Biden proposes 44% tax on capital gains 🤦‍♂️

Welcome back to the daily Coinsauce Newsletter, your go-to source for the latest crypto updates 🗞️.

📈 Markets

• Bitcoin got rejected off its crucial $67,200 resistance, as expected yesterday.

• It is now trying to hold the $63,200 - $63,800 levels as support, which is the bullish orderblock.

• BTC now faces intraday resistance at $65,500, which must be broken quickly to avoid further downside. Otherwise, a dip to the range lows of ~ $60,000 is possible.

• So far, there has been no positive price action to suggest bullishness for Bitcoin. If multiple divergences are formed on the bullish orderblock at $63,200 on the lower time frames, that can be the only possible intraday scalp long.

• Bitcoin Dominance took support at 54.6%, and is looking to break 55%. If it does, this will be bearish for alts.

• On a macro level, as long as we hold $60,100 on the daily close, the mid-term bias still remains bullish.

📅 Today

Old man, Joe is back 🤦‍♂️ 

Joe Biden is pushing for a 44.6% capital gains tax, in USA the steepest since 1922. This would only apply to all individuals with taxable income above $1 million and investment income above $400,000.

This move seems to be part of a global trend with leaders like Canada's Trudeau ramping up taxes, aiming to tackle the soaring national debt.

USA has added over $11 trillion to its national debt in 4 years, and is now trying to band-aid the wound with the help of tax payers money. As usual, tax payers are set to suffer as a result of gross negligence by the authorities in power.

BITCOIN FIXES THIS.

Strike launches Bitcoin App in Europe ⚡️ 

Bitcoin payments app Strike is now available to customers in Europe.

Over the past year, Strike has rapidly expanded its services, now reaching nearly 100 countries across the globe, from the U.S. to Latin America and Africa.

Available features for European customers include :

1. Buy Bitcoin with free SEPA Euro deposits

2. Sell Bitcoin and withdraw funds to SEPA bank account

3. Withdraw Bitcoin to self-custody or any wallet instantly

4. Global P2P transfers with Lightning

5. Receive value in Bitcoin, Euro, USD, or USDTUse Send Globally for cross-border payments

6. Free on-chain withdrawals and Lightning Address payments

The future is now!

📊 Stats

Educational 📔 

USA’s debt woes explained 👇️ 

The USA debt has ballooned to $34.6 trillion. The federal government has added $11 trillion in debt over just four years. That's $84,000 for every household in the country. In comparison, it took 220 years (1789 to 2009) for the debt to reach $11 trillion.

The cost to service US Federal debt now takes up a record ~12% of US government spending. This is up sharply from just ~7% in 2020 and ~9% in 2022.

In 2023, the US posted its 3rd largest deficit on record, spending $1.7 Trillion more than it brought in, & is on track to reach $2.6 trillion by 2034.

The Debt/GDP ratio is on pace to reach a record 106% of gross domestic product (GDP) in 2028, up from 97% in fiscal year 2023

By the end of 2025, US debt service costs will make up 13% of the entire budget. Soon, interest expense will be the biggest expense for US taxpayers.

In total, just the net interest payments will be $12.4 trillion over the next decade, i.e 36% of the current debt just to service it over the next 10 years.

The SEC chairman has quoted that USA is on a fiscally unsustainable path. Fitch has downgraded its credit rating from AAA+ to AA+.

In our opinion, something needs to break soon in the coming decade. That is why we Bitcoin!

Credits : The Kobeissi Letter

🤣 Meme of the day

Bitcoin is up 40% since the 2021 top against the Japanese Yen! USD & EUR are next 😅 

That concludes our update for today!

We appreciate you joining us for the latest news. We aim to provide insights and highlights that keep you well-informed and ready. Remember to follow us on Twitter and Instagram for regular updates, insights, and giveaways. Until next time, happy trading!

Let us know how we can serve you better by letting us know how valuable you find your newsletter