Bitcoin trades at $67450 presently sustaining the movement that hovers around the pivotal zone of $66,890. Bringing $66,110 as the support that can act as a cushion if the pullback comes, investors seem optimistic as bitcoin heads towards the $69,000 resistance level.
This shift is in the same direction as Italy’s bitcoin tax as well as the entry of some new cryptocurrency etfs into the market.
Italy Adds 42% Bitcoin Tax While EU Moves Towards Implementing MiCA Regulations
Accordingly, Italy will increase the tax on profits from bitcoin sales from 26 to 42 percent, which is aimed at raising USP funds to fund election pledges and reduce the budget deficit. Deputy Finance Minister Maurizio Leo believes the increase is due to the growing usage of Bitcoin in the country. At present, gains above €2,000 in cryptocurrency are taxed at the rate of 26%, but the new rate will come into force shortly.
In other news, the European Union is watching over the MiCA regulations, which aim to create a uniform legal framework for cryptocurrencies.
Even with the increased taxes, however, investor confidence still remains intact and this is reasonably getting steadied with the MiCA regulations.
Looking at the flip side, Bitcoin prices are less sensitive even with higher taxes. Investor sentiment is generally upbeat.
Trump's Campaign Reports Exodus Of $7.5 Million In Contributions From Cryptocurrency Enthusiasts.
Trump's political campaign has received more than $7.5 million in cryptocurrency donations, as per the information provided by the Federal Election Commission.
Cryptocurrency contributions were made to PAC Trump 47, which also included over a million dollar contributions from twins Winklevoss, in the forms of Bitcoin, Ether, XRP, USDC, and Tether.
On Tuesday, Trump announced the launch of a cryptocurrency banking business, World Liberty Financial, and managed to rake in $10.2 million from token sales in spite of having technical issues at the beginning.
Trump's expansionary crypto policy may cause an incremental rise in prices of bitcoin.
The initiative is indicative of a framework where the US may consider financial regulation frameworks which are more tolerant and friendly towards Cryptocurrencies.
This may amplify the euphoria and demand for Bitcoin among investors.
STKD All Set To Launch Bitcoin And Gold ETF As Prices Remain Depressed For The Asset Class.
As global stoush and election period in the US draws closer, STKD has revealed a bitcoin and gold ETF (BTGD) in an effort to sustain its investors against inflation and depreciation of currency value.
The ETF promises investors equal exposure to both gold and bitcoin thereby combining the advantages of a growing capital base with hedging portfolios.
JPMorgan has stated that there is an increase of demand on the market for scarce resources such as gold and Bitcoin.
Increased tensions of geopolitical nature and inflation increases the supply and demand for these assets additionally adjoined with the orange wave engulfing the market.
This exchange traded fund launch may add fuel to the Bitcoin flare creating institutional consistency and bringing in new investors looking to hedge against unstable times in the economy.
Bitcoin Adjusts itself Towards $69,000 as Uptrend Resilience is Confirmed, $66,110 Eyes Further Movements
Knowing the market’s precariousness and volatility, bitcoin was able to exceed levels of $66,890 which was its pivotal resistance, and grab $67,450 levels while expecting the support around $66,890 levels looking for trades around $66,110 and the 50-day EMA support around $65,920 levels in the future.
A bullish movement in Bitcoin could make the price level around 69,310 seem attractive, eyeing further growth to levels of $69,140 and then $69,980 levels.
With the RSI indicator reading 60.72 on the diagonal scale indicates a neutral territory so one cannot assume that it is an overbought territory nor an oversold territory. So primarily with the potential news coming in the future bitcoin could move either way.
In a bearish case, losing support level below $66,110 can bring more pain in the market for the prices at $65,220 or lower thereabouts, $640940 markets. As indicated, not moving below the Pivot and retaining the support form the 50-day EMA suggests a cautiously bullish sentiment exists in the markets as bitcoin remains strong at the mentioned levels.
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