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Politicians, Founders Motivate Crypto Voters on Day One of the America Loves Crypto Tour

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On a 100°F evening in Phoenix, crypto enthusiasts from Arizona came out with gusto for the first night of the America Loves Crypto tour.

The tour, organized by the Stand With Crypto Alliance, a non-profit on a mission to get America’s 52 million crypto owners out to the polls in November, will roll through five swing states in the coming weeks, bringing awareness to the importance of voting for candidates who support pro-crypto policies in the upcoming US elections.

On this evening in Arizona, politicians such as Senator Kyrsten Sinema (I-AZ) and Arizona House Speaker Pro Tempore Travis Grantham (R) spoke to the audience alongside crypto industry founders before making way for the psychedelic soul grooves of the Black Pumas.

The Mission and the Margin

“A huge priority for us is turning out the crypto vote,” Logan Dobson, Executive Director of Stand With Crypto, told Bitcoin Magazine.

“Our only cause is crypto. We’re not pushing for specific candidates. We’re not pushing for specific parties. We’re just getting the crypto vote out,” he added.

“And I can tell you that in multiple swing states already, there are more people who have signed up with Stand With Crypto than the margin of victory was in 2020.”

Dobson’s final point is particularly pronounced in Arizona, where, in the 2020 presidential election, President Biden beat former President Trump by about 10,500 votes. Stand With Crypto has signed up almost three times the amount of crypto advocates — 27,231 — than the amount of voters who accounted for Biden’s margin of victory in the previous election.

Encouragement from Politicians

Senator Sinema kicked off the event, urging audience members to fearlessly vote for candidates who support pro-crypto policies.

“You guys are a real force in Arizona and it’s important that we use this election cycle to ensure that the crypto community’s voice is heard,” said Senator Sinema.

“We’ve got to push for policies that fuel innovation so the financial system works for everyday people. We’ve got to make sure that candidates up and down the ballot — state legislatures as well as at the federal level — understand crypto and are working towards a great political climate for crypto rather than one that’s based on misinformation, fear and old-school regulations that hinder the industry,” she added.

Sinema concluded her brief speech with what seemed like a mild jab at the Democrats, the party she parted ways with in December 2022.

“Don’t be afraid to support a candidate or an elected official who takes risks,” she said.

“You all understand the value of taking risks. The crypto industry wouldn’t exist if it weren’t for risk taking,” Sinema added.

“We want to look for candidates who are reasonable but are willing to take risks and speak out against the party line rhetoric that’s trying to stop or slow the innovation of this industry.”

Following Sinema was Grantham, a proponent of the freedom with which bitcoin and crypto provides its users.

Grantham didn’t mince words from the stage. He discussed how politicians are abusing the US dollar by spending more of it than they have and printing it at will. He made the case that it’s up to Gen Z and Millennials especially to vote for pro-crypto politicians to allow for assets like bitcoin to compete against the dollar. He was even more explicit on this topic in an interview backstage with Bitcoin Magazine.

“There’s a large group of elected officials who think the government is the solution to our monetary problems, that this fiscal irresponsibility doesn’t matter and that the dollar is going to be the end-all-be-all forever — and that’s just a crazy way of thinking,” Grantham told Bitcoin Magazine.

“One of the reasons [crypto] is becoming so popular is because of what we’re doing to the dollar,” he argued.

Arizona House Speaker Pro Tempore Travis Grantham (R) addresses the crowd.

For this reason, Grantham felt it’s essential for voters to support candidates who don’t believe in regulating crypto out of existence, and to vote for politicians who support freedom as opposed to those who seek control.

“It’s a freedom and control issue,” said Grantham.

“[Some politicians want] control by keeping everybody married to one currency and not allowing anything else to break through, which crypto is doing. Competition is a good thing, especially when the person who controls the only thing is abusing it so badly,” he concluded.

Founders Aren’t Asking For Much

Next, a panel of crypto founders based in Arizona took the stage. The panel featured Thor Abassi, co-founder of DeFi protocol Zivoe; George Mekhail, VP of Operations for Bitcoin Magazine and co-organizer of the Arizona Bitcoin Network; and Shelton Beascochea, co-founder of DevilsDAO and Stand With Crypto Arizona Chapter President.

The industry leaders asked for little more than clear rules of the road from the US government, so that they could operate their businesses on-shore and compliantly. In an interview with Bitcoin Magazine, Abassi discussed the anxiety that crypto founders have faced due to unfair treatment by federal regulatory agencies under the Biden administration.

“One of the toughest things for our project is [knowing] how the industry can interact with banks,” Abassi told Bitcoin Magazine.

