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These key metrics make a more bullish case for Bitcoin

Bitcoin’s value has been appreciating over the past week and it currently stands at $11, 377. The value of the digital asset peaked a couple of days back at $11,731, but could not hold on to this level and slipped lower. However, BTC staying above the $11k mark has been a sign of relief for […] The post These key metrics make a more bullish case for Bitcoin appeared first on AMBCrypto.

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Bitcoin Is Undervalued, Fair Value Price Should Be $15,000, Says Analyst

Bloomberg cryptocurrency analyst Mike McGlone says bitcoin is greatly undervalued, suggesting that its fair value price should currently be somewhere around $15,000. The price of bitcoin (BTC) has see-sawed between $10,000 and $12,400 over the last few weeks, often tumbling sharply following what one pundit described as “fake” breakouts. The latest rout saw BTC crash more than 8% within days from over $11,000 to $10,100. At Press time, each bitcoin is trading for $10,695, up nearly 2% in the last 24 hours. McGlone, a senior commodity strategist at Bloomberg, based his arguments on various factors, including bitcoin’s rising hashrate, which…

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Venezuela Passes Law Legalizing Crypto Mining, Forces Miners to Join National Mining Pool

Reports say Venezuela has now legalized bitcoin mining following the decree recently issued by the National Superintendency of Crypto Assets and Related Activities (Sunacrip). As part of the new regulations, all entities and individuals interested in legally mining bitcoin and other cryptocurrencies must now apply for a license from the agency. According to a report, the decree will result in the creation of a National Digital Mining Pool (NDMP), a body that “seeks to bring together all the miners operating on the Venezuelan territory.” Meanwhile, the decree document, which was signed by Joselit Ramirez the superintendent of Sunacrip, does not…

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Bitcoin hashrate drops 10-20% due to massive floods in China

As of Tuesday, bitcoin hashrate dropped by 25% due to massive landslides in Sichuan province. The landslides caused by heavy downpour caused the Sichaun province to trigger a Level I response, the highest in its tier four-tier emergency response system. Bitcoin mining and Sichuan province With bitcoin successfully breaching the $12,000 level, things seemed to be doing well for miners. Considering cheap electricity costs due to hydro season and bitcoin price, the hashrate did hit a record average high of 129 EH/s as of August 15. However, with the recent development in Sichuan and the miner concentration in the area, the…

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Bitcoin and miner capitulation: Was the threat ever real?

Once upon a time, Bitcoin‘s shadow was so overwhelming that many of the market’s altcoins failed to get the attention they deserved. Over the last few months, however, this narrative has steadily changed. While Bitcoin still maintains its superiority as the world’s largest and most-favored digital asset, other altcoins such as Ethereum, Chainlink, and Cardano have risen up the ranks in terms of popularity too. This is especially so in the case of Ethereum, Bitcoin’s closest competitor. Ethereum hogs the majority of the headlines these days since multiple developments are taking place within its ecosystem. With an eventual shift to…

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Kazakhstan Proposes 15% Tax on Bitcoin Mining to Help Combat Coronavirus

Kazakhstan has proposed legislation that would see a 15% tax imposed on bitcoin mining firms. This is part of efforts to raise money to help with the fight against the coronavirus pandemic. Proposed by the country’s Ministry of Economy, the new tax plan requires bitcoin (BTC) miners to first file an application for registration with the authorities, according to a recent report by a local Russian publication. After this, the taxpayer must then indicate the 15% tax on their annual tax calculations. The report notes that “the clause on registration makes the bill unique… the taxpayer working with cryptocurrencies stands…

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Report Cuts China’s Bitcoin Mining Capacity to 50% of World Total, Raises US’ to 14%

A new report by crypto research company Bitooda claims that China accounts for only 50% of global Bitcoin mining capacity, and the U.S. 14%. The data is in sharp contrast with earlier findings from the University of Cambridge Centre for Alternative Finance (CCAF), which put China’s share of the world hash rate at 65% and about 7.2% for the U.S. In the July 15 report, produced with support from asset manager Fidelity Investments, Bitooda says it reviewed several public sources, including “confidential conversations” with miners, rig manufacturers and dealers to determine the areas with the most BTC mining capacity. “We…

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