Cryptocurrencies Trading in A Narrow Range, Crypto Regulation in Japan Stops Kraken Exchange

Kraken cryptocurrency has announced it will cease service for Japanese residents.

Kraken Ceases Service for Japanese Residents Citing Costs

One of the largest global cryptocurrency exchanges, Kraken, which is based in the United States – has announced it is going to cease its services in Japan. Kraken is not a regulated cryptocurrency exchange in Japan. The exchange has said it will suspend operations due to the costs of doing business in Japan, which would obviously include a long list of expenditures for Kraken if it attempted to get regulated in the nation.

Ethereum Sustains Higher Levels and Attracts Attention

Digital assets have maintained their rather tranquil range after putting in solid gains. And Ethereum is getting attention because it has not only staged a positive rally but has not retreated from its short-term highs. Ether is trading near 508.00 U.S Dollars per coin. It has climbed nicely from values which were touching approximately 370.00 Dollars early last week. If Ethereum is able to sustain its momentum higher, the next resistance level appears to be the 615.00 juncture. Traders who are looking for downside action may be looking at the 450.00 mark. The remainder of this week will be important for digital assets to see if they can build off the short term highs they have recently achieved, or if they will succumb again to pressure via the three-month bear trend which remains a disturbing memory.

Cryptocurrency Traders and Internal Revenue Service Collision Coming

Today is the last filing day for taxes in the U.S for the calendar year of 2017. And a large number of cryptocurrency traders apparently are not reporting their results to the government as mandated. The IRS has made it clear they will find people who do not pay taxes via their trading. Many traders are saying they are confused by the rules mandated by the IRS, particularly because their digital assets dropped in value during the recent downturn, and their profits no longer exist in many cases.

San Francisco Event this Thursday & Friday                                                                             

A Blockchain development conference will get underway in San Francisco on April the 19^th which will include seminars about platforms, smart contracts, and decentralized data.

• April 19^th – 20th, U.S, Block Dev Conference San Francisco

Yaron Mazor is a senior analyst at SuperTraderTV.

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