Bitcoin is the official poster-son of cryptocurrencies and has done a lot for the emerging sector. As the first digital asset, it has brought virtual currencies to the forefront worldwide, bringing them to the trillion-dollar market in just twelve years. No wonder the phrase BTC has become popular.
But leading digital assets have recently caused a number of problems due to its energy consumption and high volatility. Assisting crimes are also marked on it.
The value of these challenges has fallen from an all-time high (ATH) of $ 65,000 to $ 30,000, and high resistance is $ 40,000.
However, things are looking for BTC again, and this may be the right time for investors to buy BTC.
1. Tesla remains interested in BTC payments
Tesla boss Elon Musk announced that the EV company is still ready to accept Bitcoin payments on Sunday. However, he sets a condition for reconsideration, and if the facts support BTC’s mining operations with 50 percent clean energy and a positive future trend.
This is inaccurate. Tesla sold only ~ 10% of the shares to confirm that BTC could be easily liquidated without market movement.
By confirming the use of reasonable (~ 50%) clean energy by miners with a positive future trend, Tesla will continue to allow Bitcoin transactions.
– Elon Musk (@elonmusk) June 13, 2021
As a result of this turnaround, the price of Bitcoin rose 2% from the $ 35,000 resistance level to $ 37,960, bringing the leading digital assets brought back to the forefront of investors.
Musk he has played a key role in the rollout of Bitcoin, with his EV company reserving about 8% ($ 1.5 billion) of its cash in digital assets in early February.
This was seen as a watershed for digital assets. But he decided to stop accepting BTC as a payment to his company, which led to massive sales in the broader encryption market. Tesla later approved Bitcoin in the coming weeks when cryptographic assets triggered the $ 40,000 mark, leading to a reform of the encryption market. This may be one of the best moments to buy a BTC.
2. El Salvador accepts Bitcoin as a legitimate offer. Time to buy BTC?
Many governments in the world may be opposed to Bitcoin replacing its fiat currency, but not to the Latin American nation of El Salvador. According to a new law passed according to the country’s legal department, the U.S. people recognize Bitcoin as an exchange tool.
Sponsored by President Nayib Bukele, this milestone allows Bitcoin to act a another legal tender In addition to the US dollar. Bukele argues the reasons for the decentralized nature of digital assets and points out that Bitcoin could facilitate financial participation for adults in 70% of the country’s banks. To this is added the attractiveness of investment, which leads to an increase in tourism and economic influence.
Bukele said the Bitcoin mining would be carried out on land and the mining could be done with 100% clean energy as its 20 active volcanoes have spread across the country. This has seen him guide the country’s geothermal power company to create a plan that would allow the Proof of Work (PoW) protocol to be extracted from 100 percent renewable energy, cheaply and without volcanic emissions.
So far, there is a new Bitcoin mining a pole used only by volcanoes in the country. El Salvador also plans to build Internet infrastructures to enable the countryside to participate in revolutionary technology.
Bitcoin has passed the $ 38k resistance zone, trading at a press release of $ 39,083.55, indicating a potential rally with the support of a 20-day moving average (MA). The 200-day MA also shows a bull run, indicating that this may be a good time to buy a BTC.
3. The Basel Committee recognizes encryption as a legal asset class
Banking Supervisors The Basel Committee has recently recognized Bitcoin and encryption as legal assets a proposal. This has pulled encryption into the mainstream financial environment and given more credibility to the emerging industry.
However, the Basel Committee on Top Banks places a strong risk weight of 1250% on the new asset class and points out that volatility is a significant deterrent for banks with these virtual currencies. Meanwhile, Ledgermatic CEO Luke Sully said the risk weight could long prevent the widespread adoption of cryptocurrencies. According to Sully, this is due to the high capital requirements it would require banks to provide cryptographic services. However, he said this is a win for a decentralized digital currency.
4. Bitcoin Mining Shutdown can tell about the growth of renewable energy sources
Bitcoin miners have flowed into less energy-intensive areas to open Bitcoin farms. This has seen the Asian giant China and the Middle East nation of Iran as the main mining centers for Bitcoin. But miners in China have largely used electricity from coal-fired power grids, which has highlighted the environmental damage this could have to the atmosphere in the long run.
Persistent questions about Bitcoin’s energy-dazzling PoW protocol have given credence to criticism, as data show it uses more energy than small European nations.
China’s recent coercion of mining mines in Inner Mongolia could be good for mining Bitcoin with renewable energy sources.
Encryption mine clean energy has already been in use before the Chinese ban. However, the exact proportion of BTC mining performed during this process is separate. According to a
According to a report from the University of Cambridge, about 39% of cryptographic mining is done with clean energy. Separate report Bitcoin Mining Network raises the figure higher, to 74.1%.
Although this has not been determined, it shows, without any reasonable doubt, that miners are rapidly switching to renewable energy sources, which may see Bitcoin begin to restore its market ceiling in the coming days. Much of the BTC mining activity done from renewable energy sources can help Bitcoin see positive pricing behavior, which is now the best time to buy BTC.
5. BTC breaks critical overdrive – will it return to the highest soon?
Bitcoin has battled breakthrough resistance at $ 38,000 and $ 40,000, but has scaled both heights in the last two trading days.
The $ 38k resistance level was confirmed in mid-May and two lower resistance levels in the near future. When both are taken away, there is a high chance that the momentum will take the price through $ 42,000. In the time it took to write this article, the price has risen by nearly $ 1,000, and the value of BTC’s trading is currently $ 40,900.
The $ 42,000 rebate is big news for bitcoin, as the way forward is pretty much resistance until the price returns to $ 50.
Are you looking to buy or exchange Bitcoin (BTC) now? Invest in eToro!
75% of retail investors’ accounts lose money when trading CFDs with this provider