The new all-time high of Bitcoin has affected altcoins negatively, but statistics from the Altcoin Season Index still favor the latter. The prices of various tokens have rebounded and hit new all-time highs, mostly coming from NFT projects, video games, and memes, among others.

The all-time that Bitcoin reached in October has affected altcoins negatively. Most profits went to the pioneering cryptocurrency, but statistics from the Altcoin Season Index favor the former. The reason for that is that the gains for BTC do not yet exceed those of other tokens.

The data predicted by the indicator showed a midpoint after fluctuating between 25 and 75 points. Therefore, the Altcoin Season Index did not confirm that it is in favor of Bitcoin or altcoins.

Since August 24^th, the indicator has shown a strong rebound from 24 to 69 points. However, after the price of Bitcoin rose from USD 50,000 to the current all-time high, the indicator almost fell below 39 points. Besides, the profits of some altcoins reached 65 points.

Analysis of the Altcoin Season Index for Next Month

Bitcoin hit a new all-time high that allowed it not to decrease its dominance by more than 40%. However, the Altcoin Season Index indicates that the following month will favor alternative cryptocurrencies. Various tokens have rebounded and reached new all-time highs, most of which come from NFT projects, video games, and memes, among others.

According to the Altcoin Season Index, the most prominent altcoins in the last three months have been FTM, SHIB, and SOL, among others. FTM leads the market with a 1,350.5% profit, while SHIB occupies the second position in the ranking with 1,350.5%. Finally, Solana (SOL) has accumulated a gain of 660.5% in the same period.

The Altcoin Season Index suggests a period is an altcoin season when 75% of the leading tokens generate a profit percentage higher than BTC. However, the indicator stands at 65 points, which means that Bitcoin has had a significant rebound, outperforming various cryptocurrencies.

Although the price of Bitcoin has rebounded, that does not suggest that the indicator will fall below 25 points. Besides, another factor to consider is the possibility that Bitcoin will continue to follow the Stock-to-Flow (S2F) model. In that case, it could close the year above USD 100,000, thus becoming the cryptocurrency by market capitalization in the ecosystem.

Altcoins May Rebound Thanks to a Pullback in the Price of Bitcoin

The price of Bitcoin fell below USD 60,000 again for the first time since October 15^th. Holders had been celebrating the new all-time high of USD 67,200 that it had reached on October 20^th. They had already anticipated a correction leading its value to test support levels below USD 60,000.

Several traders announced that the price of Bitcoin had to maintain support at USD 62,000 to avoid falling back to USD 58,000. However, sell orders seem to have outpaced buy orders, sending the cryptocurrency to test demand at the current price of around USD 58,900.

The recent pullback of the pioneering cryptocurrency could contribute to the rebound of the prices of altcoins. However, Bitcoin has always recovered from its worst drops to resume and exceed its all-time highs.

By Alexander Salazar

Before thinking about short-term selling, the price of UNI should lose support at USD 25.34. The value of the cryptocurrency is still looking to increase, but it could make significant gains in the short term.

The cryptocurrency market is optimistic about the events that have occurred in the last week. Some crypto assets are looking to take advantage of that moment of euphoria to accumulate higher profits. Uniswap (UNI) is one of them, as its value has been showing positive signals, but the confirmation of some factors is still necessary.

UNI is trading at around USD 24.73, and its daily trading volume is approximately USD 679 million. In addition, it occupies the 16^th position in the ranking of cryptocurrencies with a market capitalization above USD 12.8 billion, according to CoinGecko.

Technical Analysis of the Price of the Uniswap (UNI) Cryptocurrency

The UNI/USDT daily chart recently showed a positive signal as the former attempted to break through immediate resistance at USD 27.62.

The price of the Uniswap cryptocurrency is very likely to break above that resistance level due to its undoubtedly bullish trend. Of course, that could lead to minimum purchases of up to USD 30 of the token.

Before investors think of short-term selling, the price of UNI should lose support at USD 25.34. However, there is still a high probability of a further increase until that occurs.

The Momentum for the Price of UNI Has Not Yet Started

The Uniswap (UNI) weekly candlestick chart reveals the price of the cryptocurrency has not yet fully taken off. However, there will likely be a significant increase in the coming days or weeks.

