Bitcoin successfully broke the 50 MA in the daily and is currently at the resistance area of the range, though this might not be an instant bullish scenario yet as BTC has several levels to break before it confirms a bigger bullish move. In the daily, we have resistance around 7,400 - 7,500. A break of this area could validate an "intermediate" bullish scenario for BTC and a potential target to test near 8,000. As for the invalidation, this scenario is deemed invalid if BTC falls below 7,000 and continue down to 6,500; a break of this support is significant as the next key support sits around 6,000 - 5,800. Swing traders might favor a pullback to 6,900 - 6,500, while momentum traders are eager to get a spot on the breakout of the range.
Global market cap is at $208B, while BTC's market cap is at $132B.
The Inland Revenue Authority of Singapore (IRAS) has issued updated tax guidance for digital tokens, concerning payment tokens, utility tokens, security tokens, and tokens issued through ICOs.
While payment tokens are still not legal tender, the guidelines state that transactions using them are "viewed as barter trade." Businesses receiving payment tokens will incur normal tax obligations, while usual deductions are available to businesses using them as payment. Utility tokens may "give rise to a deductible expense subject to usual deduction rules." Security tokens will be taxed according to "the nature of the return derived from a security token," and "whether the token is a capital or revenue asset to the owner."
Mining also received an update to its guidelines, stating that "miners may perform mining as a hobby or to hold the tokens mined as a long-term investment. If so, the disposable gains/losses of the payment tokens are not taxable/deductible. Capital gains on mined tokens are not subject to tax.
Chinese decentralized finance, or DeFi, protocol dForce has lost $24.95 million in a hack that resulted in its Lendf.Me lending platform going offline. Mindao Yang, CEO of dForce, confirmed the attack on the project's Telegram channel, which saw them lose 99.95% of its locked funds. The attack is believed to have targeted a vulnerability inherent to ETH's ERC-777 token standard.
Fourteen Chinese men were arrested by Malaysian authorities for running a Bitcoin investment scam and violating the country's Immigration Act. The suspects reportedly targeted investors in their home country, by impersonating wealthy investors and sent fake testimonies to the victims through popular Chinese messaging applications like WeChat and QQ. Adding to the illegal activity, all of the suspects are aged between 20 - 30 and three of them do not have valid travel documents.
The suspects will be charged under the Penal Code for cheating which has a jail term of up to 10 years and other possible fines. The group may also face charges under the Immigration Act, with fines up to $2,300, jail term of up 5 years, and six strokes of whipping. Authorities are still investigating the extent of the scam, its number of victims and money lost.
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