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You might have missed it: Bitcoin at 15,000 USD and the market’s disappointment in ICO

Fundstrat chief analyst Tom Lee lowered his bitcoin forecast by the end of the year, a major Swiss stock exchange will launch a cryptocurrency ETP, Poland will impose a 19% cryptocurrency tax and other news of the last two days.


At the weekend, the situation in the digital money market remained virtually unchanged, but several events occurred at once that could have affected the fact that today Bitcoin updated the annual minimum and is now trading at $4,624 on FXOpen.

Poland will impose taxes on cryptocurrencies

The bill, according to which 19% tax on cryptocurrency income will be introduced in Poland, was signed by President Andrzej Duda. New rules do not concern the exchange of one digital money for another - only when converting new assets into fiat currencies, goods, services, and so on. Citizens must report on working with cryptocurrencies each year. The legislation comes into force in January 2019.

A major Swiss exchange launches Bitcoin-ETP

SIX Swiss Exchange, the fourth largest trading platform in Europe, launches a cryptocurrency exchange-traded product (ETP) tracking an index of five major cryptocurrencies: cryptocurrencies - Bitcoin, XRP, Ethereum, Bitcoin Cash ABC and Litecoin. The fund, called Amun ETP, will allow institutional and retail investors to work with digital money without direct interaction with them.

ICORating: the market is disappointed with ICO projects

The market showed signs of frustration in traditional ICOs as in the method of venture financing, ICORating analysts said in their new study. Analysts stressed that in the third quarter of 2018, the capitalization of projects launched in 2017 and 2018 decreased significantly, market regulation tightened, and security tokens became more widespread.

Experts said that profitability for ICO participants reduced significantly, and the teams ran out of new ideas. There are many fraudulent and dubious projects, as well as restrictions for US residents. From June to September, startups collected $1.8 billion, although in the second quarter this figure exceeded $8.3 billion.

76% of companies did not have MVP - the minimum viable product. 72% of these startups failed to collect more than $500,000.

Huobi Exchange adds the possibility to buy cryptocurrencies for rubles

Clients of Huobi trading platform will be able to buy cryptocurrency for rubles on over-the-counter services (OTC). The company will also launch a Russian-language call center. Personal managers will be provided for large clients. If the users' trading volume exceeds 50 BTC for two weeks in November, they will get access to special commission rates.

In addition, customers will be able to earn 20% cashback from commissions, which will be credited in the form of Huobi Token. The company is also going to start issuing loans for the purchase of ASIC-miners and rent out premises for equipment. This service can be launched 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 in the rise in Bitcoin value, however he lowered his previous forecast. Now the expert believes that the first cryptocurrency can increase in value to the level of $15,000 by the end of 2018, that is three times (now the coin is trading at $4,624). Earlier, he targeted Bitcoin to reach $ 25,000, and then in July he lowered his prediction to $22,000.

 

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