Bitcoin and Ether, the most important cryptocurrencies by market size, initially fell slightly on Thursday. While Bitcoin is trading at around $ 45,580, around 1.52 percent lower, Ether stays at $ 3,162, around two percent lighter than the previous day. However, both currencies can still gain 20 percent in value over a one-week period.
Meanwhile, the tax debates in the USA could continue to have a lasting influence on Bitcoin and Co.
Bitcoin, Ether and Co: US tax debate continues to focus
The US government plans to raise around 28 billion dollars in taxes from the crypto sector over the next ten years in order to help finance the infrastructure program under the leadership of President Joe Biden, which is being discussed in many places. The latest discussions in the Senate about the introduction of the taxation of cryptocurrencies had investors at the beginning of the week increasingly busy and helped the Bitcoin price over the important 200-day line.
A bipartisan group of senators recently negotiated a kind of compromise solution in terms of reporting requirements for cryptocurrencies. In view of procedural reasons, an agreement on reporting obligations for transactions was initially on hold.
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Conquering the 200-day line for Bitcoin course tipped the scales
Conquering the 200-day line in the case of Bitcoin could have paved the way for a sustainable trend reversal. The indicator line, which is decisive for the longer-term trend, was exceeded again for the first time since mid-May. Triggered by the stop of Bitcoin payments at Tesla and the wave of regulations from the Middle Kingdom, the prices were badly damaged, especially in May. Falling below the 200-day average had once again forced the downside risks from a technical point of view. The consequent recapture is all the more remarkable.
Bitcoin and Ether: It could go on like this
Even if profit-taking on a smaller scale should not come as a surprise after the latest gains on Thursday, new upward advances could already emerge with a view to the weekend. The technical as well as the fundamental data situation is still in good shape. Last but not least, the recently implemented “London Upgrade”, which has been fueling the price fantasies of investors for weeks, also functions for the Ethereum course.
The Bitcoin course now has to hit the $ 50,000 mark. This could possibly be the case as early as the weekend. On the flip side, profit-taking on a larger scale remains possible should the simmering regulatory issue cause headwinds. In the short term, I expect further upward gains.
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