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❕NEWS Texas House of Rep Passes Crypto and Blockchain-Friendly Bill

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Texas is in fast move to regulate the fast growing sector before it becomes difficult to regulate, recently Texas House of Representatives passed a bill to classify cryptocurrencies under commercial law in the state. This bill is an amendment to the state's Uniform Commercial Code towards blockchain innovation and digital asset regulations. Texas Senate will oversee the bill next week for any proposed amendments and then most possibly a final vote of approval which will enable the Texas Governor Greg Abbott to sign the bill into law. If this is done successfully, it will be a big gains for Texas state in her drive to integrate, regulate and generate revenue from cryptocurrency activities.
 
Still a good move ,because putting some form of regulation would reduce the illegal activities, but i just hope they dont increase the tax money
 
Yeah around 2%-5% on the exchanges is good enough and they can certainly spend this money to open new projects to give job in this specific period
 
Texas is in fast move to regulate the fast growing sector before it becomes difficult to regulate, recently Texas House of Representatives passed a bill to classify cryptocurrencies under commercial law in the state. This bill is an amendment to the state's Uniform Commercial Code towards blockchain innovation and digital asset regulations. Texas Senate will oversee the bill next week for any proposed amendments and then most possibly a final vote of approval which will enable the Texas Governor Greg Abbott to sign the bill into law. If this is done successfully, it will be a big gains for Texas state in her drive to integrate, regulate and generate revenue from cryptocurrency activities.
They have not choice, they have to regulate the cryptocurrencies.
 
Yeah around 2%-5% on the exchanges is good enough and they can certainly spend this money to open new projects to give job in this specific period
With the fast moving trend in cryptocurrency, the percentage you mentioned are enough revenue for the state because there is huge volume of transaction in Exchange platforms.
 
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Ethereum price soars above $3K into 'red zone' triggering sell-off fears


Ethereum's native asset Ether (ETH) crossed above $3,000 in an extended upside rally on Aug. 7, hitting a three-month high. Nevertheless, the cryptocurrency's incredible move upside also boosted its possibilities of facing a bearish backlash.


An on-chain indicator that tracks the total percent of Ethereum addresses in profits predicted the said downside outlook. In detail, the so-called "Ethereum: Percent of Addresses in Profits" indicator by Glassnode reached 96.4% amid the ETH/USD price rally.


Lex Moskovski, chief investment officer at Moskovski Capital, highlighted the metric's capability of predicting Ethereum top. In hindsight, whenever the Glassnode indicator crossed the 90%-threshold, it resulted in profit-taking among Ether investors.


"We are back to the red zone, historically associated with local tops," said Moskovski as he referred to the Glassnode chart above. Nonetheless, he added that the price might stay near its current highs — above $3,000 — for a while.


Supply squeeze meets HOLDing sentiment


Moskovski's outlook pointed at traders' intention to hold Ether, majorly due to the euphoria surrounding a software upgrade that has added deflationary pressure to ETH.


The optimism around the London hard fork stems from the increasing scarcity that should make this digital asset more valuable in the long run, specifically against a booming demand.


The London upgrade will divide almost 13,000 new Ether tokens issued to pay for miners' gas fees into three parts. One of them is the base fee that users pay to conduct ETH transactions, which the upgraded Ethereum protocol will now burn.


In addition, Ethereum's ongoing transition from an energy-intensive proof-of-stake mechanism to a faster and cheaper proof-of-stake (PoS) also reduces active Ether supply out of the market.


In detail, the PoS mechanism prompts network operators to deposit 32 ETH into a smart contract as a stake to run the blockchain. In return, the protocol rewards depositors with annual yields.


Moskovski hinted that traders could find holding Ether more appealing than secure interim profits as ETH/USD now trades 79.82% above its July 20 bottom of $1,718. Nonetheless, technical indicators also pointed at higher sell-off probabilities in the short-term.


That RSI


Ether's latest run-up above $3,000 also pushed its daily relative strength index (RSI) into an overbought area.


RSI enables traders to measure an asset's trend momentum to evaluate its overbought and oversold condition. In simple terms, traders interpret a reading above 70 as overbought—a cue to sell the asset. Conversely, an RSI below 30 poses buying opportunity due to the asset's oversold conditions.


Ether's daily RSI reading currently sits near 79, as shown in the chart below.


Meanwhile, a falling wedge breakout setup brewing on the daily ETH chart envisions its profit target near $3,250. Falling Wedge breakouts typically last by as much as the total height between the Wedge's upper and lower trendline.


https://instagram.com/bitcoin.info/
 

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