US State of Ohio Suspends Service for Paying Taxes With Bitcoin
Ohio Treasurer Robert Sprague announced the immediate suspension of the OhioCrypto.com website that allows businesses to pay taxes with Bitcoin (BTC).
In an Oct. 2 press release, Sprague announced that according to an internal review, approval by the Board of Deposit was required before Ohio launched the website that allowed businesses to pay taxes with digital currencies.
Furthermore, the State Board of Deposit has asked Attorney General Dave Yost to further research the legalities of how the crypto portal was set up and whether BitPay — the third-party processor that powered the service — constituted a “financial transaction device.”
Why Did Bitcoin Break Down From $9,000, and Where Is It Heading?
As Bitcoin’s (BTC) price floats in the waters of uncertainty in the low $8,000 range, one might wonder how crypto’s largest asset found itself at the bottom of a steep drop after its exuberant price rise from $3,330 to $13,880 earlier in 2019. One explanation could be that the move was simply the market’s reaction to a chart pattern many experts had their eyes on for months.
After its June 26 price high at $13,880, Bitcoin formed a descending triangle, followed by multiple months of consolidation. Near the end of the pattern the digital asset plunged from $9,700 to $8,000, a $1,700 drop in a single day. Bitcoin’s Sept. 24 tumble also occurred just one day after Bakkt launched its physically-settled Bitcoin futures product.
Bitcoin Price Risks Further Decline After Recovery Rally Stalls
oin’s (BTC) recent sell-offs on September 24 and 26 produced yet another bearish monthly closing candle, marking the third straight month in the red for the world’s premier crypto.
The top crypto is currently changing hands at $8,234 on Bitstamp, representing a 1.17-percent decline over the last 24 hours. Further price drops are likely, should the bulls fail to reverse the damage done at the end of September.
Further, October has started poorly for traders looking to capture the rebound to $8,511 on Tuesday, as prices were swiftly rejected back below $8,300 at around 02:00 UTC this morning.