March 21, 2023

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Bitcoin reaches US $ 48,000, the highest price since May and near the gold cross

The cryptocurrency market continues to rise and responds positively to news of changes Amendment seeking to tax cryptocurrencies In the United States, Bitcoin is currently trading at $ 48,000.

Previously, amendments to the Infrastructure Bill were made to US lawmakers who used the term “broker” for miners, validators, software developers and many other participants in the cryptocurrency market.

The U.S. Tax Service is obligated to provide them with data on all transactions, senders and recipients. All representatives of the cryptocurrency community, including Elon Musk and Jack Dorsey, voted against the amendment.

They noted that network participants such as programmers and miners do not have the ability to gather such information and therefore do not have the ability to comply with the law.

A Bloomberg It was announced late Friday (13) that U.S. officials are preparing to improve tax reporting requirements, which have caused concern for many players in the cryptocurrency industry.

According to sources, the government wants to issue a statement saying that these requirements will only apply to companies that consider themselves brokers.

This eliminates the need for miners, developers and other industry representatives who are not such brokers but can be authorized by them under the new law.

Gold cross

With the new rally of the digital currency, analysts expect the so-called “Golden Cross” in the market, which is a graphical representation of the cross-section of the short-term and long-term moving average.

The 50-day moving average is used as the short-term average and the 200-day moving average is used as the long-term average. The golden cross is traditionally considered the forerunner of forts.

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According to analysts, the new bitcoin has 2 more days to reach the Golden Cross market.

The gold cross happens during the 50 day MM and 200 day bitcoin moving average interceptions. This method is a positive indicator as the short-term moving average is higher than the long-term moving average.

While gold crosses are strong positive price indicators, the increase in market liquidity has reduced the overall impact of trading events on prices.