In today’s bitcoin and cryptocurrency news, learn about Argo Blockchain, a business that specializes in Bitcoin mining, has requested that trade of its shares and unsecured notes be delayed on the NASDAQ stock market until Wednesday. Meanwhile, many bitcoin enthusiasts are asking if the crypto winter will end in 2022. The current bitcoin bear market has reached its deepest bottom since the bear market of 2013–2015. Analysts also say that most technical signs of a bottom did not predict the bottom. Finally, there are a number of ways to acquire Bitcoin (BTC) in Australia, including through crypto exchanges, ATMs, and direct trades.
Argo Blockchain, a Bitcoin Miner, Has Suspended Trading on the NASDAQ
Original Source: Bitcoin Miner Argo Blockchain Suspends Trading on NASDAQ
The Bitcoin miner Argo Blockchain is stopping share trading ahead of a major announcement on Wednesday.
Argo Blockchain, a bitcoin mining startup, wants NASDAQ trade of its shares and unsecured notes stopped until Wednesday.
The troubled business, which trades on the NASDAQ and LSE, claimed it will make a major statement before Wednesday trading. NASDAQ shares alone.
“Inside information” and forward-looking comments about the firm’s “financial performance, corporate strategy, and plans and objectives of management for future operations” will be included.
Argo, like many other mining companies, is restructuring its operations amid an uncertain future for the sector.
The company claimed in a statement earlier this month that it was in “advanced talks” with an unnamed third party to support its continued business operations owing to “insufficient liquidity” and wanted to conclude these transactions without declaring for Chapter 11 bankruptcy.
It aims to sell “certain assets” to a third party and enter an equipment financing transaction to “strengthen its balance sheet and boost its liquidity” during these discussions.
Argo has been struggling to raise funding since 2022 due to rising energy expenses and dropping Bitcoin prices. Almost the year, the firm’s shares fell over 95%.
The corporation started selling its Bitcoin reserves in June to finance operating expenditures.
In October, Argo failed to complete a £24 million ($27 million) fundraiser, causing its stock price to drop 40%.
Crypto miners’ mountainous terrain
Argo isn’t the only company considering restructuring due to low investor confidence.
Embattled miner Greenidge Generation warned earlier this month that there was “serious concern” about its ability to continue as a business, agreeing to new repayment conditions that will cut its debts by “$57 million to $68 million.”
However, these steps haven’t improved others’ circumstances. Core Scientific, one of the industry’s biggest participants, filed for Chapter 11 bankruptcy protection in Texas last week, blaming low Bitcoin prices and hefty overhead costs.
Crypto Supporters Search the Graveyard of Technical Indicators That Missed Bitcoin’s Bottom
Original Source: Crypto Supporters Sift Through the Graveyard of Technical Indicators That Failed to Predict Bitcoin’s Bottom
Many bitcoin proponents are wondering if the crypto winter will officially end by the end of 2022. The current bitcoin bear run has reached its longest bottom formation since the 2013-2015 bitcoin bear market. Analysts also highlight that most technical bottom indicators have failed to anticipate bitcoin prices’ bottom.
Rainbows and S2F: The List of Technical Indicators That Failed to Predict Bitcoin’s Bottom
Crypto fans celebrated surviving one of the longest and harshest bitcoin bear markets since the 2013-2015 bear market a month ago. The longest slump was the 2013-2015 bitcoin bear run, but the current crypto economic decline is expected to surpass it.
Bitcoin.com News stated 144 days ago that several technical indicators failed to anticipate bitcoin’s U.S. dollar value this year, in addition to the longest bottom phase. Last June, Ethereum supporter Anthony Sassano and ETH co-founder Vitalik Buterin condemned the stock-to-flow (S2F) model, one of this year’s major price model failures.
Many crypto proponents are still making forum articles and social media threads about bitcoin’s perplexing bottom despite all the “best” technical indications falling miserably. Crypto Noob tweeted on Dec. 27: “Bitcoin is presently trading in the oversold zone.” The bottom has always formed there. Is BTC bottoming out?”
Crypto-focused forums and social media sites like Facebook and Twitter are full of questions like these. On Reddit’s r/cryptocurrency community, a post describes how technical bottom signs have failed and says experts have “no clue” and this time “IS different.”
“u/Beyonderr” writes that eight technical indicators failed bitcoin traders this year. Beyonderr states “this was not true this year” for the weekly RSI, which was supposed to indicate oversold levels and bitcoin’s bottom.
Beyonderr also listed the monthly MACD (moving average convergence/divergence), the Rainbow price chart, the 200-week moving average, the 100-week X 20-week moving average, the Pi cycle indicator, the Hash ribbons indicator, and the average percentage drawdown from a cycle’s high as unreliable technical indicators.
Beyonderr also derided the S2F price model by dubbing it the “Meme bonus” indication. Plan B’s awful Stock-to-flow model is the poorest indication. “Add that to the failed pile,” wrote Beyonderr. According to Beyonderr, four signs show the bottom “may be in” in the post on r/cryptocurrency.
Beyonderr highlighted factors including “time in the market,” the “Puell Multiple,” the “Mayer Multiple,” and the “MVRV Z-score.” Many individuals on social media networks like Twitter feel the bottom is approaching, but most technical signs have been unreliable aberrations.
Bitcoin Purchase in Australia
Original Source: How to buy Bitcoin in Australia?
Australian crypto exchanges, ATMs, and traders sell Bitcoin (BTC).
Digital money on the blockchain is growing as more people discover Bitcoin BTC $16,624 and other cryptocurrencies. Australian firms are also embracing Bitcoin. Australia has many Bitcoin buying options.
