US: Senator Blackburn publicly supports Bitcoin as a real-world asset and calls for a change in regulation

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Marsha Blackburn, US senator from the state of Tennessee, will speak on April 9th about Bitcoin and crypto regulation at the second annual Bitcoin Policy Summit at the Press Club residence in Washington DC.

The political representative will take advantage of the event to emphasize the increasingly central role of cryptocurrency within modern society and will focus on the need to correct US regulation on Bitcoin and crypto activities.

Meanwhile BTC records its first technical correction after several days of uptrend.

Let’s see all the details below.

US Senator Blackburn discusses Bitcoin and the importance of updated regulation at the Bitcoin Policy Summit

Marsha Blackburn, senator from Tennessee and well-known supporter of Bitcoin within the US institutions, will soon have the opportunity to discuss in front of a large audience the importance of decentralized currency in the current social and macroeconomic context, and the necessity of a revision of regulation in the US.

The politician, former member of the House of Representatives for the 7th district of Tennessee from 2003 to 2019, has in fact been invited to participate as a speaker at the second annual event ” Bitcoin Policy Summit“, which will be held at the National Press Club in Washington DC and will be hosted by the Bitcoin Policy Institute (BPI).

According to the news journal Coindesk, Senator Blackburn will participate in a debate focused on the current landscape of US politics regarding digital currencies, emphasizing the increasingly central role of Bitcoin in the modern economy.

Grant McCarty, co-founder of BPI, stated that the presence of a representative of the people at an informal meeting managed purely by bitcoiners signals the evolution of a niche sector that is beginning to be heard even by the highest levels of US politics.

These are his words:

“Senator Blackburn’s participation highlights the growing importance of Bitcoin in the real economy and the need to properly regulate its regulation”

In 2022, Blackburn has already worked in the past for the enactment of laws related to the crypto world, co-sponsoring an amendment to the Cybersecurity Information Sharing Act of 2015 together with Senator Lummis (R-WY), aimed at reducing the increasingly evident risks of cybersecurity threats, expanding the voluntary reporting of data and information by cryptographic companies.

Together with the US senator, this year there will be several prominent figures from the Bitcoin universe, such as Alex Thorn, head of research at Galaxy.

Fred Thiel CEO of the mining company Marathon Digital Holdings and Jason Les CEO of the miner Riot Platforms.

In addition, there will be many other influential figures from the American political scene and representatives of cryptographic associations. You can take a look at the complete list of all the speakers via this link.

Bitcoin Price Market Analysis: Correction Begins

While Bitcoin is dealing with politics in the US with several cryptocurrency supporters pushing for regulatory reform, problems are starting to arise in the markets after months of carefreeness.

In the last 24 hours BTC drops by about 8.5% losing the support of the EMA 50 on a 4-hour time frame and possibly facing a trend reversal.

At the time of writing the article, prices are quoting 67,200 dollars per coin, when just 1 day ago the crypto asset seemed to be breaking new all-time highs.

The capitalization of these hours has attracted a good amount of trading volumes, which in the spot markets have seen an increase of 70% compared to yesterday with over 70 billion dollars, while in the futures markets the increase was 90% with a volume of 380 billion dollars.

With the latest downward movement, about 200 million dollars in long positions have been liquidated, bringing back the enthusiasm and euphoria of industry professionals to normal levels.

Now we will have to wait for Bitcoin to find its support zone, preferably above $66,000 for the bulls’ hopes in the short term to remain intact.

Even a slip down to the $60,000 level would not preclude the future trend of the asset, which still maintains a highly bullish macro structure.

Anyway, before the coin absorbs this dip by recovering the lost values, the better it will be to offer solidity to the trend.

For example, an instant recovery in the next few hours above $69,000 could give the strength needed to push the crypto asset again in search of new highs.

It is still too early to shout about a trend reversal and a downturn coming: we will monitor price movements over the weekend and see how US markets will open on Monday, then potentially take action if conditions worsen.

Bitcoin price chart
4h chart of Bitcoin price (BTC/USDT), Binance market