Bloomberg veteran commodity analyst Mike McGlone stated in his new commodity report that he expects Bitcoin to perform better, especially in the second half of this year. Stating that all the declines experienced are similar to the ones in the Fed intervention in 1987, McGlone said:

   “Bitcoin could improve its performance in the second half of this year. Many of the moves, such as commodities declines, copper's biggest drop since 2008, and futures markets bottoming out against the 50-week moving average, have been similar to the aggressive Fed intervention in the stock market crash of 1987. This may have coincided with the collapse in cryptocurrencies.”

Mentioning the possibility that emerging markets and Bitcoin's recovery may be similar after the stock crash in 1987, McGlone stated that they expect to see more rise in the largest crypto money in the coming periods:

   "The biggest branded cryptocurrency now has been the fastest horse in the race since its creation. We expect to see the rises of these 10 years in the coming periods as well. In particular, Bitcoin can also be a global collateral tool like gold and Treasury bonds."

McGlone also added that the low volatility in Bitcoin is also a positive situation for the top-performing cryptocurrency.

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U.S. Senators introduced a bill exempting low-stakes crypto transactions from capital gains tax

A new bill to exempt low-volume crypto transactions from capital gains tax has been submitted to the Senate. US Senators Pat Toomey and Kyrsten Cinema have submitted the Virtual Currency Tax Justice Act to the Senate, which also provides exemptions from tax reporting on purchases made in crypto. The bill will apply to transactions under $50, and it is requested to be implemented with a provision to adjust this upper limit with inflation.