The currency crisis and the rising U.S. dollar index (DXY) do not bode well for crypto markets. However, there’s a sliver of hope; BTC’s decline has slowed down, and before it could retest the June low, bulls took the price back up, bringing some much-needed positivity to the market.
Bitcoin’s long-term investors do not seem to be panicking, as indicated by the Coin Days Destroyed metric hitting a new low, which means that coins held for the long-term are the most dormant they have ever been.
At the time of writing, BTC trades at $20,200, making a move above the 20-day EMA. The RSI reflects a positive divergence. However, a close above this resistance is needed to bolster buyers further. After that, the 50DMA would be the level to watch in the coming sessions.
CRYPTO NEWS WEEKLY ROUNDUP:
Coinbase to Harness ENS to Simplify Transactions
Simplified wallet addresses have been getting more popular and Coinbase is joining the party. In a post last week, the crypto exchange announced that it will hand out free ”name.cb.id” usernames.
People can claim their new addresses through the Coinbase Wallet browser extension. According to the announcement, this is a step towards making Web3 more user-friendly and reducing the anxiety surrounding crypto and NFT transactions using massive alphanumeric addresses.
Colorado State Now Accepts Tax Payments in Crypto
Last week, Gov. Jared Polis of the U.S. State of Colorado announced that the state now accepts tax payments in cryptocurrency.
The policy took effect on September 1, and it allows state taxpayers to use crypto to pay ”individual income tax, business income tax, sales and use tax, withholding tax, severance tax and excise fuel tax.”
This makes Colorado the first state to offer this service, and this is the first time crypto can be used as legal tender for any purpose in the U.S. These tax payments are powered by the PayPal Cryptocurrency Hub with service fees of $1.00 plus 1.83% of the payment amount.
This policy isn’t applicable to businesses.