A real sigh of relief for cryptocurrency investors. To think that many of them feared the worst: that the price of bitcoin would fall back below $40,000. Yesterday, February 15, the value of the queen of cryptos rose by 6% due to measures adopted against the backdrop of increased scrutiny by the Trudeau government.
An unexpected 6% increase
On 15 February, the price of bitcoin (BTC) rose by almost $4,000 to $44,000, after approaching $40,000 last Monday. This was confirmed by data from Cointelegraph Markets Pro and TradingView on Tuesday night.
Two factors are believed to be behind this move:
The RSI
Indeed, a classic bullish signal from the Relative Strength Index (RSI) was observed on a time scale of fewer than 4 hours. This soon resulted in a 6% rise in the BTC/USD pair, from its relatively low level of 14 February.
#Bitcoin 4 Hour RSI broke out and MACD just had a Bullish Cross: pic.twitter.com/2bRVFeQsfX
- Matthew Hyland (@MatthewHyland_) February 14, 2022
Phoenix, a popular Twitter account, commented:
"I think these are the first signs of a trend break."
He went on to say that reaching and holding bitcoin at $45,500 would be "absolutely essential" for investors. A situation marking last week's high.
The new Canadian surveillance measures
Deeply affected by the "Freedom Convoy" movement, the Canadian government intends to redouble measures to stop the protests. For example, it has decided to extend anti-money laundering surveillance to cover crypto transactions.
Canada's Deputy Prime Minister and Minister of Finance, Chrystia Freeland, elaborated at a press conference, saying:
"These changes cover all forms of transactions, including digital assets and cryptocurrencies."
Are crackdowns good for cryptos?
One remembers well the weapon wielded by the Russian central bank recently against bitcoin. Now it's Canada's turn to ban it. A decision that seems logical because of a donation of almost 1 million dollars, attributed by the HonkHonk Hodl supporters.
Even the Salvadoran president lamented the announcement on his Twitter account.
Are these the people who like to give lessons to other countries about democracy and freedom?
This is one of the top-ranking countries in the "democracy index"?
Your credibility on these topics is now worth 0.pic.twitter.com/wCjh9bXwDt
- Nayib Bukele 🇸🇻 (@nayibbukele) February 15, 2022
Against all expectations, this measure has not affected the bitcoin price at all. The proof: it went from $40,000 to $44,000. Even altcoins such as Ethereum (ETH), Solana (SOL), Binance Coin (BNB) and Avalanche (AVAX) showed increases after the announcement.
It must be said that pro-Bitcoin is not intimidated by the recent actions of the Canadian government (freezing funds on GoFundMe or announcing increased surveillance of cryptocurrency transactions). Recently, the crypto community opted for BTCPay, an open-source payment gateway, to support the anti-vax truckers.
Robert Breedlove, host of the What is Money podcast, urged the world thus:
"Use an unstoppable currency, then you can ignore all their orders and live freely."
"Live freely" is a bit utopian, as some of us would say. But for others, it is a perpetual battle to be won.
Sources: Cointelegraph
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