In today’s Bitcoin and Cryptocurrency news, read about Bitcoin traded between $19,000 and $19,400 during the European session as traders awaited macroeconomic clarification. Finally, many governments have tried to hinder Bitcoin’s growth. Despite these initiatives, Bitcoin is still widely used. Central governments have various motivations to control or prohibit cryptocurrency. Money laundering is one reason federal agencies are interested in Bitcoin.
How Soon Before Bitcoin Hits $1 Million
Original Source: Bitcoin Price Prediction 2022 – When Will BTC Pump to $1 Million?
During the European day, Bitcoin stayed between $19,000 and $19,400 as traders waited for macro clarification.
Bitcoin is the most valuable cryptocurrency, and its price moves the market. Bitcoin is gloomy, but $19,000 keeps losses restrained.
Bitcoin named “First Decentralized Cryptocurrency”
The yearly Guinness World Records (GWR) book has documented the biggest natural and human-made achievements and events since 1955. This year, GWR included Bitcoin, the first and most lucrative cryptocurrency network.
Satoshi Nakamoto’s Bitcoin cryptocurrency and blockchain network has been acclaimed by online and offline media.
“Bitcoin” first appeared in Scrabble in 2018, and the next year it was added to Merriam-Webster. As the “first decentralized cryptocurrency,” Guinness World Records (GWR) acknowledged Bitcoin this year.
Can Bitcoin’s Drop Continue?
Peter Schiff, an ardent critic of Bitcoin and the cryptocurrency sector, predicts another collapse in Bitcoin’s value.
Schiff tweeted to Bitcoin holders, stating the cryptocurrency hadn’t kept up with the recent stock market boom and was only slightly above $19K at the moment.
Schiff thinks Bitcoin could cause the next market crash. The Nasdaq, S&P 500, and other indices rose for a second day.
The price of cryptocurrencies counterbalanced the swings of stock markets. Bitcoin’s value has been falling, hovering around $19K until Wednesday.
Bitcoin’s correlation with equities has declined since last month, but it’s still affected by macro issues.
Outflow supports BTC Price
Over 1.3 million addresses bought over 680,000 BTC, implying a consolidation near $19K. According to IntoTheBlock data, another important mark is $19,200, where 2.5 million addresses bought 1.5 million BTC.
Over 48,000 Bitcoin left Coinbase Pro on Tuesday, according to CryptoQuant. After a June crash, Bitcoin exchanges saw the most outflow in history.
By removing cryptocurrencies off exchanges, investors are shifting from a selling to an accumulation mindset.
BTC to hit $79k by 2025: Finder
Finder uses two surveys to estimate Bitcoin’s future price. Each week, Finder polls five fintech experts on their Bitcoin outlook for the next two weeks.
As part of a quarterly survey, they asked 55 industry experts about Bitcoin’s future in late September/early October.
Bitcoin’s price will soar from its current level to $79,193 by 2025 and $270,722 by 2030, according to Finder.
Bitcoin price prediction 2022: When will BTC hit $1M?
Bitcoin is trading at $19,180 on a 24-hour volume of $28 billion. Bitcoin fell nearly 2% in 24 hours.
The BTC/USD has breached the $19,440 support level and is now dropping toward $18,900.
On the 4-hour chart, Bitcoin appears to have broken out of a symmetrical triangular shape. A 4-hour candle below this level could cause more selling till $18,900 or $18,700.
The 50-day moving average supports the downturn, while $19,200 barrier is being extended. The MACD is closing below zero, and the RSI is 42. Since both indications show a selling inclination, investors may eye $19,200 to enter sell transactions today.
If investor projections are accurate, Bitcoin might reach $100,000 in the next few years and $1 million if the trend continues.
Alternative Coin IMPT Presale Gains Steam
In recent weeks, smaller altcoins have outperformed the market, with presale tokens proving especially rewarding. Decentralized carbon credits marketplace IMPT began trading just over a week ago.
Based on Ethereum, it lets users trade NFT-based carbon offsets. It will also let users shop online at green-minded stores.
It has the fundamentals to do well in an ESG-focused market.
The IMPT cryptocurrency raised $5.9 million from ESG-conscious investors in less than three weeks.
IMPT tokens cost $0.018 in the presale’s first stage. Next, the price rises to $0.023 and then $0.028.
The Reasons Why Governments Won’t Be Able to Halt Bitcoin
Original Source: Why Governments Cannot Stop Bitcoin
Many governments have tried to hinder Bitcoin’s growth. Despite these initiatives, Bitcoin is still widely used. Central governments have various motivations to control or prohibit cryptocurrency. Money laundering is one reason federal agencies are interested in Bitcoin. Worried governments can’t stop Bitcoin?
Bitcoin was developed to overcome fundamental flaws with fiat currencies since paper money’s debut. The blockchain’s immutability prevents Bitcoin interference across all areas. Digital currency owners determine the value of a single unit based on supply and demand. Bitcoin is the largest and most popular cryptocurrency. ALT coins are alternative cryptocurrencies to Bitcoin.
Since Satoshi Nakamoto’s launch in 2019, the digital asset has grown in value and ROI. Bitcoin has convinced many that it may be used as a store of value, like Gold and other financial items.
