Bitcoin Fit to Become Legal Tender in the US: Ted Cruz
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Ted Cruz’s support for the benchmark cryptocurrency runs far, with the Senator preaching and investing in crypto for several years now. Cruz has also used his position to pursue legislation that benefits the industry in US Congress.
The Texas Senator previously led a fight to eliminate “harmful” generalizations and clauses in the recently-passed Infrastructure Bill to protect the crypto industry. Not surprisingly, Texas is one of America’s most crypto-progressive states. Considering the amount of Bitcoin mining activities occurring in the state thanks to its abundant energy, Cruz boasts that it is “ground zero” for cryptocurrencies.
Governor of Texas Greg Abbott is also a vocal Bitcoin supporter and has engaged in several efforts with Senator Cruz to protect Bitcoin in the state.
Recently, echoes of BTC becoming legal tender in states like Arizona and Texas have reverberated in the crypto community. However, the possibility of that happening on a federal level is significantly unlikely in the medium term.
The US government has focused its efforts on rolling out a central bank digital currency (CBDC) to maintain its competitive edge over other governments. The government has also put more effort into creating a regulatory framework for the crypto industry within its borders.
Key Bitcoin Levels to Watch — April 14
Bitcoin has completed a complete cycle on my broader (2022) channel, following its recent plunge near the $39K low. That said, bearish exhaustion has set in, as the daily stochastic indicator suggests that BTC has fallen into oversold conditions.
Over the coming days, I expect the primary cryptocurrency to push for the $48K top, with the monthly target pegged at $51K. While this rally is already underway, BTC needs a break above the $43K point as we head into the weekend to break through sell-walls and keep bears at bay.
Meanwhile, my resistance levels are at $42,000, $43,000, and $44,000, and my key support levels are at $40,000, $39,000, and $38,000.
Total Market Capitalization: $1.90 trillion
Bitcoin Market Capitalization: $779.5 billion
Bitcoin Dominance: 40.9%
Market Rank: #1
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