Bitcoin: BTC on the way to becoming legal tender in Arizona


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Investing.com – Since its inception, bitcoin has been seen as a decentralized means of payment that evades the control of central banks and governments. Given this, the BTC community is not at all enthusiastic about central banks around the world working on setting up structures for central bank digital currencies to maintain control.

US Senator Wendy Rogers is also of this opinion and has tabled several bills going against this idea. One of them aims for bitcoin to become a legal means of payment in Arizona, his state. Because central bank digital currencies are not synonymous with “freedom”, but with “slavery”. She is not alone in this process, since her Republican colleagues in the Senate, Jeff Weninger and JD Mesnard, support the initiatives she has developed.

The Chairman of the Congressional Subcommittee on Digital Assets, French Hill, also said that blockchain is growing in importance in the United States. He told CNBC yesterday that “America needs to be synonymous with fintech and blockchain innovation.” An agenda that not all stakeholders are sure SEC Chairman Garry Gensler’s actions serve that purpose. Hill continues:

“We’re going to ask him to tell us in Congress what he knows, what he recommends in this area, and what he did last year when our investors and consumers faced so many challenges.”

Hill is thus alluding to the FTX debacle and the relationship between Gensler and FTX management.

Bitcoin price technical benchmarks

Bitcoin is currently up 0.09% with a price of $22.985, while the weekly gain stands at 9.88%.

After the cryptocurrency formed a new high at $23,779 on January 25, the price hovered around the 23.6 percent fibo retracement and the $23,000 psychological mark, where trading also took place before the break to the top.

Bitcoin (BTC/USD)

As long as there is no daily close below the 38.2 percent Fibo retracement of $22,506, expect an extension of the sideways move inside the recent range. If, on the other hand, the range is abandoned on the downside, the next supports will appear at the level of the 50 percent Fibo retracement of $22,113 and the 61.8 percent Fibo retracement of $21,720.

On the other hand, the high of $23,779 and the psychological threshold of $24,000 must be breached sustainably for the 123.6 percent Fibo expansion of $24,565 to be targeted.

By Marco Oehrl



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