“We’ve all probably heard about Operation Chokepoint 2.0,” he added, referring to the government’s unconstitutional crackdown on the politically unfavorable, but not illegal crypto industry, which resulted in the debanking of many crypto companies.

“If we had regulation describing what crypto companies need to do in order to be banked, that would be hugely beneficial.”

George Mekhail addresses the crowd as part of a crypto founders panel.

Mekhail ended the spoken portion of the night’s programming on a high note, highlighting that the crypto industry has made notable progress, which will likely only gain steam moving forward.

“Think about where we were four years ago,” said Mekhail.

“We couldn’t have an event like this. The fact that 15% of Americans own some form of crypto is crazy, especially thinking about what it’s going to be four years from now,” he added.

“The momentum is behind us. It’s events like this and just showing up and demonstrating that we have a voice that is really important.”

The second date of the America Loves Crypto tour is scheduled for this evening, September 5, at The Space in Las Vegas, NV. You can RSVP to the event here.



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Bitcoin

Why $99,800 Is An Important Resistance To Break

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Este artículo también está disponible en español.

The Bitcoin price is approaching the $100,000 level again after experiencing significant declines these past weeks. A crypto analyst has pointed out that the critical resistance level at $99,800 is crucial for Bitcoin’s next move. If the pioneer cryptocurrency can break through this level, it could trigger a significant breakout, potentially propelling Bitcoin past the $100,000 mark

Bitcoin Price Faces Resistance At $99,800

Prominent crypto analyst Ali Martinez has shared a chart showing an In/Out of the Money Around Price (IOMAP) analysis of the distribution of Bitcoin wallets based on their purchase price. According to the analyst, the Bitcoin price is facing extreme resistance between the $97,500 and $99,800 price levels as it tries to breach $100,000 again.

Martinez noted that around this price range, approximately 923,890 wallet addresses had purchased over 1.19 million BTC. This price zone acts as an important resistance level because many Bitcoin holders may look to sell and break even, potentially exerting selling pressure.

In the IOMAP chart shared by Martinez, the green dots that signal ‘In the Money’ represent price levels below the current Bitcoin price, where wallet holders are in profit because they bought BTC at a lower value. On the other hand, the red dots that represent ‘Out of the Money’ show price levels of Bitcoin’s present value, where wallet holders are at a loss because they bought BTC at a higher price. 

BTCUSD trading at $97,429 on the daily chart: TradingView.com

Lastly, the white dot indicates ‘At the Money’ and represents the current price of Bitcoin at an average of $98,676, where some crypto wallets see neither profit nor loss. 

Below Bitcoin’s current price, the chart shows strong buying zones, which could provide strong support if the pioneer cryptocurrency experiences a potential pullback. Martinez has forecasted that breaking through the critical resistance range between $97,500 and $99,800 would signal the start of a bullish rally for Bitcoin, potentially leading it to a new all-time high. 

Currently, the Bitcoin price is trading at $98,652, steadily rising to return to previous highs above $100,000. To a new all-time high, Bitcoin will have to surge by over 7%, surpassing its present ATH above $104,000. 

Bitcoin’s Biggest Gains To Come After Christmas

A popular crypto analyst identified as the ‘Crypto Rover’ has expressed optimism about Bitcoin’s near-term price potential this Q4. According to the analyst, Bitcoin has historically experienced its most significant gains right after Christmas during the halving years. 

The analyst shared a price chart showing Bitcoin’s market performance during each halving cycle. In the 2012 halving year, Bitcoin started a significant price rally, which extended into the following year. The same bullish trend occurred in the next halving years in 2016 and 2020, with Bitcoin hitting exponential price highs. 

Based on this historical trend, Crypto Rover projects that Bitcoin could witness a similar bullish surge before the end of 2024, with the rally potentially continuing into 2025.  

Featured image from Bloomberg Images, chart from TradingView



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Bitcoin

Bitcoin Drops Below $98K—Is This the Perfect Buying Opportunity for Investors?

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Bitcoin, the leading cryptocurrency by market capitalization, has recently experienced a significant and sudden price correction, sparking debate among investors.

Concerns have surfaced about whether this downturn signals the conclusion of the current bull cycle or merely represents a temporary setback.

While short-term holders face losses, long-term metrics provide a broader perspective on Bitcoin’s trajectory, as analyzed by CryptoQuant’s Avocado Onchain in a recent report.

Opportunity Or End of The Bull Cycle?

According to Avocado Onchain, the realized price for investors who entered the market during Bitcoin’s recent peak at $98,000 places them in a loss-making position.

