Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Market Picture
Bitcoin gained 1.9% over the past seven days to $28.3K. Ethereum gained 4% to $1860. Other top ten altcoins showed mixed dynamics, ranging from a 1.4% decline (XRP) to a 6.2% gain (Dogecoin).
The total capitalisation of the crypto market, according to CoinMarketCap, rose 2% over the week to $1.185 trillion.
Bitcoin has been consolidating sideways, around $28K, for three weeks now. On Monday morning, the price briefly spiked above $28.5K in a thin market. On the daily timeframe, the range has narrowed since the beginning of the month, forming a bullish triangle. It is believed that the price will continue to move toward the breakout, with a rise above $29K opening the way to $35K, while a break below $27.5K may pave the way to $25.5K.
The latest recalculation of Bitcoin's mining difficulty showed a new record, up 2.23% to 47.89T. The average hash rate for roughly two weeks since the last recalculation was also a record 342.16 EH/s. The 25% increase in the hash rate since the beginning of the year indicates growing confidence in the network.
New Background
SkyBridge Capital founder Anthony Scaramucci confirmed his bullish prediction that Bitcoin would reach $100,000 within three years. He has put BTC at $1 million by 2030, as has Ark Invest CEO Katie Wood.
Tether, the issuer of the first USDT stablecoin, announced that its SimpleSwap exchange service users can now trade pairs with Euro Tether (EURT) and Tether Gold (XAUT).
At the end of 2022, only 0.53% of investors worldwide paid taxes from digital asset transactions, Divly calculated. Finland (4.03%) and Australia (3.65%) had the highest percentage of these taxpayers.
According to CertiK's report, blockchain projects lost more than $320 million to hacking and fraud in the first quarter of the year.
According to BitRiver, Russia became the world's second-largest cryptocurrency mining country for the first time in Q1, with 1GW of mining capacity in operation. The US remains the leader with 3-4GW.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.