The price of Bitcoin has been continuously growing in recent weeks. What, on the other hand, is powering this expansion? As it turns out, a wide range of variables continues to drive up the value of Bitcoin.
Major cryptocurrencies returned to trading on Monday after taking profits over the weekend. The stronger dollar, on the other hand, limited profits.
With the exception of the two stablecoins and Cardano, seven of the top ten cryptocurrencies were traded higher. Unfortunately, the increases were minimal.
In comparison to the previous day, the worldwide crypto market value increased by nearly 2% to $2.87 trillion. Meanwhile, overall crypto market volume fell by 8% to $87.71 billion.
Here are a few fascinating narratives regarding what sparked the bitcoin market:
Cardano Founder Addresses Price Speculations As ADA Struggles
Cardano has had a hard time maintaining its position in the market. This has caused the market to speculate on where the value of the asset might behead. Cardano founder Charles Hoskinson took to YouTube to address these speculations. Hoskinson recently returned from his trip to Africa. As usual, the founder would usually take questions from the audience while living on YouTube and during the latest episode, the issue of price speculation came up a user asked about Solana flipping Cardano.
He pointed out that there is something wrong with the way the market perceives value and this does not spell good news. Not due to the value of digital assets going up, but hyperinflation which threatens to erode the market. Hoskinson asked during the session.
ParaSwap Launches Token Amid Controversy, Why Some Users Were Excluded
The ParaSwap airdrop was not an exemption with many users jumping into the platform to qualify and receive the funds in PSP. The platform employed a new logic to distribute its native governance token. This would prevent malicious actors and deep-pocket investors from taking advantage of the snapshot that determined the addresses eligible to receive PSP.
Real Vision CEO Raoul Pal Takes Bullish Stand On Ethereum
Raoul Pal, CEO, and co-founder of Real Vision is bullish on the long-term potential of Bitcoin rival, Etherium. For Pal, the growth of Ethereum in comparison to Bitcoin is the greatest argument for its success. He argued that the altcoin has performed 100x against bitcoin over its five-year lifespan. Pal does not seem to subscribe to the school of thought that is Ethereum “flipping” bitcoin. In August, Pal had placed the value of ETH at $20,000 by the second quarter of 2022.
This prediction was mostly predicated on its growing use cases as the leading smart contracts platform for decentralized finance and NFT activities in the crypto industry, giving it an edge over bitcoin which did not have much going for it besides its monetary policy. In October, Pal updated his followers on Twitter that he had made the biggest personal position of his life in ETH. He had also moved his entire investment portfolio into cryptocurrencies in 2020, the majority of which was in Bitcoin. Pal had also placed the price of bitcoin at $250,000 in the same time period, proving that his bullish sentiment went above just ETH’s potential. But Pal expects the altcoin to keep outperforming bitcoin in the coming year. In August, Pal had placed the value of Ethereum at $20,000 by the second quarter of 2022.
Over 100k Ethereum Exits Exchanges, What Does It Mean For The Price?
Ether’s price fluctuated between $4.8k and $5.7k over the last few days as the price has shown high volatility. More than 100k ETH exited exchange wallets yesterday, an indicator that shows the movement of coins moving out of or into exchange wallets. An analyst thinks this is bullish in the long term as it suggests demand from the big investors at the current price levels. In the short term, however, this could be bearish as the whale responsible for the huge outflow could be done buying for now so buying power might drop afterward.
Bulls Giving Up? Massive Bitcoin Bid Wall Removed, What It Could Mean For BTC
The price of Bitcoin fell below $64,000 on Monday after a flash crash pushed its price from the high of its current levels to the critical support at around $62,500. According to Yuya Hasegawa, an analyst at BitBank, the price of BTC dropped due to the U.S. SEC rejection of its linked spot-ETF by investment firm VanEck. In the short term, there seems to be an inverse correlation between Bitcoin and the DXY. FED Chair Jerome Powell hinted at the beginning of tapering which could remove liquidity from global markets. The Bitcoin Taproot upgrade failed to become a bullish catalyzer as operators were already pricing in the event.
Zimbabwe Could Adopt Bitcoin As Legal Tender Following El Salvador
The adoption of Bitcoin by El Salvador has opened the door for more adoption. The second country that might take such a bold move is Zimbabwe. The government sees crypto as a way to develop the country more. Also, the President keeps accumulating BTC whenever there is a dip in price. He said the government is following National Development Strategy 1, which teaches the digital economic system.
However, due to the risks associated with the blockchain, many authorities are poised to develop regulations that can curb them. However, the first country to adopt Bitcoin seems not to be backing down at all. In recent news, the President is even disclosing plans of building a hospital and 20 schools using their Bitcoin earnings.
Hedera Hashgraph’s New Grant Wants To Change How You Invest
Hedera Hashgraph, also known as HBAR, is a distributed ledger technology that has been described as an alternative to blockchains. Hedera is teaming up with Aktio, a DeFi project based out of Ireland that seeks to usher in a new generation of finance by bringing management services to the blockchain. The two parties announced in recent days that they will be releasing their first-ever DeFi app using these funds. This could be promising for the network: a user-friendly product for consumers that will allow users to use predictive mathematics to invest in digital currency on the network.
Crypto Exchange Gemini Lists Shiba Inu As Number Of Holders Increases
Crypto exchange Gemini has added support for Shiba Inu (SHIB) in addition to a few new DeFi, metaverse, infrastructure, and data management tokens. The addition comes as holders of the meme coin are steadily increasing. A petition calling for another major exchange, Robinhood, to list SHIB is still ongoing.
