The fear of China now is the fear of the infrastructure law – 5 things to be aware of
Bitcoin (BTC) kicks off another week with China’s latest “ban” behind it – but its next “FUD” story is already done.
The U.S. infrastructure bill is back on the table, and a final vote is likely to take place this week on what could shake up the crypto companies.
At the same time, the fundamental and on-chain indices continue to recover like never before, and traders are betting – in the worst case – on a moderate price decline to a floor of no less than $ 36,000.
What are the chances? Cointelegraph is looking at five things that could change the market in the coming week.
D-Day for infrastructure bills
The macro narrative shifts from China to the United States this week as lawmakers decide the fate of the so-called “Infrastructure Law”.
HR3684, newly approved by the Senate, will have its final vote on Monday – despite rumors that it could be delayed.
The bill contains a controversial description of a “broker” that could have far-reaching implications for US crypto companies. Efforts are still being made to change the language, with figures like Wyoming Senator Cynthia Lummis and supporter Caitlin Long leading the way.
The current text describes a broker as “any person (under review) who is regularly responsible for the provision of services that involve the transfer of digital assets on behalf of others”.
.@SenLummis only Sen. yelled at @RonWyden because their partnership is against the broad definition of “broker” in the Infrastructure Act – a relationship that they believe will continue to be important for our industry in the future because he is chairman of the Senate tax committee. #WyoHackathon https://t.co/QRSzn1ilqH
– Caitlin Long (@CaitlinLong_) September 25, 2021
In total, the bill had received 539 amendments by September 27th.
While HR3684 may be a thorn in the side of the local crypto industry, it is said to be of little importance to seasoned Bitcoiners.
However, due to the recent Chinese “ban”, market sentiment is very sensitive to “FUD” stories from all directions.
“Bitcoin is bipartisan. Digital assets are apolitical, ”said Senator Lummis summary on Twitter before election day.
“Green week” expected on the crypto markets (China)
It was a familiar story for the BTC spot price action that Monday when BTC / USD returned to $ 44,400.
This marked the beginning of a resistance level that eventually sparked a rejection last week after the pair briefly broke $ 45,000.
So far, this breakout attempt hasn’t made much of a difference as $ 44,000 was not held at the time of publication.
However, contrary to the forecast for a return to the mid-range of $ 30,000 by late Sunday, recent advances are refreshing.
“I’m looking forward to a green week for Bitcoin,” said Cointelegraph employee Michaël van de Poppe summary late sunday.
The weekly closing price, which has been a source of controversy for the past few days, didn’t disappoint, hitting $ 43,144 – well above the minimum threshold highlighted by some traders.
Dealer and analyst Rekt Capital has inquiry The price closed at $ 43,600, which didn’t arrive on time but arrived a few hours later.
“BTC continues to be constrained by this 111-day MA support of the Pi cycle and immediate red resistance,” he added comment more.
“This price compression actually forms a clear market structure here, probably an ascending triangle in the early stages.”
Lightning Network leads fundamental growth
It’s a smile for the Bitcoin network fundamentals for another week of action as estimates call for a sixth consecutive increase in difficulty.
After the fifth straight win last week – a rare feat – the data suggests Bitcoin will see an even more difficult correction in eight days. That would be the first six increases in a row since mid-2019.
It’s not all hard – the hash rate is currently around 145 exahashes per second (EH / s) and only 23 EH / s away from its all-time high.
The statistics show the miners’ confidence, as well as their recovery, since the massive Chinese exodus just 4 months ago.
On the consumer side, the story is equally impressive. Lightning Network, fresh from its successful launch in El Salvador, has a capacity of nearly 3,000 BTC. This capacity has almost tripled since the beginning of 2021.
“The capacity of the Lightning public network has just exceeded 2,900 BTC. More than 400 BTC have been added in the last 10 days, ”said investor Kevin Rooke commented along with an accompanying table.
“Find me a nicer card, I’ll wait …”
Lightning forms a protocol known as “Layer 2” that processes off-chain BTC transactions instantly and at near zero cost.
