Crypto news daily: Bitcoin data and price analysis for Thursday, March 24, 2022
- Bitcoin is currently trading around $43,223.72, up 2.69%
- Bitcoin fear and greed index on Thursday, March 24, 2022, went from the fear level of 31 to the level of 40
- U.S. Senate will vote on a bill to mitigate risks to the U.S. from El Salvador's adoption of bitcoin
Most cryptocurrencies have traded higher in the last 24 hours, pullbacks in Bitcoin (BTC) have been restricted during the Asian trading day, suggesting that buyers may stay active above the $40,000 support level. There is still a possibility for more gains, but resistance near $46,700 might stymie the price rebound.
Bitcoin's trading volume remains low relative to prior highs, although a decisive breakout above $46,000 could encourage additional buying activity. For now, BTC remains in a month-long trading range and is attempting to reverse a four-month-long downtrend.
Bitcoin fear and greed index on Thursday, March 24, 2022, went from the fear level of 31 to the level of 40 as per the alternative. me. The Fear and Greed index is a technique for assessing investors' emotions toward the market.
Bitcoin is currently trading around $43,223.72, up 2.69%. In the last 24 hours, the highest it touched was $43,231.29 and the lowest was $41,962.59. Bitcoin has a current market cap of $821,059,490,088. It has a circulating supply of 18,992,250.00 BTC coins and a maximum supply of 21,000,000 coins.
Thailand's Securities and Exchange Commission prohibits cryptocurrency payments and mandates exchanges disclose system failures
In an ongoing effort to carve out a regulated crypto market for the general public, the Thailand Securities and Exchange Commission (SEC) announced a ban on the use of cryptocurrencies for payments. Meanwhile, the Thai SEC proposed a new rule that demands disclosure of service quality and IT usage information from crypto businesses including brokers, exchanges and dealers. According to the notice issued by the SEC, businesses in the region have been advised against accepting crypto payments from April 2022 after discussing its implications with the Bank of Thailand (BOT). Some of these risks highlighted by the SEC include loss of value caused by price volatility, cyber theft, money laundering and personal data leakage. Once implemented, businesses in Thailand will be barred from advertising accepting crypto payments and establishing systems, tools and wallets to facilitate crypto transactions.
The US Senate will consider a bill to examine El Salvador's bitcoin experiment
The full U.S. Senate will vote on a bill looking to mitigate risks to the U.S. financial system from El Salvador's adoption of bitcoin as legal tender after the bill was passed out of committee on Wednesday. The “Accountability for Cryptocurrency in El Salvador (ACES) Act” was introduced by Sens. James Risch (R-Idaho), Bob Menendez (D-N.J.) and Bill Cassidy (R-La.) on February 16. “As El Salvador has adopted Bitcoin as legal tender, it’s important we understand and mitigate potential risks to the U.S. financial system,” Risch said in a statement on Wednesday, adding that the legislation would require the State and Treasury Departments, among other federal agencies, to mitigate risks such as potential empowerment of China and organized criminal organizations.