The 8-week EMA and 18-week SMA moving averages, after a bullish succession, increase the possibility of such a rise.

The value of UNI needs to overcome resistance at USD 30, which would confirm the resumption of the trend in the medium or long term. After that, the price of the cryptocurrency would try to reach a new all-time high.

Factors Influencing the Momentum of the Cryptocurrency Market

The launch of US Bitcoin ETF, ProShares Bitcoin Strategy (BITO), reached a milestone. Not only does that suggest that the US SEC approved cryptocurrency trading, but the ways to invest in cryptocurrencies have also evolved.

A new wave of money could enter the market, driving the price of BTC to new highs, with the launch of more Bitcoin ETFs. Despite minor corrections that the value of the pioneering cryptocurrency has undergone in recent days, its bullish momentum has been steady. Dutch market analyst Michaël van de Poppe predicted that the value of Bitcoin is heading for USD 90,000.

For his part, hedge fund investor Anthony Scaramucci said that those who investigate the behavior of Bitcoin would invest in it. He noted that Ray Dalio, who used to be skeptical of the cryptocurrency, now buys it.

The momentum that Bitcoin has gained in recent weeks has impacted the value of altcoins like UNI. Additionally, the launch of new exchange-traded funds provides more options for investing in those assets.

By Alexander Salazar

Congressman Martín Berhongaray asks if Argentina would support Bitfarms’ energy consumption. Bitfarms would save at least 45% on bitcoin mining costs in Argentina compared to Canada.

Bitfarms, a Canadian company that focuses on cryptocurrency mining, will build a new mining farm in Argentina, and the deputies demand explanations about their energy consumption. The plant will be in La Pampa, something that worries various political representatives in the region.

Martín Berhongaray, the national deputy leading the Radical Civic Union party, asked the government for more information about cryptocurrency mining operations in Argentina. Through a draft resolution, the entity asks the Ministries of Science, Technology, and Innovation for details about the electricity supply that Bitfarms would require.

At the very beginning of the month, Bitfarms revealed that it considers working in La Pampa with up to 210 megawatts (MW) of energy. However, the deputy highlighted that, in the Los Nihuiles hydroelectric complex, the installed capacity counts 224 MW, a figure higher than the one previously declared.

This hydroelectric plant appears to be based in the center of the country in the province of La Pampa, in the same place where the future Portezuelo del Viento power plant carries out its operations.

In this other plant, the top 210 MW, which is the maximum energy used in a plant, would be respected. According to the deputy, this figure would help deploy at least 55,000 new-generation miners to get at least 12,000 bitcoins.

The mining of that amount of bitcoin runs in parallel with approximately USD 740 million. The radical deputy states that the first incentive to settle in the country is, obviously, economic.

Berhongaray Asks if Argentina will Support Bitfarms Energy and if it will Get a Subsidy

Among the questions that the officer asks the government, two stand out. The first one is to see if the country’s electrical system can support this project. And, in the second instance, the congressman asks if the project would receive a subsidy from public funds and, if so, what is the reason and the source of financing.

The contract as an Argentine private energy provider that Bitfarms acquired has an initial term of 8 years. The agreement got signed at the beginning of October, mainly because of the favorable weather throughout the country. This situation brings many benefits to the cooling of bitcoin mining.

Bitfarms, one of the mining companies on the list, highlighted that it hired the company Proyectos y Obras Americanas S.A. (PROA), which has committed to bringing the required engineering, procurement, and construction services for the Argentine facility.

As they highlight, the organization has focused on electrical infrastructure and civil construction for public services for almost six decades.

Bitfarms is Present Latin America

Bitfarms is already present in Latin America, more precisely in Paraguay, where they will build a new mining farm with more than 3,000 ASIC equipment to process Bitcoin transactions.

This deal took place after the mining company reached an agreement with electricity providers in Paraguay. It is a 5-year agreement that will allow Bitfarms access to 10 MW of hydroelectric energy for USD 0.036 per kilowatt per hour (kWh).

By: Jenson Nuñez

A report revealed that BNY Mellon Bank, the oldest American bank, asked the Irish government for cryptocurrency regulations.

Ireland’s “Independent” revealed the first details about the Bank of New York Mellon Corporation (BNY Mellon) meetings with the Irish government on the issue of crypto regulations.

