Pressing Times

Chart of the Day





Despite experiencing light volume and muted volatility, BTC managed to break through its narrow trading range to start a fresh rally over the weekend. This bullish momentum has flipped BTC's former resistance levels between $62-63k into steadfast support levels, and drove the price of BTC up above $65k, a mere breath away from its all-time high of $66k. Looking at on-chain metrics, the long-term holder cost basis has tripled since April, indicating the formation of a more sustained price floor near $18k. Moreover, even though BTC miners had an incentive reduction imposed upon them, they have seen a 550% surge in their revenue since the halving on May 11, 2020. These are bullish times for BTC indeed. 

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Talk of the Town





Regulatory frameworks are coming in thick and fast for the crypto space. The U.S. Congress recently passed a $1.2 trillion infrastructure bill that contains a hotly debated crypto tax provision. Under this provision, the definition of a "broker" has been expanded to include organizations that trade crypto assets. Once the bill is signed off by the U.S. president, centralized crypto exchanges will have to start reporting their transactions to the IRS. Meanwhile, discussions on the tax-and-spend package, which would subject digital assets to the same stringent standards that apply to stocks and other securities, are advancing rapidly in Congress, leaving crypto traders a very short window to look for alternative means to lower their capital gain taxes.