The price of Bitcoin rose to highs of $48,149 on August 14 after a news report indicated that the U.S. Treasury Department might offer an olive branch to crypto developers, Miners, and hardware firms spooked by the bipartisan infrastructure bill’s tax reporting requirements.
Citing anonymous sources, Bloomberg stated on Friday that Treasury won’t go after crypto entities that don’t meet the tax code’s definitions of a “broker.” Guidance on the matter could come next week, the report said.
Friday was likewise significant as it saw the expiry of $675 million in BTC options, this week also highlighted some positive developments which aided the market’s swift recovery. On Aug. 3, SEC Chair Gary Gensler hinted that it would be more open to accepting a BTC ETF application if specific changes were made to the instrument.
This week, BitMEX also agreed to resolve a case from the United States Commodity Futures Trading Commission and the Financial Crimes Enforcement Network. As part of the settlement, BitMEX will pay up to $100 million in civil monetary penalties “for illegally operating a cryptocurrency trading platform and anti-money laundering violations.”
Bitcoin’s bullish momentum extended to the wider crypto market with XRP (XRP,+20.61%), Waves (WAVES, +28.73%), Dent (DENT, +37.52%), Hedera Hashgraph (HBAR, +11.40%), Vechain (VET, +13.96%) posting significant gains as of press time.
XRP price rose to a three-month high of $1.29 following a strong uptrend continuation on Aug. 14. Analysts at Santiment speaking on the climb, ”we saw hints of development activity skyrocketing. #XRP’s team is now submitting the highest #github activity rate in the asset’s history”.
Courtesy: SantimentHedera Hashgraph popped higher to reach $0.263 on August 14 following a growing community excitement over a new exchange listing. On Aug 10, the Hedera network shared a tweet on its upcoming listing:
”LATOKEN will list $HBAR. HBAR is the native, energy-efficient cryptocurrency of @hedera, which is an enterprise-grade public network that powers the decentralized economy. Stay tuned for the listing launch update!”
Dent, a mobile-focused protocol, was one of the top performers in the last 24 hours by putting on a 37.5% gain to $0.0074. At press time, Bitcoin was seen trading at $46,853 after a price rejection pushed its price to lows of $46,304.
On Bitcoin’s climb and subsequent rejection above $48k, Cryptoanalyst Michael van de Poppe stated: “However, the heavy resistance zone was hit between $47-49K, and no breakthrough happened for Bitcoin. Remaining cautious.”
Janine Grainger, Easy Crypto co-founder states “While the recent price movements have seen an increased amount of activity in the markets, trading volumes globally are nowhere near where they were the last time the price was at $45,000 – they’re much lower,”
Bitcoin’s total daily volume across major exchanges, including Bitstamp, was noted to be flat in comparison to previous months, especially towards the close of May.
“We were seeing many investors taking advantage of recent market movements by taking profits,” said Asher Tan, CEO of cryptocurrency exchange CoinJar. Further stating “There’s a trend of conservatism among users who jumped into crypto around similar price levels earlier in the year, with users slightly trimming their holdings.”
On the other hand, on-chain analytics firm Santiment states ”Bitcoin’s supply on exchanges has dropped substantially in the previous 2 weeks, and this continues to be an encouraging sign. As traders move more of their funds to cold wallets, this #hodl mentality mitigates the risk of future large selloffs occurring”.
Crypto trader Rekt Capital states ”Looks like the #BTC retest of the Ascending Triangle was successful. Daily Close above the Ascending Triangle top fully confirms this breakout”
Image Credit: Santiment, Shutterstock
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