Title: Bitcoin is on hold
Description: While the price of bitcoin remains relatively stable, there is reason to believe that a major break is imminent.
SEO: Bitcoin is on hold
By: Dion Guillaume
Last Week In Bitcoin is a series that discusses the events of the previous week that occurred in the Bitcoin industry, covering all important news and analysis.
Summary of the week
This week has been relatively quiet. We briefly saw that Bitcoin exceeded $ 50,000 at times, although it has struggled to stay above that important threshold in recent days. This could be the calm before the storm, as next week El Salvador will officially adopt bitcoin as the legal tender currency. Not to mention that we are just two months away from activating the soft Taproot fork. Bitcoin may be gearing up for a decent run.
There was some intriguing news coming to the stands: Twitter is working on integrating bitcoin payments, El Salvador is finalizing its bitcoin plans, mining is taking the spotlight, and the SEC president continues to sing the praises of Bitcoin . This is the week in bitcoin:
Bullish news
On Monday, the bitcoin network set a new record with more than $ 8 billion in weekly transaction volume recorded, a remarkable milestone as Bitcoin approaches the $ 1 trillion market capitalization mark again.
On Tuesday, El Salvador’s democratic assembly approved the country’s $ 150 million bitcoin trust before the nation officially implemented bitcoin as a legal tender currency early next week. The launch will allow each citizen to receive $ 30 in bitcoins through the country’s dedicated Chivo wallet with 200 ATMs that will be installed nationwide.
Also Tuesday, Genesis Digital Assets offered a Canaan option to buy 200,000 bitcoin mining platforms. The company acquired 20,000 platforms from Canaan, with the option to purchase an additional 180,000. Genesis currently accounts for 2.4% of the global bitcoin hashrate and that share could increase by almost ten by 2023.
On Wednesday, Belarusian President Alexander Lukashenko urged citizens to exploit bitcoins with the country’s excess electricity instead of looking for low-income jobs abroad. As more counties and countries push for incentives to host miners on their shores, Belarus may end up doing the same, to the benefit of the nation’s economy in Eastern Europe.
On Wednesday, the leading bitcoin rewards app, Fold, announced that it has partnered with OpenNode to fully operate on the Lightning network by 2022, paving the way for fast and affordable bitcoin payments.
Wednesday also saw bitcoin superfan and U.S. SEC President Gary Gensler spoke with the European Parliament about bitcoin, pointing out how the network works 24 hours a day, seven days a week and through borders. He said “this innovation has been and could continue to be a catalyst for change in the fields of finance and money” and “I believe the transformation we are experiencing now can be as great as the Internet in the 90s.”
Completing Wednesday’s bustling bitcoin day, some Twitter beta leaks were shared testing a bitcoin tipping service in collaboration with the Strike app, which would later be confirmed by the company’s product manager. This emerges from statements by CEO Jack Dorsey in July that bitcoin would be implemented for tips, Super Follows, trading and subscriptions.
On Thursday, Vast Bank became the first contracted bank in the United States to offer bitcoin services. Customers will be able to buy and sell bitcoins directly from a current account secured by the FDIC, while their bitcoin custody solutions include a mobile trading platform with instant settlement in their accounts.
Also on Thursday, Franklin Templeton, an investment manager with more than $ 1.5 trillion in assets under management and operating in 34 countries around the world, posted a list of jobs on LinkedIn looking for a “Research Analyst: Currency cryptographic ”. Very bullish?
Thursday afternoon, e-commerce platform based in the United States Shop.com became the latest distributor to accept bitcoin payments courtesy of a partnership with the cryptocurrency payment platform, BitPay.
Bass news
This week there were several small protests throughout El Salvador against the official launch of bitcoin next week as a legal tender nationwide. While the $ 30 each citizen will receive in bitcoins will be a drop compared to the daily volume of the world market, if most decide to sell their new holdings, it may end up deterring other countries from pursuing plans to adopt bitcoin as their currency. of legal course.
Verdict
Twitter and bitcoin? Yes please! This week has been relatively quiet, but you could tell no news is good news. Bitcoin has managed to hover between $ 47,000 and $ 50,000 for most of the week, but has struggled to breach the $ 51,000 and face a broker.
Next week will be a crucial week for bitcoin, perhaps historic. El Salvador will officially adopt bitcoin as its legal tender as it launches 200 bitcoin ATMs and 20 bitcoin kiosks across the country. Each citizen will receive bitcoins worth $ 30 through the country’s dedicated Bitcoin wallet. One country adopts bitcoin as a legal course and donation bitcoin of each citizen.
What happens in El Salvador next week will be hyperbole or a little bearish. A smooth deployment is not necessarily essential, but it will be crucial to ensure that citizens not only abandon their new holdings and continue to use fiat dirt. If their adoption of bitcoins is successful over the next few weeks, or even months, we could see more countries pushing plans to do the same.
I think we are in the calm before the storm. Bitcoin is preparing for a break. El Salvador could be a catalyst or the market could be about to reverberate. Whatever happens, I’m stacking some sats and grabbing the popcorn.
This is a guest message from Dion Guillaume. The views expressed are wholly their own and do not necessarily reflect those of BTC Inc. o Bitcoin Magazine.