Bitcoin trading goes beyond buying and selling. What is the greatest site to acquire Bitcoin and the safest way to keep it? This page covers buying, trading, and storing Bitcoin in Australia.
Australian Bitcoin buying options
Australia has several BTC investment options. Bitcoin exchanges are the most prevalent approach. Connecting a bank account, credit or debit card to the crypto exchange makes fiat currency conversion straightforward.
Bitcoin ATMs allow cash investments. Australia has over 200 Bitcoin ATMs, making it difficult to find one. Oceania’s largest nation has fewer ATMs than the US. Los Angeles, with 2,000 Bitcoin ATMs, has 10 times as many cash-buying locations.
P2P exchanges are an alternative to exchanges and Bitcoin ATMs. This allows marketplace Bitcoin purchases from individuals. Though less popular, this method has some benefits. P2P exchanges feature more liquidity, lower costs, and better exchange rates.
OTC trading is the fourth option to acquire Bitcoin. Thus, huge BTC purchases are simple. These transactions are between two parties without an order book. Wealthy investors and institutions who exchange Bitcoin for significant sums like this method.
Australian Bitcoin ATMs
Bitcoin ATMs are suitable for cash-to-BTC conversions. Only this can convert cash to cryptocurrency. Sydney and Melbourne have several Bitcoin ATMs for buying Bitcoin.
These ATMs sell Bitcoin, Ether $1,195, and Litecoin LTC $67.35. ATMs sell Dogecoin DOGE $0.07 and XRP $0.36. Only purchased altcoins. ATMs seldom sell crypto. ATMs sell and buy Bitcoin.
Choose a trustworthy crypto exchange that suits all crypto trader demands. A cryptocurrency exchange with a solid reputation, cheap costs, a huge user base, and a high supply is more appealing than one with expensive trading and a tiny supply.
After selecting a crypto exchange, establish an account. A crypto exchange’s homepage allows account creation by clicking Register. Providing all necessary personal information and setting up two-factor authentication activates the account.
Customers must authenticate their identities while creating accounts to ensure authenticity. Most exchanges employ KYC, which requires consumers to identify themselves. Uploading a government-issued ID and proof of address may be required.
After opening an exchange account, fund it. This may be financed with fiat cash from your bank or credit card for crypto trading.
An exchange order starts Bitcoin trading. Bitcoin can be bought or sold at a specified price or with a limit order.
After buying Bitcoin, monitor its price. Watch the market and deals. Most cryptocurrency exchanges provide notifications when Bitcoin prices hit a specific threshold.
Australian Bitcoin exchange
Australia has many crypto exchanges, including Crypto.com and Coinbase. These exchanges have millions of customers and a wide range of cryptocurrencies, but where can Australians buy Bitcoin?
Australia has multiple cryptocurrency exchanges. Fees, services, and selection vary each exchange. Thus, before picking an exchange, investigate it. Australian cryptocurrency exchanges include:
ZenGo Swyftx
Independent Reserve CoinSpot
Binance Australia?
Australians may trade crypto on Binance. Tens of millions of crypto investors utilize Binance’s crypto staking and margin trading services to acquire cryptocurrencies. This platform attracts investors with over 600 coins.
Binance accounts must be registered and verified to trade Bitcoin in Australia. Uploading your government-issued ID and proof of address may be required. After verification, you may fill your account with a recognized payment method and start trading cryptocurrencies.
Australia Bitcoin storage?
Bitcoin investment involves both purchasing and storing bitcoins. Protecting Bitcoin investments is crucial because digital currency might be stolen like conventional currencies. Each crypto wallet has pros and cons.
Beginner crypto investors utilize exchange wallets. Exchange trading wallet. The easiest yet riskiest way to store bitcoins. Crypto investors have no control over exchange wallet cryptocurrency since the exchange has the private keys and seed phrase.
This makes a software wallet better. Software wallet users possess private keys and control their currencies. This unique code unlocks the wallet’s cryptocurrency, so don’t share it. Desktop and mobile software wallets enable people utilize cryptocurrency anywhere.
Software wallets store tokens online, making them less secure. Hardware crypto wallets are more dependable. Offline hardware wallets hold Bitcoin and altcoins. Because they’re offline, they’re safer. Hardware wallets are less hackable.
Bitcoin earnings in Australia: How much tax?
Cryptocurrencies are taxed like property in Australia. Thus, buying, selling, and trading may incur capital gains tax. Profits are taxed.
The ATO has published Bitcoin and cryptocurrency tax recommendations. Capital gains tax applies to Bitcoin transactions after 12 months, according to the ATO. Profits are regular revenue for Bitcoin investors under 12 months.
ASIC has given recommendations on Bitcoin and other cryptocurrencies in Australia, in addition to tax restrictions. Bitcoin and other cryptocurrencies are neither government-regulated or legal cash in Australia, according to ASIC. Cryptocurrency firms may need an Australian Financial Services Licence.
Summary of today’s bitcoin and cryptocurrency news
In general, stock in Argo dropped by 40 percent in October after the company was unable to complete a £24 million ($27 million) financing effort. Argo isn’t the only company considering a reorganization, since investor enthusiasm is low.
On the other hand, Beyonder talked about signs like market experience, the MVRV Z-score, and the Puell and Mayer multiples. Many individuals on social media sites like Twitter are confident that the market has reached its bottom, but the majority of technical signals have been false alarms.
Finally, cryptocurrencies are taxed like property in Australia. Thus, buying, selling, and trading may incur capital gains tax. Profits are taxed. The ATO has published Bitcoin and cryptocurrency tax recommendations. Capital gains tax applies to bitcoin transactions after 12 months, according to the ATO. Profits are regular revenue for Bitcoin investors with less than a year’s experience.
