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.
AI- Generated Trading Setups
AI-generated bullish/bearish bias setups on forex currencies, gold, & indices.
Today's economic figures came out in US and Canada. GDP came in higher than expected in Canada while the price of goods purchased by consumers was lower than last month. Here are some pullback ideas for USD and CAD from GDP and PCE numbers. EdgeFinder Analysis NAS100 is a bullish reading on the EdgeFinder still. […]
This week has brought more inflation data with it regarding the USD's PCE and PMI numbers. Powell is also set to speak this Friday about monetary policy going forward. The RBNZ will also release their latest interest rate news tomorrow with expectations of an unchanged rate at 5.5%. EdgeFinder Analysis GBPUSD is a bullish bias […]
This week is a big PMI week for Europe, UK and US. Additional inflationary metrics will add to the overall sentiment of these countries' monetary policies going forward. Here are some setups for the coming week on these currencies. EdgeFinder Analysis GBPCAD is now a +7 on the EdgeFinder as we wait for CPI news […]
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