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Bitcoin Gold: The lost child of Crypto community

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Bitcoin Gold Fork

Bitcoin Gold is the hard fork of Bitcoin launched in late October, the crypto currency which was once the fifth most valuable crypto currency in the world is now struggling to be in top 20 and currently standing at the 16th Position with $4 billion in market cap behind currencies like Monero, NEO and many others.

Price trend down

Price trend in Bitcoin Gold is down with low volumes, it seems like market is not focusing on Bitcoin Gold and currently more interested in emerging coins than the old fork of world’s largest crypto currency. Price of Bitcoin Gold started at around $560 when fork was just launched in late October but later went down to as low as $150 in following days. Currently Bitcoin Gold is trading in a price range of $250-$300 which is way below then the starting price of more than $500, despite of recent Bull trend in the crypto market, Bitcoin Gold is struggling to follow the market trend and it seems like a Lost child in Crypto market with no direction.

Lack of Interest 

Lack of Interest is another big reason why Bitcoin Gold is not getting as much attention as it should have, Investors are pouring their money in new coins and taking a break from Bitcoin and its forks, recent performance by Bitcoin and Its forks and other crypto currencies like Ripple , Ethereum and TRON is an example. While Bitcoin and forks like Bitcoin Cash and Bitcoin Gold struggled to keep up with their price, Ripple and Ethereum had crazy Bull run in the market with more than 500% gain in the market for Ripple and more than 200% gain for Ethereum.

Going forward 

If we take a look at projections in coming days, there is no doubt about the fact that sooner or later Bitcoin and forks will get attention from investors and they will start pouring their money in. It’s a wait and watch sort of situation for the currency

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Australian Taxation Office warned against crypto retirement funds

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Regulatory authorities around the world have tighten the grip on crypto projects. Taxation authorities like Internal Revenue Service (IRS) and Australian Taxation Office (ATO) are the latest to join the list with strong initiatives.

Australian Taxation Office recently sent warning letters to the investors who have invested a large part of their retirement savings in crypto related funds. ATO sent these letters in order to warn investors against high risk investments like crypto. One of the key responsibilities of regulatory authorities and taxation authorities is to keep investors away from high risk investment schemes.

A spokesman from ATO told local media that “We have already seen instances in 2018 where investors lost significant amount of their retirement fund in crypto investments, so it’s our duty to make them aware about the kind of risk crypto market posses”. The spokesman further explained that they are also against the huge exposure in any single asset class. “We are not saying that we are all and all against the crypto market or crypto assets, but we are more concerned about the kind of exposure these crypto retirement funds have in single crypto asset like Bitcoin”

“If an investor is putting more than 90% of his retirement savings in crypto then obviously it is at high risk and that’s what we discourage, we have no issues in diversified portfolios but if crypto retirement funds are having 100% exposure in crypto assets then we have to warn investors about the potential losses.

Self-Managed-Super Funds (SMSFs)

SMSFs are type of retirement accounts privately managed by individuals rather than the institutions or regulated financial companies. Australian Securities and Investments Commission also supports ATO’s decision, in a recent statement ASIC said

“Be wary of services offering to establish an SMSF for you in order to gain exposure to cryptocurrencies. Not only does operating an SMSF involve significant time, skills and responsibility, you may also be putting your retirement savings at risk”

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Morning Crypto Roundup: Coinbase, Bakkt, Binance in news

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“Coinbase seeing $200-400 million in new crypto deposits every week”: Armstrong 

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CEO of Coinbase, Brian Armstrong says that “Adoption of crypto by Institutions is no more an uncertainty. The question was valid about 12 months ago, but now everything has changed as we’re seeing $200-400 million a week in new crypto deposits from institutional clients”

In a recent tweet, Armstrong further says that trust and safety means a lot to crypto investors and Coinbase is on a mission to provide safe infrastructure to institutional clients in order to increase adoption.

Coinbase has completed acquisition of Xapo which helped them in institutional business. In a recent blogpost, Coinbase further mentioned that in just one year of launch, Coinbase custody has reached a staggering number of $7 billion of assets under custody, stored on behalf of 120 clients from 14 different countries.

The highlight of today’s tweet from Brian Armstrong was the numbers from Institutional investors. Safety have always been a big issue for investors and that’s why there were lot of discussions regarding adoption of crypto at Institutional level, but with $200 – 400 million coming into Coinbase every week, we can easily say that crypto adoption at institutional level is no more a question, it’s a reality.

The way forward 

We already discussed about the importance of safety of funds in crypto market, but in order to increase adoption, crypto market must create new traders. Traders love leverage, borrowing and lending which allows them to trade the market even with limited resources. Retail forex market is a prime example of such facilities. Coinbase did mentioned in the blogpost that they are excited to explore new ways to monetize and leverage crypto assets like borrowing and lending.

Bitcoin ETF

Decision about the Bitcoin ETF by securities and exchange commission is pending in October. Exchange traded fund approval from SEC can open new doors for crypto adoption at an institutional level.

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