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Bitcoin nears $63.5K into weekly close as trader warns of 'terrible' Monday

Bitcoin nears $63.5K into weekly close as trader warns of 'terrible' Monday

podľa | júl 5, 2026 | 0 |

Bitcoin (BTC) consolidated near two-week highs into Sunday’s weekly close as traders geared up for fresh market turbulence.Key points:Bitcoin approaches its highest levels in two weeks, but Mondays have been “terrible” for BTC price action, a trader warns.BTC/USD is in the process of deciding the fate of its 200-week moving average.Crypto market analysis sees “greener shoots” on the back of the latest US macro data.Trader: Past seven Mondays “absolutely terrible” for BTC priceData from TradingView showed BTC/USD focusing on $62,700, the site of a key long-term trend line, the 200-week simple moving average (SMA).BTC/USD four-hour chart with 200-week SMA. Source: Cointelegraph/TradingViewBulls managed a trip to $63,450 on Saturday amid thinner exchange order books and a three-day US holiday weekend.“Seeing stronger passive supply here pressing price from above,” commentator Exitpump wrote in their latest analysis on X.BTC order-book data. Source: Exitpump/XTrader Daan Crypto Trades flagged short position liquidations as the price gained, with data from CoinGlass putting the 24-hour crypto total at $167 million.“Classic short squeeze, price grinds higher into a level everyone’s shorting until forced covering does the rest,” he commented on X. “Now the question is whether $62.6K (Weekly 200MA) holds as support or if this was just liquidity getting cleared before rolling over again.”BTC/USD vs. crypto liquidation history (screenshot). Source: CoinGlassFellow trader Killa had a word of warning, reiterating that the past seven Mondays had seen major price weakness.“7/7 Mondays have been absolutely terrible for $BTC,” they told X followers. “Will we repeat the exact same pattern next week?”Bitcoin ETFs contribute to crypto’s “greener shoots”In a new analysis published on Friday, trading company QCP Capital eyed potential tailwinds forming for crypto and risk assets.Related: Bollinger Bands creator eyes Bitcoin bear-market end, ‘W’-shaped reversalThese included renewed net inflows to the US spot Bitcoin exchange-traded funds (ETFs).As Cointelegraph reported, last week’s US nonfarm payrolls report came in below anticipated levels, sparking a softening in hawkish expectations of interest rate hikes by the Federal Reserve.“The clearest dovish tell was a 2% pop in gold, though that reads more as a real-rate and safe-haven hedge than growth conviction,” it acknowledged. “Crypto, though, is showing greener shoots: BTC spot ETFs snapped a six-session outflow streak to pull in $224mn on Thursday, their first positive print in over a week and an early sign that dip buyers are stepping back in after roughly $2.4bn of redemptions.”Fed target rate probabilities for July 29 FOMC meeting (screenshot). Source: CME GroupThe latest data from CME Group’s FedWatch Tool saw a near-80% chance of the Fed holding rates at current levels at its July 29 meeting.QCP added that before then, conducive Consumer Price Index (CPI) inflation data would be needed for “broader confirmation of a front-end dovish repricing.”

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South Africa proposes crypto tax rules under existing tax framework

South Africa proposes crypto tax rules under existing tax framework

podľa | júl 5, 2026 | 0 |

South Africa’s tax authority has proposed new rules that clarify how crypto assets are taxed under existing income and capital gains tax frameworks.The South African Revenue Service (SARS) on Wednesday published draft guidelines on crypto asset taxation, applying South Africa’s existing tax framework, primarily the Income Tax Act, 1962, alongside capital gains tax rules.The draft provides that most crypto activities, including trading, swapping and spending, are generally treated as disposals that may trigger tax events. It still emphasizes that the rules depend heavily on each taxpayer’s specific circumstances.If adopted, the proposed guidelines are set to impact millions of local users, as SARS reported in 2024 that at least 5.8 million residents held crypto assets.Crypto treated as an asset, not currencyThe guidance document reiterated that crypto assets are not legal tender or foreign currency, but rather intangible assets for tax purposes.“The preferred interpretation of the legal nature of crypto assets is that, although highly versatile and capable of negotiability, they are not ‘currency’ and, consequently not ‘foreign currency’,” the agency said.Source: SARSTaxpayer’s intention as a key elementThe guidelines place significant emphasis on a taxpayer’s intention when determining how crypto is taxed.According to SARS, whether a person is classified as a trader or a long-term investor depends on their behavior, transaction frequency and the purpose for holding the asset.An excerpt on how taxpayer intention is assessed, according to the proposed guidelines. Source: SARS“It is important to consider the taxpayer’s intention at the time of acquisition, at the time of selling the asset, and whilst holding the asset, as a taxpayer’s intention regarding an asset may change over time,” the authority said. SARS added that this requires a broad assessment of all relevant facts and circumstances.Related: Crypto lobby urges Congress to pass staking and mining tax bill as isThe guidelines also say crypto assets may fall under South Africa’s donations tax, as the assets are treated as “property” under tax law, with tax rates ranging from 20% to 25%, depending on the value of the donation.Public input open until August 31The draft guidance is not final law and is open for public comment until August 31. SARS said it is intended to attempt to provide interpretive clarity rather than introduce new legal obligations.South Africa has emerged as one of Africa’s largest crypto markets. According to Chainalysis’ October 2024 report, the country received about $26 billion in crypto value during the one-year period covered by the study.Chainalysis also found that institutional and professional-sized transactions were the largest contributors to total value received, particularly from late 2023 through the first quarter of 2024, highlighting a shift toward larger and more structured market activity.Magazine: AI is banking the unbanked in Africa… faster than crypto

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