Daily market review for 18.06.2018

2018-06-19 12:11:48

Israeli Internet company Spot.IM plans to pay salaries to employees in bitcoins. Now, it is negotiating with the Israel tax authority (ISA) about obtaining a permit for the proposed method of payment along with an appropriate method of exchange rates calculating.

According to Spot.IM spokesman, Itay Bracha, in Israel, the salary or allowance paid to an employee is taxable. The company offers employees to open an account on the crypto exchange, where they will transfer their salary converted into bitcoins.

To provide insurance against bitcoin volatility, on the specified day, the highest coin price and the lowest one will be calculated and used as an exchange rate. The staff will also have the opportunity to choose between receiving a salary or part of it in bitcoins or fiat money.

Employees at Spot.IM have approved this offer, as the high fee for conversion will be covered by the company. In addition to net profit, pension funds or other benefits will not be transferred using bitcoin.

In February 2018, the Israel tax authorities announced that the cryptocurrency transactions are assets subject to a capital gains tax. Thus, employees will need to pay a tax of 25% if they profit from operations with bitcoins.

According to the head of Spot.IM, Ido Goldberg, the company fully supports cryptocurrencies and believes that such initiatives can provide confidence in the cryptocurrency sphere.

Now, let's move to the technical analysis of bitcoin (BTC):

Judging by the chart, the weekend did not live up to our expectations for active growth. It is still at the support level of $6,370. And judging by the fact that it does not fall further, we assume that it will go up after all. The first resistance level is at $6,640. The next resistance level is $7,070.

Technical analysis of Ethereum (ETH):

Ethereum actually copies the chart of bitcoin. It dropped to the level of $480, which is still a support level for it. Judging by the support line and the trend line, we still expect its further growth. The resistance levels of $500, $530, $590 are waiting for it.


Technical analysis of Ripple (XRP):

We were completely right with our forecast, ripple went to a deep correction to the level of $0.52. And even exceeded it, dropping to the level of $0.49. We think that the correction is possible, down to the level of $0.47. This level is very strong. Then, there must be an outcome. Either ripple turns back and goes up or it falls below $0.47, and then it will be a very negative scenario for ripple.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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