Is It Too Early to Celebrate BTC’s Bloody September Shake Off ?
In This Article we Will Cover the Latest Crypto Updates & In-depth Analysis.
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To Investors.
Here are the top updates..
Bitcoin broke the $50K resistance.
The SEC has issued a subpoena to the USDC Issuer Circle.
Bitcoin's Market Cap Exceeds Facebook’s.
El Salvador offers a discount on gasoline to buyers who pay in Bitcoin.
The cryptocurrency market has begun a new upward trend. After a lethargic month in September, when the entire market was in a grip, the price of bitcoin has already crossed $50,000. The area was rocked by crashes, and cryptocurrencies yield to enormous value losses that put the market in the red for the majority of the month.
Does this indicate a Bullish or it is just a correction?
Let’s look some technicalities here..
Drawing a symmetrical support line opens up the possibility of the triangle that few technical experts are currently discussing. Valid trendlines usually have three hits, but in a bull market, the third touch could create the last E-wave of a triangle corrective pattern.
My take on this is only once the E-wave clears out any positions formed at support around $40,000 will Bitcoin be able to break above the top downtrend line and continue higher. It all depends on where the E-wave "ends," though. During a bull market, such a triangle frequently leads to new highs.
The SEC is investigating Circle, according to the company's announcement on Monday.
According to an Oct. 4 regulatory filing, Circle received an “investigative subpoena” from SEC’s Enforcement Division in July 2021. The SEC requested “documents and information regarding certain of [Circle’s] holdings, customer programs, and operations,” said the filing.
Circle also stated that it is “fully cooperating” with the probe, which began one month after the business debuted Circle Yield, a high-interest yield product. While Circle has not provided any additional information about the inquiry, there are reasons to suspect that the subpoena is related to the high yield product.
This Comes after the SEC threatened Coinbase with a lawsuit for issuing unregistered securities.
Bitcoin (CRYPTO: BTC) surpassed social media giant Facebook Inc. (NASDAQ: FB) in terms of market capitalization on Monday.
According to CoinMarketCap data, Bitcoin's market capitalization is $927.56 billion, compared to $919.79 billion for Facebook.
Why It's Important? Bitcoin's gains come as it tries to reclaim the psychologically significant $50,000 barrier it reached in August.
Meanwhile, Facebook's stock dropped about 5% on Monday following a major outage on the company's Facebook, Instagram, and WhatsApp services that lasted more than six hours.
Furthermore, over the weekend, a Facebook whistleblower exposed her name on CBS' "60 Minutes," accusing the social media behemoth of "betrayal of democracy."
El Salvador shows no indications of relenting in its efforts to make Bitcoin the country's primary legal tender. The government's latest effort is to offer discounts on fuel purchases made using the Chivo wallet.
El Salvador is offering $0.20 on all fuel purchases in order to increase the number of bitcoin users in the country. On Twitter, President Nayib Bukele revealed that, “the state company Chivo negotiated with the largest gas station companies in our country, so starting tomorrow, their stations will sell each gallon of fuel $0.20 cheaper.”
Bukele claims that one-third of the country's population has started using the Chivo app just over a month after its launch. Citizens who downloaded the Chivo app previously received $30 in Bitcoins from the government.
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