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Bitcoin: highlights of the week

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From CriptoTendencia we know how important it is for you to keep up to date with the information of the crypto market. So today we bring you a summary of the most important events about Bitcoin (BTC).

Price

Bitcoin (BTC) price seems to have had a very positive week. Let’s see what happened!

On Saturday, July 18, the price of BTC stood at $ 9,184, a level at which it remained the past weeks. But, on Tuesday, July 21, the crypto market surprised us when Bitcoin reached $ 9,305, an increase of 1.32% in a few hours.

This happens after spending almost 3 months on a big and boring side. In this sense, in the technical analysis that we carried out from CryptoTrend, we pointed out that the intra-daily trend clearly changed to bullish.

At the time we pointed out that, with the rise of Bitcoin, the price ran into a key residence at $ 9,435, a barrier that if it managed to overcome, the terrain could be completely cleared up to at least $ 9,689.

Bitcoin (BTC) price chart for the last 7 days by CoinMarketCap.
Bitcoin price chart for the last 7 days by CoinMarketCap.

At the time of this writing, Bitcoin’s price is at $ 9,573. This leads us to ask: will the uptrend continue? Will it achieve the long-awaited level of $ 10,000?

But why the $ 10,000? Why not be more ambitious? This week we report on CryptoTrend that the creator of the Bitcoin price model (BTC) stock-to-flow (S2F), Plan B, reported that Bitcoin may be closing in on the USD. 25,000.

S&P 500 and Bitcoin have been correlated and co-integrated for the past 10 years. The implicit price of Bitcoin according to the S&P: $ 25,000. Interesting times are drawing nearHe noted on Twitter.

Bitcoin enthusiasm

The price increase generated quite a bit of excitement in the crypto community. In fact, Changpeng Zhao, CEO of Binance, commented on his social media that he has never seen such enthusiasm for a small Bitcoin move.

Likewise, another notable event about Bitcoin is that Garry Kaspárov, the legendary chess player, showed his sympathy for BTC. In an interview for Forbes, he assured that Blockchain technology and cryptocurrencies like Bitcoin are “natural options” for protection against privacy and human rights violations.

However, despite these facts that we mentioned earlier, this week also Google Trends reported that interest in BTC decreased to the lowest level of 2020.

But, as we reported from CryptoTrend, this does not have to be classified as positive or negative. Overall, Google Trends reports higher interest in BTC when there is higher volatility.

Consequently, from CryptoTrend we conclude that it is volatility in Bitcoin that generates interest, but interest does not determine price increases or decreases.

Mining

Current cost of mining

This week we reported from CryptoTrend that the cost of mining just one Bitcoin is, on average, at $ 5,000 USD.

Yes, you read it right. According to the data offered by BitOoda, the investment required to mine a Bitcoin is one of 5,000 US dollars.

You are probably wondering, “What does this investment take into account?” According to the study, several factors were taken into account such as the cost of ASICs, the value of electricity, as well as the difficulty of the network.

As we have pointed out many times, a key factor in BTC mining is the cost of electricity. It is precisely this that has made mining concentrate in countries with lower costs.

However, a country with low electricity costs does not necessarily imply that it is an appropriate destination.

For example, in Costa Rica electricity costs are low, but equipment and infrastructure costs, added to the Fiscal Plan taxes, considerably increase costs.

A complicated divorce?

Another of the most notable events of this week on Bitcoin is that, according to reports, there is a power struggle between the two main shareholders of Bitmain, Wu Jihan and Micree Zhan Ketuan.

What is relevant about this power struggle is that it could translate into the creation of parallel sales and shipping departments.

The reality is that this dispute is not new, it erupted last week when Wu decided to expel Zhan. So the latter has been in a constant battle to recover the company and recently won the favor of the authorities.

This divorce has created problems within the company that have resulted in deficiencies in supply. In fact, Bitmain has been giving up its market power against the competition from MicroBT.

What other consequences could it have for the Bitcoin mining market?





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