Bitcoin has recovered from a mini flash crash at the end of last week and is back trading above $34,000 on Monday.
The price rebound has had a knock-on effect for the broader crypto market, with Binance Coin, Ripple (XRP) and dogecoin all rising by 2-5 per cent overnight.
Of the leading cryptocurrencies, only Ethereum (ether) failed to make meaningful gains over the weekend.
The latest movements have failed to jolt bitcoin out of its recent stasis, with the world’s leading cryptocurrency moving by less than 1 per cent week-on-week.
It has failed to break above $36,000 or below $32,000 since late June, though some analysts are hopeful a big move is on its way.
According to one indicator, bitcoin is on the verge of flashing a major buying signal, similar to the one seen in October 2020.
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1626087526Hydroelectric plant finds mining bitcoin is more profitable than selling electricity
A 124-year-old power plant has begun mining cryptocurrency as it’s more profitable than selling electricity.
The Mechanicville facility in New York state is the latest to benefit for the China mining exodus and the subsequent drop in hashrate.
“We think this is the oldest renewable energy facility in the world that’s still running,” Albany Engineering CEO Jim Besha told the Albany Times Union, adding that the plant “can actually make more money with bitcoin than selling the electricity to National Grid.”
Anthony Cuthbertson12 July 2021 11:58
1626083512Bitcoin ‘buy signal incoming’
A crypto market indicator suggests bitcoin’s price could finally break out of the narrow $32k-$36k band that it has been stuck within for the last fortnight.
The 90-day exponential moving average of the ratio of buyers to sellers is about to hit the “launch zone”, according to analyst Cole Garner at CryptoQuant.
“Since 2019, a touch of the green box historically signals a big bullish move is right around the corner,” he writes.
“The last touch was in October 2020, just above $10k. We’re almost there.”
Anthony Cuthbertson12 July 2021 10:51
1626082938Hello and welcome…
To The Independent’s bitcoin live blog. We’ll be bringing you all the latest crypto news, market analysis and expert price predictions throughout the day
Anthony Cuthbertson12 July 2021 10:42