The bitcoin price is currently hovering around $59,039, facing resistance at $59,420 and struggling to break out of a downward trend. Traders are closely monitoring this critical level, as failure to surpass it could lead to further declines towards $57,724. The market sentiment remains bearish as bitcoin continues to test this resistance, indicating potential downside pressure.
bitcoin-Backed Loans Boost Capital Velocity, Enhancing Economic Growth
CEO Adam Reeds of Ledn emphasizes the importance of bitcoin-backed loans in boosting capital velocity within the economy. By allowing individuals to borrow against their bitcoin holdings, Ledn provides quick access to cash, especially beneficial for small companies facing delays with traditional banks. Reeds argues that bitcoin serves as superior collateral compared to real estate or stocks, as it maintains its value over time.
Traditional financial institutions often overlook bitcoin as collateral, leaving holders with limited borrowing options. Ledn's approach bridges this gap and increases the circulation of money within the economy, contributing to overall economic growth.
crypto Leaders Rally for Kamala Harris Fundraiser, Aiming to Influence Policy
U.S. cryptocurrency executives are teaming up to host a fundraiser for Vice President Kamala Harris, with the goal of raising over $100,000. The event, organized by the Drua Fund, seeks to advocate for crypto innovation and greater access to capital under the current administration's policies.
Key players in the crypto industry, including the Blockchain Foundation and legal firm WilmerHale, are pushing for Harris's support to advance crypto-friendly regulations and foster inclusivity within the market. The fundraiser signifies a growing effort to shape policy and align government initiatives with the needs of the crypto community.
bitcoin Price Faces Bearish Pressure Amidst Struggle to Surpass Resistance
bitcoin continues to face bearish pressure as it trades around $59,039, struggling to break above the $59,420 resistance level. The Relative Strength Index (RSI) indicates a potential further decline if selling pressure intensifies, with a downside target near $57,724 if the resistance remains unbroken.
Traders are closely monitoring the critical resistance at $59,420 for any signs of a bullish reversal. Until bitcoin can break above this level, the market outlook remains tilted towards a continuation of the current downtrend.
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