Bitcoin (BTC) purchasing activity increased over the weekend as momentum indicators improved. The cryptocurrency broke over the early barrier around $46,000, but heavier resistance at the 200-day moving average, which is presently at $48,289, may halt the relief rally.

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On the daily chart, the relative strength index (RSI) is approaching the overbought level, which anticipated a sell-off last October. Buyers appear to be aiming for a 50% reversal of the four-month-long decline, which would result in more upside toward $50,966.

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Momentum indications on the weekly chart have greatly improved from around the July low of $29,400. On the monthly chart, momentum is still bearish, which might postpone a substantial price rebound in the short term.

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Bitcoin fear and greed index on Tuesday, March 29, 2022, went from the greed level of 60 to the level of 56 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $47,496.59, up 1.07%. In the last 24 hours, the highest it touched was $48,086.84 and the lowest was $46,879.87. Bitcoin has a current market cap of $902,289,713,024. It has a circulating supply of 18,996,937.00 BTC coins and a maximum supply of 21,000,000 coins.

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US Prez expects new tax reporting rules for cryptocurrency to generate $5 billion in revenue by 2023

U.S. President Joe Biden on Monday submitted his budget proposal for the 2023 fiscal year in conjunction with the U.S. Treasury Department’s revenue explanations. By the administration’s estimate, the U.S. can gather roughly $11 billion in revenue over 10 years—and nearly $5 billion next year alone—by “modernizing rules” to apply certain financial accounting and reporting practices to digital assets. The Biden Administration projects $6.6 billion in revenue between the 2023 and 2032 tax years from applying mark-to-market rules to “actively traded” cryptocurrencies. Mark to market is a way of appraising the value of assets that takes into account current market conditions; it stands in contrast to using the purchase price of an asset, which may be higher or lower than its fair market value. In short, it’s a way of taxing unrealized gains.

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Japan intends to tighten cryptocurrency exchange regulations in order to implement sanctions

Japan plans to amend its Foreign Exchange and Foreign Trade Act to bring crypto exchanges under the purview of laws that govern banks, a government official revealed on Monday. The proposed amendment is being carried out to prevent sanctioned countries from taking evasive actions using digital assets. Chief Cabinet Secretary Hirokazu Matsuno said in a press conference that the government is planning to introduce a bill to revise the foreign exchange laws to include crypto exchanges. Fumio Kishida, the country’s newly elected prime minister, also supported the proposed revision and called for coordinated moves with Western allies to enforce the new laws. Under the revised foreign exchange laws, crypto exchanges, just like banks, will be required to verify and flag transactions associated with sanctioned Russian individuals or groups.