Thursday, August 11

Expectation for the Bitcoin update: support price, in a game of “bears” and “bulls”

Nevertheless, The creation of Satoshi Nakamoto and queen of cryptocurrencies continues to rise 36% in the last month and it consolidates.

The blockchain from Bitcoin will be updated in November to improve the privacy and scalability of the cryptomoney, which will reduce operating costs and simplify the transaction validation process to make them faster. This would bring a key change: lower energy consumption and environmental impact.

With this, he would have a key letter against his detractors and the most paved way to comply with the forecasts that place the cryptocurrency at a value close to US $ 100,000 by the end of the year.

It should be remembered that it was the high energy consumption that motivated the announcement of the billionaire Elon Musk that his company Tesla would no longer accept Bitcoin to pay for their cars. The price of BTC suffered its worst decline in the year and took months to recover.

Regarding the movement of Bitcoin, experts indicate that this market behavior is due to the fact that after the launch of the ETF “instead of causing a new bullish wave and one of those wild rises associated with the cryptocurrency, the collection of profits was simply delayed” , in the words of Craig Erlam, an analyst at Oanda. Now it stands at US $ 60,000 “which leads us to wonder what magnitude of correction we are facing,” he adds.

Although bitcoin has a history of epic price spikes, the corrections can also be quite bulky. We’ve seen some support around $ 58,500, “which was notable resistance on the upside,” Erlam notes, while $ 56,500 and $ 53,500 could offer more support on the downside. he adds.

In relation to ETF, Proshares Bitcoin Strategy trades in the premarket with an uptrend (+1) trading just below the low of $ 40. Valkyrie Bitcoin Strategy, meanwhile, closed yesterday lower trading at $ 23.

Other cryptocurrencies

For its part, Ethereum remains at its highest historical levels after having reached a maximum of $ 4,400, and now it loses some ground.

But the star of the week is the cryptocurrency based on memes shiba inu, which soared more than 50% and made it into the top 10 digital tokens by market capitalization.

Shiba inu is a derivative of dogecoin, which itself was born as a satire of the cryptocurrency frenzy in 2013, and has almost no practical uses.

Nevertheless, its price has soared close to 180% in the past seven days, according to CoinMarketCap, surpassing dogecoin to become the eighth most valuable cryptocurrency, with a total value of 42,000 million dollars.

Its trading, however, is volatile and at 1408 GMT the shiba inu had given up about half of its profit for the session, but was still racking up around 25% in the last 24 hours.

Bitcoin, the largest cryptocurrency with a market capitalization of $ 1.2 trillion, added just over 4% on Thursday, but was trading below the record high it set last week.

Known as “shib” and with a growing army of retail investors, Shiba inu coins are worth a fraction of a penny. Its website calls it “a decentralized meme token that has evolved into a vibrant ecosystem.”

The gains were driven, according to analysts, by the promise of quick profits – a factor that was also behind the widespread explosion of cryptocurrencies during the COVID-19 pandemic. Others said that specialists in the cryptocurrency market were trading large volumes of the token.

“People are always looking for the ‘next bitcoin,'” said Mati Greenspan, founder of cryptanalysis and advisory firm Quantum Economics. “Getting rich quick is a very powerful motivation.”

Expectations of greater acceptance in the mainstream market were also driving earnings, with rumors that the meme-based cryptocurrency will operate on more retail platforms.