Bitcoin recorded a 5 month high of around $63k earlier today before receding slightly to around $61k at press time. THe largest cryptocurrency by market capitalization is apparently consolidating above $60k before making another move above. Altcoins on the other hand recorded small losses again. More on that later on.
In other news, Twitter CEO Jack Dorsey has announced an open-source Bitcoin mining initiative through his company named Square. The move is being initiated in an effort to make the cryptocurrency sector more competitive and decentralized overall. More on that later on.
Salvadoreans are finally warming up to the idea of owning Bitcoin according to a latest update from their president. According to him, the national crypto wallet Chivo is receiving more and more remittance requests in USD for BTC purchase. He also asked independent journalists to confirm this finding so that there is no allegation of misreporting. El Salvador’s recognition of Bitcoin as legal tender hasn’t gone as smoothly as planned but now, with increasingly better services through the Chivo wallet, the country can look to better days ahead.
A Bitcoin analyst believes that the cryptocurrency is now entering the final stage of the bull run. He believes that the cryptocurrency is ripe for a move to $100k in the near future. He made these arguments using a trading theory called the Elliott Wave theory in which bull runs come in waves. Now, he argues we are entering the final bull wave and it has the potential to propel us to $100k.
Bitcoin Reaches $63k
Bitcoin reached as high as $63k earlier in the day before correcting back to around $61k at press time. The digital currency is near its all-time high figure of around $64k and is looking to shoot past it. Buoyed by news around the ETF approval in the US, the asset has performed extremely well and may look to make a move above the crucial resistance soon enough.
The last 24 hours started with the index at around $62.1k. It immediately rose to its highest valuation of the day at $62.9k and then came down to its $61k support. It largely traded around that valuation for the rest of the day before testing the $60k level later on in the day. However, the bullish sentiment is quite strong and the bears couldn’t make a move below. At press time, the index is at $60.9k.
Going forward, Bitcoin is on a bullish mission and it appears like the all-time high of $64k will be broken soon enough. However, short-term price consolidation right below the $60k resistance can be expected as it is a big ask for the bulls to move above the record high level. So, a test of the $60k resistance-turned support may be plausible again in the coming 48 hours. Conversely, if the bulls continue like this, they can disregard the $64.5k resistance’s psychological effect and just breeze past it.
The total market capitalization of Bitcoin was around $1.146 trillion and its share of the proceedings was 46.3%.
Altcoins Post Slight Losses
Other cryptocurrencies aka altcoins posted slight losses and continued their stagnant performance of the last month or so. Many altcoin traders are waiting for a big price breakout but that hasn’t happened, yet. Polkadot (DOT, -3.5%), Cardano (ADA, -2%) and Binance Coin (BNB, -2%) posted the biggest losses among the top cryptos.
In Other News….
Twitter CEO Working on Open-Source Bitcoin Mining
Twitter CEO Jack Dorsey has announced a new initiative of open-source BTC mining through Square, his official financial services provider. Dorsey also holds hundreds of millions of dollars worth of crypto through Square and now aims to make the Bitcoin network a much more decentralized network through this initiative.
Dorsey tweeted:
“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes.”
It is no secret that while the Bitcoin network is an incredibly well-designed decentralized network, it's increasingly concentrated mining industry is problematic to some extent. Big mining companies are increasingly becoming influential and they can hold up key updates needed if it doesn’t serve their needs. The mining companies also hold the key to making the process profitable as increasing difficulty has made it very difficult for normal users. With Dorsey’s open-source initiative, Bitcoin mining can potentially become accessible for everyone thus improving competition and allowing more and more users to become part of it rather than just a few big mining companies.