Americans got richer off bitcoin than any other country last year — pocketing $4.1 billion in profits as the price of the volatile cryptocurrency soared to $29,000 from under $10,000, according to a new analysis. The US was followed by China, which cashed out some $1.1 billion in profits in 2020, according to data published Monday by blockchain firm Chainalysis. Japan came in third with $900 million, followed by the United Kingdom with $800 million and Russia with $600 million. The figures only cover realized gains, meaning that profits still held in cryptocurrencies or in exchange accounts are not included.
Deutsche Bank, Germany’s largest lender, says the U.S. might be headed for one of its worst inflationary periods in history, arguing that elevated government spending and loose monetary policy could combine to create conditions similar to prior episodes in the 1940s and 1970s. Adding to the pressures are some $2 trillion of “excess savings” that consumers have amassed over the past year, when many businesses were closed and travel mostly shut down, according to the report published Monday.
El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar. In a video broadcast to Bitcoin 2021, a multiday conference in Miami being billed as the biggest bitcoin event in history, President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology. “Next week I will send to congress a bill that will make bitcoin a legal tender,” said Bukele.
Bitcoin (BTC) plunged by more than 5% after touching the $40,000 level. Tesla CEO Elon Musk tweeted the lyrics of “In the End,” a chart-topping song by rock band Linkin Park, attached with the Bitcoin hashtag and a broken heart emoji. However, these shocking waves have engulfed the BTC market recently, did not lowering crypto whales’ spirits to accumulate more Bitcoin, as acknowledged by Santiment. Furthermore, on-chain analyst William Clemente III recently revealed that BTC supply was getting back to long-term holders, which depicted a bullish sign.
On Wednesday, crews were putting the final touches on the Bitcoin 2021 Convention, the world’s largest-ever crypto-currency conference to be held this weekend at the Mana Convention Center in Wynwood. “We could not be happier. Happier that organizers of the Bitcoin 2021 Conference have chosen the city of Miami”, said Miami Mayor Francis Suarez who held a virtual international crypto conference Wednesday morning.
Bitcoin is above the 100-period moving average on both the hourly and four-hour chart as the corrective phase stabilizes. Bitcoin (BTC) is holding its short-term support above $35,000 and could face resistance near $42,000. Prices continue to consolidate, suggesting selling pressure is weakening. Typically, volatility declines during consolidation phases, encouraging buyers to return, albeit briefly.
Google is expanding the scope of its crypto-related advertisement policy, the latest development in a years-long back and forth from the tech giant. In a policy statement published Wednesday, Google said that “beginning August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.”
Mining Ethereum (ETH) is said to be getting safer in the coming weeks as NortonLifeLock, the cybersecurity company behind popular antivirus software Norton 360, announced a new feature which will enable the platform users to mine ether. A new product titled Norton Crypto promises to deliver a new way for everyone to mine Ethereum. It will come together will Norton Crypto Wallet that will be stored in the cloud as a protection against hard drive failure, the company said.
In a relief for the crypto community, the Reserve Bank of India (RBI) issued a clarification on Monday stating the commercial banks cannot quote its now-invalid April 2018 crypto banking ban to deny services to customers involved in digital assets dealings.
Bitcoin has entered a consolidation phase following its May 19 crash from $42,600 to $30,000 on Coinbase. The flagship cryptocurrency recovered its losses quickly and reclaimed $40,000, but it failed to log a clear bullish breakout above this resistance level, and at the time of writing, the price remains pinned below $40,000. The latest price action in the Bitcoin (BTC) market has been, at best, choppy, with traders showing no clear indication of their short-term bias. Some analysts have predicted that if the BTC/USD price does not break above $40,000, it may very well fall to as low as $20,000 in the coming days.