InstaForex🇪🇬
Is there still hope for the Clarity Act?
Monetary Policy
Bitcoin and Ethereum have been trading sideways within relatively narrow ranges for several weeks following their sharp rally in mid-August. However, this absolutely does not mean that the downtrend that began last year has come to an end. On the daily timeframe, Bitcoin is trading within a sideways range of $60,000–$82,500, while the weekly timeframe continues to show a downtrend. Therefore, regardless of what anyone may say, we do not believe that a new "bullish" trend began over the summer. Importantly, most experts continue to point to the magic of the four-year cycle, according to which Bitcoin should complete its year-long downward correction this fall and begin forming a new "bullish" trend. However, the four-year cycle is not the Great Pyramid of Giza. It is not eternal. In our view, it was only at the beginning of September that Bitcoin was given two serious reasons to start another decline. First, the US Senate once again blocked the Clarity Act, with the opposition coming not only from Democrats but also from several Republicans.
Egypt
