It’s been a week. What politics makes this week good or bad depends on your point of view but if you are holding Bitcoin it is definitely good. Prices have risen more than 8.5% in the past seven days. It is now over $ 14,000 and has spent over $ 10,000 in 100 days. That has some experts predicting a new jump. Others are looking back at 2016 for the positive signs. Then there is a period of pre-election stabilization followed by a rally. The next resistance level is likely to be $ 17,000. Will Bitcoin be there? Much depends on how far it falls first.
The whale is certainly optimistic. Election day saw 58,861 BTC move out of Binance. That’s about 816 million dollars. That could be the result of a deal but it could also be that the whales are preparing for a bull run. About a billion dollars were also moved out of the Silk Road wallet for the first time since 2015. That could be the result of a hack.
But Paypal is optimistic about Bitcoin’s future. The company is increasing its weekly purchase limit from $ 10,000 to $ 15,000. And the coin has a new friend in the US Senate. Cynthia Lummis Republicans won the race to represent Wyoming. Lummis bought Bitcoin for the first time in 2013 and considered the digital currency a reliable store of value.
However, it’s not just Bitcoin that works well. The technology underpinning it is also on the rise. The Associated Press used a blockchain to publish election results while ensuring that those numbers could not be hacked. Andrew Bragg, a member of the Australian Senate, has promoted blockchain as a way to loosen financial compliance. Gibraltar joined the Global Blockchain Business Council as an observer member. UK Overseas Territory joins more than 50 countries on the council and plans to promote blockchain use across the island. In Bangladesh, HSBC’s local affiliate conducted the country’s first international blockchain trade finance transaction. Digital letter of credit takes less than a day to process. Without blockchain, it would take 5 to 10 days.
Bitcoin and blockchain may be on the rise but the DeFi market is starting to cool. Ethereum fees are reduced. But Electroneum is up and partying. The cryptocurrency payment network is celebrating its three-year anniversary. It seeks to expand the use of the ETN coin and develop its AnyTask representation platform.
Finally, if you like to drive for the year with a new Tesla Model 3, CoinZoom will donate one. Just use VISA CoinZoom card or trade some of the backside on the platform’s exchange and you will have the chance. That should make for a good week.
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