Bitcoin mining is currently in a unique state of flux — around half of the hashing power is offline as miners relocate from China, and it remains unknown how quickly they will be able to come back online. At the same time, those miners unaffected by the Chinese rout have seen half their competitors disappear overnight, and profitability has gone up as a result.
The cryptocurrency saw big moves in December and April after the Bollinger bandwidth fell to 0.15, however Bitcoin may soon move out of its seven-week trading range of $30,000 to $40,000, with an indicator tracking the cyclical nature of price volatility suggesting a big move is overdue.
An NFT of the original source code for the world wide web, written by its inventor Tim Berners-Lee, has sold for $5.4m at Sotheby’s in an online auction, the auction house said on Wednesday. A non-fungible token (NFT) is a kind of crypto asset that records ownership of digital items, and has recently become a major asset in the creative world, with NFTs of artwork, music and internet memes selling for millions of dollars. The NFT sold on Wednesday was created by the English scientist Berners-Lee in 2021 and represents ownership of various digital items from when he invented the world wide web in 1989.
One day you’re on top of the world, making headlines for your upcoming appearance on SNL. Not long after, you’re the laughing stock of the internet. That’s the curse of Dogecoin, which, along with Bitcoin, Ethereum and pretty much every other cryptocurrency, tumbled in value on Monday. Signs for a better Tuesday aren’t encouraging. What’s the reason? China — again. Back in May, Chinese officials reaffirmed an old ban that forbids financial firms from actively aiding in the mining and selling of cryptocurrencies. It caused a big dip, but crypto enthusiasts shrugged that the ban is nothing new, that it had enshrined in 2013 and then sparsely enforced.
El Salvador’s President Nayib Bukele has already marked a historic moment in Bitcoin’s evolution when the country declared the cryptocurrency legal tender. Then he followed that up with plans for El Salvador to use geothermal energy from volcanoes to mine BTC, saying that a state-owned company could provide mining facilities with affordable and green energy.
Bitcoin traded lower as investors unpacked Wednesday’s announcement from the U.S. Federal Reserve that it could raise interest rates by late 2023. Assets deemed to be risky like stocks and crypto also appear to be weighed down by lingering concerns that the Fed may wind down its bond-buying program sooner than expected. Some analysts, however, expect bitcoin to remain resilient if inflation continues to rise, which could lead to outperformance versus traditional markets.
A new study by the United Kingdom’s Financial Conduct Authority has indicated a significant increase in cryptocurrency ownership in the country. On Thursday, the FCA published the results of a consumer survey which found that 2.3 million adults in the U.K. now hold crypto assets, up from 1.9 million last year. Alongside the increasing number of crypto investors, the study also identified a surge in ownership volumes, with median holdings rising to 300 British pounds ($420) from 260 pounds ($370) in 2020. The rising popularity of holding cryptocurrency comes in line with an uptick in the awareness level as 78% of adults said they have heard of crypto, up from 73% last year.
United States investment bank Goldman Sachs is planning to offer Ether (ETH) derivatives products in the coming months, setting the stage for wider adoption of the second-largest cryptocurrency and marking a significant departure from the institution’s critical stance on digital assets in the past. Mathew McDermott, Goldman’s managing director of digital assets, confirmed Monday that the investment bank is expanding into Ether options and futures. In an interview with Bloomberg News, McDermott said institutional demand for cryptocurrencies will continue to grow despite the recent bout of market volatility
The United States Space Force, a branch of the armed forces created under the previous administration of Donald Trump, is releasing a series of nonfungible tokens, or NFTs. In an announcement on Monday, the U.S. Space Force (USSF) said it had partnered with community-oriented nonfungible token platform Ethernity Chain to release digital versions of patches and coins designed for the launch of its fifth vehicle in the GPS Block III. The NFTs will feature the satellite’s launch vehicle, space suits and other iconic imagery. The one being launched is named after Neil Armstrong, a space pioneer and the first person on the moon.
Bitcoin surged past $40,000 for the first time in two weeks after Tesla CEO Elon Musk said the electric-car maker would accept the cryptocurrency as an alternative payment subject to miners meeting environmental standards. Buyers stepped in on Sunday after Musk tweeted that Tesla will allow bitcoin transactions again “when there’s confirmation of reasonable (50%) clean energy usage by miners with a positive future trend.”