Bitcoin has recorded new ATHs after breaking free from a long crypto winter period ahead of its scheduled completion of the halving process this April.
Argentinians have been seeking to hold even more bitcoins recently with the coin registering record high demand since 2021.
Bitcoin keeps breaking records ahead of its April 2024 halving schedule. The coin has already broken its ATH prices in multiple currencies including the US dollar as its demand keeps rising. Now, a report from Bloomberg shows that the country’s demand for the coin is at a 20-month high.
Bitcoin continues to rally ahead of halving cycle
Bitcoin continues to make new records as its price rallies and demand keeps growing. Aside from BlackRock and MicroStrategy holding over 1% each of the coin’s maximum supply, retail investors are also waking up to the coin ahead of its April 2024 halving schedule.
Countries that invested in Bitcoin like El Salvador are already in profit while others continue to welcome the coin via different approaches like ETFs and setting up regulations. Bitcoin has long been seen as a hedge against inflation and devaluation of fiat currencies which stems from the coin’s original purpose.
In 2023, multiple fiat currencies lost over 50% of their values against the US dollar which has driven citizens of the affected countries to look for safer havens for their fortune. In Argentina, Bitcoin happens to be one of the options to hedge against inflation. The Argentinian Peso has plummeted fourfold YoY.
As a result, citizens of the country are trying to find ways to recover from the aftershocks of the market crash of the peso. According to .crypto exchange Lemon Cash data, about 35,000 customers invested in Bitcoin in the week ending March 10, a statistic double the weekly average recorded in 2023.
Other exchanges in the region like Ripio and Belo also showcase similar data.
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Satoshi Nakamoto’s selfless invention Bitcoin, has hit ATH in multiple countries as it eyes $60K.
Bitcoin’s ATH in USD is $65K a figure that is now in a close range as the coin breaches $59K levels.
Crypto bull runs have been following 4-year cycles in tandem with Bitcoin halving cycles. The next halving cycle is on April 19th.
The crypto market is beginning to get fired up as Bitcoin price rallies eyeing its ATH. The coin has been following a rough market cycle of bulls and bears that have the halving event in the middle of it.
Bitcoin eyes $60K, $5K shy from its ATH
As Bitcoin eyes its next halving event on April 19th, it has already breached the $59K level. This remarkable performance has attracted the attention of crypto investors and influencers on X.com and attracted mixed reactions.
Owing to rising inflation rates, the coin has already breached its ATH price in multiple countries including:
Argentina
Russia
Ethiopia
Malaysia
Australia
China
Indonesia
Nigeria
Japan
Pakistan
South Korea
Is the crypto bull run already here?
As mentioned earlier the crypto bull run and Bitcoin halving cycles seem to be occurring together. This time, the market is reacting in a similar manner.
While it’s still not promised that the bull market has already begun, Bitcoin always precedes ALTs’ season and now, it has received almost ATH inflows of funds. To add to the sum, there is an influx of dollars following into the Bitcoin market indirectly via ETFs. This particular set of events makes it almost believable that the upcoming bull run will be the biggest one yet.
If that happens. The crypto market will have endured one of the biggest crypto winter and bear market that began in 2021 ending 2024. In these two years, multiple companies went bankrupt and the crypto market shed a value of almost $2T.
While these views have market history backing, it’s not promised that this time it has to play out in a similar way. A black swan event could happen and reverse the market sentiments. Please do your own research before investing and remember to avoid FOMO.
This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.
For more resources like this one, keep watching our website and remember to follow our socials to stay ahead of the curve. Thanks for believing in us. Your support is appreciated.
Bitcoin’s hash difficulty has risen by 6% despite a market dip.
Bitcoin recently fell to 26K levels claiming over $1 billion in liquidations.
BTC price action is causing panic in the markets as traders are experiencing high liquidation ratios. However, Miners are still positive as bitcoin hash difficulty has risen 6% in the past 24 hours.
Market dip inconsequential as Bitcoin hash difficulty increases
Bitcoin price crashed by 10% last week, causing the whole market to move in tandem. As a result, record liquidations were seen in both shorts and longs. As a result, market sentiment has fallen back to fear from the neutral position that it was in before the pullback.
The Bitcoin hash difficulty rises that happened on August 22 now marks the 6th largest uptick of 2023 per figures from BTC.com. The rising Bitcoin hash difficulty rate shows miners are still not struggling with productivity in their activities, and the coin’s security is becoming stronger.
