Bitcoin (BTC) price climbed back above $45,000 from a daily low of $42,848 to record a new two-month high of $46,000 on several crypto exchanges. The price rise came after an early morning slump which many attributed to the uncertainty around the $1 trillion US Infrastructure bill.
The crypto taxation proposal especially the last-minute amendment by Sen. Rob Portman and Mark Warner had everyone at the edge of their seats during today’s discussion. However, there was no fruitful outcome and an unchanged bill without the amendments would go for a vote again on Tuesday after the 30-hour rule was imposed.
Sunday night infrastructure bill update:
The Senate has voted 68-29 to end debate. We wanted a vote on the Wyden amendment first, or on a Wyden-Warner compromise, but no luck.
The Senate has to wait until Tuesday to do a final vote. They might still amend the bill before then. https://t.co/VFrmnZqOPQ
Trending Stories
— Jake Chervinsky (@jchervinsky) August 9, 2021
Even as the fate of the bill hangs in balance, the crypto market seemed to have overcome whatever little ambiguity it created this morning. Bitcoin rose to a new two-month-high and looks set to test $50K soon, while ETH also managed to move above $3,100 after falling below $3K during the morning Asian session.
Bitcoin Reclaims 200-Day Moving Average, On-Chain Metrics Flash Bullish Signal
After nearly 3-months of consolidation under $40K and losing more than half of its market cap, the top cryptocurrency looks to be back on its bullish way. Bitcoin managed to reclaim 200-day Moving Average for the first time since May when the crypto market lost more than 50% of its valuation. The top cryptocurrency moved out of the $30K-$40K range in the first week of August and now looks to continue its bull run again.
The Bybt Bitcoin Futures data also indicated bullish sentiment prevailing over the bearish ones as the number of long positions overpowered short traders. The bullish momentum is the anticipation of a new leg of bull run. The bullish momentum is also evident from how quickly BTC managed to recover from its daily loss to post a new 8-week high.
The fear and greed index, a market metric that indicates the market sentiment reached 65 signalling greed among traders. Until July the value was moving in the extreme fear zone often falling below 10.
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
