Ted Cruz: the latest news on Bitcoin
Important news on the horizon as a US Senator Ted Cruz recently stated that he is “incredibly bullish” regarding Bitcoin sentiment.
Below we see his opinion in detail and other news about the most popular crypto of all.
News for Bitcoin: Ted Cruz is on his side, let’s see why
As expected above, US Senator Ted Cruz said he is “incredibly optimistic about Bitcoin.”
Not only that, according to his statement, Cruz appears to have bought the digital asset in the midst of a general market decline, and yesterday outperformed Bitcoin $30,000 price point.
Furthermore, Cruz emphasized his belief that Bitcoin is firmly established as “the alpha of the cryptosphere.”
In particular, we see that the token has risen in the last 24 hours, as it is still up more than 7.5% despite remodeling towards $29,000 brand.
As we know, the US senator’s name has been associated with the blockchain industry for more than a few periods. More specifically, it was then that he proposed a demand for Capitol Hill to accept cryptocurrencies.
In addition, the proposal he issued earlier this year would require vending machines and food service providers to accept cryptocurrency payments. Not only that, Cruz also opposed the implementation of a digital currency developed by Fed.
In all of this, he introduced legislation in March that would ban the implementation of a CBDC, and points to the potential government use of such a currency. In essence, Cruz issued a warning about the currency’s potential as a tool for government financial surveillance.
In any case, we see that Cruz may be right, as in the last 24 hours Bitcoin has not only passed the $30,000 price point, but also had a sharp increase in active addresses.
Specifically, CryptoQuant reported that Bitcoin’s active addresses have recently surpassed levels last November 2021.
This automatically suggests an increase in demand for the cryptocurrency.
Ted Cruz’s Anti-Fed Legislation: Bitcoin vs CBDC
As expected, Ted Cruz in March introduced legislation that would prohibit the Federal Reserve from developing a direct-to-consumer central bank digital currency that could be used as a financial monitoring tools of the federal government.
Specifically, Cruz argues that as countries like China develop CBDCs that leave out the benefits and protections of cash, as well as the controls and security of many existing digital cryptocurrencies, it is more important than ever to ensure that US digital currency policies protect financial privacy.
Moreover, the US senator points out that CBDCs that do not follow the three basic principles could allow an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information about users and track their transactions indefinitely.
Essentially, unlike decentralized digital currencies like Bitcoin, CBDCs are issued and backed by a government entity and trade on a centralized and authorized blockchain.
Therefore, this CBDC model can not only centralize Americans’ financial information, making it vulnerable to attack, but it can be used as a direct monitoring tool in Americans’ private transactions.
After introducing the legislation, Senator Cruz stated the following:
“The federal government does not have the authority to unilaterally establish a central bank currency. This bill goes a long way to ensure that major governments don’t try to centralize or control cryptocurrency, and instead allow it to flourish in the United States. We should empower entrepreneurs, enable innovation and increase individual freedom, not stifle it.”
Focus on Bitcoin (BTC) price: highly volatile
Over the past 24 hours, cryptocurrency market capitalization has seen net outflows 10 billion dollars and currently stands at $1.20 trillion, down 0.96% from $1.21 trillion.
Specifically, Bitcoin’s market capitalization rose another 0.43% 563.18 billion dollars during this period. Specifically, in the last 24 hours, BTC rose 0.1% to trade at $29,008.
During the above period, Bitcoin’s volatility swept over $300 million after some rumors that the US government and cryptocurrency exchange Mt. Gox sold the asset.
On the other hand, CryptoSlate Insight reported that the sharp price swings were due to an illiquid market. Additionally, as expected above, Bitcoin briefly managed to rise above $30,000 yesterday, leading to euphoria over its bullish outlook, but shortly thereafter it plunged.
This happened because many traders, convinced that the recovery was a sign of demand and a possible push outside the resistance area, were confident that Bitcoin would offer a good rallyso they chose influence.
As a result, the aforementioned liquidations for Bitcoin have come.
