The publication of a report on the approval of the Bitcoin Strategy ETF to go public on Nasdaq may have contributed to that increase. After exceeding USD 60,000, the value of Bitcoin only needs to exceed the previous all-time high, which will not be difficult at all.

The jump in the price of Bitcoin above USD 60,000 has been creating quite a stir in the cryptocurrency market. The pioneering cryptocurrency is trading at around USD 61,340 and has accumulated an 11.2% profit in the past week.

There has been an optimistic fundamental scenario with low BTC reserves on exchanges and increasing buying pressure. However, now there is another factor that is fueling the bullish sentiment of the crypto asset.

That element is the publication of a report announcing the approval of the Bitcoin Strategy ETF to go public on Nasdaq. According to that document, crypto asset manager Valkyrie hopes to be able to offer such a service.

The vice president of listing qualifications at Nasdaq, Eun Ah Choi, stated that the stock exchange certified the shares of that ETF.

If all of that is true, a Bitcoin ETF would soon be going public. That would allow different investment funds to access the cryptocurrency, thus complying with the regulatory framework.

The SEC is reviewing about 40 submissions of those types of products that it has received. According to Bloomberg, it is very likely that the government agency will approve one of them next week.

Technical Analysis of the Price of Bitcoin after Exceeding USD 60,000

Several analysts have predicted the recovery that the price of the pioneering cryptocurrency is experiencing. Although it is impossible to make exact predictions, price action leaves signals while the fundamentals generate volatility.

Currently, it is crucial to review what will most likely happen in the next few days. In this sense, the daily chart shows an increasing succession of lows and highs, indicating a short-term upward trend.

Although momentum under development seems widespread, there are no signs of exhaustion, suggesting more gains in the next few hours.

After exceeding USD 60,000, the price of Bitcoin only needs to break the previous all-time high. The current behavior of the cryptocurrency reveals that it will not be difficult at all.

The price of Bitcoin price must lose support at USD 55,750 for a relevant correction to begin.

The Ground is Clear for the Price of Bitcoin to Hit New Highs

The weekly candlestick chart indicates that the value of the pioneering cryptocurrency just broke through resistance at USD 58,352.

Now that the price of Bitcoin is above USD 60,000, the next goal is to reach a new all-time high. The reason for this is that previous resistance is hardly relevant.

The price of the first cryptocurrency on the market is about to enter uncharted territory. When that happens, it is usually possible to see a lot of volatility, which is why Bitcoin seems to be moving quite far from the current point.

Repeatedly, Bitcoin has managed to rebound from sharp drops to its highest levels. It’s only a matter of time before the pioneering cryptocurrency is back above its latest all-time high of USD 64,642.

By Alexander Salazar

US Senator Elizabeth Warren believes that Bitcoin is a cryptocurrency that can compromise the banking system. No government can reverse Bitcoin transactions or manipulate its supply, contrary to what happens with fiat money.

Bitcoin is a cryptocurrency that no government controls, so it is private, secure, and decentralized. However, regulators have said that it does not offer any confidence, as it does not belong to any central bank.

US Senator Elizabeth Warren claimed that Bitcoin is a cryptocurrency that can endanger the banking system. She argued that that the crypto asset makes the latter available to shadowy super-coders who use it at their convenience.

Volatility Can Lead to the Loss of Money

If someone bought 1 BTC at USD 145 in 2015, they would have USD 56,000 on May 11^th, 2021. On the other hand, they could have USD 37,000 just ten days later, a loss of almost USD 20,000. However, Bitcoin is trading at around USD 61,000 and has accumulated growth of 10.6% in the last week.

Renowned US financial institution Bank of America ranked Bitcoin as the most profitable asset from 2010 to 2020. Although that comment does not come from a central bank, it is clear that the cryptocurrency is not that bad at this point.

The Investor is the Sole Responsible for his Money

Within the Bitcoin ecosystem, some wallets allow more effective protection to investor funds.  However, the responsibility lies entirely with the owner of the hardware wallet, as he must protect his recovery seed phrase.

Bitcoin allows users to travel around the world with their holdings without technically anyone knowing about it. On the contrary, banks can limit withdrawals, leaving account holders without money.

BTC Users Have to Pay a Lot of Fees

One argument states that using Bitcoin requires paying a lot of fees and waiting for a long time. However, researchers reveal that the Lightning network allows paying with the cryptocurrency immediately and with charges below USD 0.01.

In October 2020, someone paid a fee of around USD 11 for sending a total of 88,857 BTC, equivalent to USD 1.2 billion. That person moved a billionaire fortune for just USD 11 while that sum went to miners.

The Government Does Not Regulate Bitcoin as It Does with Fiat Money

Although Bitcoin became legal tender in El Salvador, the rest of the world still considers it an unregulated currency. For example, China has taken the regulation on the crypto asset very seriously, banning its use in the territory.

In Bolivia, the government banned cryptocurrencies, but bitcoiners continue to use them in that country. Of course, people do not need certification from the authorities, contrary to what happens with fiat money. Besides, the government can print an infinite amount of fiat money while Bitcoin will only allow 21 million BTC in circulation.

Bitcoin Does Not Request Legal Documentation for Its Use

According to various specialized studies, hackers usually do not use Bitcoin to commit their illicit activities. In addition, most of the income and transactions of these criminals are in the form of fiat money, for which they use the banks.

Although some terrorist groups such as ISIS or Al Qaeda have used Bitcoin, fiat money like the US dollar is not completely clean.

Bitcoin Does Not Allow Reversing or Blocking Transactions

Banks can block the funds of the account holders, even if they are the ones moving them. In the case of Bitcoin, they can move all the funds they want without any organization stopping them.

