The Canadian government’s plan to include crypto in expanded monitoring has the unintended consequence of fueling “unstoppable money.”
On Feb. 15, Bitcoin (BTC) chose for a new uptrend after a trip to near $40,000 saw a sharp change of direction.
The RSI generates a classic bull signal.
BTC/USD rose sharply overnight into Tuesday, passing $44,000, according to data from TradingView.
The rise was preceded by a textbook relative strength index (RSI) breakout, this time on the lower 4-hour timeframe, which put the pair a full 6% higher than Monday’s lows.
— Matthew Hyland (@MatthewHyland_) February 14, 2022
“I do believe these are the first indicators of a trend break,” Phoenix, a popular Twitter account, said in a new post on the same day.
It went on to say that reaching and holding $45,500, the previous week’s high, would be “extremely critical” for bulls.
An external cause appears to have triggered the rise. The government said that it would increase anti-money laundering surveillance to cover crypto transactions as part of the current Freedom Convoy rallies in Canada.
At a news conference, deputy Prime Minister Chrystia Freeland remarked, “These amendments cover all forms of commerce, including digital assets and cryptocurrencies.”
Due to the very controversial acts of crowdfunding platform GoFundMe and the following hack of GiveSendGo, the alternative utilised to distribute funds to protest participants, the protests had long been a source of intense controversy in Bitcoin and crypto circles.
The impact on Bitcoin was anything but negative, as was the case with Russia’s proposed crypto ban last month.
Meanwhile, Bitcoin businesses, such as the open-source BTCPay payment gateway, began to step up to lend sustained support to the movement.
— BTCPay Server (@BtcpayServer) February 15, 2022
“Use unstoppable money,” Robert Breedlove, presenter of the What Is Money? podcast, explained. “Then you may ignore all of their demands and live free.”
Altcoins are reawakening.
More good news came from the altcoin area, which had been flat on Monday with no change among the big tokens.
That changed rapidly as Bitcoin increased in value, with Ether (ETH) up over 8% at the time of writing.
Binance Coin (BNB), Solana (SOL), and Avalanche (AVL) all saw similar growth among the top 10 cryptocurrencies by market cap (AVAX).
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.