Back on track: US macro events unlikely to fully derail Bitcoin price gains
As the U.S. stock market enters earnings season, analysts explain how Bitcoin could perform after earnings and the presidential election. Tech-heavy stock market indices, including the Nasdaq Composite and the S&P 500, have begun to recover. Amazon posted high pandemic sales that led profits to climb threefold and reported a 37% spike in revenue. Facebook also surpassed Wall Street expectations, achieving $21.5 billion in revenue during the third quarter.Although the correlation between Bitcoin and U.S. stocks has declined in recent weeks, the probability that the rising risk-on market....
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Ethereum has experienced a mild setback after breaking the important barrier at $2,000 and continues to trade in the green over today’s trading session. The cryptocurrency is leading the current crypto market relief and sees poised for further gains. Related Reading: Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market At the time of writing, Ethereum (ETH) trades at $1,980 with a 6% and 15% profit over the last 24 hours and 7 days, respectively. Only Solana (SOL), and Cardano (ADA) come close to ETH’s price gains with double digits profits over the same period.....
Bitcoin price is still pushing higher, but these gains could hinge on this week’s top-tier market catalysts. Bitcoin Price Key Highlights. Bitcoin price recently made an upside breakout from a short-term consolidation pattern, signaling that bulls are putting up a fight. Price is back in consolidation for now, possibly waiting for more catalysts to fuel it higher. Technical indicators are suggesting that further gains are in the cards. Market Events. The 100 SMA seems to be attempting an upward crossover from the longer-term 200 SMA, signaling that the path of least resistance is to the....
The Bitcoin correlation with the macro markets reached new highs in 2022. This saw the price of the digital asset, and the entire crypto market by extension, follow the movement of the stock and equities market very closely. There were forecasts that the cryptocurrency would begin to decouple from the macro market as time went on but data shows that the correlation still remains very high even now. Following The Macro Market One of the most prominent ways that the macro market and the bitcoin correlation have shone through has been during important events like the CPI data releases. The....
The price of bitcoin is increasingly impacted by global events and macro scale transpirings as the protocol breaks into the mainstream.
The IRS might not be the best at keeping ahead of the crypto curve, but if you think you can hide your Bitcoin gains – think again. Crypto tax calculator Koinly is here to explain just how the IRS can track your crypto.
Got gains or income from crypto? The IRS would like their cut, thanks.
For a long time, the IRS largely ignored the crypto market, leading many crypto investors to mistakenly believe they could underreport or outright avoid crypto taxes. But they’re paying attention now and they’ve made it perfectly clear your crypto is subject to....