A group of U.S. senators led by Senator Elizabeth Warren is pushing for stricter oversight of the cryptocurrency industry to combat illicit financial activities.
Nine additional senators from both parties have joined Warren’s call for legislation that would impose regulations on cryptocurrency transactions.
With Senator Warren’s cryptocurrency oversight proposal gaining momentum, what is the best crypto to buy now?
Warren welcomed the additional backing, expressing feelings of positivity and readiness within Congress to confront the challenges posed by cryptocurrencies.
She emphasized that the bipartisan bill is currently the most comprehensive one addressing the misuse of cryptocurrencies and that it would offer regulators enhanced oversight mechanisms.
Endorsements have come from Senators Catherine Cortez Masto, Richard Blumenthal, Tina Smith, Bob Casey, Jeanne Shaheen, Michael Bennet, Gary Peters, Dick Durbin, and Independent Senator Angus King.
The chairs of the Senate Judiciary Committee and Senate Homeland Security and Governmental Affairs Committee, Durbin and Peters respectively, are among these supporters, highlighting the reach of the support into crucial Senate committees.
Several influential non-governmental organizations and industry groups have also lent their support to the bill.
The National District Attorneys Association, the Major County Sheriffs of America, Transparency International U.S., Global Financial Integrity, the National Consumer Law Center, and the National Consumers League have all endorsed the proposal.
Highlighting a potential risk to tax revenue, Warren referred to a sizable “crypto tax gap.”
She warned that a delay in tax policy renewal could lead the IRS and the U.S. Treasury to forgo approximately $1.5 billion in tax revenue for the fiscal year 2024.
This concern highlights the urgency of the regulatory action proposed in the legislation.
Kicking off the week strong, Bitcoin holds firm at $27,326, up 2.08% so far today. It now looks to challenge the Fib 0.618 level of $27,473 and 100-day EMA of $27,484.
Following Bitcoin’s momentum, other altcoins like Stacks, Wall Street Memes, Litecoin, Bitcoin BSC, and VeChain are also climbing.
Thanks to their promising utility and bullish technical outlooks, they seem to be wise candidates for the best crypto to buy now.
Stacks (STX) Price Faces Resistance, but Bullish Momentum Might Be Mounting
The STX price has recently broken above the 20-day EMA, a well-regarded sign of a potential upswing in the coming days.
Despite being in consolidation for the past 33 days, Stacks (STX) has been trading to the upside for the past week, seeing an almost 20% increase to the upside.
This recent uptick in the STX price may indicate a reversal from the previous bearish trend to a bullish one.
The STX price is currently trading at $0.0117, up by 2.43% so far today. This recent positive price action appears to be supported by a significant increase in trading volume, up by 319.62% to $56.9 million, and an increase in the market cap by 6.61% to $695.5 million.
Looking at the technical indicators, the STX price has surpassed the 20-day EMA of $0.4721, which has now turned into immediate support.
This level, coupled with the swing low support of $0.4470 to $0.4536, is critical to maintain the current uptrend. If the STX price manages to stay above these levels, it could further strengthen the bullish sentiment.
STX’s RSI currently stands at 54.30, up from yesterday’s 51.35, indicating that buying pressure is increasing. Additionally, the MACD histogram at 0.0067 from yesterday’s 0.0042 which adds more weight to the bullish outlook.
Both these indicators suggest that the STX price could continue to see upward momentum in the short term.
However, the STX price faces several resistance levels that lie ahead. The first significant resistance is at the 50-day EMA of $0.5056.
If the STX price can break and hold above this level, it could pave the way to challenge the next resistance at the reverse Fib 0.236 level of $0.5154.
We’re seeing potential signs of a reversal in the STX price. However, it’s imperative to closely track the highlighted support and resistance levels, along with the trading volume.
While current technical indicators are leaning towards a bullish outlook, the STX price needs to uphold its momentum and breach the upcoming resistance levels to corroborate this prospective reversal.
Traders are always advised to consider market volatility and trade with discretion.
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