Bitcoin (BTC 1.06%), which is up more than 60% this year, just experienced its best week since December 2020. While stretches like this often lead investors to anticipate some sort of correction, there is plenty of reason to believe this might just be the beginning of a new bull market.
The recent surge in the price of Bitcoin [BTC] has caused a significant shift in mining activity on the BTC network. Pseudonymous CryptoQuant analyst Onchained found that the 68% jump in the year-to-date value of the king coin has resulted in an increase in fees per transaction due to the increased demand for block space.
The global economy is unquestionably moving towards a digital ecosystem where everything from different investing strategies to money transfers is done digitally. This invites the idea of fresh digital innovations that get continually developed.
Exchanging hands at $27,524 per coin at press time, Bitcoin [BTC] ended last week’s trading session with an impressive 35.8% increase in value, causing it to rally out of the deep bear market territory, Glassnode found in a new report.
The bitcoin mining industry appears to be getting back on its feet after a long crypto winter that saw major bankruptcies and fire sales. Even though mining economics have improved only marginally as bitcoin trades above $20,000, capital is starting to flow into the sector once again.
TeraWulf (WULF) has begun operations at its Nautilus Cryptomine facility – the first nuclear-powered bitcoin mining facility in the U.S. – with nearly 8,000 mining rigs online representing computing power, or hashrate, of about 1.0 exahash per seond (EH/s).
The recovery of Bitcoin prices since the start of the year has brought some breathing space to the companies that mine the world’s largest cryptocurrency after 2022 drove many to warn of cash shortages or even in the case of Core Scientific, one of the biggest publicly traded miners, to file for Chapter 11 bankruptcy.
Global crypto rules will be derived from a synthesis paper jointly produced by the International Monetary Fund (IMF) and the Financial Stability Board (FSB), India has officially announced as President of the G20 group of nations.