Consolidation period for Bitcoin around $ 11,500

Last week, Bitcoin (BTC) suddenly lost its stake, resulting in a $ 4,000 correction. The 30% drop has prompted many analysts to say there is a chance to reach even $ 6,000. However, the we returned quickly and even tested the $ 12,000 threshold.

Volatility followed by a consolidation period for Bitcoin

Positive evolution has generated a change in market sentiment, causing optimism. Analysts now see a consolidation period around $ 11,500.

Meanwhile, Bitcoin’s hash rate has reached a new record, according to Blockchain.com. On July 5, the hash rate reached 74.5 million TH / s – 109% over last year.

The IRS is planning to update the cryptomonas taxing system

According to the Wall Street Journal, the American Tax and Tax Service (IRS) will update Bitcoin’s tax treatment guidelines in a matter of weeks. The move is justified by Congress’s fear that the US is lagging behind in regulating cryptomonas.

Currently, IRS refers to Bitcoin and other cryptomonas as “virtual coins” and treats them as property. According to the IRS 2014-21 note, Bitcoin is a convertible virtual currency. But this status does not make him an official payment method.

Some members of the Congress have initiated bills that exempt blockchain and tax frauds to boost industry development.

The Liquid Network, available through the Blockstream Green application

The Liquid network is now accessible from an easy-to-use mobile application, thanks to the addition of a Liquid option on Blockstream Green. The app is currently available on iOS and Android, and the desktop version is due to be released soon.

Blockstream Green users can now store, send and receive Bitcoin in the Liquid network and assets issued on the Liquid side-chain. Transactions are confirmed in just two minutes, an advantage for traders.

Bitcoin critic Peter Schiff receives $ 2,000 of the BTC from the community

Peter Schiff, CEO of Euro Pacific Capital, has been noted as a frequent Bitcoin critic over time. He has repeatedly warned that Bitcoin is not a substitute for gold and told cripto investors “fools.”

However, he recently became the owner of 0.2 BTC, worth about $ 2300.

The investor triggered a wave of donations after being the subject of a Twitter debate with Morgan Creek Digital co-founder Anthony Pompliano. Schiff said he received $ 100 worth of BTC gift, and community members decided to help him have more.

“I suppose I must now go down and sink with the ship,”

was Schiff’s reaction.

I own about $ 100 worth. It was a gift.

– Peter Schiff (@PeterSchiff) July 5, 2019