Governments fear Bitcoin will undermine their financial control. Bitcoin can replace all currencies, yet it’s still useful. Bitcoin’s future affects finance. The technology’s infrastructure makes it hard, if not impossible, for governments to stop Bitcoin.
Why governments hate Bitcoin
Bitcoin threatens three fundamental government functions. Most governments monitor transactions to regulate capital, control capital, and prevent illicit activity. Central banks and other financial entities monitor transactions.
Criminals had trouble using banks and digital transactions to transmit money to associates. Since Bitcoin is unregulated, criminals can send money to anonymous addresses without government oversight. Despite the public ledger, which makes transactions transparent, it’s difficult to establish address owners. This Bitcoin characteristic is highly undesirable to governments, motivating them to outlaw it.
Once data is entered, blockchain technology is immutable. According to Bitcoin founder Satoshi Nakamoto, the function encourages blockchain trust. Everyone on the network can view transactions. These are undesirable for secretive regimes and governments that engage in shady deals in private.
A government that only uses Bitcoin will face questions about moving money. Publicly scrutinizing government transactions could raise responsibility for illicit activities. Most improper government spending is secret to protect corrupt politicians.
The blockchain is immutable, prohibiting government involvement in the Bitcoin ecosystem. Users can transfer and receive cryptocurrencies without government intervention. The Bitcoin ecosystem facilitates cross-border transactions without tax, hurting the government. Based on these arguments, it’s unlikely that governments will accept Bitcoin as-is; instead, most will continue to regulate or ban it.
Can government stop Bitcoin? Let’s see.
Attempts to control Bitcoin have failed. Eastern Bitcoin miners have faced several crackdowns. Regulations mention Bitcoin’s proof-of-work consensus mechanism’s large carbon footprint.
PoW costs energy and harms the environment. PoW is the most secure Bitcoin consensus rule. Bitcoin transactions threaten the economy and the government’s power, hence the government wants to control them.
The public entrusts authority with fiat money. Citizens in the US entrust the government and the federal reserve to manage the economy by controlling fiat currency creation and interest rates. Bitcoin circumvents all these authorities and delivers direct financial value to citizens, eliminating the need for a government to oversee how money is traded or utilized.
Without local fund control, governments may become dysfunctional. Bitcoin promotes openness, eliminates control, and encourages free spending.
Governments can’t stop Bitcoin’s infrastructure. Many nations have banned Bitcoin, but eradication appears unlikely. Bitcoin is evolving on its own, so movements can’t stop the revolution. In order to keep control of the fiat currency, a country can prohibit Bitcoin use within a specified jurisdiction.
Bitcoin ban worries you?
Governments can’t stop Bitcoin
Bitcoin transactions have increased, and the public has embraced freedom. It’s an alternative to depreciating fiat cash. Bad money printing practices affect fiat users, and many have sought alternatives.
Bitcoin users shouldn’t worry about a ban because Bitcoin-related businesses operate despite government resistance. Authorities have resisted Bitcoin from its 2009 debut. Despite challenges, the network has evolved, and detractors recognize bitcoin’s value.
Most countries have changed from fighting Bitcoin to securing it. Bitcoin is used. Bitcoin can replace state currency monopolies like digital money.
Bitcoin partners with enterprises to make crypto payments more accessible. Mastercard recently partnered with banks to increase crypto payments. Bitcoin will be the most popular and largest cryptocurrency.
Governments can’t stop Bitcoin 2
Government regulation and Bitcoin
As long as Bitcoin respects regulations, the central bank can accept it. Know Your Customer is crucial to reducing the danger of utilizing Bitcoin for money laundering or illegal behavior.
The government can simply trace conventional financial transactions through regular financial institutions. Bitcoin transactions are more transparent than money. For governments, losing control threatens national sovereignty. Bitcoin can operate as an alternative money accepted by society without resistance. Bitcoin is a secure, acceptable, legal digital currency that can help citizens avoid governmental currency monopolies.
Bitcoin’s transparent, verifiable, and immutable transactions are made possible via blockchain technology. Authoritarian countries or regimes that haven’t integrated Bitcoin into their economy are likely to outlaw it.
Bitcoin transcends borders and allows users to engage autonomously despite bans in many nations. Bitcoin thrives despite global regulatory rivalry that limits its infiltration into banks. Bitcoin self-regulation boosts user trust, making it a stable global digital asset.
The Bitcoin and cryptocurrency revolution is ongoing. Governments have resisted crypto enthusiasts’ efforts to limit or control Bitcoin’s use. Bitcoin is utilized in several countries for P2P and decentralized finance.
Central Bank legislation prevents many financial firms from adopting crypto. Despite its limits, Bitcoin has gained popularity, and several governments now accept it as payment.
Summary of Today’s Bitcoin and Cryptocurrency news
To put it simply, it’s worth noting that the BTC/USD broke below the $19,440 support level and is currently trading below the $18,900 support level, both of which were predicted to fall during the Asian session.
Finally, Bitcoin’s legitimacy is country-specific. There is no universally applicable response to the question of Bitcoin’s status due to the fact that laws concerning the ownership and use of digital currencies differ from country to country.