💵 Today's Crypto Updates: February 19th 📈

Today's Crypto Updates:

1. Bitcoin Breaks $11k As New Support Forms And Analysts Turn Bullish
2. Crypto ‘Scams’ Have Affected Over 1.2k Australian Investors In 2017
3. Wyoming Senate Bill Proposes to Exempt Cryptocurrencies from Taxes
4. Cryptocurrency Is Booming In Africa

Summary Of Today's News:

Markets are getting bullish on Bitcoin again. Crypto scams continue to plague naive investors. Wyoming looking into making crypto profits tax free. Cryptocurrencies are becoming commonplace in Africa. Read all about it below!

1. Bitcoin Breaks $11k As New Support Forms And Analysts Turn Bullish

Source: https://cointelegraph.com/news/bitcoin-breaks-11k-as-new-support-forms-and-analysts-turn-bullish

Key Highlights:

• "...Bitcoin price has surpassed $11,000 twice since Sunday as bullish sentiment returns to markets and new support begins to form."

• "Now, 'clear' support and resistance will make future price action “more predictable” going forward, he says, noting the “bullish” trend in both daily and weekly charts as the week begins."

Crypto Phil's Take:

It's been really pleasant the past few days, waking up and seeing Bitcoin up every morning. Now there's even more optimism on the horizon. I'm starting to think we may see Bitcoin return the previous all time highs and beyond within the next couple months.

Things are looking up for Bitcoin again

2. Crypto ‘Scams’ Have Affected Over 1.2k Australian Investors In 2017

Source: https://cointelegraph.com/news/crypto-scams-have-affected-over-12k-australian-investors-in-2017

Key Highlights:

• "Cryptocurrency “scams” generated over 1200 complaints to Australia’s consumer watchdog in 2017, according to new figures it released this month."

• "Scams even affect cryptocurrency’s best-known names, with Ethereum co-founder Vitalik Buterin warning investors about a Twitter impersonator purporting to offer free money on his behalf. The fake giveaway even made the headlines in cryptocurrency news media, which erroneously reported it as legitimate."

Crypto Phil's Take:

Scams are the unfortunate side affects and growing pains found in a nearly completely unregulated environment. Regulation is coming for crypto and honestly, long term, it will have a positive impact on crypto. It will help get rid of the scams that see in the space today.

3. Wyoming Senate Bill Proposes to Exempt Cryptocurrencies from Taxes

Source: https://usethebitcoin.com/wyoming-senate-bill-proposes-exempt-cryptocurrencies-taxes/

Key Highlights:

• "The Senate Bill 111, proposed by six senators and representatives, aims to remove any tax penalties for holding cryptocurrencies."

• "This regulation would allow more individuals and enterprises to invest in Wyoming, creating more jobs and boosting growth"

Crypto Phil's Take:

Great news for people that live in Wyoming. Unfortunately, even if this bill did become law, I don't see this lasting long or becoming common place within other governments. There's no way governments can pass up the monetary gains that can be found by taxing crypto profits.

4. Cryptocurrency Is Booming In Africa

Source: https://www.finder.com.au/cryptocurrency-is-booming-in-africa

Key Highlights:

• "Mobile-based cryptocurrency payment systems are already widely used wherever bank accounts aren't."

• "Cryptocurrency is in high demand around Africa with demand throughout 2017 leading to crypto prices as much as 40% above global averages."

Crypto Phil's Take:

An example of adoption and how cryptocurrencies can benefit people around the world. If you don't have access to banking, cryptocurrencies provide an easy and extremely secure way to receive and send payments. Expect examples of cryptocurrency usage like this to become more and more common.

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