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Natural Gas Price Hike Hits Crypto Miners in Iran

Natural Gas Price Hike Hits Crypto Miners in IranCompanies using natural gas as a power source to mint digital currency in Iran will have to deal with a sharp increase in the price of the fuel. The new rates set by the state-run supplier are almost double the previous and have been imposed retroactively, local media reported. Iran Raises Tariffs for Mining Farms […]

Bitcoin Closing In on Greater Move to Massive Price Target, According to Trader Who Called 2021 Market Collapse

Bitcoin is cooling its rally — Here are the BTC price levels to watch next

Bulls have a lot of work left to do, say Bitcoin analysts as consolidation enters for BTC price.

Bitcoin (BTC) consolidated gains on Oct. 27 as the highest levels in six weeks gave way to sideways action.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin impresses with stability on GDP print

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $20,500 on Bitstamp after reaching local highs of $21,012 the day prior.

The largest cryptocurrency treaded water in line with United States equities at the Wall Street open, with the S&P 500 flat and the Nasdaq Composite Index down around 1% at the time of writing.

The U.S. dollar index (DXY) meanwhile began to claw back losses on the day, providing a headwind to risk assets absent for much of the week. DXY had seen its lowest levels since mid-September.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

Ahead of a decision on interest rates by the Federal Reserve, GDP data showed a rebound for the U.S. economy in Q3.

“This [GDP] number is weaker in terms of the signal it sends about the forward strength of the economy than the last one was, even though the headline was positive,” Eric Winograd, director of developed market economic research at AllianceBernstein, nonetheless told the Financial Times.

In Europe, the European Central Bank (ECB) raised key rates by 0.75% as expected.

“Big day today, as the ECB comes in with their policy and GDP numbers from the U.S.,” Michaël van de Poppe, founder and CEO of trading firm Eight, summarized.

“Honestly, Bitcoin remains calm at these levels, would have expected a more significant correction since the last push.”

The latest data from CME Group’s FedWatch Tool put the odds of the Fed copying the 0.75% hike at 90.8% on the day.

Fed target rate probabilities chart. Source: CME Group

$14,000 return still haunts trader's chart

Analyzing the weekly BTC/USD chart, popular trader Rekt Capital highlighted the zone immediately below $22,000 as an important one to reclaim should bullishness continue.

Related: A record 55,000 Bitcoin, or over $1.1 billion, was just withdrawn from Binance

“BTC is slowly approaching the red resistance area,” he wrote in an update on Oct. 26.

BTC/USD annotated chart. Source: Rekt Capital/ Twitter

Fellow analyst Il Capo of Crypto meanwhile said that $21,500 would need to form the basis for consolidation should bulls want to see $23,000 materalize.

His “main scenario” remained a reversal to new macro lows for BTC/USD, these potentially hitting $14,000.

BTC/USD annotated chart. Source: Il Capo of Crypto/ Twitter

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin Closing In on Greater Move to Massive Price Target, According to Trader Who Called 2021 Market Collapse

Kazakhstan President Signs Law Increasing Tax Burden for Crypto Miners

Kazakhstan President Signs Law Increasing Tax Burden for Crypto MinersPresident of Kazakhstan Kassym-Jomart Tokayev has signed into law a bill amending the country’s Tax Code to impose higher tax rates on crypto miners. The levy will depend on the amount and average price of electricity utilized in the extraction of digital currencies like bitcoin. Cryptocurrency Miners in Kazakhstan to Pay Higher Taxes President Tokayev […]

Bitcoin Closing In on Greater Move to Massive Price Target, According to Trader Who Called 2021 Market Collapse

Uzbekistan Presents Registration Requirements for Cryptocurrency Miners

Uzbekistan Presents Registration Requirements for Cryptocurrency MinersAuthorities in Uzbekistan have drafted and put forward for public consultations a set of rules for crypto miners operating in the country. Companies that want to mint digital currencies will have to register with the government and use renewable energy. Uzbekistan Discusses Draft Regulations for Crypto Mining Sector Entities involved in cryptocurrency mining will need […]

Bitcoin Closing In on Greater Move to Massive Price Target, According to Trader Who Called 2021 Market Collapse

Cleveland Fed President Loretta Mester Is ‘Not Predicting a Recession,’ Says Inflation Will Move Down

Cleveland Fed President Loretta Mester Is ‘Not Predicting a Recession,’ Says Inflation Will Move DownCleveland Federal Reserve Bank president Loretta Mester doesn’t think a recession will take place in the United States but believes it will take two years to get inflation back down to 2%. While speaking during an interview on Sunday, Mester explained that while it will take two years, inflation “will be moving down.” A 2% […]

Bitcoin Closing In on Greater Move to Massive Price Target, According to Trader Who Called 2021 Market Collapse

Australian Mayor downplays crypto volatility, recommends it for rates payments

"The volatility is not that bad” - Australia’s Gold Coast Mayor suggests crypto could be used to pay local taxes in the future.

Tom Tate, the Mayor of Gold Coast, Australia, has suggested that cryptocurrency could be used by residents to pay local taxes in future years, though critics have flagged volatility and the recent market crash as a cause for concern. 

"Why can't we pay rates on cryptocurrency if the risk is not high?" said Tate, speaking to local media outlet ABC News on June 5, just over a week before the council is due to hand down its annual budget. "The volatility is not that bad.”

Tate was elected as Mayor of the Gold Coast, Australia’s sixth-largest city in 2012, and has proven a popular choice since then, as he was re-elected for a second term in 2016 and a third term in 2020. He added that the move hasn't been confirmed but they were looking ahead. 

"It sends a signal that we're innovative and bring in the younger generation ... [but] I'm not saying we're doing it, I'm just saying we're always looking at the next level.”

However, critics have argued that the price volatility of cryptocurrencies amidst a market crash could dampen enthusiasm to take crypto as payment.

Speaking to ABC News, Blockchain Australia’s Adam Poulton noted that the council would need to look at its risk appetite before deciding to take cryptocurrency as payment.

"The last thing they'd want to do is accept $2,000 worth of rates, hold it in Bitcoin, and for the Bitcoin price to halve," he said.

The Mayor’s comments come as an increasing number of cities and countries across the world have started to consider allowing crypto and central bank digital currencies to be used to pay local taxes and rates. 

Related: Aussie banks ANZ and NAB won’t ‘endorse’ retail speculation on crypto

In April, the Bahamian prime minister Philip Davis announced plans to allow residents to pay taxes through the use of the country’s central bank digital currency (CBDC), the Sand Dollar.

In the same month, it was revealed that residents in three major Chinese cities have begun paying tax, stamp duty, and social security premiums using the country’s CBDC, the digital yuan.

Other regions that have announced it is either considering, or would be adopting cryptocurrencies for tax payments include the Swiss city of Lugano, Buenos Aires, Colorado, Rio de Janeiro, and The Central African Republic.

Bitcoin Closing In on Greater Move to Massive Price Target, According to Trader Who Called 2021 Market Collapse

Russia’s Anti-Monopoly Agency Proposes Higher Electricity Rates for Home Crypto Miners

Russia’s Anti-Monopoly Agency Proposes Higher Electricity Rates for Home Crypto MinersThe anti-monopoly service of Russia has suggested that Russians minting digital currencies at their homes should pay more for the spent electrical energy. The proposal comes after the submission of a bill tailored to regulate cryptocurrency mining to the Russian parliament. Russian Miners Using Household Electricity Should Pay Higher Bills, Anti-Monopoly Body Says Russia’s Federal […]

Bitcoin Closing In on Greater Move to Massive Price Target, According to Trader Who Called 2021 Market Collapse