Naeem Aslam
Zaye Capital Markets
Following the current crypto market downturn, Bitcoin, the global cryptocurrency benchmark, has failed to regain ground and go over the critical $40,000 threshold. The infamous digital currency is presently worth roughly $37,000. However, with mainstream use of cryptocurrencies increasing, both among institutional investors and people, and supported by robust fundamentals, the future outlook for cryptocurrencies remains bright.
Wendy Rogers, State Senator of Arizona, is aiming to have a law enacted that would make Bitcoin a legal currency in the state, in an unexpected turn of events. The bill's chances of passing are exceedingly slim, and even if it does pass, it will most likely be just symbolic, with no influence on its practical implementation. This is due to the fact that Arizonian people would be under no duty to accept it as payment, and it would also have no influence on Bitcoin's tax status.
The BTC price continues to trade below the critical resistance of 38K and it seems like that the price is likely to test its recent support sooner than later.
The information is purely for education purposes only and cannot be perceived as an advise.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.