2022-03-09 • Updated
The Senate of the US has voted for an amendment to President Biden’s infrastructure bill. The Senate allows for 30 hours of debate following a vote. This means that the amendment can be debated up until Tuesday morning, after which it would be signed into law.
Senate deliberations continued over the weekend over a $1 trillion infrastructure bill, with a particular focus on how the bill could impact the world of cryptocurrency. The bill includes a tax provision that outlines plans to raise about $28 billion for that $1 trillion package through taxes from crypto transactions. The bill identifies a “broker” as anyone “responsible for and regularly providing any service effectuating transfers of digital assets on behalf of another person,” and anyone thus identified would be subject to tax reporting requirements.
Cryptocurrency investors are unhappy with the new tax provision. Not only it defines miners and cryptocurrency wallet makers as brokers, but it also obliges companies to report information about individuals even if they are not customers. Passing the bill will have a bloody impact on the cryptocurrency market, as well as on all companies somehow connected to it.
Coinbase now supports Apple Pay when buying cryptocurrency, meaning that users can buy with debit cards that are linked to Apple's system. Coinbase is the first crypto exchange to offer instant transactions via Real-Time Payments (RTP), enabling customers in the U.S. with linked bank accounts to instantly and securely cash out up to $100,000 per transaction.
It is important to notice that Coinbase makes the most of its profit in the most volatile markets, due to increased trading volumes and therefore increased amount of fees collected. Nevertheless, Coinbase stock correlation with Bitcoin price is hard to underestimate. Such an effect is caused by the nature of Coinbase as a cryptocurrency exchange and the majority opinion that everything somehow linked to crypto needs to correlate with Bitcoin price movements.
Right now, Coinbase is breaking through resistance lines, after forming a “triple bottom” reversal pattern. RSI is also looking quite bullish. If the news about the infrastructure bill won’t crash the price, the next resistance line will be at $300, a round number, and a Fibonacci expansion 161.8 line. Otherwise, there is a big support area between $250 and $235.
Bitcoin is moving in a channel, that has been already broken once. RSI has formed a bearish divergence, so it’s dangerous to open a long position now. In case of a price falling, the main support area is $40000-$39000.
Robert Kiyosaki, the author of "Rich Dad Poor Dad," has updated his bitcoin price forecast, now projecting the cryptocurrency to hit $100,000 by September. He plans to acquire more bitcoin before April, attributing his decision to the upcoming halving event. Kiyosaki advises investors to consider adding bitcoin to their portfolios and suggests...
Bitcoin halving, occurring approximately every four years, is a significant event that halves the reward for Bitcoin mining. This process, ingrained in Bitcoin's algorithm, serves to maintain scarcity and counter inflationary pressures. With each halving, the rate of Bitcoin issuance slows down, potentially leading to price appreciation if demand...
If you follow the crypto market, you know that the big updates in major blockchains may cause big buzz and add volatility to the prices of crypto…
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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