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Cryptocurrencies Stabilize: Is the Rout Over Yet?


Apr. 2 2018, Updated 1:19 p.m. ET

Digital currencies recover

Top cryptocurrencies’ (ARKW) (ARKK) prices had recovered as of 7:00 AM EST[1.Eastern Standard Time] on Monday, April 2. Over the past 24 hours, Bitcoin has risen 4.9% to $7,071.70. Its volatility is 61.1%, while its RSI (relative strength index) score has slumped to 31. An RSI score below 30 suggests that a stock’s price may rise, while a score above 70 suggests a price pullback. Bitcoin reached a low of $6,550 on March 30.

Ethereum has risen 3% to $390.70, and Ripple had risen 1.8% to $0.50. Top cryptocurrencies Bitcoin Cash, Litecoin, EOS, and Stellar have risen 4.8%, 5.8%, 2.3%, and 9%, respectively.

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Global news

The South Korean Ministry of Strategy and Finance is considering adding capital gain tax and other income tax for cryptocurrency investors to their tax plans in the first half of 2018. The country aims to study Japanese, German, US, and UK cryptocurrency taxation strategies. Thailand’s Ministry of Finance has introduced a 7% VAT (value-added tax) on cryptocurrency trades and a 15% capital gain tax.

Meanwhile, Kazakhstan is shying away from cryptocurrencies, as it views them as a vehicle for fraud and money laundering. Nigeria Deposit Insurance’s research department manager has also indicated disdain for cryptocurrencies, warning against cryptocurrency investments.


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