Last week, Twitter became the first major partner of the Strike payment gateway to implement the Lightning Network.
Feel scared?
Investors in the cryptocurrency market en masse have cold feet – and the mood indicator of the Crypto Fear & Greed Index shows your anxiety.
Late last week, the index, which needs a basket of factors to determine sentiment, fell to its lowest level since mid-July – before BTC / USD began trading towards USD 53,000.
This time around, however, it’s $ 40,000, not $ 30,000, which is the prize focus in the game.
As of Monday, the index is slightly higher at 27/100 – still in the “fear” area.
In the institutional world, negative funding rates are now creating cautious optimism about the potential for sustained upside.
As analysts often point out, if everyone is bearish, the ideal time to buy BTC would be and bullish for the majority of speculators.
“I’ll never leave you…”
These words and other excerpts from the song of the same name by British singer Rick Astley from 1987 have become a meme for bitcoiners.
Related: Top 5 Cryptocurrencies You Should See This Week: BTC, AVAX, ALGO, XTZ, EGLD
They describe the mindset – and investment habits – of sellers who don’t sell their BTC under any circumstances.
Weathering any storm is an incentive for long-time market participants, but right now investor “Rick Astley” may even be pointing the way to new all-time highs.
As analyst Willy Woo noted, these Rick Astleys have had a long and difficult time, and good times are brewing historically.
“Bitcoin has entered the never quit phase of the Astley cycle,” he said To discuss along with an interesting chart comparing Rick Astley’s buying habits with BTC price history.
The effects can occur sooner than many people imagine. Before the $ 2,000 surge on Sunday, Van de Poppe called the time to “party” on bitcoin and cryptocurrencies.
Let’s celebrate with the markets again.
Good return from #Bitcoin.
– Michaël van de Poppe (@CryptoMichNL) September 26, 2021
In general, the powerful have taken control of a growing segment of BTC supply, Cointelegraph reported, with the number this month hitting its highest level since October 2020.
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Author
Bitcoin
The fear of China now is the fear of the infrastructure law – 5 things to be aware of
Bitcoin (BTC) kicks off another week with China’s latest “ban” behind it – but its next “FUD” story is already done.
The U.S. infrastructure bill is back on the table, and a final vote is likely to take place this week on what could shake up the crypto companies.
At the same time, the fundamental and on-chain indices continue to recover like never before, and traders are betting – in the worst case – on a moderate price decline to a floor of no less than $ 36,000.
What are the chances? Cointelegraph is looking at five things that could change the market in the coming week.
D-Day for infrastructure bills
The macro narrative shifts from China to the United States this week as lawmakers decide the fate of the so-called “Infrastructure Law”.
HR3684, newly approved by the Senate, will have its final vote on Monday – despite rumors that it could be delayed.
The bill contains a controversial description of a “broker” that could have far-reaching implications for US crypto companies. Efforts are still being made to change the language, with figures like Wyoming Senator Cynthia Lummis and supporter Caitlin Long leading the way.
The current text describes a broker as “any person (under review) who is regularly responsible for the provision of services that involve the transfer of digital assets on behalf of others”.
.@SenLummis only Sen. yelled at @RonWyden because their partnership is against the broad definition of “broker” in the Infrastructure Act – a relationship that they believe will continue to be important for our industry in the future because he is chairman of the Senate tax committee. #WyoHackathon https://t.co/QRSzn1ilqH
– Caitlin Long (@CaitlinLong_) September 25, 2021
In total, the bill had received 539 amendments by September 27th.
While HR3684 may be a thorn in the side of the local crypto industry, it is said to be of little importance to seasoned Bitcoiners.
However, due to the recent Chinese “ban”, market sentiment is very sensitive to “FUD” stories from all directions.
“Bitcoin is bipartisan. Digital assets are apolitical, ”said Senator Lummis summary on Twitter before election day.
“Green week” expected on the crypto markets (China)
It was a familiar story for the BTC spot price action that Monday when BTC / USD returned to $ 44,400.