However, for those who invested between one to three months ago, the realized price is significantly lower at $71,000, offering a cushion against the current correction.

Bitcoin UTXO Age bands.

Avocado pointed out that historical patterns from Bitcoin’s 2021 bull cycle reveal similar alternations between record highs and sharp corrections, suggesting that these dips may not necessarily indicate the end of the cycle. Instead, they have historically been “opportunities” for market rebalancing and subsequent growth.

A key indicator analyzed is the 30-day moving average of the short-term SOPR (Spent Output Profit Ratio). This metric tracks whether recent market participants are selling at a profit or a loss.

The current SOPR data reveals that recent short-term inflows into Bitcoin have yet to result in substantial profit-taking. Unlike previous cycle peaks characterized by aggressive selling, the ongoing correction appears subdued, indicating that the market may still have room for upward movement.

Bitcoin short-term Spent Output Profit Ratio

Additionally, Avocado Onchain highlights the importance of distinguishing between short-term corrections and broader cycle trends. Bitcoin’s tendency to rebound after corrections in past bull cycles reinforces the notion that the current downturn might not mark the cycle’s end.

These insights align with the behaviour of long-term holders, who often use corrections to consolidate their positions, strengthening market resilience.

Avocado concluded the analysis, noting:

For investors who have yet to enter the market, this may be an excellent opportunity to buy Bitcoin at a discount. Instead of succumbing to panic selling during short-term downturns, adopting a long-term perspective and a dollar-cost averaging (DCA) strategy could be a more effective approach.

At the time of writing, Bitcoin is seeing a gradual rebound in its price surging by 1.3% in the past 1 hour. Regardless, the asset still appears to be overshadowed by the bears as BTC remains down by 3.5% in the past day and 10.5% from its peak of $108,135 recorded last week.

Bitcoin (BTC) price chart on TradingView

Featured image created with DALL-E, Chart from TradingView



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Here’s Why The Bitcoin Price Continues To Hold Steady Between $96,000 And $98,000

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Este artículo también está disponible en español.

The Bitcoin price has dropped below the $100,000 psychological level and is now holding between the $96,000 and $98,000 range. Crypto analyst Ali Martinez provided insights into why Bitcoin could be holding well within this range. 

Why The Bitcoin Price Is Holding Steady Between $96,000 And $98,000

In an X post, Ali Martinez noted that one of the most important support levels for the Bitcoin price is between $98,830 and $95,830, where 1.09 wallets bought over 1.16 million BTC. This explains why Bitcoin is holding steady between $96,000 and $98,000 as investors who bought between this level continue to provide huge support for the flagship crypto. 

As Martinez suggested, it is important for these holders to continue to hold steady as a wave of sell-offs could send the Bitcoin price tumbling even below $90,000. The flagship crypto dropped below $100,000 following the Federal Reserve Jerome Powell’s recent speech, in which he hinted at a hawkish stance from the US Central Bank. 

This sparked a massive wave of sell-offs, as a Hawkish Fed paints a bearish picture for risk assets like Bitcoin. However, despite the Bitcoin price drop below, most Bitcoin holders remain in profit, which is a positive for the flagship crypto. IntoTheBlock data shows that 86% of Bitcoin holders are in the money, 4% are out of the money, and 9% are at the money.

These Bitcoin holders still seem bullish on the leading crypto as they continue to accumulate more BTC. In an X post, Ali Martinez stated that so far in December, 74,052 BTC have been withdrawn from exchanges, and this trend doesn’t seem to be slowing down. 

Bitcoin priceS
Source: X

Traders Anticipate A Bullish Reversal 

Ali Martinez suggested that crypto traders anticipate a bullish reversal for the Bitcoin price from its current level. This came as he revealed that traders on Binance nailed the top, with 62.17% shorting Bitcoin while it was trading at $108,000. Now, Martinez stated that sentiment has flipped, with 55.44% of these trading now longing dips below $96,000. 

Bitcoin price 2
Source: X

Meanwhile, it is crucial for the Bitcoin price to hold this $96,000, as Martinez warned that if BTC loses this support, it could drop below $90,000. The analyst stated that based on the Fibonacci level, if Bitcoin loses $96,000, the next point of focus becomes $90,000 and $85,000. Meanwhile, from a bullish perspective, crypto analyst Justin Bennett suggested that the $110,000 target is still in focus for the Bitcoin price.  

Bitcoin price 3
Source: X

At the time of writing, the Bitcoin price is trading at around $97,000, down over 3% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com
BTC price drops to $93,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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