On Thursday, Joe Biden pushed the bitcoin rate towards$ 35,000. Not news regarding Paraguay's legalization bill. The deputies of the South American country will vote only on July 14 and the chances of his approval, you need to be aware, are small.
News from Washington is important.The American president agreed to the parameters of a bipartisan agreement on additional investment in infrastructure. The proposal is pulling at $ 973 billion over five years or $ 1.25 trillion over eight years and will exacerbate the situation with the budget deficit and the US national debt, as the alleged tax hike is not met with support among Republicans.
This kind of political economy has to do with cryptocurrencythe most direct relation to the market. The implementation of the initiative will support an exorbitant budget deficit of 7.3% for a non-war period and will push for further growth of the national debt, the limit stipulated by the Congress on which can be reached already this August.
Nothing terrible will happen - its legislatorswill raise this time, again making them doubt the value of the reserve currency, which once pushed Satoshi Nakamoto to create bitcoin ... In practical terms, the US stock market reached new record highs yesterday, which supported buyers now perceived more as a risky asset of the first cryptocurrency.
There will be no shocks on the crypto market on Friday.Expiration of contracts on the derivatives market with a nominal value of $ 2.37 billion will take place - the largest open interest in puts is concentrated in strikes of $ 35,000 and $ 40,000. The latter is unattainable in light of recent events, and large players are quite capable of keeping prices close to the first benchmark.
The scenario of a rise to $ 37,000 and above remainsrelevant. Locally, you can see a kind of inverted head and shoulders. The pressure from miners' sales has eased, reserves in stablecoins on exchanges (bullish factor) have broken a record - there are prerequisites for the implementation of the model. At a longer distance, the current upward movement will be perceived as an element of correction-consolidation with the risks of resuming the downward dynamics in July-August.
At JPMorgan, for example, as a triggermarked the end at the turn of June and July of the six-month blocking period for the Grayscale bitcoin trust. The fund has 645,600 BTC ($ 22.4 billion) on its balance sheet - six times more than MicroStrategy. It is possible that among the shareholders of the trust there are those who regret their purchases in light of the authorities' campaign against the first cryptocurrency.</p>