Crypto Continues to Be a Hot Topic in the US Congress

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2021-10-26 00:44:04

PlanB and Bloomberg believe BTC will reach 100,000 USD

Bitcoin is currently holding around $45,000. Altcoins also corrected. The on-chain situation in some popular indicators remains very quiet. The amount of BTC deposit and withdrawal on exchanges is still similar to the past days.

Given the current market, one of those who is still very confident with Bitcoin’s bull season is PlanB. And Plan B’s BTC pricing model is being trusted by a lot of people, and BTC prices have been following this model for many years.

PlanB still believes that the BTC price will continue to grow and may reach a price of $100,000 this season. The bull run before BTC peaked when the price appeared in red, so PlanB believes that the market will continue to rise in the near term.

In the same vein, Bloomberg’s top commodity strategist, Mike McGlone, took to Twitter to share some thoughts on the current state of gold, USD, and Bitcoin. He believes that BTC will continue to grow to $ 100,000 and government regulations cannot prevent this.

In addition, monetary policies, economic development or national debt that have accumulated over the years cause assets like Bitcoin to increase in value, these economic vulnerabilities cannot be resolved in the short term. In the time when the price of BTC dropped sharply from the price of 65,000 USD, Bloomberg still released information showing that they believe BTC can reach the price of 100,000 USD.

Hash Ribbon Indicator

Hash Ribbons are a long-term signal used to indicate macro bottoms on the bitcoin price chart. Its historical performance analysis shows that it is an important indicator for identifying buying opportunities.

Its creator, Charles Edwards, described how it works in an October 2019 article, calling it “possibly the strongest Bitcoin buy signal ever.” Hash Ribbons are based on the ratio between two simple moving averages (SMAs) of mining speed. Two commonly used moving averages are the 30- and 60-day mining averages (SMA-30 and SMA-60). When the mining speed of miners increases, their confidence in the growth of the market also increases and vice versa.

According to this indicator, when the SMA-30 crosses the 60 SMA, it is a sign that the market will grow again. A number of times are shown in the past happening and then BTC has grown. This indicator is also recommended for use with SMA-10 and SMA-20.

With Thuan, this indicator like other indicators, we need to combine other information and indicators. Psychologically, when we want to believe something we often want to look for and find signs to prove or support what we want to believe is true. This indicator Hash Ribbons or similar indicators like dead cross or golden cross, … also. Thuan often prioritizes using basic legal information, large companies participating in the market, on-chain indexes (BTC deposit and withdrawal volume, transaction volume, …) to make his judgments. .

Crypto continues to be a hot topic of discussion in the US Congress

Crypto law continues to be a hot topic in the US Congress today. Recently, Senator Glenn Thompson and Senator Patrick McHenry sent a letter to SEC Chairman Gary Gensler and CFTC Leader Rostin Behnam. The letter encourages the establishment of a joint working group to explore crypto.

The letter proposes to initiate a constructive and positive dialogue between crypto businesses and market regulators. This may also be the reason we’ve been seeing a lot of news about US law lately as companies are demanding the law for them to provide products driven by the needs of their customers.

Recently, a series of companies and banks have started recruiting staff in the crypto industry and have plans to deploy services related to this market. Proposals for ETFs of Bitcoin, Ethereum are still open,… Or MPs like Tom Emmer and Darren Soto have also made the point that crypto regulation is that securities will stifle blockchain innovation and cause the companies involved to leave the United States. The two men also sent another letter to the Senate about what needs to be changed regarding the infrastructure package.

The US government has been very hesitant to introduce legislation related to crypto, but now there is pressure from many sides because of the urgent need for a law when the market has grown too fast.

There are also a number of other MPs who are not sympathetic to crypto speaking out. Minneapolis Fed President Kashkari said that the crypto market is full of scams and doesn’t look at multiple perspectives. He also said that BTC is like other crypto because anyone can create a crypto, but he looks at the perspective of the scale, network, ecosystem of BTC.

What he said is similar to the Facebook company, Google is now nothing special and others can create similar companies. But the important thing here is that the user networks and ecosystems these two companies have built cannot be copied by other companies.

Some other information:

  • UK banking group Lloyds is looking for a senior manager for innovation and digital currency. Lloyds thinks that Crypto has the potential to be incorporated into traditional finance, so there is a need for staff to help drive the new business.

  • Mike Novogratz’s company Galaxy Digital filed an application with regulators for a Bitcoin Futures ETF under the Investment Companies Act of 1940 after the SEC chairman indicated that there could be a Bitcoin ETF based on futures contracts. .

  • Intel has revealed that it has purchased 3014 shares of Coinbase exchange. (About $800K at current prices)

  • Fidelity’s crypto ambitions are bigger than expected. Fidelity says that 90% of its largest customers are interested in investing in Bitcoin and other cryptocurrencies. The company is currently planning to open the digital asset space to retail investors.

  • ‘Big Short’ Michael Burry makes $31 million bet on crypto-friendly ARK investment. ARK Invest invests a lot in Tesla stock that Michael Burry doesn’t like and doesn’t believe in Tesla’s future. So he placed a short position on 235,500 shares of ARK Invest’s flagship exchange-traded fund (ARKK) at the end of Q2 2021 and is profitable so far.

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