Joe Biden pushes crypto market capitalization below $1,9T
Bitcoin (BTC) hadn't even gotten over its Sunday collapse below $50,500 when new bearish signals sent it to fresh lows. Yesterday, the U.S. President Joe Biden confirmed his idea of increasing the capital gains tax for the wealthiest Americans.
According to his rhetorics, those U.S. citizens who earn $1,000,000+ per year should be eligible for almost 40% tax. Both stocks and crypto markets collapsed on these news.
S&P 500 lost more than 1,1 per cent in no time while Bitcoin (BTC) lost $5,000 nose-diving from $55,500 to $50,000.
Tether FUD gets back?
Yesterday, in early morning hours (UTC timezone) the next portion of alarming news suppressed Bitcoin (BTC) to the levels unseen from Mar.1 which is equal to eight-week lows.
Leading U.S. exchange Coinbase decided to add ‘troubled’ stablecoin U.S. Dollar Tether (USDT) to its trading suite. USDT was under regulatory scrutiny for years, so this step is incredibly risky for Coinbase’s CEO Brian Armstrong.
To understand the effects of this addition, we need to note that USDT lost its peg to the U.S. Dollar for the first time since Black Friday in Crypto (Mar.13, 2020). It was changing hands at $0,98 on major spot exchanges that resulted in dangerous arbitrage opportunities.
Which ‘dip’ should be considered healthy in such a bullish run?
Meanwhile, seasoned traders and Bitcoin (BTC) maximalists always treat every ‘dip’ as a good opportunity to increase their crypto holdings.
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Typically, traders and investors claim that 35-40 per cent retraction from local top ($64,500 by printing time) looks ‘healthy’ and programmed for them. During 2013 and 2017 bull runs, Bitcoin (BTC) witnessed 5-6 BTD opportunities secured by a 20-week moving average from the bottom.