This marked the beginning of a resistance level that eventually sparked a rejection last week after the pair briefly broke $ 45,000.
So far, this breakout attempt hasn’t made much of a difference as $ 44,000 was not held at the time of publication.
However, contrary to the forecast for a return to the mid-range of $ 30,000 by late Sunday, recent advances are refreshing.
“I’m looking forward to a green week for Bitcoin,” said Cointelegraph employee Michaël van de Poppe summary late sunday.
The weekly closing price, which has been a source of controversy for the past few days, didn’t disappoint, hitting $ 43,144 – well above the minimum threshold highlighted by some traders.
Dealer and analyst Rekt Capital has inquiry The price closed at $ 43,600, which didn’t arrive on time but arrived a few hours later.
“BTC continues to be constrained by this 111-day MA support of the Pi cycle and immediate red resistance,” he added comment more.
“This price compression actually forms a clear market structure here, probably an ascending triangle in the early stages.”
Lightning Network leads fundamental growth
It’s a smile for the Bitcoin network fundamentals for another week of action as estimates call for a sixth consecutive increase in difficulty.
After the fifth straight win last week – a rare feat – the data suggests Bitcoin will see an even more difficult correction in eight days. That would be the first six increases in a row since mid-2019.
It’s not all hard – the hash rate is currently around 145 exahashes per second (EH / s) and only 23 EH / s away from its all-time high.
The statistics show the miners’ confidence, as well as their recovery, since the massive Chinese exodus just 4 months ago.
On the consumer side, the story is equally impressive. Lightning Network, fresh from its successful launch in El Salvador, has a capacity of nearly 3,000 BTC. This capacity has almost tripled since the beginning of 2021.
“The capacity of the Lightning public network has just exceeded 2,900 BTC. More than 400 BTC have been added in the last 10 days, ”said investor Kevin Rooke commented along with an accompanying table.
“Find me a nicer card, I’ll wait …”
Lightning forms a protocol known as “Layer 2” that processes off-chain BTC transactions instantly and at near zero cost.
Last week, Twitter became the first major partner of the Strike payment gateway to implement the Lightning Network.
Feel scared?
Investors in the cryptocurrency market en masse have cold feet – and the mood indicator of the Crypto Fear & Greed Index shows your anxiety.
Late last week, the index, which needs a basket of factors to determine sentiment, fell to its lowest level since mid-July – before BTC / USD began trading towards USD 53,000.
This time around, however, it’s $ 40,000, not $ 30,000, which is the prize focus in the game.
As of Monday, the index is slightly higher at 27/100 – still in the “fear” area.
In the institutional world, negative funding rates are now creating cautious optimism about the potential for sustained upside.
As analysts often point out, if everyone is bearish, the ideal time to buy BTC would be and bullish for the majority of speculators.
“I’ll never leave you…”
These words and other excerpts from the song of the same name by British singer Rick Astley from 1987 have become a meme for bitcoiners.
Related: Top 5 Cryptocurrencies You Should See This Week: BTC, AVAX, ALGO, XTZ, EGLD
They describe the mindset – and investment habits – of sellers who don’t sell their BTC under any circumstances.
Weathering any storm is an incentive for long-time market participants, but right now investor “Rick Astley” may even be pointing the way to new all-time highs.
As analyst Willy Woo noted, these Rick Astleys have had a long and difficult time, and good times are brewing historically.
“Bitcoin has entered the never quit phase of the Astley cycle,” he said To discuss along with an interesting chart comparing Rick Astley’s buying habits with BTC price history.
The effects can occur sooner than many people imagine. Before the $ 2,000 surge on Sunday, Van de Poppe called the time to “party” on bitcoin and cryptocurrencies.
Let’s celebrate with the markets again.
Good return from #Bitcoin.
– Michaël van de Poppe (@CryptoMichNL) September 26, 2021
In general, the powerful have taken control of a growing segment of BTC supply, Cointelegraph reported, with the number this month hitting its highest level since October 2020.
.
.
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