The Bill That Can Change Crypto Forever 3.15
Senator Lummis Bill | Market Update | NewsWatch | Meme of the day
Crypto advocate Senator Lummis reveals her grand plans. Meanwhile, some key charts show some attractive tones. Binance plants seeds in the middle east, and is another China lockdown affecting the markets?
Grab your coffee and lets Crypto Brew.
Big Story (Senator Lummis bill explained)
Market update (Infliction points, major outflows)
NewsWatch (China Lockdowns)
Meme of the Day
The Big Story
Senator Cynthia Lummis of Wyoming has been in the process of drafting a bill titled "The Responsible Financial Innovation Act" for close to a year. Her staffer Tyler Lindholm recently did an interview with Decrypt where he noted some essential keystones of the Bill. The Bill would overhaul the current taxing of capital gains in crypto-assets related to mining, staking, and spending.
A significant hurdle for spending crypto in the US is the capital gains tax. Senator Lummis aims to eliminate the tax on any crypto transfer of less than $600, an amount she believes can pass a senate vote. The change would make cryptocurrencies a viable alternative to fiat when purchasing everyday goods or services.
She also looks to eliminate a tax for miners and stakers who aid in securing networks. Lastly, the Bill aspires to permit the exiting of retirement funds such as 401k and enter crypto positions without penalty.
If the Bill passes government legislation, it could have enormous positive ramifications for cryptocurrencies in the US. It would help the industry become part of a broader financial service sector, moving cryptocurrencies from an asset class to an expansive range of uses. Keep an eye out for further information about the Bill in the coming months.
Market Update
Bitcoin (BTC) extended yesterday’s recovery and climbed another 2.5% after the US stock market closed. Bitcoin closed the daily candle with a +5.01% gain to 39.6k.
Source: Trading View
Ethereum over Bitcoin (ETH/BTC) appears to be coming to an infliction point in time for a week full of news. ETH/BTC is widely considered a bull gauge proxy in crypto markets. Depending on the outcome, significant events this week will decide if ETH/BTC breaks to the upside or down. The previous three times ETHBTC broke to the upside, it did so aggressively, marking a period of strong positive sentiment in the crypto markets.
Source: Trading View
36.6k Bitcoins (BTC) were moved off exchanges on Friday, 11 March 2022. This marks the third-largest outflow of Bitcoin from exchanges since Oct 2019, according to CryptoQuant. Traders typically move Bitcoin off exchanges when they plan to hodl them for more extended periods. The indicator also has been an early indication of a strong run in the past.
Source: CryptoQuant
Notable Gainers (24h) by market cap
NewsWatch
Just when you thought pandemic measures were coming to an end, China Covid 19 rates have skyrocketed in the previous days. A daily count that went from 50-100 cases to now 5000 cases a day has caused certain cities to reinstate pandemic measures. The nation has stated they have a 100% vaccine rate, but questions have arisen about its effectiveness. On a sour note, markets could feel the supply crunch if manufacturing becomes affected.
Bitcoin wins again! After heavy backlash, the EU proposal to limit proof-of-work has been rejected by the EU parliament. The vote count was 30-23 yesterday to remove the Markets in Crypto Assets (MiCa) package provision. Advocates for crypto-assets played a significant role in swaying parliament to reject the notion.
The crypto ecosystem giant Binance will begin to provide crypto exchanges services for the citizens of oil-rich Bahrain after it is granted a license from the national Bank of Bahrain. Bahrain has been making significant moves to carve out its digital asset space.
Visa looks to hire college students to attend an 18-month crypto development program that the company is building internally. The program intends to cover NFTS, DeFi, CBDCS, and much more.
Meme of the Day
With our powers combined!! Who remembers captain planet?
Writer’s Take
Some exciting charts are popping up during what might be an enormous week for crypto. Coincidence? Additionally, Senator Lummis intends to drop the mote for crypto utilization in the US, and the EU correctly quashed a negative proposal on Proof-Of-Work. So stay tuned for the next episode; things are looking bright for Captain Bitcoin and his crypto-asset sidekicks.
Thanks for reading the Crypto Brew fam!