Thursday, September 16, 2021
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Crypto Market Update: Bitcoin About to Jump To $ 50,000 – Elon Musk Fires Dogecoin




Bitcoin, Ether, and Co are still on the rise. While the Bitcoin price has now set its sights on the psychological mark of 50,000 dollars, currencies from the second and third rows in the slipstream of the Bitcoin recovery, such as Ether, Cardano and Dogecoin, can also make strong gains. In the case of the latter currency, Elon Musk also spoke up again. From Timo Emden

Bitcoin continues over the 200-day line – stock market lights remain green

From a technical as well as a fundamental point of view, the mixed situation remains largely positive for the time being. With the recent equalization of the 200-day line, which is decisive for the longer-term trend, the stock market lights have jumped to green again from the point of view of chart technology. Long-term investors may have added to their positions in light of the renewed upturn.

The debate over US tax laws is giving cryptocurrencies a tailwind

Last but not least, a provisional compromise solution on the uncomfortable tax issue in the US Senate had a supportive effect. Under US President Joe Biden, investors fear stricter regulations, including the taxation of cryptocurrencies. The proposed infrastructure package of 550 billion dollars is also to be partially financed by the crypto sector. A total of $ 28 billion could flow out of the area over the next ten years. Last Monday, a bipartisan group of senators put an agreement on reporting requirements in terms of cryptocurrency transactions on hold for the time being.

Even if the passing of new laws for Bitcoin and Co-investors could be cautious from a short-term perspective, regulation remains elementary. In addition, the development outside of the box shows that cryptocurrencies are on the way to becoming an existing reputable asset class. Should funds flow from the sector to co-finance the planned infrastructure measures, for example, certain dependencies automatically arise.

The interests of the government do not necessarily mean that ban scenarios based on the model of China can be expected in the future. The Middle Kingdom kicked the domestic mining sector out of the door in May and banned payment institutions that handle crypto payments from doing business.

Cardano climbs above $2 for the first time in around three months

Cardano (ADA), the fourth most important currency by market size, jumped past the psychological mark of $ 2 for the first time in almost three months. The company announced on Friday that the so-called “Alonzo upgrade” would start on Monday, September 12th. Investors had already warmed up in advance in anticipation of the announcement of the date and given the price a weekly plus of almost 50 percent.

The upgrade should enable Cardano to generate more practical benefits through a so-called smart contract functionality, which is used, among other things, in the currently emerging sector of “Decentralized Finance” (DeFi). These can, for example, create applications in the area of ​​automated lending. The technical improvement is also considered a challenge to the industry leader Ethereum.

According to Musk, Dogecoin climbs above the 30-cent mark again

Tesla boss Elon Musk helped the cryptocurrency DOGE, which started out as fun, with a verbal intervention back above the 30 cents mark. Mark Cuban, American entrepreneur, and owner of the Dallas Mavericks professional basketball team said that cryptocurrency was the “strongest” means of payment. Musk had agreed to the words and accordingly provided a new impetus.

Bitcoin, Ether, and Co: It could go on like this

The most important cryptocurrencies such as Bitcoin and Ether present themselves at the beginning of the week with stable quotations for the time being. In view of the relative strength that can be observed at the moment, investors could consequently start an attempt to conquer the $ 50,000 mark. Said hurdle is considered to be an important milestone in the struggle to recover the all-time high of around $ 65,000. Alternative currencies such as ether should be able to benefit in the positive wake of Bitcoin.

For the time being, the mood on the market remains positive, especially since the sector is still on the rise and there is currently no major bad news. The Swiss securities house Leonteq and the ICF Bank recently launched certificates for a total of 18 different crypto assets in Germany and Austria. The development shows that more and more banks and institutions are opening up to the cryptocurrency sector and gradually expanding their range of products.

Overall, investors shouldn’t lose sight of the flip side of the current coin. In my opinion, the simmering regulatory issue in the USA has the potential to cause a change of mood in the market at any time and thus to catch too euphoric investors on the wrong foot.

 


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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