Large Bitcoin miners fleeing China to escape state crackdown will take many months to start operating again. Data centres from Texas to Siberia scramble to secure space and power for them, while many smaller players struggle to move at all. Bitcoin is created or “mined” by high-powered computers usually at data centres in different parts of the world.
Cryptocurrency exchange Binance will temporarily suspend euro bank deposits from one of Europe’s key payments networks, it said in an email, citing ‘events beyond control’, sent to users. The refund of attempted deposits will be done in 7 working days.
According to ZebPay Trade Desk, Bitcoin is likely to move out of its seven-week trading range of $30,000 to $40,000. Several indicators tracking the cyclical nature of price volatility suggest that a big move is on the horizon.
“Moreover, the upcoming Grayscale unlockings, coupled with the Taproot upgrade, has already led to blockchain data pointing to increased buying by wealthy investors and BTC whales, so a bullish move upward seems likely soon. The downside, if any, is likely to be fairly limited,” it added.
Back home, more than $1 billion worth of cryptocurrency was spent by consumers globally on goods and services via crypto-linked cards in the first six months of 2021, says payments company Visa.
Meanwhile, international auction house Sotheby’s said it will accept payment in Bitcoin or Ether at the sale of a 101.38-carat diamond marking another milestone in the adoption of cryptocurrencies. The auction sale would be done on Friday.
The pear-shaped flawless diamond could fetch as much as $15 million in the single-lot sale in Hong Kong, the most expensive physical object ever publicly offered for purchase with cryptocurrency, according to Sotheby’s.
Tech View by Giottus Cryptocurrency Exchange
Terra (LUNA) is a blockchain protocol that uses dollar-pegged stablecoins to power price-stable global payments systems. Like many other projects with strong fundamentals, Terra (LUNA) has seen a great rally in the recent bull run. LUNA has rocketed from $0.12 to $22.4 in less than a year, delivering over 18,000 per cent return from bottom to top.
Given LUNA is making an ecosystem that is trying to solve problems of other conventional blockchains, it was advocated by financier and a crypto bull Mike Novograt this week, pumping it by 20 per cent in less than 24 hrs. It is currently among the top 30 ranked coins by market cap.
LUNA has made a rising wedge recently though on the macro level, it seems to be in an accumulation stage (since May) and has just bounced off a major resistance level. It is trading above its 20-day and 50-day EMAs of 6.6 and 6.18 respectively.
As it continues to trigger buy indicators, it can exhibit a newfound bullishness that may take it into more decisively optimistic territory. Hovering at $6.8 range today, it is already testing a support level, with the next major resistance level up ahead at $7.9.
Support: $6.8, $6.4, $5.9, $5.5
Resistance: $7.9, $8.2, $9.0
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)