Bullish Against All Odds Bitcoin Breaks $40K, Beats Coordinated FUD?

Bitcoin sits comfortably north of $40,000 after a rally propelled it beyond this key resistance mark. The first cryptocurrency by market cap even managed to break above $42,000, in its most solid attempt to reclaim new highs since May’s crash.


The bullish momentum has held for the past week, BTC’s price records a 24% profit in this period with the fear and greed index on the greed side after months in extreme fear. Dan Tapiero, founder and CEO of 10T Holdings, noted that achieving the rally has been hard.

Bitcoin, cryptocurrencies, and the entire industry have been receiving attacks from all over the world. Especially from the United States and China. These countries seem to rarely agree on something, Bitcoin is the exception. Tapiero said:

Cannot remember a time of so many attacks against Bitcoin and Crypto. From every angle…tax, regulatory, political etc. Insanely good price action in the face of a lot of bad news is very bullish. Bitcoin does not care. HODL, be long or get out of the way.

Even the most legitimate actions have been received with certain animosity from traditional financial institutions. Following El Salvador’s Bitcoin Law, the International Monetary Fund (IMF) warned other countries that the cryptocurrency “is not suitable as legal tender”.

The Central American country was negotiating a loan with the financial institutions. The talks apparently grew tense when Bitcoin was granted legal tender status. In an official blog, the IMF explained how this measure could have a “serious negative effect on financial and economic stability”.

Thus, the financial institutions seem to be sending a message, similar measures by other countries could impact their relationship with the IMF. The country that follows in the footstep of El Salvador is adopting a currency that, according to the IMF, is mostly used to “launder ill-gotten money, fund terrorism, and evade taxes”. Tapiero added:

BTC one of the great inventions of the past 50-100 years. Math and science are hard for most people especially when it upends the existing social order. US should embrace new technology. Fear of it will only lead to failure and decay.

Bitcoin Won The Week, But The Fight Continues

The main narrative that boosted Bitcoin to new highs is its capacity to be a hedge against inflation. Many companies acquired the cryptocurrency to protect themselves in an inflationary economic landscape. That narrative seems to be under attack.

In Asia, China banned BTC mining and has put additional pressure in an attempt to stop any crypto-related operations with their financial network. Experts speculated that the Asian giant could be trying to stop corruption, stop capital from exiting the country, and clear the field for the roll-out of its central bank digital currency (CBDC), the digital Yuan.

In the U.S. The outlook seems to be equally bleak, as two bills could completely change the dynamics in the Bitcoin and crypto market. The Digital Asset Market Structure and Investor Protection Act was introduced by Representative Don Beyer (D) and the bipartisan Infrastructure bill. Both have been the subject of debate in the crypto community.

The U.S. Infrastructure bill would expand the tax code’s definition of a “broker”. As Jake Chervinsky, General Counselor at Compound Labs said this could include “nearly every economic actor” in the U.S. crypto industry even Proof-of-Work and Proof-of-Stake miners, and DeFi market participants. Chervinsky said:

The Tax Code requires brokers to comply withS reporting requirements. Most importantly, they have to give Form 1099s to their customers & file them with theS too. To fill out Form 1099s, brokers have to collect customer data including name, address, phone number, etc.

The legal expert highlighted that the bill could hurt the crypto industry by forcing it to comply with these regulations. Unlike previous occasions, this time the bill is “moving quickly through Congress” and “is highly likely to pass”. Chervinsky believes this legislation could be an existential threat to the Bitcoin and crypto-based sector.

JuiceStorm TV

Trading The UK, IE, US And AU Betfair Horse Racing Markets 24/7

The Betfair selections we are trading above are UK time. Only filled trades or bets appear on JuiceStorm TV.

Unsure how to get involved? Take a look here.

In 2021 TradeHost traded 7,937 Betfair UK, IE, US & AU horse racing and greyhound markets.

2022 saw TradeHost become even more profitable with 22,698 Betfair markets traded.

2023 less markets were traded – 17,459 – but a with a similar profit to 2022.

All trades and bets were streamed live on JuiceStorm TV which was was watched by 124,209 traders in 2022.

All results for the 48,094 Betfair markets traded are here and the charts are here.

Top 100 Comments on JuiceStorm.com

Racing Traders has over 20,000 registered members and more join every day. Find out why with a free trial.

BetTrader from RacingTraders.co.uk was the 1st application for Betfair & introduced the ladder UI. Invest £99 in yourself with a JuiceStorm EXCLUSIVE crypto only offer for a BetTrader lifetime license and no further payments.

Successful Betfair Traders have the simplest Betfair Trading systems. The difference is their selection process, experience and execution level. Get that difference for yourself with automated trading by TradeHost.

Our AI articles are NOT written by a real person and are provided for entertainment only. They may contain content which is inaccurate but we are hoping our AI bot, Rose, will become better over time. The AI category is the ONLY section of JuiceStorm.com that has zero human input.

Leave A Reply
Comment Rules

  • Please show respect to the opinions of others no matter how seemingly far-fetched.
  • Abusive, foul language, and/or divisive comments may be deleted without notice.
  • Each JuiceStorm member is allowed two daily comments. Use them wisely.
  • Comments must be limited to the number of words displayed above the comment box.
  • Use branded capitalisation, eg. JuiceStorm, TradeHost, BetTrader, etc or John will get upset.
  • You agree that any comment you make may be used for marketing purposes by JuiceStorm.com.
  • You need more than 20 words? Click here for the largest Telegram community for Betfair Traders.