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.
Recently, on the 16th of January, 2023, Thailand Securities Exchange Commission issued fresh rules in its continued efforts to protect investors' assets and build confidence in the crypto space. It comes right after Bitcoin surged above $20k. However, is this enough to kickstart a full recovery for crypto coins?
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
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