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Despite Current Prices, Cryptocurrency Analysts Remain Positive Amidst Growing Adoption

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Despite the recent, significant market crash, Totaling a $12 billion incline, assets such as Bitcoin, Ripple, Bitcoin Cash, and Ethereum went up anywhere from six to twelve percent. Bitcoin Cash raised a surprising eleven percent but is still stuck under $200 as of this writing.

Cryptocurrency Price Crash

Earlier this week, Bitcoin hit its low of $3,456 – down a total of 82.2 percent from an all-time high of $19,500. On top of this, Ethereum’s value fell out of the hundreds, with the last time this happened back in the summer of 2017. On Sunday, Alex Krüger, a cryptocurrency analyst claimed this the lowest price of the year, as reported by CCN. However, he also believes it’s too early to say if this drop is short or long term:

“Think that was it. Impossible to know if a bottom is a short or long term bottom. Possible to sense once a major bottom may be in by looking at high frequency price bars and volume i.e. when the elastic is ready to snap back. If it swings 15-30% off the lows, that’s a major bottom in % terms.”

However, Ethereum bounced back in the hundreds the next day, hitting $113 up from $98 – a seven percent increase. Bitcoin went up six percent, and Ripple saw an eight percent increase as well. Interestingly, even as Bitcoin’s price fell, the overall volume of Satoshi’s cryptocurrency stayed within $5 to $6 million. Then, as it went back up above $4,000, that number reached $6.7 billion thanks to buy orders.

Keeping An Open Mind

Another analyst, Don Alt, asserted that Sunday’s crash was the fastest decline he had seen “in recent years.” Yet, Alt remains positive in that a recovery will likely happen sooner rather than later. Even with that, he says to be prepared in case of another crash. A new yearly low could hit at $2,950 – totaling an eighty-five percent drop from Bitcoin’s all-time high:

“The most insane dumping I’ve ever seen in crypto. I’ve outlined two possible daily zones that price could find support on, that said I still recommend waiting for the larger timeframes. They might give you a delayed entry, but they won’t chop you up.”

Adoption: Ohio State Accepts Bitcoin for Tax Payments

However, we have to take our small victories where we can get them. Earlier today, The Next Web reported that Ohio would be the first U.S. state to accept Bitcoin for tax payments.

Going into effect this week, business owners can pay their taxes on OhioCrypto.com. The website accepts twenty-three different forms of taxes, with the full list available here:

  • 911 Wireless
  • Cigarette / Other Tobacco Products
  • Commercial Activity (CAT)
  • Consumer’s Use
  • Direct Pay Permit
  • Financial Institution (FIT)
  • Interest on Lawyers Trust Accounts (IOLTA)
  • International Fuel Tax Agreement (IFTA)
  • Kilowatt Hour · Motor Vehicle Fuel (MVFT)
  • Municipal Net Profits
  • Municipal Tax Electric Light & Telephone
  • Natural Gas Distribution (Mcf)
  • Non-Resident Motor Vehicle Sales Tax
  • Pass-Thru Entity Tax (PTE)
  • Petroleum Activity (PAT)
  • Premium Insurance Tax
  • Public Utilities Tax
  • Sales Tax
  • Seller’s Use Tax
  • Severance Tax
  • Streamlined Sales Tax (SST)
  • Withholding Tax

We can thank Ohio Treasurer Josh Mandel for this change. He believes that crypto will “make things easier for tax-payers but also establish Ohio’s status as a cryptocurrency trailblazer.”

Mandel isn’t sure how many businesses will jump onto this initiative right away, but the treasurer is “confident that this cryptocurrency initiative will continue.” According to the website, all payments will be processed by BitPay. Eventually, this service will be open to people instead of just businesses. However, this marks the first time governments “have considered accepting payments in cryptocurrency,” says The Next Web.

This account comes after a San Francisco judge had a criminal pay his bail in Bitcoin, but was later revoked as courts couldn’t figure out how it should work.

The post Despite Current Prices, Cryptocurrency Analysts Remain Positive Amidst Growing Adoption appeared first on Blockonomi.