Bitcoin El Salvador, China and Mining in USA
A series of bullish news about the adoption of Bitcoin helped bring the price of BTC back to the level of 37,000 US dollars, but traders are still uncertain whether the 20% shift confirms the reversal of the trend.
The cryptocurrency market was bullish yesterday, while the price of Bitcoin jumped and increased by 20% to $ 37,500.
Over the past few weeks, analysts have debated whether BTC is entering a long-term bearish trend, and the argument is further complicated by a mix of positive and negative headlines, including the adoption of Bitcoin as tender in El Salvador and Chinese authorities order Chinese search engines to block search results. Relating to the leading crypto exchanges in the country.
According to Elie Le Rest, a partner in the digital asset management company EcoAlpha, the thesis about Bitcoin as a stock of value is stronger than before. Still, he also believes that cryptocurrency should increase its dominance for the current bullish growth to continue. The news that El Salvador BTC as a legal tender will be a huge step forward towards adopting bitcoin and expects other countries to follow suit.
Bitcoin approached $ 38,000 in a strong return this morning.
However, despite the gains, few traders believe that Bitcoin will remain strong for a long time. As reported by Cointelegraph, requests to fall below 30,000 US dollars have remained ongoing in recent days.
According to the popular Twitter account of Crypto Tony, he planned a possible drop to around 27,000 US dollars by various other predictions.
Luxor and NIDIG have teamed up to boost the growth of the North American crypto mining industry. The Seattle-based mining software company has concluded a series of A-series financing led by the institutional bitcoin technology and financial services company NIDIG. Luxor announced a round of financing of five million dollars on June 9, adding that NIDIG will cooperate with Luxor on numerous mining ventures and products based on hash rate.
Luxor and NIDIG aim to help develop the North American mining industry. At the same time, China continues to tighten cryptocurrency operations, and US lawmakers are growing increasingly upset about paying Bitcoin for ransomware attacks. According to Cointelegraph, Chinese dominance over hash rate is declining, while American dominance is increasing because mining operations can use the abundance of cheap renewable energy in countries like Texas.
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