The upcoming readjustment is due to continue the rising Bitcoin hash difficulty taking it to over 56 trillion for the first time. Though it is impossible to calculate with 100% accuracy, the Bitcoin hash rate is already pushing the existing all-time highs of over 400 EH/S (exahashes per second.)
This rise in bitcoin hashrate is contributed by not only the incoming halving session but also a growth in the number of bitcoin miners. Bitcoin is expected to rise in price in the upcoming years as TradFi institutions flock to adopt it for their customers. As such, they are expected to be the major catalyst for mainstream crypto adoption.
As such, bitcoin mining is still seen as a worthwhile business since the network is also gaining new use cases via inscriptions and other Bitcoin standards. Data from Glassnode shows an increase of 0.08% in the number of BTC held by miners. They have a total of known 1.83M coins.
Binance has confirmed that it has become the first regulated crypto exchange in El Salvador.
The development pushes El Salvador’s Bitcoin vision further, as investors will have a chance to trade more cryptocurrencies.
Binance has become the first regulated crypto exchange in El Salvador after securing a license from the country’s regulators in an effort that seeks to propel the country to more crypto adoption. This development pushes El Salvador’s Bitcoin “love story” forwards.
Binance is now the first regulated crypto exchange in El Salvador
An August 8th report from Binance confirms that the exchange is now the first regulated crypto exchange in El Salvador after securing both Bitcoin Services Provider License (BSP) from the Central Reserve Bank and the first non-provisional Digital Assets Services Provider License from the National Commission of Digital Assets.
Binance has secured this win in a series of other wins from countries warming up to the crypto industry. However, it still needs help from other regulators, like in the UK and the US. The UK FCA recently shut down one of its subsidiaries; however, the company said that it did not expect its services to be impacted as it was not serving UK customers in the first place.
In the US, the company’s Binance.US platform is under investigation and a court battle with the US SEC that terms it as a securities broker and alleges it mixes its funds with the international exchange, which puts US citizens’ investments at risk. However, neither of the allegations has been proven though it is expected the case might end up in a settlement between the exchange and the US SEC.
El Salvador, Bitcoin love story continues….
El Salvador has had one of the most interesting love affairs with Bitcoin adoption. It approved using Bitcoin as a legal tender ditching the US dollar in 2021. It then invested heavily in the coin and issued handouts to its citizens to incentivize its adoption.
The nation’s citizens cried foul when the systems did not function optimally. President Nayib Bukele was also criticized as his Bitcoin investments were losing value in the face of the 2022 crypto bear market. The World Bank and the IMF even criticized the decision to use Bitcoin as a legal tender, saying it would cut loans and other fundings, citing risky monetary policies.
However, El Salvador did not get shaken; it has managed to release its volcano bitcoin bonds which have had a massive market impact and stabilized its usage of Bitcoin as legal tender. The country also profits from its Bitcoin holdings.
As such Bitcoins’ “hottest romantic affair yet” continues via the approval of the first regulated crypto exchange in El Salvador. Keep watching Fintech Express for updates on this and other Fintech-related developments.
Disney has reportedly created a task force to study how AI can be used to cut costs in the studio.
The development comes when Writers and Actors are on strike due to payment concerns and AI threats to their job security.
House of Mouse CEO Bob Iger has reportedly given the green light to create an AI task force to explore how AI can be used to cut costs in the company. The development comes at a time when the AI industry is blooming. Other companies like Netflix have also previously advertised for high-interest AI position(s).
Bob Iger brings together an AI task force as the WGA strike continues
A Reuters report indicates that a popular entertainment studio, Disney Studios, has created an Artificial Intelligence (AI) Taskforce to explore the best ways to employ the technology in edging out the competition, improving products, and cutting operational costs.
The report indicates that three insiders have vouched for the information, with one saying that competition is a key point in the recent decision by Disney that risks adding fuel to the continuing writers’ and actors’ strike.
House of Mouse has 11 job openings that seek to add AI and machine learning knowledgeable persons to its team and serve in different company branches spanning Walt Disney Studios, engineering, and theme parks.
Other studios like Netflix have also been advertising for highly paid AI-related positions, a key pressure point in the ongoing Hollywood strike involving anyone represented by the Screen Actors Guild, an American Federation of Television and Radio Artists. This strike seeks to add more revenue to the participants from the studios and ban the use of AI to safeguard their jobs; however, no real settlement has been reached yet.
Keep watching Fintech Express for updates on technology and other Fintech-related developments.
