Jay Clayton, The Previous Chair Of The US Securities And Change Fee (SEC), Has Shared His Optimism Concerning

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Bitcoin Price Declines 8% but Bulls Active above $40,000

The price of Bitcoin experienced a sharp decline after reaching close to $45,000, dropping over 8%. However, there seems to be some bullish activity above the $40,000 level. Bitcoin is currently trading below $43,500 and the 100 hourly Simple Moving Average. A key bullish trend line with support near $43,500 was broken, indicating bearish signs.

Bitcoin had been in a bullish zone after surpassing the $40,000 resistance, steadily rising above $42,000 and $43,000. The price even reached above $44,000 but failed to test the $45,000 resistance. It then began a swift downward correction, falling below $44,000. Additionally, there was a break below the crucial bullish trend line near $43,500.

The BTC/USD pair dropped below the 50% Fib retracement level of the upward movement from its swing low of $39,398 to the high of $44,699. Bitcoin is currently trading below both $43,500 and the 100 hourly Simple Moving Average. However, the $40,000 support level and the 76.4% Fib retracement level are being defended by the bulls. The price is currently attempting a recovery but is facing resistance near $42,400.

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BitcoinPrice #BearishSigns #BullishMomentum #Cryptocurrency

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The management of Revolut and PayPal asks to extend the MiCa compliance deadlines to the maximum

Electronic Money Association members such as Revolut, PayPal and other companies are asking for more time before implementing the Markets in Crypto-Assets (MiCA) Regulations. Fintech organizations using cryptocurrencies are reportedly calling on European institutions to give them additional time so they can prepare to comply with the new rules. Representatives of Revolut, PayPal and other companies directly contacted the EU Ministry of Finance with a request to extend the transition period. They recalled that the new MiCA rules will apply to all countries of the Union starting in December 2024, however, some countries may shorten these deadlines. According to payment institution leaders, there may not be enough time to prepare to comply with all laws. The European institutions provide a maximum transition period for compliance with MiCA of 18 months. However, it is subject to change at the discretion of individual countries, which Revolut and PayPal do not agree with. They ask that all EU members agree on a maximum period of 18 months. Otherwise, companies will have to suspend operations in individual states for indefinite periods, which will negatively affect business. Ireland has already stated that it agrees to follow the 18-month transition period for cryptocurrency providers (CASP). Major crypto companies currently have offices in the country, including Gemini, Coinbase and Binance, which will require regulatory approvals under MiCA. As for France, the regulator Autorité des Marchés Financiers (AMF) is considering launching an “extended” registration of digital asset service providers, the DASP. The new rules will come into force in the country on January 1, 2024. In addition, the authorities also want to harmonize the licensing requirements for the European Authorization of Crypto Asset Service Providers (CASP) regulations. Read the full article

USA Senators Emphasize Need for Immediate Crypto Tax Action

On October 10, Senators including Elizabeth Warren, Bernie Sanders, and five others sent a letter to Treasury Secretary Janet Yellen and the IRS’s Daniel Werfel about cryptocurrency taxes. They kicked off the letter by addressing the new proposed tax rule for crypto brokers. They expressed their concerns about a two-year delay in putting this rule into action. This delay, they emphasized, not only goes against the bipartisan Infrastructure Investment and Jobs Act but also disadvantages honest Americans and results in a significant loss of potential tax revenue for the government. The rule in question asks brokers to give crypto users the necessary tax information via an updated 1099 form. This also allows the IRS to have a clearer picture of income from crypto transactions, making it easier to spot potential tax dodgers. The

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