The last of these meetings happened in May of this year; however, this meeting is the first time that the entity revealed further details to the public about the subject.

Since the European Union authorities are still discussing crypto regulations, this bank has been pressuring the Irish government to create its own rules for the regulations to take space. It is worth considering that BNY Mellon launched the business of its digital assets in Ireland this year to bring custody services to institutional investors.

The report Regarding Crypto Regulations

BNY Mellon established a crypto unit in Ireland during the second quarter of the year, just around the time it urged the country’s Finance Ministry to apply a series of crypto regulations. The bank’s digital hub in Dublin got created to bring digital asset deposit services to institutions interested in cryptocurrency investments.

The report from the Independent media reveals that representatives of BNY Mellon met with the Irish Minister of State in the Department of Finance, Sean Fleming, to convince the government of the need to adopt national crypto regulations while the European Union rules to the sector are still under consideration.

The Crypto Assets Markets Regulation aims to harmonize cryptocurrency legislation in the 27 member states of the European Union with rules on the custody of digital assets, capital requirements for service providers, and better investor protection.

These standards should apply to both decentralized digital currencies and fiat-backed stable coins.BNY Mellon believes that the new regulations will take effect no earlier than 2023. Meanwhile, several European countries have moved to introduce their legislation in recent years.

The publication offers an example of the German fund allocation law that came into effect this summer. Its provisions relaxed the rules for a category of institutional funds called “special funds” that can now invest 20% of their portfolios in crypto assets.

Irish media also revealed that the US bank emphasized the importance of securing a talent pool in the country’s crypto and Blockchain space to allow members of the growing industry to provide these services.

The finance company further noted that within BNY Mellon, Ireland is now competing with Israel and New York for Blockchain expertise.

The BNY Mellon banking group, with a presence in the country for 25 years, said that developing this talent in Ireland at a rate that meets the expected growth will be a challenge.

By: Jenson Nuñez

New legislation could tax unrealized capital gains. Various Social organizations claim that millionaires pay lower taxes than workers.

Janet Yellen, the US Secretary of the Treasury, expressed her thoughts about the possibility of charging a tax on unrealized capital gains. The tax would go to those users who have not yet materialized gains because the good that produced them has not been sold. This legislation focuses on exceptionally wealthy people in the country.

The proposal had met its introduction to the Senate Finance Committee by its chairman, Ron Wyden, representative of the state of Oregon. According to Yellen, it is a tax that would apply for capital gains that escape regulatory procedures.

Although the official denied that she was talking about a “wealth tax,” she did acknowledge that the measure would apply for very wealthy people who generate income from their investments in asset markets.

In the case of cryptocurrencies, this new tax on unrealized gains could apply in the face of increases in the crypto price. These increases generate more profits for investors, especially for those holders who store amounts for the long term.

In various countries, taxpayers pay taxes on their cryptocurrency operations based on the difference between the purchase price and the sale price.

Cryptocurrencies and American Laws

This new tax could include itself in another that is currently under study in the United States Congress. This tax also closely relates to cryptocurrencies. It is the Infrastructure Law, whose approval might include taxes to various sectors in the cryptocurrency industry, as reported by this media.

The new unrealized income tax law barely enters the Finance Commission, so it still has a long way to go. If that instance passes, it must get voted on by the entire body of the Senate, then by the House of Representatives, and finally, it will have to be regulated by the president.

Social Organizations supported the millionaire tax

When Ron Wyden’s bill went public, 103 national organizations issued a joint statement supporting the initiative. The organizations also demanded its inclusion in the “Build Back Better” plan led by President Joe Biden himself.

This regulation represents a progressive and solid source of financing for the BBB program, which intends to bring more aid to families and communities of workers in response to the difficulties that this sector struggled with during the Covid-19 pandemic.

According to the official White House website, the plan intends to create a healthy space for new jobs, lower taxes and reduce living costs for families from the lowest social classes. To achieve this goal, the richest and the large corporations must play their part.

In this sense, according to the statement, the 400 wealthiest families in the United States of America paid federal taxes with an effective rate near 8% in recent years. In the same period, these families highlighted that their wealth grew a lot so for them, paying lower taxes than teachers or nurses is impossible.

By: Jenson Nuñez