It will take several months for large bitcoin miners fleeing China to escape government repression to start working again. Data centers from Texas to Siberia are scrambling to secure the space and power for them, while many small players struggle to move at all. Bitcoin is created or “mined” by high-powered computers usually in data centers in different parts of the world.
Crypto exchange Binance said in an email that it will temporarily suspend bank deposits in euros from one of Europe’s major payments networks, citing uncontrollable events sent to users. Deposit attempts will be refunded within 7 business days.
According to ZebPay Trade Desk, Bitcoin is likely to break out of its seven-week trading range from $30,000 to $40,000. Several indicators that track the cyclical nature of price volatility suggest that a big move is on the horizon.
“Furthermore, the upcoming Grayscale unlocks, along with the Taproot upgrade, have already led to blockchain data indicating increased buying by wealthy investors and BTC whales, so an upward movement seems likely in the near future. Somewhat limited.”
Back home, consumers globally spent more than $1 billion in cryptocurrency on goods and services via crypto-linked cards in the first six months of 2021, says payments company Visa.
Meanwhile, international auction house Sotheby’s said it will accept payments in Bitcoin or Ether when a 101.38-carat diamond is sold, which marks another milestone in cryptocurrency adoption. The auction will be sold on Friday.
According to Sotheby’s, a flawless diamond could fetch up to $15 million in the sale of a single piece in Hong Kong, the most expensive physical thing ever offered to buy in cryptocurrency.
Tech Show by Giottus Cryptocurrency Exchange
Terra (LUNA) is a blockchain protocol that uses stablecoins pegged to the dollar to power global price-stable payments systems. Like many other projects with strong fundamentals, Terra (LUNA) has seen a significant uptick in its recent bull run. LUNA’s price has soared from $0.12 to $22.4 in less than a year, achieving a return of more than 18,000 percent from the bottom up.
As LUNA builds an ecosystem that attempts to solve other traditional blockchain problems, financier and crypto bull Mike Novograt called for it this week, pumping it up 20 percent in less than 24 hours. It is currently among the top 30 coins ranked by market value.
LUNA made a bullish wedge recently although on a macro level, it appears to be in a build-up phase (since May) and has just bounced off a major resistance level. It is trading above the 20-day and 50-day Asian moving averages at 6.6 and 6.18, respectively.
As it continues to launch buying indicators, a new bullish trend could emerge that may take it to a more optimistic area decisively. Hovering at the $6.8 area today, it is already testing the support level, with the next major resistance level ahead at $7.9.
supports: $6.8, $6.4, $5.9, $5.5
resistance: $7.9, $8.2, $9.0
(The opinions and recommendations in this section are those of the analysts and do not represent the opinions and recommendations of ETMarkets.com. Please consult your financial advisor before assuming any position on the said asset/s.)