The past week was quite positive for cryptocurrencies as most of them saw their prices increase. As is usually the case, altcoins saw larger growth. Markets reacted positively to the United States’ infrastructure spending bill that Congress is soon to adopt after senators removed fiscal fees for PoW miners. An amendment was also also proposed to exclude PoS validators from the list of those who have to pay tax.
The Ministry of Digital Transformation of Ukraine announced the upcoming legalization of payments in cryptocurrencies. The adoption of the law “On Virtual Assets” will allow cryptocurrency holders to protect their savings in digital assets, legally exchange and declare them for tax purposes. Since Ukrainian citizens are among the most active cryptocurrency users in the world, this news brings optimism to the entire crypto community.
For the first time since May 2021, Bitcoin has reached the $45,000 level. It failed to overcome this barrier the first time around, but it still has fairly high chances of breaking through.
Here Are Four Reasons To Buy Bitcoin Right Now.
- Invesco, one of the United States’ largest investment companies, has applied to create a Bitcoin based exchange traded fund. Its creation could lead to increased institutional investments in cryptocurrencies.
- According to Glassnode, the net position change on exchanges, which reflects the ratio of coins going into and out of exchanges, saw a decline similar to the one it experienced in April 2021. This points to markets switching to accumulating BTC.
- The Bitcoin network’s hash rate continues to form an upward trend that is positively impacting the Bitcoin network’s reliability.
- Technical analysis: Prices have consolidated above the upper boundary of the horizontal channel that Bitcoin maintained for 10 weeks.
Breaking through the $45,000 resistance level would open up the possibility of moving upward towards $47,153.75 and then $49,200.
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