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.
Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...
Bitcoin experienced a significant price surge in the past 12 hours, nearing $30,000 after trading sideways. The altcoins, including SOL, BCH, XRP, XLM, and MNT, also turned green, with gains of up to 12%. On Monday, a fake report falsely claiming SEC approval...
Former BlackRock executive Steven Schoenfield anticipates that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin spot ETF within three to six months due to evolving regulatory dynamics, including the SEC's recent loss in the Grayscale lawsuit.
The energy industry has undergone several major changes in the XXI that are becoming increasingly apparent…
In the dynamic world of financial trading, understanding the nuanced relationship between the Federal Reserve's key interest rates and Bitcoin can be a game-changer…
As the US Non-Farm Payrolls (NFP) take center stage, this month's data gains special attention, particularly after the unemployment rate took a concerning turn in the previous month. The US ADP Employment Change reveals a significant decline, with the economy adding 298K new jobs...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
