All of the allurement around the crypto community has to do with the fact that most transactions are anonymous and independent form any national regulatory system. But, the new Infrastructure Bill introduced by Congress could stop the crypto tax loophole that investors have used to avoid reporting to the IRS, and lead to a more traceable market of transactions. Now these digital assets will be treated as assets to the IRS, which means any kind of cryptocurrency trade or transaction will be counted on your capital gains tax sheets.
An argument for the increased regulation and oversight for crypto from this Bloomberg article actually makes sense to me. Gary Gensler, SEC Chair, argued that an increase in regulation would mean more investor protection from fraud, which could lead to more adoption of cryptocurrencies on an institutional scale. How tight of a grip should the government have in the altcoin market, I don't know. More regulation will probably hurt the market in the short term before analysts start finding any kind of benefit of oversight.
Bitcoin forms a lower low on the 4H chart as price action looks weak right now. Further support lies below around $36,381. $40K still serves as a psychological level to break, and bitcoin's recent retracement looks like it will be a tough level to break.
Cardano looks like it's forming a triple top on the 4H timeframe as price is showing some rejection from the highs at the time of writing this. A break in this resistance could lead to a run up to 1.494521, but a dip could take the coin back to support around 1.262134.
Ethereum on the 4H timeframe broke and closed under a rising trend line which could send price to support around $2,415. The most recent high on this coin is around $2,699.
As this week comes to a close, we are looking ahead at future setups that could be some of the best opportunities for the next several trading sessions. Here are some pairs for next week that we are looking at. EUR/JPY Recent data has shown a slow down in the German manufacturing sector. With European […]
When it comes to testimonies, it's all in how you say it. Jerome Powell has to be very particular in the way he makes his statements and answers the ensuing questions. Here is what might be in store for the market in the coming days and weeks, and whether or not there will be more […]
The historically 'safe' currency to hold in times of recessions is in a unique situation now with a couple factors in place. Here is why the yen is stronger today as well as some trade setups that could push its value either up or down. Weaker Yen Now, Stronger Yen Later The Bank of Japan […]
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