Bitcoin price surged above $32,000 and traded to a new all-time high near $34,780 USD. BTC is currently correcting lower and it might even test $31,500. Bitcoin is showing a lot of positive signs above the $30,000 and $31,500 levels. The price is correcting gains, but it remains well supported above $31,500 and the 100 hourly simple moving average. The pair could start an extended downside correction if it breaks the $32,500 support zone.
Andrew Thurman
Twitter analytics data indicates that as Bitcoin continues to post all-time highs well into the $30,000s, social media interest in the digital currency is likewise setting new records across numerous key metrics.
In a tweet Saturday night, the official handle for The TIE, a cryptocurrency data firm, showed that the number of unique Twitter handles tweeting about Bitcoin has hit a new all-time high, eclipsing a 64,000 mark last seen during the peak of the 2017 bull run. According to Joshua Frank, CEO, since The TIE’s tweet the number of unique handles posting about Bitcoin has risen above 70,000 for the first time ever, the total tweet volume has eclipsed the December 2017 high of 135,000 to reach 140,000, and the overall number of crypto tweets has also hit a new high of nearly a quarter million in a 24-hour period.
Andrew Thurman
A former top investigator is warning that “a high-stakes game of chicken” between the Internal Revenue Service (IRS) and cryptocurrency holders who fail to properly report their earnings will be entering a new phase in 2021 as the tax collection agency begins to focus on pursuing “civil and, potentially, criminal penalties.”
In an article co-authored by Don Fort today, the former chief of the Internal Revenue Service’s (IRS) criminal investigation division said that while the agency until now has focused its resources on informing the public of proper reporting guidelines, it will now be turning to more stringent “enforcement.”
Kevin Helms
Cannabis dealer Clifton Collins has forfeited bitcoins worth about $3 million that were previously seized by Ireland’s Criminal Assets Bureau (CAB), the Sunday World reported last week. Collins reportedly has two bitcoin stashes. He consented to the confiscation of the first, smaller stash in Bray Circuit Court at the end of December when the bureau told a judge it had sold the cryptocurrency.
Collins began cultivating cannabis full-time around 2005. He rented properties around Ireland, including a house in Galway, to grow his marijuana crops. He harvested, packaged, and sold them in Dublin. He then used the proceeds to buy bitcoin in late 2011 and early 2012. The police arrested him in Galway in 2017, seized some of his bitcoins, and he was sentenced to five years in jail. The CAB told Collins that he could not keep his coins and that the state has a claim on them because they were bought from the proceeds of crime.
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