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.
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.
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.
Senate Democrats and Republican lawmakers have ended separate roundtable meetings focused on the Crypto Market…
The crypto market has, for a while now, been pricing a potential 25 basis points…
Rowe Price has filed for its first actively managed crypto exchange-traded fund (ETF). It is…
Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…
Crypto ownership is a topic that has been discussed across major forums globally in the…
Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…