Bitcoin is one of the most popular cryptocurrencies in the world. Its price has been on a roller coaster ride over the past few months, with its 24-hour trading volume recently blasting past $30 billion. This has led to speculation that Bitcoin could be headed for the moon.
Let’s take a look at all the fundamentals that are driving the price action of the BTC/USD pair.
Blockstream Raises $125M for Bitcoin Mining
Blockstream, a provider of digital asset infrastructure, has raised $125 million to fund its Bitcoin mining co-location services, demonstrating the rise in demand for institutional hosting during the bear market.
Blockstream announced on January 24 that the financing was backed by a convertible note and a secured loan. Furthermore, the funds will be used to expand the firm’s bitcoin mining operations. Bitcoin users are financially rewarded for securing the network through mining.
Miners use special, energy-intensive technology to create Bitcoin’s next block, for which they are rewarded with a fixed amount of Bitcoin.
As Bitcoin’s market value falls, so do the dollar-denominated profits available to miners, forcing all but the most cost-effective firms to exit the market. The typical miner, however, may profit from the recent BTC/USD surge.
Fun Games To Earn Bitcoin From The Comfort Of Your Home
Two new rewarded games have been released by ZEBEDEE, a gaming payment service, and VIKER, a mobile games company. ZEBEDEE, a bitcoin-powered gaming payment processing system, announced the launch of two classic VIKER games with a Bitcoin twist on January 18.
The most recent additions are Bitcoin Chess and Bitcoin Scratch. It implies that you can now earn bitcoin by playing chess on your phone.
Furthermore, by utilizing Zebedee’s payment technology, these new releases adhere to Viker’s goal of updating well-known classic games with a modern twist.
Both games are now available on iOS and Android, and users can log into their Zebedee accounts to transfer Viker app rewards to the Zebedee app. The new games are centered on Bitcoin, a cryptocurrency that does not require users to have a bank account to receive their earnings, but rather a BTC deposit address.
It may increase the popularity of bitcoin among new players, which is good for BTC/USD.
South Africa: New Guidelines To Ensure Crypto Advertising Transparency
The South African Advertising Regulatory Board (ARB) updated its guidelines for cryptocurrency advertising on January 23. The new policy aims to increase transparency while protecting South Africans from unethical advertising.
Advertisements must state that investing in cryptocurrency carries the risk of financial loss due to its volatile and unpredictable value, according to the code of advertising practice.
As a result, advertisements for cryptocurrency assets must clearly state that “Investing in Crypto assets may result in capital loss.”
Furthermore, a new provision added to Section III of the South African advertising code requires businesses and individuals to comply with the advertising requirements for offering cryptocurrency products and services.
As a developing country, South Africa’s efforts to regulate and manage cryptocurrency advertising point to a rise in global acceptance. Furthermore, the updated code will increase transparency, which may benefit Bitcoin (BTC), the most valuable cryptocurrency.
Bitcoin is currently valued at $23,186 and has a $30 billion 24-hour trading volume. Bitcoin has dropped nearly 1.50% in the last 24 hours. With a live market worth of $446 billion, CoinMarketCap presently ranks top.
Bitcoin has recently dropped to the support level of $22,325 and its closing Doji candles above that level indicate that there is still a potential for a bullish rebound.
Bitcoin’s current resistance level stands at $23,250 and if it surpasses this value, the digital token could increase in price up to $23,900 and $25,150.
Should the $22,325 benchmark be broken to the downside, there might be a further bearish shift in the market. This could result in Bitcoin decreasing as far as $21,500 and likely even hitting a low of $20,450.
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Source: Crypto News