Bitcoin Aims Higher

Bitcoin Remains Above the 50-Day Moving Average in Consolidation

The cryptocurrency market has increased by 1.5% over the last day to reach a $1.2 trillion valuation. Nearly all of the gains have occurred since the day's beginning, at the same time as new anxiety about US regional banks.

Since the day's beginning, US index futures have slightly increased as the banking issues push a change in monetary policy closer. Additionally, this gives buyers—in this case, medium-term buyers—an additional reason to be content.

The price of bitcoin has risen above $29K thanks to the bulls, who have been consolidating above the 50-day moving average. An important indicator of a medium-term uptrend is this. The $29.4K region, where Bitcoin plummeted earlier this month, is the center of immediate attention, and resistance extends to the regional highs of mid to late April. A rise in price would open the door for the next high-altitude test in close to a year.

Santiment asserts that, in contrast to the popular belief that the ultimate direction of the asset's journey has not yet been determined, bitcoin whales raised their holdings in the original cryptocurrency by 64,000 BTC in April. Major investors continue to think that BTC has development potential.

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Balaji Srinivasan, a former CTO of Coinbase, lost a $1 million wager on the growth of bitcoin. By the deadline, he had predicted that BTC would reach $1 million by June 17, but he had already given up. The businessman tweeted, "I burnt a million to show everyone how the US government is producing billions of dollars out of thin air.

The administration of the US president has suggested a 30% tax on cryptocurrency miners to increase their awareness of the harm they are causing to the environment. Over ten years, the proposed tax is expected to generate about $3.5 billion.

The "war on cryptocurrencies" waged by the SEC and FDIC, according to Robert Francis Kennedy Jr., a nephew of the 35th US President John F. Kennedy, has resulted in a financial crisis in the nation.

According to IMF director Kristalina Georgieva, there would be "many unintended consequences" from the launch of retail central bank digital currencies (CBDCs). The digital dollar will not be accepted in Florida, according to Governor Ron DeSantis.