Bitcoin recovered strongly earlier today and is now knocking on the $45k resistance level once. The cryptocurrency is partly reacting to Canada’s decision to expand money laundering efforts to include cryptocurrencies as well in a bit to control Freedom Convoy’s growing movement. At press time, the top digital currency is trading at around $44k after a lackluster last few days.
Bitcoin is back above $44k after several days of hiatus below it. The cryptocurrency is attempting to make a recovery after posting 7-month lows of around $33k just a few weeks back but a move to $50k has been blocked by the bears thrice during the last 10 days or so at $45k. The rejection of this level allowed the bears to come back slightly into the picture and managed to pull the index to $41k over the weekend. The cryptocurrency, however, refused to go further below and is now back to challenging the key $45k level.
The premier cryptocurrency was expected to test the $40k level before possibly returning with a bullish move. However, it was back above sooner than expected. One of the reasons being touted behind the cryptocurrency’s prompt rise back to $44k level is Canada’s latest considerations against the widespread use of digital currency.
Freedom Convoy is the name of the movement that is organizing the crippling protests in Canada near the border with the US has prolonged its blockade of the capital of Ottawa and near a key border crossing with the USA. The movement is primarily protesting truckers against vaccine mandates but has also morphed into a political campaign against the liberal sitting prime minister Justin Trudeau. The protests have become a major problem in the country and have polarized it to a great extent.
The Trudeau government is looking to crack down on the Freedom Convoy in different ways. The government believes that many of these truckers are getting funding through money laundering after some of their leaders’ bank accounts were frozen. Cryptocurrencies are being touted as a possible payment method for the convoy too and Canada is looking to include the use of digital currencies as part of money laundering efforts in the country.
Historically, Canada has been the most progressive country in North American territory when it comes to Bitcoin and other digital currencies. However, all that maybe about to change as the government starts its crackdown against it in a desperate move against the truckers. The touted policy position had the opposite effect on Bitcoin’s price index as the move means that the digital currency has become a successful asset to work with when it comes to protesting against a government.
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