Friday, August 12

Bitcoin price fell below $ 60,000

The price of the main cryptocurrency on the market, Bitcoin, fell back on October 27, falling below $ 60,000. However, analysts were already prepared AND some data commented on on social media suggests that a deeper dive to a low of $ 50,000 would still preserve the general uptrend.

The price of Bitcoin is trading at $ 58,860, a drop of -5.86% in the last 24 hours. As pointed out by our internal tool, crypto online. However, this fact is far from worrying analysts, investors and tarders. An example of this can be seen in a tweet today, by Brandt. Famous for his accuracy when it comes to BTC price predictions, he refused to turn bearish on Bitcoin.

Despite the recent drop, analysts are generally calm. For Brandt, there is also little reason to ditch Bitcoin due to the current price action.

River Financial, the San Francisco-based Bitcoin technology and financial services company, will allow its clients to buy bitcoin miners and start mining without having to set up and maintain the computers themselves.

The company has thrown out a new service called “River Mining”. In which customers can purchase Bitmain’s top-of-the-line Antminer S19j Pro miners and manage the mining process via a mobile app, according to River’s website. The miners have approximately 100 terahash per second of mining power each.

Once customers purchase the miners, they will be responsible for electricity fees and a monthly accommodation charge for the machines.

Dubai Financial Watchdog Approves Listing of Bitcoin Fund

The Bitcoin Fund, a closed investment vehicle based in Canada, has received regulatory approval from the Dubai Financial Services Authority (DFSA).

A report from Trade Arabia affirms that the Bitcoin Fund is now in a position to be listed on the Nasdaq Dubai with holdings worth up to $ 200 million, following approval by the DFSA. This enables the region’s first cryptocurrency-based product, listed on a regulated platform, to meet the growing demand from institutional investors. The Bitcoin Fund will be available to investors of all levels, from large banks to individual traders.

Law to regulate crypto in India could be close

India could soon bring changes to its largely unregulated crypto sector. Finance Ministry officials have claimed that a crypto-law could enter the scene around the time of the annual budget.

Said annual budget will be provisionally presented on February 1, 2022 by Finance Minister Nirmala Sitharaman. The minister had previously expressed concerns about the anti-Bitcoin protests in El Salvador. At the time, however, he also said that a CBDC might be possible.

However, authorities did not assure that a ban is imminent. The report has also claimed that the government could treat cryptocurrencies as an asset similar to commodities.