California’s Fair Political Practices Commission has approved new rules that allow political candidates to accept donations in Bitcoin and cryptocurrencies.
New regulation approved as Bitcoin goes to $28,000
Cryptocurrency donations to state and local political candidates are now allowed in California. Accordingly, the Fair Political Practices Commission has approved new rules that allow candidates to accept Bitcoin and crypto donations. However, candidates must immediately convert them into dollars.
The decision came at a time when California was aiming to become a “crypto capital” in the United States. Meanwhile, in May, California Governor Gavin Newsom signed an executive order to encourage innovation through crypto and blockchain technology.
California political action committees accept donations with Bitcoin
The FPPC has approved new rules that allow political candidates to accept donations in cryptocurrency. The new rules will take effect after 60 days. However, crypto donations have to convert to dollars as soon as possible.
Interestingly, California was one of nine states to ban crypto donations to political candidates. With the new rules, it becomes the 13th state, along with Washington, to allow crypto donations in political campaigns.
The US is seeking to strengthen crypto regulations as crypto adoption grows in the country. It will allow companies to operate under the proposed bipartisan crypto bill.
BTC price targets $28,000
Bitcoin is experiencing a spectacular rally this week. BTC price is poised to break the 200 WMA, pending a break above $23.8k. According to analysts like Poppe and Rekt Capital, if Bitcoin rises above $23,800, it will reach $28,000. Moreover, according to crypto analyst PlanB, if the price stays above the $22.3k level, the 200-week MA and realized price by the end of July, BTC price could rise above the $30,000 level by September. Here’s what the analyst had to say about it:
BTC $22.3K broke above the 200-week MA and realized price. If this continues until the July close, it wouldn’t surprise me that we could complete the reverse Bart pattern (the hallmark of a large liquidation sale) back to $30,000 before the September close.
BTC $22.3K, back above 200WMA and Realized price. If this holds until July close, it would not surprise me if we complete the upside-Bart-pattern (hallmark of a large liquidation sale) back to $30K before Sep close. And then back to business from there. https://t.co/WZhvXVhUdA
— PlanB (@100trillionUSD) July 18, 2022
As you can follow from Kriptokoin.com, Michaël van de Poppe also put forward a similar scenario. He wrote on Twitter today:
Bitcoin is again facing critical resistance. If this $23.8K is broken I assume we will continue and then $28,000 is on the tables but at the same time a clear break above the 200-week MA was confirmed.
#Bitcoin facing crucial resistance again.
If that breaks at $23.8K, I'm assuming we'll continue and then $28K is on the tables, but we also have a clear breakout above the 200-Week MA confirmed.
Full analysis:https://t.co/fAtSJInn3g pic.twitter.com/3XR1TrjBDt
— Michaël van de Poppe (@CryptoMichNL) July 22, 2022
Bitcoin (BTC) is currently trading just above $23,000. Today, it is headed back towards the $23,800 level that analysts have pointed out.
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