Bitcoin ATM Stolen During Raid In Barcelona
Spanish police are investigating the theft of a Bitcoin ATM in Barcelona. ATMs are kiosks that allow a person to purchase Bitcoin and other cryptocurrencies by using cash or debit card. According to this website, Spain has the highest number of crypto ATMs in Europe. Crime-related crimes have been on the rise in Spain in recent times. Spanish techpreneur Zaryn Dentzel is the co-founder of Tuenti, a Spanish social network-turned communications firm owned by Telefónica telecommunications company.
He was forced to give up the password to an online account containing his cryptocurrencies which held tens of millions of euros in Bitcoin. According to the U.S. Treasury Department, the total value of suspected ransomware payments during the first half of 2021 was $590 million. Many Bitcoin crimes have also been recorded in the UK, Hong Kong, Australia, and New Zealand.
How India Sees Crypto: Large Exchange Shows 10x Growth In User Base
Indian crypto exchange WazirX reported a significant growth in its user base and trading volume over the year. They claimed the platform’s user base grew to 10 million during 2021, which represents a tenfold increase. Their 2021 trading volume to date has been around $38 billion. In 2018, the central bank of India banned all cryptocurrencies. In March 2020, The Supreme Court of India lifted the Reserve Bank of India’s (RBI) ban and called it “unconstitutional”. WazirX is one of the country’s largest cryptocurrency exchanges.
Elon Musk Sells Tesla Shares For $5B. Will He Buy Dogecoin?
Tesla CEO Elon Musk sold 2.15 million shares valued at $5 billion on Thursday. The sale comes after a widely received poll that the Tesla boss had set up on Twitter to ask the community what they thought about him selling off the shares. Two days after the poll went live, Tesla shares had fallen 16%, costing Musk $50 billion. Musk has now sold a total of 4.5 million shares so far, raising $3.88 billion from the unplanned sell-offs over the course of Tuesday and Wednesday. Like his previous sale in 2016, the proceeds from the sale had gone to paying income taxes which he had incurred after a 2.2 million share acquisition.
Despite the proceeds from the sale of Tesla shares being put towards income taxes incurred by the billionaire, the crypto community has had a field day speculating what Musk will do with all of the money. Wallace iterated saying that “Elon has publicly stated he owns Dogecoin. Only one thing is for sure when it comes to Musk’s Tesla sale, the proceeds so far have gone to offset income taxes.
MasterCard 2021 Investment Community Meeting: A Plan To Help Crypto?
Mastercard announced a plan that is a push in the direction of future economics for the firm, with a highlight specifically around cryptocurrency. The focus will be built around “crypto enablement,” which involves spending, cashing out, and cryptocurrency rewards. This happens also include interoperability, stablecoins, and central bank digital currencies (CBDC) – all of which are hot topics in crypto lately. Mastercard has announced that it is working with digital asset platform Bakkt to allow merchants and banks in the U.S. to build cryptocurrency into their offerings. This news can have an impact on who will enter the crypto world as some believe it will inspire other major firms to get involved. Mastercard competitor Visa has been making initiatives in the space this year as well.
Plummeting Bitcoin Exchange Reserves Show Investors Are Not Ready To Sell
Since August, bitcoin exchange reserves have been plummeting with no signs of stopping. This has shown investor sentiment to be positive regarding the future of the asset. Daily withdrawals had hit as high as 5K BTC, an accelerated figure from the previous week. Demand is up despite the price of BTC hitting new all-time highs. Coins leaving exchanges at an alarming rate is leading to a supply squeeze. The market is nearing the end of this phase, and prices will likely rise from here on out as investors look for strategic profits.
Ethereum Scarcity: After London Fork, ETH’s Supply Change Drops To Almost Zero
The ETH supply indicator tells us about the total amount of ETH that’s currently in circulation. As miners receive a block reward (in ETH) for mining blocks, this total supply increases with time. How ETH’s supply works is different from Bitcoin; the latter has its potential supply locked from the beginning. This means that there can come a point when miners will run out of BTC to mine. Ethereum has no such limit so miners can indefinitely keep it up and the supply will keep on increasing. Now, ETH is also becoming a scarce asset, just like Bitcoin.
Confirmed: AMC Now Accepts Bitcoin, Ethereum, Two Other Cryptos, Dogecoin To Follow
AMC has now become the first theater chain to accept Bitcoin, Etherum, Bitcoin Cash, and Litecoin. CEO Adam Aron had first announced the entertainment giant’s plans to accept crypto payments by the end of the year. The theater chain already accepts both movie tickets and concessions online. AMC CEO Aron Nazarian had asked the community if they would like Dogecoin to be accepted as a payment method. The majority had voted yes and the company plans to introduce Doge payments for movie tickets and concessions. Shiba Inu, Google Pay, Apple Pay, and PayPal are already accepted.
Discord Planned To Integrate Ethereum. Huge Backlash Made Them Cancel Everything
Discord’s CEO hinted at possible integration with the Ethereum ecosystem, with NFTs, and with the incoming Web3. Fanatics spammed his replies and canceled their subscriptions. Video game culture influencers rallied the masses and gathered hundreds of Likes and Retweets. The Discord community seems to be technologically driven and one that appreciates art. They should be on the side of NFTs, but they are wildly against the movement.
There’s something else going on here. The crypto world arises a rage in them that shouldn’t be ignored.
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