BTC TOP 3
WHO IS THE REAL TARGET?
THE EFFECT OF THIS $600 TAX PROPOSAL
Biden administration has been trying to come up with plans to generate more funds. Now, Biden has signed into law a modification to IRS reporting requirements on digital transactions: All transactions and accounts over $600 shall be reported and submitted to IRS.
Now, this has made account holders, small-time business owners worried, stunned, and enraged. Since this news broke out, banks and financial institutions have been receiving tons of calls and emails from customers inquiring and asking about this supposed tax proposal.
Below are some of the netizen’s reactions:
Let me get this straight: Biden wants the IRS to violate our privacy by collecting info on all financial transactions over $600 so they can stop really rich people from hiding money? Its just Big Brother trying to get more power to snoop on and control regular Americans. https://t.co/ieNkKxn8hk— Tulsi Gabbard 🌺 (@TulsiGabbard) October 7, 2021
Joe Biden promised not to raise taxes on anyone earning less than $400,000.— Tom Cotton (@TomCottonAR) October 6, 2021
But he wants to give the IRS access to your personal bank account if you have just $600.
Once again, Biden is not telling the truth.
If you have over $600 in your bank account, Joe Biden wants to SPY on you and ruin your life with endless audits if they find a “violation.” This is an ATTACK on working families and I’ll do EVERYTHING I can to stop it.— Ronny Jackson (@RonnyJacksonTX) October 13, 2021
$600+ transactions will soon need to be reported to the IRS. This is totally not targetted at regular people though, just billionaires… anyone else remember when the IRS admitted in 2019 that they don't go after the rich because it is too hard?— Lark Davis (@TheCryptoLark) October 13, 2021
Just buy #bitcoin https://t.co/YCO2a4Drws
Can they really be just after the rich and big business owners when the most affected and the one who suffers big-time will be the small-time investors?
This is why most crypto-people are getting more and more involved in the crypto space. This financial system is broken. The current financial order is an authoritarian financial order.
So, what should we do? Lark Davis said, “Opt-out, buy Bitcoin.” Indeed, I wouldn’t say otherwise.
BITCOIN BOUNCED BACK TO $57K
Today, Bitcoin has dipped as low as $53.8k, retested support, then bounced right back up and now trading at $57.1k at the time of this writing.
Ben, or famously known as BitBoy Crypto, said “The move is coming“, referring to the most anticipated parabolic run of Bitcoin.
Furthermore, he said, “The move is going to be explosive and it is coming very, very soon. [It could be] this week or the next, we’re gonna have a gigantic move. Bitcoin is gonna push up to an all-time high and by the end of this month, maybe, we’re gonna be at $70k“.
In another vlog, Bitboy mentioned you should not be selling your VET bags.
Supported by a tweet, VET price could go as high as $2-$3 range.
Some alts that should be on your radar:
CTSI – was said to be in the future top 20 coins
1INCH – the current target is around $4. A good buying opportunity would be around $2.7
ALGO – is looking good, once it breaks above the descending trend line and retests support, the target would be the recent high, $2.5, then it will go into price discovery.
HBAR – a break of the descending trendline would send back up to the recent high
IOTA – broken out of the descending trendline, target $2
LUNA – perfect bull pennant breakout but we’ll have to see if a retest of support holds, could be a good buying opportunity now, unless if the breakout turns to be a fake-out.
MATIC – broke out, $1.25 is still the key level to watch, the target is $1.79
ONE – breaking all-time high and retesting support
SOL – right back at resistance and rejected, has to be above $152.5 to target $216
Want more price predictions? Comment down below your favorite coin.
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Elisa is our Head of Market Analysis at Rocket Crypto X
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