This weekend, the price of Bitcoin exceeded the $ 11,000 threshold, and analysts believe the upward trend will continue.
August started with the Federal Reserve lowering the interest rate for the first time since the 2008 recession, and the US entered the second round of the trade war with China.
The graphs show that in the next period, there could be even higher growths, as Bitcoin imitates the evolution of 2016, when the growth has started towards the historical maximum value.
Bitcoin is on an upward trend, its dominance is approaching 67.5%, and the total valuation of the crypto market has exceeded $ 300 billion.
FATF standards will result in a separation of crypto users
The FATF standards published last month and the decision of the G20 countries to implement them will result in the separation of cryptocurrency users into two categories. Jeff Horowitz, chief compliance officer at Coinbase, explained the situation:
“FATF is trying to impose banking regulations on the crypto market. I understand why they are needed from the perspective of preventing money laundering, but these standards will determine the increase of direct transactions ”.
The new FATF rules provide for extensive KYC / AML checks – each address will be identified and linked to a particular person and transactions from anonymous addresses on exchanges will not be allowed.
Some of the crypto-enthusiasts have anonymity. For this reason, there is a risk of a “black market” of cryptocurrencies, facilitated by peer-to-peer transfers. It remains to be seen whether the crypto industry will be able to adapt to these new regulations.
Brazil requires reporting transactions with cryptocurrencies
Cryptocurrency traders in Brazil must report their transactions to the National Treasury.
Brazil’s federal revenue department published a guide in May on cryptocurrencies, which states that transactions in excess of 30,000 Brazilian reals ($ 7,600) must be reported to the tax authorities. This provision applies to both natural and legal persons.
The ruling is widely seen as a means to increase tax revenues.
Brazil has some of the largest volumes of cryptocurrency trading in Latin America, surpassing nearly 100,000 BTC in April. In addition, the total value of the crypto market exceeded 8 billion reais in 2018, according to the National Treasury.
The information related to the purchase, sale or donation of cryptocurrencies must be submitted at the end of each month. Failure to comply with the provisions may result in penalties. These include fines from 100 to 1000 reals, and incomplete or inaccurate records can result in fines of 1.5 to 3% of the total transaction value.
Bitcoin-ETH combination, welcomed by Vitalik Buterin
Blockchain game developer Blockade Games has proposed the implementation of the Bitcoin Lighning Network as an interface for Ethereum contracts. This would allow instant payments in Bitcoin, triggering a series of events on Ethereum or any other blockchain simultaneously.
Ethereum co-founder Vitalik Buterin commented on this proposal, noting that developers have used both Ethereum and Bitcoin blockchain. He seemed to encourage such an evolution, claiming that the future of cryptocurrencies is “diverse and pluralistic.”
So here’s an application developer using * both * ethereum and bitcoin (LN): https: //t.co/oHEaVSsX9T
– Vitalik Non-giver of Ether (@VitalikButerin) August 2, 2019
In early July, Buterin proposed implementing the Bitcoin Cash blockchain as a temporary scalability solution for the Ethereum network.
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