After new all-time highs, consolidation in Bitcoin price could suggest that now is the time to purchase BTC in wildly bullish conditions. After rising to almost $65,000 on Monday, Bitcoin started to consolidate in a new range. All this happened amid the successful news this week that Coinbase went public on Nasdaq. The market is skyrocketing around this particular event, which has generated a bullish sentiment. According to analysts, the fact that the market is soaring is primarily due to this significant event.
Despite the doubts many official bodies and regulators had, virtual currencies such as Bitcoin or Ethereum have earned small and large investors’ trust. Mainly in the last two years, they have opted for them as safe-haven assets. For the most part, the support of institutional investors has been crucial in this consolidation.
Bitcoin and Ethereum Are Not only Assets Recording Profits
Bitcoin is trading at $62,970, registering an increase of 0.66% in the last 24 hours. At the same time, Ethereum stands at $2,496, posting an increase of 3.23%.
Not only Bitcoin and Ethereum have skyrocketed. The other crypto assets have also experienced it. Among them are Dogecoin (+48%), Chainlink (+13.59%), Cardano (+5%), Uniswap (+11.19%).
Miami Commissioner Wants to Permit Residents to Pay Taxes in BTC
A Miami-Dade County commissioner supports a new resolution to let residents use cryptocurrencies like Bitcoin to pay local taxes.
According to a document Thursday, County Commissioner Cohen Higgins submitted a resolution to the Miami-Dade Infrastructure, Operations, and Innovations Committee. He called for establishing a crypto task force consisting of 13 members.
The task force would examine the practicability of authorizing residents to pay their county taxes and pay fees and services using digital currencies like Bitcoin, Ethereum, and Litecoin. The document suggests that crypto payments have the potential to improve convenience and save costs.
According to Higgins, the article would establish a task force that could delve into the usefulness of using cryptocurrencies in Miami-Dade County. All this, to explore the possible advantages and pitfalls that could result from its use. It is essential to explore all methods that can support expanding technology and new businesses to benefit the economy, Higgins said.
On Thursday, at noon local time, the document will be presented to the Miami-Dade committee. If the resolution passes, it must still be approved by the entire county commission.