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Crypto Haven? US Lawmakers Get Accused of Letting Insiders Write Pro-Cryptocurrency Bills

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  • Alex Dovbnya
    📰 News

    Wyoming might be moving way too fast when it comes to passing crypto-friendly regulations, according to one industry expert

Crypto Haven? US Lawmakers Get Accused of Letting Insiders Write Pro-Cryptocurrency Bills
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Wyoming, the least-populous US state that has less than 600,000 people, has solidified its status as America's cryptocurrency haven. The cowboy state has passed 13 laws that are supposed to propel the development of the local Blockchain industry and attract businesses from all over the country.  

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Now, there are concerns that the industry might be moving too fast in its attempt to become the crypto mecca. Robert Jennings, the founding member of Wyoming Blockchain Coalition, states that large cryptocurrency holders who have skin in the game dish out these bills with no pushback from local lawmakers who fail to fully understand the technology. 

"There is no dissent or questioning of the ramifications of making Wyoming a so-called ‘cryptocurrency haven."  

While Wyoming sets a great example for other US states that are less reluctant to embrace crypto, its legislative spree is still not that significant. Benjamin Sauter, a Blockchain lawyer at Kobre & Kim, says that it's hard for companies to take advantage of these permissive laws. On top of that, these firms have to comply with the federal securities laws. Despite small steps of progress, the US Securities and Exchange Commission (SEC) is yet to embrace crypto. 

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As reported by U.Today, Wyoming became the very first US state to categorize digital assets as legal property. Wall Street vet Caitlin Long, who's now the head of the Wyoming Blockchain Coalition, claimed that the crypto-friendly bill allowed Fidelity to offer state residents 401k services with cryptocurrency.  

Without support from Congress and federal regulators, the state of cream-colored cowboy hats remains a lone crypto hub on the US map.  

However, there are also some pro-crypto voices in the highest echelons of power. Back in September, U.S. Congressman Warren Davidson (R-OH), who came up with the Token Taxonomy Act, suggested the idea of tokenizing the US Dollar.       

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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BTC, LTC, XTZ, TRX Price Prediction - Can Bulls Fix the Ongoing Growth?

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  • Denys Serhiichuk
    📈 Price Predictions

    Has the bearish trend finally come to the end?

BTC, LTC, XTZ, TRX Price Prediction - Can Bulls Fix the Ongoing Growth?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The bears are continuing to apply pressure on the main cryptocurrencies. However, the altcoins are testing their support levels. If the bulls manage to maintain these levels, then one should expect a good rebound ticking upwards.

Top 10 coins by Coinstats

Below is key information for Bitcoin (BTC), Litecoin (LTC), TRON (TRX), and Tezos (XTZ):

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$136,870,530,589

$7,566.87

$17,335,699,425

2.67%

Litecoin

LTC

$2,935,607,698

$46.02

$2,553,535,223

3.02%

TRON

TRX

$981,336,616

$0.014717

$970,524,056

0.18%

Tezos

XTZ

$926,823,387

$1.40

$50,581,767

8.84%

BTC/USD 

Yesterday's symmetrical triangle was broken up. There was solid growth, but the sellers did not step aside. This is evidenced by the candles' long shadows. Buyers are able to maintain the price at $7,500 but are unable to break through the $7,650 mark. So far, nothing is clear as to furthering the priority of movements in the market.

BTC/USD chart by TradingView

On one hand, the candles' large shadows and small volumes of growth indicate seller dominance. BTC may trend downwards to $7,300. If it breaks through that level, then BTC will go to $6,900-$7,100. 

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On the other hand, the price has broken the aforementioned trend line, which has held the cryptocurrency's rate back since October. In general, BTC is expected to drop to $7,300, but if the cryptocurrency is fixed above $7,650, then BTC will move to $7,800.

At press time, BTC is trading at $7,544.

LTC/USD 

LTC is trading in accordance to our recent forecast between the $42-$52 range. Its rate has increased by 2.68% since yesterday.

LTC/USD chart by TradingView

Looking at the 4H chart, LTC touched the local bottom at $42. In terms of its nearest price scenario, the bulls are dominating over the bears. The Moving Average Convergence/Divergence (MACD) is bullish, and the closest mark that LTC might reach is $50. If the current forecast comes true, then the quotes will move based on the curve pattern as outlined on the chart.

At press time, LTC is trading at $45.73.

TRX/USD 

TRX has also followed our previous scenario as the its price of $0.014 has been retested.

TRX/USD chart by TradingView

Looking at the 1D chart, the bearish trend remains even on a short-term basis. TRX has currently formed a head and shoulders pattern and is likely to move downwards due to the low trading volume. The relative strength index (RSI) line is also going down, with the nearest price target being at $0.135.

At press time, TRX is trading at $0.0147.

XTZ/USD 

XTZ has had the biggest gains today. Its rate has rocketed up by 8.46% in the last 24 hours.

XTZ/USD chart by TradingView

Despite the sharp growth, this altcoin cannot be considered the start of a bullish trend. XTZ is about to roll back to its nearest support level of $1.35. Moreover, the RSI is located on the edge of the oversold area, suggesting an upcoming decline.

At press time, XTZ is trading at $1.3978.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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