Bitcoin allows people to travel worldwide with their money, just with their wallet and an Internet connection. Conversely, banks can request many explanations about why they are spending their money.

Of course, people can risk that the government will block their transactions with fiat money. Furthermore, they may decide to move their available Bitcoin funds without the protection of a bank.

Before Using Bitcoin, Investors Need to Do Some Personal Research

The use of Bitcoin requires prior research, contrary to when using a bank card. The reason for this is that this new technology may not be very straightforward.

People can choose between learning by themselves and going to the bank to have a qualified person serve them. However, those who invest in Bitcoin can learn from experts who share their experiences and knowledge to make the best decisions.

By Alexander Salazar

The United States of America concentrates on Bitcoin mining for the first time in a long time. Miners have found energy alternatives after leaving China.

The United States of America concentrates a large percentage of Bitcoin mining worldwide, displacing China as the territory that centralized this activity.

According to a new study released by the Cambridge Center for the Financial Alternative (CCAF), by the end of July 2021, 35.4% of the mining power or hash rate of the network Bitcoin came from the United States of America.

The causes are clear: China’s Bitcoin and cryptocurrency mining bans have generated a large migration of miners and companies, which had settled in the US and other countries in recent months.

By May 2021, the report reflected that the US hosted 17.2% of the hash rate, while China still hosted 44% of the Bitcoin hash rate in its territory.

The CCAF now notes that that percentage fell to 0 in China, although some miners could remain in hiding. Also, Cambridge indicates that according to their methodology, there are variables that could make their estimates imprecise; Although the entity recognizes that there is a trend pushing Bitcoin mining back in that country.

The report also highlights that a variation of the localized hash rate could be seen between the provinces of China for several seasons a year. This variation used to happen due to the change of climatic seasons and the relocation of miners among the available energy alternatives.

However, the report highlights that since June 2021, due to the bans, data on the mobility of miners is no longer available, and this migration according to the seasonal period is already a thing of the past, as the activity got banned and is virtually non-existent in China.

Bitcoin Mining Receives Unanimous Approval in the United States of America

Bitcoin miners in the United States of America received equipment with sustainable energy sources such as residual natural gas, mineral coal, and nuclear energy.

In the last months, a massive movement involved various industries, companies and has even generated the verbal approval of some politicians such as Senator Ted Cruz and the president of the Securities and Exchange Commission, Gary Gensler.

80% of Bitcoin Miners in the World use Renewable Energy, According to recent Studies

A new report by researchers from the University of Cambridge concludes that 76% of Bitcoin miners use renewable sources as part of their energy supply. This group of miners uses about 62% of hydroelectric energy, a percentage very similar to what the academics determined in 2018.

The research, revealed this September, is the third Global Cryptocurrency Benchmarking Study led by the Cambridge Center for Alternative Finance (CCAF). In the report, the teachers highlighted the changes that occurred in the cryptocurrency sector since the publication of their first and second study, in 2017 and 2018.

By: Jenson Nuñez

An ETF would make exposure to bitcoin for many mutual funds easier. The first decisions of the SEC will appear next Monday.

In less than a week, the first of a group of decisions by the United States Securities and Exchange Commission (SEC) on a score of requests for bitcoin exchange-traded funds (ETFs) introduced this year will be public.

According to various analysts of the bitcoin market, there are high expectations of approval of one or more ETFs, within the SEC announcements, expected from Monday, October 18.

Between October 18 and November 3, six decisions on bitcoin futures ETFs will make their public appearance, while SEC’s opinions on 12 physical, or spot, bitcoin ETFs will be communicated from next November 14.

In his latest prediction on the bitcoin market, analyst Willy Woo points out that if any ETFs waiting for a move in October obtains approval, users can immediately expect a speculative rally.

Impact of a Bitcoin ETF Approval

An analysis by Arcane Research adds three possible situations regarding the SEC approval of one or more bitcoin ETFs and how these approvals would impact the price of that digital currency.

First of all, the impact on the price of BTC would get mentioned immediately after the approval announcement. There is also the fact that the bitcoin market would already be under upward pressure in anticipation of approval.

The report highlights that approval on an ETF would lead to an upward movement, and market participants would intend to gain more exposure to bitcoin.

If a futures-based ETF receives approval, it could cause increased buying pressure on CME, the futures exchange, which would drive the growth of open interest in futures over the medium term.

According to the report, this situation would attract more capital. This capital could generate increased pressure on the bitcoin spot market.

In the long term, assuming a good verdict from the SEC, ETFs as another investment bridge in bitcoin, ETFs can be vital to bitcoin price action. A longer-term influence would become less important, according to Arcane Research.

Impact of an ETF on Institutional Investments

The What Bitcoin Did podcast, led by Steve McClurg and Jeff Kilburg of Valkyrie Funds, expressed the increased access of institutional investors to bitcoin once an ETF gets approved.

Kilburg spoke about a relevant feature linked to a bitcoin ETF that represents the intersection of traditional finance and cryptocurrencies.

Steven McClurg, CIO of Valkyrie Investments, expressed his thoughts on the approval of ETFs that the SEC may be using. Criteria may get included, but it has no limits regarding the date of introduction, the structure of the ETFs, and the guidelines for their management and custody, McClurg said.

However, McClurg released a hypothesis about which ETF would receive approval according to their structure and other vital factors.

According to McClurg, of the proposed spot ETFs, which await the SEC’s final word in November, the first batch of approved ones would be those introduced by VanEck, Wisdomtree, and Valkyrie.

By: Jenson Nuñez