoin and Ethereum, or even high growth alternatives like Solana and Cardano, hasn't changed one bit.

Investing in cryptocurrencies requires a great deal of patience and risk tolerance. So far, the reward has been absolutely worth it. And given the rise of decentralized finance and more exciting projects in the crypto space, there's every reason to believe that crypto remains a great long-term investment even if we are approaching another crypto winter.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Does the Bitcoin, Ethereum, Solana, and Cardano Price Crash Signal Another Crypto Winter? - Motley Fool

Whales started accumulating BTC through the dip below $60,000. Based on data from IntoTheBlock, the number of BTC addresses holding Bitcoin for over a year has hit an all-time high.

Bitcoin price dropped below $57,000 on November 18, and the accumulation by non-exchange whales hit a peak. The third-largest non-exchange whale scooped up 3038 Bitcoin tokens over four transactions, worth $180 billion.

Colin Wu, a Chinese cryptocurrency journalist, has reported it on a tweet:

Historically, Bitcoin whale transactions have influenced BTC prices. The recent accumulation by BTC whales has turned investors bullish on Bitcoin.

Traders holding Bitcoin for over a year have acquired BTC at an average cost of $17,750. This implies that holders are at a great advantage.

Bitcoin funding rates, periodic payments to long or short traders based on the difference between perpetual contract and spot prices, have dropped. The funding rates are now lower than the level seen in Q1 2021.

Proponents consider the declining funding rates as a sign of dropping leverage. Though the assets price plunged below $57,000, analysts have argued that it is now an attractive entry for traders.

Delphi Digital, a research firm, recently published a report on crypto. The report argues that:

The initial sell-off was largely driven by a wave of liquidations rather than a fundamental shift in narrative.

Evaluating the recent BTC price trend, analysts are expecting a bounce in Bitcoin. @_Checkmatey_, a pseudonymous cryptocurrency analyst, is bullish on BTC.

FXStreet analysts expect the BTC price to drop to $57,000 as the correction has begun.

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Bitcoin whales enjoy the price crash to buy over $180 billion worth of BTC - FXStreet

An oversupply situation could actually put upward pressure on power prices, so we come in, mop up all that surplus hydro and contribute to keeping power prices low for mums and dads, he says.

Its a noble goal for Iris, which is hoping to counteract some of Bitcoins massive environmental impact, given the currency uses as much power as the entirety of Thailand on an annual basis.

But the business has some way to go before it makes any notable dent in Bitcoins energy consumption, with its British Columbia centre boasting a mining output of around 0.7 exahashes, fuelling a tiny amount of the total Bitcoin network, which has a daily average hashrate of around 168 exahashes. Hashrates refer to the total combined computational power required to fuel the Bitcoin network, with an exahash being a quintillion hashes per second.

Iris pulled in $14 million in revenue for the three months to the end of September, but made an after-tax loss for the period of $678 million. On Thursday, the business debuted on the Nasdaq to a muted response, with shares falling 12.9 per cent from their $US28 listing price, a drop that coincided with an 12 per cent fall in the price of Bitcoin over the past week.

However, the successful IPO still values Iris at about $US1.6 billion and puts the Roberts brothers respective 10 per cent stakes at around $US160 million each. Its a valuation that would have likely been unattainable if the business listed locally, with Roberts saying the tech-heavy Nasdaq was the obvious choice, given the numerous other Bitcoin miners already listed on the exchange.

The Nasdaq seems to be the logical home, particularly given the size and scale of the business and the fact that our operations are predominantly in North America and Canada, he says.

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Other crypto companies in Australia have publicly criticised the Australian Securities Exchange for causing a brain drain of Australian cryptocurrency start-ups pursuing listings in other markets due to a bias against them by the local bourse. Roberts disagrees, saying this wasnt Iris experience.

I havent spoken to the ASX in six months or so, but they were always very constructive and very friendly in all their interactions. Theyve obviously got their own policies and objectives as a business, but we made the decision a little while ago to go offshore and havent looked back, Roberts says.

Right now, Iris operations are firmly focused on international markets across Canada, the US and parts of Asia where the business can find renewable energy providers to fuel its power-hungry plants.

Roberts says Iris sights are likely to stay international, despite a recent proposal from the government to give Australian Bitcoin miners a 10 per cent cut in the company tax rate if they use renewable energy for their operations.

Well certainly look at [that policy], absolutely, he says. Political and regulatory support is important for our business, but equally, we want to ensure when we enter a market, were solving problems and delivering positive externalities to that market.

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Aussie brothers hit Nasdaq with plan to turn Bitcoin green - The Sydney Morning Herald

Many in the Bitcoin trading game use the strategy of following the golden cross or the death cross when it comes to long term investment in Bitcoin one of the oldest strategies from the stock market world.

And, while it's certainly one of the indicators to follow if ones an investor looking to HODL, there are other market conditions that one should factor in as well like price history, risk involved, economic reports, an assets volatility and predictions about its price movement.

Hence, if you chart a price of Bitcoins average price over these periods and find that the 200-day curve is crossing the 50-day curve, thats a golden cross.

This is also marked by a crossing of the short term and long term average, however, in a death cross the short term average cuts the long term average while moving downward. It then continues moving downwards for a prolonged period, as the market settles into the bear phase.

As a result, a golden cross doesnt necessarily mean that the market will trend upwards and remain upwards for the long term. In traditional trading, investors would take long term positions based on a golden cross, which may not work for something like Bitcoin or Ethereum, which sometimes change prices in a matter of hours.

Some experts recommend changing the definition of short and long term. For instance, if the 50-day average is crossing the 200-day average upwards, then compare a 10-day average against the 50 and 200 day averages. Sometimes, you will find that the 10-day average is signalling towards a death cross. Which means you should be more careful about taking a long position and avoid a fakeout.

Return on Investment (ROI): The ROI can help you gauge the risk of putting money into a particular cryptocurrency. Trading platforms will often provide a profit vs cost analysis of an asset, which tells you what kind of risk youre taking.

A metric called Sharpe Ratio, which was developed by Nobel laureate William F. Sharpe, lets you measure risk. Its the ratio of the average return of an asset, earned in excess of the risk free rate against the volatility of the asset. Risk free rate is the rate an investor would expect from an absolutely risk free asset.

Open High Low Close (OHCL) prices: Trading platforms will also show you OHCL prices, which are basically graphs that track the open, high, low and closing prices of the cryptocurrency over a chosen period of time. It gives you a good idea of how the asset has been performing over that period, and can also be compared against all time highs (ATH) and all time lows (ATL) to get an idea of how the asset is performing.

Circulating supply: Bitcoin is an asset run by computers, but it still has a limited supply. Thats true for most other cryptos as well, and the available supply of an asset determines the liquidity in the market. The more coins in supply, the greater the liquidity available on the market.

Disclaimer: This is a sponsored post in partnership with WazirX. Do your own research (DYOR) before deciding to invest in any asset, cryptocurrency or otherwise.

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Bitcoin investors love the golden cross and death cross heres why they matter but there are other factors t - Business Insider India