CRYPTOCURRENCY TRADING
Recent Crypto market turbulence may be settling down
Lower exchange activity may be aligning with the market trying to find a new level, apparent from the price action in BTC & ETH
The weeks-old bearish trend seems to be taking a pause in Bitcoin and the associated cryptos, the sideways consolidation in the premier digital currency appears to have eased off the decline in prices, at least for now. Musk’s flamboyant tweeting about Bitcoin continues as the most recent one said that Tesla would consider accepting Bitcoin as payment for its cars as long as there is confirmation of 50% clean energy usage by miners.
Despite BTC gaining 10% in the wake of this latest tweet, crypto proponents are losing patience with Musk’s ON-again, OFF-again relationship with Bitcoin. In another important but maybe a little less significant development, El Salvador has become the first country to accept Bitcoin as legal tender after a majority approved the move in the Central American nation’s Congress. Under the newly approved law, tax payments can now be paid in Bitcoin & exchanges of the digital currency will not be subject to capital gains taxes.
Coming back to the price action in two of the biggest cryptos, Chainalysis Market…
