Bingbon Chart

Source: TradingView& Bingbon

Bitcoin started a downtrend from the $36,000. The price failed to clear the $36,000 zone. A high was formed near $35,970 before the price started a fresh decline. The price traded below the $35,500 and $35,000 levels. The price is now approaching the $34,000 support. So far, bitcoin has been holding its 33k support line fairly well. Despite strong headwinds, Bitcoin managed to break above $30,000 psychological support and is now moving back above $35,000. However, equally strong resistance at $40,000 is keeping BTC’s short-term bearish.

Today’s Headlines

The American CryptoFed DAO is legally recognized by Wyoming as the First Decentralized Autonomous Organization in the US. Earlier this year, Wyoming became the first state in the nation to pass legislation into law recognizing DAO’s as a distinct form of limited liability companies (LLC). The law became effective on July 1, 2021.

Wyoming’s Secretary of State Edward Buchanan noted the state’s spirit of innovation when he said, “Wyoming has a reputation for being on the leading edge of business technology, beginning in 1977 with the recognition of LLCs. We are proud to continue this innovation by offering legal protections to Decentralized Autonomous Organizations.