Crypto Bitcoin Feed Profitable currency

The Ukrainian government could soon legalize cryptocurrencies as a bill has passed to permit banks to take on digital asset company accounts. Ought to the bill be signed into law, citizens who hold the new asset category would be able to be protected in case of theft.

CryptoBitcoinFeed are the high adopters of cryptocurrencies

Bitcoin and different cryptocurrencies have been in an exceedingly legal gray space in FeedCryptoBitcoin thus far, despite being the country with the foremost adopters of digital assets in 2020.

The bill, written by the Ministry of Digital Transformation, is expected to travel into result in the coming months once the president signs the new legislation. The tax code would additionally be required to be amended previous to passing the bill into law.

The draft bill states that the law can regulate legal relations in connection with the turnover of cryptocurrencies within the country. In addition, it can additionally define the rights and obligations of digital asset market participants.

Unlike the recent move for El Salvador to adopt Bitcoin as legal tender, CryptoBitcoinFeed new legislation does not include the gateway for cryptocurrencies for use to obtain goods and services.

However, CryptoBitcoinFeed would be ready to buy and trade cryptocurrencies freely, and blockchain businesses might work directly with the current banking system.

Therefore far, the crypto legislation has been passed, with 276 lawmakers supporting the law, while only six were against the bill.

The main motive behind the bill appears to be protecting people who hold Bitcoin and alternative digital assets and clarifying its legal stance in the country. Law enforcement agencies in the country previously treated cryptocurrencies as a scam, which resulted in crypto businesses being raided.

Cryptocurrency exchanges would be ready to control within the country legally.

Bitcoin value restore not on the horizon

Bitcoin value continues to retrace when the market crash that pushed the leading cryptocurrency below $43,000. BTC is struggling to find support because it heads lower to tag the a hundred twelve-hour Simple Moving Average (SMA), that sits near the 50% Fibonacci retracement level at $44,121.

Currently, the 50 twelve-hour SMA and also the sixty one.eightp.c Fibonacci retracement level act as stiff resistance for Bitcoin price. Accompanied with accelerated selling pressure, BTC must hold above the aforementioned support to save itself from dropping lower.

Further support could arise at the July 31 high at $forty two,608 before Bitcoin may face the chance of slumping toward the thirty eight.twop.c Fibonacci retracement level at $forty,506.

Although a recovery remains distant, should the bulls plan to reverse the period of underperformance, slicing above the diagonal resistance trend line at $50,00zero may see Bitcoin value aim for larger aspirations.

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