Today we show you the Bitcoin news with the highlights of the week. For example, a relationship between Gold and Bitcoin, while BTC remains intact after more than 100 Forks and the demand for Bitcoin will increase dramatically in 8 years.
Our review of the Bitcoin news, and its highlights, begins with the price of Bitcoin, which loses the $ 9,000 barrier.
Price loses key $ 9,000 barrier
Since Bitcoin’s third Halving, the price of BTC has moved in a range between $ 9,000 to $ 10,000.
For their part, there are three main theories as to why Bitcoin’s price is falling.:
- As BTC cannot overcome the 10k barrier, it will try to find a support below 9k, and then take advantage of buying cheaper.
- 1 billion in BTC options expired, putting pressure on the spot market.
- Glassnode, through its realized capitalization indicator, forecasts a drop in the price of BTC.
Gold and Bitcoin, historical rally on the way?
The impact of the economic crisis caused by the COVID-19 pandemic, has opened the possibility of a rally.
According to an article published in Forbes on June 25, there are three factors for the increase in the price of gold. These are, a possible inflationary escalation of the price of the USD. Another factor is, the uncertainty around the economy. Finally, the growing demand for physical gold is counted.
However, there are others. For example, fear of a second wave of the Coronavirus, possible new tariffs in Europe, the trade war between China and the United States, among others.
Could TikTok violate privacy?
Now, it was known that TikTok would be spying on users of the iOS operating system, through access to the clipboard. According to an investigation that dates back to March, this and dozens of other applications are involved in this practice.
Mainly, this feature puts not only privacy at risk, it could also allow the theft of funds from its users, such as the security of our Bitcoin addresses.
PayPal crypto rumor could push price to $ 12,000
News of PayPal’s alleged plan to allow PayPal and Venmo users to buy and sell cryptocurrencies directly flooded social media. Causing a quick reaction in the price of Bitcoin, closing BTC / USD at $ 9,689 on June 22.
So PayPal’s apparent cryptocurrency service will undoubtedly be a big change in the way people approach money transfers.
Bitcoin remains intact after more than 100 Forks
The truth is that most of the divisions in Blockchain have only led to the emergence of unsuccessful imitators. After more than 100 Forks, BTC maintains 95% of its value. As noted by House Co-Founder Jameson Lopp:
“Bitcoin is not scarce because anyone can fork. Rather, he has retained 95% of his accumulated value after all the Forks“
Bitcoin demand will increase dramatically in 8 years
According to a report by ZUBR Reseach, Bitcoin’s retail demand will skyrocket to important limits. As a consequence, within 8 years, there will be little liquidity for Bitcoin, as the supply of existing digital currencies will be outstripped by demand.
Although the study focuses on this goal for 2028, they assure that by 2024, this trend will be strongly noticed. In fact, the report explains that, currently, Bitcoin has already entered the new phase of rewards.
Bitcoin mining revenue fell 23% in June
According to a report by Coin Metrics, the reported revenue from Bitcoin mining fell by 23% during the month of June. This is due to the drop in network commissions and the effects of Halving, last May.
In addition, the increase in operating expenses for the maintenance of farms with obsolete equipment has created great sales pressure. Similarly, income from the exercise of digital mining fell from $ 366 million in May to $ 288 million in June.
Bitcoin could reach a million dollars, according to Dan Held
To close our Bitcoin news, we find a curious projection. At this time, the attention of all users is focused on a single topic: the price of Bitcoin. Making everyone wonder when its price will resume a path either bullish or bearish.
Therefore, the statements of the Director of Kraken, Dan Held, who consider that Bitcoin could reach a million dollars, are important. This will consolidate its position as an asset value reserve.
What did you think of our summary of the Bitcoin News and its highlights? Let me know in the comment box.