For the first time in 6 weeks, Bitcoin hit $39,000. This means BTC went bullish following a recent sell-off.
Sunday evening, the crypto was trading at around $39,544.29, according to CoinMarketCap data. As a result, Bitcoin is up 12.00% in the last 24 hours.
Amid the strong broader market recovery today, the world’s second-largest cryptocurrency Ethereum (ETH) is up 10% today. As of press time, Ethereum is trading 9.48% up at $2,373 and a market cap of $277 billion.
In the middle of all the mixed signals in the digital asset market, Michael van de Poppe, a well-known crypto strategist, and the trader have highlighted the crucial levels of support for eight low-cap altcoins that could be poised for a breakout.
The bitcoin and crypto markets have risen as internet behemoths Twitter and Amazon have said that they are paying more attention to cryptocurrency. Amazon has a digital currency and blockchain strategy roadmap, and reports of Amazon dabbling in Bitcoin and cryptocurrency payments are gaining traction.
A portfolio strategist for American financial services firm Morningstar says that cardano could become a mainstream cryptocurrency alongside bitcoin and ether, forming a “big three” of mainstream cryptocurrencies.
Twitter CEO Jack Dorsey says that bitcoin will be a big part of the company’s future. “If the Internet has a native currency, a global currency, we are able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every single person on the planet,” he said.
Cryptocurrency has been a buzzword for quite some time now and has attracted much attention across the world. The most interesting part of cryptocurrency is that it is not issued by any central authority, government, or banks and hence it is not subject to government intervention like legal tender.
South Korea has proposed to introduce new tax regulations to debunk tax evaders using cryptocurrency. The regulators seek to get permission for tax authorities to impound crypto assets that are stored away by tax evaders in individual wallets. The expanding crackdown on crypto comes as part of financing the rising welfare costs of the nation.
Bitcoin advocate and Ballet CEO Bobby Lee recently discussed the implications of China’s ongoing crackdown on cryptocurrency. Despite the government’s support for a digital renminbi, Lee suggested that Beijing has no interest in nurturing the cryptocurrency industry. Considering his collisions with the Chinese government during his stint in running China’s first crypto exchange BTCChina, Lee said, “China wants to regulate cryptocurrencies to achieve its overarching goal of globalization of digital RMB.”
Global cryptocurrency exchange Binance continues restricting support for some of its trading services amid an ongoing regulatory crackdown.
Binance officially announced Monday that the exchange would delist margin trading pairs for three fiat currencies: the euro, the Australian dollar and the British pound sterling.