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Bitcoin Climbs Above $500, US Judge Says BTC is ”Clearly Money”

Bitcoin has managed to climb above the $500 support level mentioned in our previous daily roundup. Prices should now remain supported by the this figure, at least in the near term. Yesterday BTC rallied 27 dollars, from $474 to $500. During today’s morning session bitcoin continued the rally upward, hitting a daily high of $528. […]

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Top Trade Idea For August 20th,2014 – USD/JPY

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How To Trade The Parabolic SAR in MT4

Hi, this is Shaun Overton with ForexNews.com and OneStepRemoved.com. In this 3 minute video, I’m going to introduce you to the Parabolic SAR indicator for MetaTrader 4. If you don’t already have a demo account, you can follow along for free with an OANDA account by clicking the link below this video.  Register For A […]

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Bitcoin Climbs Above $500, US Judge Says BTC is ”Clearly Money”

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Bitcoin has managed to climb above the $500 support level mentioned in our previous daily roundup. Prices should now remain supported by the this figure, at least in the near term. Yesterday BTC rallied 27 dollars, from $474 to $500. During today’s morning session bitcoin continued the rally upward, hitting a daily high of $528. On the top end, if BTC manages to break above the previous support (now turned resistance) at $550, things could get very interesting for the cryptocurrency. Beyond $550, the next resistance figure can be found at the round psychological level of $600. Here’s how bitcoin traded during the last two days on BTC-E.

chart

U.S. District Judge Jed Rakoff dubbed bitcoin as ”clearly money” in a Florida court case. ”Bitcoin can be easily purchased in exchange for ordinary currency, acts as a denominator of value, and is used to conduct financial transactions” Rakoff wrote in his decision. The court case involves 54 year old Robert Faiella, who prosecutors say was an underground exchanger of bitcoins. The accused was trying to clear the charges of operating an unlicensed money transmitting business on the grounds that  bitcoins are not money.

The decision could make things more difficult for Charlie Shrem, who faces similar charges of money laundering on September 22nd. This also complicates the defense for Ross William Ulbricht, the alleged mastermind behind the Silk Road marketplace. The legal framework for cryptocurrencies in the States is still very much in flux. Different US institutions have made different decisions on classifying bitcoin as either property or money. The proposed NY rules for example, plan to apply standard money transmitting laws and AML regulations to bitcoin exchanges. The IRS (US tax office) on the other hand, issued a guideline in March of this year declaring that bitcoin and other cryptocurrencies will be considered property for tax purposes.

 Get our free guide to bitcoin trading here.

bitcoin brokers

Bitcoin

bitcoin brokers

Bitcoin Climbs Above $500, US Judge Says BTC is ”Clearly Money”

Bitcoin has managed to climb above the $500 support level mentioned in our previous daily roundup. Prices should now remain supported by the this figure, at least in the near term. Yesterday BTC rallied 27 dollars, from $474 to $500. During today’s morning session bitcoin continued the rally upward, hitting a daily high of $528. […]

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