Bitcoin and Ethereum Technical Analysis 4th of March
Bitcoin’s gains have been cut down somewhat as fresh concerns of a government crackdown on cryptocurrencies have emerged from the United States.
After Powell’s address to Congress regarding regulating cryptocurrencies, the price of Ethereum fell farther away from $3,018.
While cryptocurrencies have recently seen increased inflows as both Ukrainian and Russian residents resorted to cryptocurrencies as an alternate way of payment to dodge sanctions, there are indicators that this loophole may soon be closed. During Biden’s State of the Union address, the president called for a crackdown on cryptocurrencies to seal the door to affluent Russians fleeing the country. Powell, the chairman of the Federal Reserve, threw gasoline to the flames by indicating that he would welcome further regulation to better monitor and regulate cryptocurrencies. As a consequence, all key cryptocurrency pairings have been anxious as a result of these statements.
Bitcoin bulls have been denied at $44,088 and face a drop down to $42,000.
The price of Bitcoin (BTC) recovered all of the losses incurred during the Russian invasion, as cryptocurrencies witnessed increased cash inflows from both Russians and Ukrainians searching for alternative payment methods…
