Bitcoin is currently trading at around $58k near press time. The largest cryptocurrency by market capitalization is currently on a steady surge above $55k but the price increase is slowing down as it approaches the major $60k resistance ahead. Altcoins on the other hand posted some mixed gains during the course of the day. More on that later on.
In other news, Elon Musk’s Bitcoin investment has soared in valuation once again. The biggest electric car manufacturer invested around $1.5 billion into the crypto sector when it was worth $38k. More on that later on.
The Russian government is considering new electricity tariffs for crypto miners flocking to the country from China. The Communist government in the Asian country has banned the crypto sector completely within its borders and cracked down hard. Miners fleeing the country are now headed towards other cheap electricity destinations like Russia and even the USA itself. With increased power burden, the Russian government is expected to revise rates for the crypto sector. Putin, however, is not that pro-Bitcoin and has stated that the country won’t accept Bitcoin for oil payments for now.
The Mexican government has said that it has no plans for declaring Bitcoin as a legal tender. Instead, it has cracked down against the digital currency sector further. Some analysts believe that the Central Asian country would be next in line after El Salvador to accept crypto but that didn’t happen.
Crypto analytics website TradingView is in for a new funding round. It is currently valued at around $3 billion and has secured $238 million in new funding. It is one of the top such websites in the crypto world.
Bitcoin Rises Slightly to $58k
Bitcoin is currently trading just below $58k at press time as the index rose again earlier today, even if not by much. The digital currency is looking onwards to tackle major resistances like $60k and then $64k that lie just ahead. However, the Bitcoin price seems to get a little jittery when it tries to surge strongly above $57k.
The last 24 hours started with the index at around $57.1k. It rose strongly immediately and went above $58k in the process. At first, it went above $58k and got as high as $58.4k. But further movement above proved to be difficult and the desperate bears made some effort to bring it back to $57k where it has largely alternated for most of the time. Around press time, the index began to rise yet again and is now knocking at the $58k resistance yet again.
Going forward, Bitcoin is currently on a major price push and is increasing its upper ceiling ever so slightly each time. The bulls are confident but they might consolidate below $60k before making another move. So, a price pullback, even if short-term and small cannot be ruled out. However, the momentum is with the bulls and they can slowly, yet steadily make further inroads.
Overall, the total market capitalization of Bitcoin was around $1.085 billion at press time and its share of the proceedings was 45%.
Altcoins Post Mixed Gains
Other cryptocurrencies aka altcoins posted some gains overall but they were mixed in nature with most of the coins showing very little intent to move decisively ahead. The biggest gainers included Ethereum (ETH, 6%) that had a big day initially but the index couldn’t sustain its gains. Uniswap (UNI, 7%) and Chainlink (LINK, 7%) were other big gainers. Most of the rest of the market was largely stagnant.
In Other News…..
Tesla’s Profit on Bitcoin Close to $1 Billion
Tesla purchased Bitcoin back when it was worth around $38k. Now the index is gaining above $58k. This has resulted in a massive $1 billion increase in wealth over this time period.
So, the company has improved its fortunes yet again. Previously, Bitcoin’s price tanked when Musk revealed that he had sold around $150 million of crypto. Some believed that he had sold all of it and the market panicked big time. Now, it seems like Musk’s antics aren’t affecting things a lot.