Red envelope, remove the comma and congratulations
BPAT3 CCD2J
Bitcoin (BTC) is trading at $63,840 at the time of writing, and its price movements are targeting a test of the 38.2% Fibonacci retracement level at the beginning of October. It seems that the BTC price will experience increasing volatility, with a chance of taking off if it succeeds in breaking important resistance levels. If it succeeds in surpassing the closest one at $64,150, it may gain additional upward momentum, with the importance of the price consolidating above the support level at $62,980 to maintain its current gains.
Bitcoin’s Q4 rally unlikely to be affected by US election, says hedge fund
CK Zheng, the hedge fund manager at ZX Squared Capital, believes that Bitcoin will rise in the fourth quarter of 2024 regardless of the outcome of the US presidential election, especially since neither the Democratic nor Republican candidates have addressed the growing debt and budget deficit of the United States, making Bitcoin a more attractive option for hedging, with BTC recording huge gains in the fourth quarter of this year, especially after the halving events, the latest of which was the halving event last April.
Given the possibility of the Federal Reserve cutting interest rates again, Jing expects the price of BTC to rise and reach new highs during the fourth quarter of the year.
Institutional investors may be drawn to Bitcoin because of its reputation as “digital gold,” making it a hedge against macroeconomic risk and volatility. Given the difficulty of accurately predicting economic developments, concerns over U.S. debt, and BTC’s track record following the U.S. election, its price is likely to rise going forward, so investing in Bitcoin is considered safe during periods of high volatility, with additional liquidity potentially causing stronger price movements.
Bitcoin is a commodity like gold and oil, says Cantor Fitzgerald CEO
Cantor Fitzgerald CEO Howard Lutnick said in a recent interview that Bitcoin should be treated like a commodity like gold and oil, noting that it is difficult to treat it as anything else once the digital asset is clearly understood.
Lutnick added that BTC is undoubtedly a commodity, and governments should understand this fact, although this may not apply to other digital assets, criticizing officials for not knowing how to properly manage the crypto sector.
Lutnick, who is known for his strong support for the sector and his optimism about Bitcoin’s future within the traditional banking system, noted that Fitzgerald could help integrate BTC into global markets, and the backing of such a prominent financial figure could increase institutional interest in the sector leader, potentially driving up its price as more investors recognize its value as a reliable financial asset.
Under New Legislation, Ohio Becomes First State to Allow Tax Payments Using Cryptocurrency
Ohio Senator Niraj Antani has introduced a bill that would allow state residents to use cryptocurrencies like Bitcoin to pay their taxes. Antani has argued that cryptocurrencies are the future and encouraged Ohio to embrace economic innovation. However, this could allow the government to tie taxpayers’ identities to their crypto wallet addresses, according to critics who have raised privacy concerns about the bill.
Ohio considered using cryptocurrencies to pay taxes in 2018, but the project was postponed. A specialized body of the state legislature is currently studying the new bill before putting it to a vote.