The bill, introduced by Congressman Tom Emmer, aims to prevent the US Central Bank from launching a central bank digital currency (CBDC).

Members of the Republican Party argue that a central bank digital currency could be used to surveil American citizens.

On the other hand, Democratic Party members contend that such a ban would stifle innovation in the public sector. Despite this, the bill was passed with the support of 213 Republican and 3 Democratic members.

The level of support for the anti-CBDC bill in the Senate remains uncertain.

The post US House of Representatives Votes to Ban Fed from Issuing Digital Currency appeared first on Coin Engineer.

This increase in activity shows growing confidence among investors, who are increasingly using Bitcoin for more transactions and holding it as a long-term asset. This is also consistent with the continuous increase in Bitcoin’s hash rate, a metric that measures the computing power of miners dedicated to securing the network and processing transactions.

The Bull is Coming in Bitcoin

The rising hash rate indicates that miners, who are increasingly bullish about the medium- to long-term expectations of the cryptocurrency, trust in the future increase in Bitcoin’s value for profitability. By investing significant resources to ensure and expand the network’s security, they are revealing their beliefs that the price of Bitcoin will continue to rise in the coming months and years.

These combined factors – increasing active addresses, transaction numbers, and hash rates—are painting an attractive picture of a maturing Bitcoin market. Investors are showing an active interest in the network, rather than just speculating on short-term price movements. Miners, on the other hand, are placing big bets on Bitcoin’s long-term potential, allocating significant resources to secure and expand the network.

While past performance is not a guarantee of the future, the 2019 bottom comparison provides an exciting idea of what could happen for Bitcoin. If history repeats itself, the current increase in activity and miner confidence could herald the start of a long-term rally that will take Bitcoin to new highs.

May interest you: These Altcoins Could Decline! FTX Is Selling!

However, it’s important to remember that the cryptocurrency market is naturally volatile. Unexpected events, regulatory changes, or broader economic downturns could significantly impact Bitcoin’s price. Investors should approach the market with caution, conduct comprehensive research, and only allocate capital they are prepared to lose.

Despite the underlying risks, the current bullish signals emanating from Bitcoin’s active addresses, transaction volume, and hash rate are undeniable. They reflect the market spirit witnessed at the 2019 bottom and potentially signal the dawn of a new rally for the world’s leading digital currency.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post The Bull is Coming in Bitcoin! Onchain Analysis! appeared first on Coin Engineer.