While global events and technological advancements influence the cryptocurrency market, the price of Bitcoin remains resilient. Trading at 28,335 dollars with a drop of 0.50% this Thursday morningits course has increased by almost 6% over one week at the same time as the United States called for stop Hamas’ use of cryptocurrencies. Additionally, the Bitcoin ecosystem is enriched by the inclusion of stablecoins through the alpha version of Taproot Assets from Lightning Labs. On the other hand, even if You’re here launches into AI, value of Bitcoin in its assets remains constant.
US lawmakers call for action against Hamas’ use of crypto
A group of 105 American politiciansboth from the ranks Republicans and Democrats alikeincluding Senators Elizabeth Warren, Roger Marshall and Representative Sean Casten, called on Joe Biden’s government to take rapid action against Hamas’ use of cryptocurrency and its affiliates.
This call for action follows the deadly attack in Israel by the Palestinian militant faction. Lawmakers expressed “grave concern” about how groups like Palestinian Islamic Jihad and Hamas use digital assets to finance their activitiesthus circumventing American sanctions.
? Over 100 members of ?? US Congress are demanding action against #crypto money laundering, even with support from pro-crypto representatives. ?
This comes as Hamas used cryptocurrency to boost its finances.
?? #CryptoRegulation #HamasFunding— RK Gupta (EarnWithRK) (@earnwithrk) October 18, 2023
In retaliation, the Biden government imposed sanctions intended to disrupt Hamas’ financial infrastructure. These sanctions targeted a Gaza-based cryptocurrency exchange, a financial channel linked to Iran and a secret Hamas investment program. Additionally, Israeli authorities froze cryptocurrency accounts that financed Hamas. Since government interventions into the illicit use of cryptocurrencies may lead to increased surveillance and possible market fluctuations, such developments could impact the price trajectory of Bitcoin (BTC).
Lightning Labs Introduces Taproot Assets Mainnet Alpha
The leading company in Layer 2 Bitcoin infrastructure, Lightning Labshas Taproot Assets Mainnet Alpha Revealed. This system is designed to simplify the issuance of stablecoins and real-world assets on Bitcoin and Lightning networks. With the recent release of Taproot Assets v0.3, developers now have a Complete toolkit for creating, managing stablecoins and assets on the Bitcoin blockchain.
Announcing the first mainnet release of Taproot Assets ?, a protocol for assets on #bitcoin and Lightning.
With this release, developers can issue financial assets on-chain in a scalable manner. ?
Today marks a new era of multi-asset bitcoin. ?https://t.co/2cNvZSvv8v
— Lightning Labs⚡️? (@lightning) October 18, 2023
Lightning Labs considers this a step forward towards the “bitcoinization of the dollar”. This not only paves the way for other currencies to be issued as Taproot assets, but also promotes instant currency settlements via the Lightning Network. This progress underlines the growing global importance of these assets and is a response to the massive interest of developers in stable applications on Bitcoin. Such innovations generally strengthen the sentiment surrounding Bitcoin by expanding its functionality, positively influencing the price of Bitcoin (BTC).
Despite its investments in AI, the value of Tesla’s Bitcoin assets remains stable
The electric vehicle giant Tesla increased its investments in R&D and artificial intelligence (AI) in the third quarter, while maintaining a large Bitcoin portfolio. According to Tesla’s third quarter 2023 financial report released on October 18, the company held $184 million in digital assets as of September 30. This amount represents only a fraction of the initial $1.5 billion worth of Bitcoin redeemed in March 2021.
Despite market fluctuations, Tesla’s Bitcoin holdings have remained stable over the past five quarters. Tesla has notably strengthened its computing power to support its AI initiatives, even going so far as to commission one of the largest supercomputers in the world.
According to Tesla’s latest quarterly financial report, it did not buy or sell any Bitcoin in the Q3 2023. This is the fifth consecutive quarter in which it did not conduct any buying or selling operations. As of September 30, Tesla held about 9,720 Bitcoins, with a market value…
— Wu Blockchain (@WuBlockchain) October 19, 2023
While Tesla’s third-quarter financial results fell short of Wall Street’s expectations, the company’s unwavering commitment to Bitcoin underlines its continued confidence in the digital currency. Such firmness in holding Bitcoin could bolster investor sentiment, signaling Tesla’s enduring confidence in the cryptocurrency’s potential.
Bitcoin Price Prediction
For the technical analysis of the price of the BTC/USD pair on October 18, we based ourselves on the 4-hour chart. There pivot value of the asset is $28,582. Currently, he meets a resistance at $29,237, followed by another at $29,921, then at $30,500. On the decline, the Potential support levels lie at $27,691, then $27,239, and finally $26,576. The 50-day exponential moving average (EMA) stands at $27,250. THE Bitcoin price being above this EMA implies a short-term upward trend.
The graphs indicate a double peak formation, with a notable barrier around $28,500. If Bitcoin exceeds this level, it could still accelerate its upward trajectory. Essentially, the current trajectory of Bitcoin leans towards the bullish side as long as it holds above $28,000. In the near future, Bitcoin could come to test the resistance levels previously mentioned : they must therefore be the subject of increased vigilance on the part of traders and investors to detect any lasting trend.
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