ONLINE FOREX BROKER
2022-03-09 • Updated
The Senate of the US has voted for an amendment to President Biden’s infrastructure bill. The Senate allows for 30 hours of debate following a vote. This means that the amendment can be debated up until Tuesday morning, after which it would be signed into law.
Senate deliberations continued over the weekend over a $1 trillion infrastructure bill, with a particular focus on how the bill could impact the world of cryptocurrency. The bill includes a tax provision that outlines plans to raise about $28 billion for that $1 trillion package through taxes from crypto transactions. The bill identifies a “broker” as anyone “responsible for and regularly providing any service effectuating transfers of digital assets on behalf of another person,” and anyone thus identified would be subject to tax reporting requirements.
Cryptocurrency investors are unhappy with the new tax provision. Not only it defines miners and cryptocurrency wallet makers as brokers, but it also obliges companies to report information about individuals even if they are not customers. Passing the bill will have a bloody impact on the cryptocurrency market, as well as on all companies somehow connected to it.
Coinbase now supports Apple Pay when buying cryptocurrency, meaning that users can buy with debit cards that are linked to Apple's system. Coinbase is the first crypto exchange to offer instant transactions via Real-Time Payments (RTP), enabling customers in the U.S. with linked bank accounts to instantly and securely cash out up to $100,000 per transaction.
It is important to notice that Coinbase makes the most of its profit in the most volatile markets, due to increased trading volumes and therefore increased amount of fees collected. Nevertheless, Coinbase stock correlation with Bitcoin price is hard to underestimate. Such an effect is caused by the nature of Coinbase as a cryptocurrency exchange and the majority opinion that everything somehow linked to crypto needs to correlate with Bitcoin price movements.
Right now, Coinbase is breaking through resistance lines, after forming a “triple bottom” reversal pattern. RSI is also looking quite bullish. If the news about the infrastructure bill won’t crash the price, the next resistance line will be at $300, a round number, and a Fibonacci expansion 161.8 line. Otherwise, there is a big support area between $250 and $235.
Bitcoin is moving in a channel, that has been already broken once. RSI has formed a bearish divergence, so it’s dangerous to open a long position now. In case of a price falling, the main support area is $40000-$39000.
Here's the latest scoop: Paul Tudor Jones, the billionaire hedge fund manager, seems concerned about Bitcoin's appeal. He believes the growing unfriendly regulatory landscape in the United States makes Bitcoin less attractive. Additionally, the prospect...
Bank of Indonesia Governor Perry Warjiyo announced that Jakarta is following the lead of the BRICS bloc to reduce dependence on the USD and diversify the use of currency in international trade. Indonesia is "more concrete" than the BRICS...
Hold on to your seats, folks! Bitcoin (BTC) is back with a vengeance, soaring past the $30 000 mark on April 11th, reaching its highest point since June 2022. And it's not just BTC - Ethereum (ETH) is also making gains, trading at $1917 and bagging 3.1% gains...
Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.
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