bitcoinBTC/USD
$ 19,064.11
ethereumETH/USD
$ 1,324.65
tetherUSDT/USD
$ 0.999684
cardanoADA/USD
$ 0.45799
xrpXRP/USD
$ 0.490487
usd-coinUSDC/USD
$ 1.00
terra-lunaLUNC/USD
$ 0.000225

Bitcoin Price Analysis: US Taxation Not A Worry Factor

Saad Murtaza
Bitcoin price analysis - 5th September 2022

The king of cryptocurrency, Bitcoin, has been facing a major drop in price after the recent remarks from the United State Federal Reserve to increase taxation. This Bitcoin price analysis explores the factors that can sway the BTC price down to the $14,000-$15,000 levels.

Bitcoin Price Analysis: Major Factors

Global Ownership

There once was a time the United States was leading cryptocurrency owners with a dominating margin. But the power to sway the market alone has long been shifted to other countries. At the time of writing, India, Pakistan, Nigeria, and Vietnam combined have more than double the cryptocurrency owners than that in the U.S. While; despite the rapid boom of various cryptocurrencies, Bitcoin remains the market capitalization leader with 47% percent of the total. A 2021 report reveals that the lowest number of cryptocurrency owners are in Bermuda (681); however, when seen as the percentage of the population, it is %0.97. 

European countries with a significant number of owners include Germany (5.80%), France (5.04%), and Turkey (4.50%); however, countries like Saudi Arabia (1.48%), Kuwait (1.20%), and Israel (1.47%) where a single citizen can own a fortune are capable of swaying prices. The richest economies still include Kuwait, Bahrain, Oman, Jordan, Cayman Island, and Switzerland, as leaders with above-the-dollar currency conversion rates. While Singapore, Bulgaria, Holland, and Norway also hold strong importance in this sway.

Inflation driving FoMo and Sentiments

Although Nigeria and Pakistan were hit hard by inflation in 2022, none of the countries with swaying power come even near the top 10 countries, including Venezuela, Iran, and others, with the exception of Turkey, standing at 36.1% inflation.

On the other hand, countries with swaying power include Saudi Arabia, Bahrain, and the likes, where a single citizen can sway the market as a whale; therefore, the total number of cryptocurrency users doesn’t matter much. Regardless of the top figures, the post-Covid-19 world is not ready to change easily and those already hooked into the system as daily traders are now going to use all in their power to keep the king stable. It is an unsaid fear-driven rule that Bitcoin sway, sways the market, a reason to drive sentiments in the market.

Political Powerplay

An interesting statement was made on the 14th of August when the Bitcoin market saw a huge rise in the price, coinciding with the Independence Day of Pakistan. Such a display of coincident power display is a political statement in itself that goes unchecked by most daily traders for their mere lack of important dates. However, the authorities concerned always look at matters differently. 

Bitcoin price analysis - Mining power by country
Bitcoin mining hash rate chart by Statista

Another interesting fact is that China owned as much as 67% of the total Bitcoin mining and hashing power in October 2020; however, since then, the figures have changed drastically. As of January 2022, the United States owns 37.84% of the hashing power, while China now owns only 21.11%. Kazakhstan is the only other country that owns more than 10% standing at 13.22%. It is no secret that more hashing power means more Bitcoin rewards, and the Federal Reserve’s decision to clamp down on Bitcoin taxation may just be driven by the need of the hour.

Concluding for the traders, Bitcoin price sways are still a possibility; however, the major causes of concern would be the trading and trader’s sentiment along with the political and calamity factors.

Disclaimer: The information provided on this page is most accurate to the best of our knowledge; however, subject to change due to various market factors. Crypto-Academy encourages our readers to learn more about market factors and risks involved before making investment decisions.

Also read:

Related News

Ethereum Price Analysis - 8th September 2022

Ethereum Price Analysis: ETH Rises With Ethereum Merge

The queen of cryptocurrency, Ethereum, is going through the biggest change of its history. Ethereum price analysis reveals that the queen saw a sharp fall on the 6th of September following the king Bitcoin, only to stabilize and rise up quickly. While the king took a sweet while to rise past the $19,000. Ethereum price fell down to the $15,00 mark on the 7th of September only to quickly rise

Read More »
Bitcoin price analysis - 7th September 2022

Bitcoin Price Analysis: BTC stabilizes after fear fall

Bitcoin price analysis reveals that the king of cryptocurrency is facing a sharp drop after a 1996 BTC whale movement, $125 million in liquidation, and massive fear of BTC drop driven by the reports of a possible clamp down on the cryptocurrency in the United States. Reports of a venture capital $500 million liquidation became a cause for concern coupled with the rumors of a drop-down to the $15,000 to

Read More »
Market Analysis - Major Crypto Trading Trends in 2022

Market Analysis: Major Crypto Trading Trends in 2022

The cryptocurrency market saw an unprecedented shift in not just the prices but also the crypto trading trends after the COVID-19 waves hit the world one after another. The major shifts in the cryptocurrency market where gave a boom to the industry as a whole; they also gave way to the oldest of techniques emerging as the major crypto trading trends. The future of cryptocurrency was still shady for many

Read More »

My Coins

bitcoinBitcoin
$ 19,064.110.09%
ethereumEthereum
$ 1,324.650.19%
tetherTether
$ 0.9996840.13%
usd-coinUSD Coin
$ 1.000.02%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

[email protected]

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: [email protected]