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Bitcoin at $ 60,000 will put the economy into crisis

Relevance up to 04:00 2021-11-03 UTC–4

According to billionaire Peter Thiel, Bitcoin at the level of $ 60,000 is a crisis moment in the economy and explained that high cryptocurrency prices indicate an inflation problem. Thiel also criticized the Fed for not recognizing and addressing inflation as a serious problem.

According to Bloomberg, the Wharton School of Business at the University of Pennsylvania, which is one of the nation’s leading business schools, plans to accept cryptocurrency as tuition fees for its online blockchain and digital assets program.

Cryptocurrency miners are accumulating bitcoins, creating shocking offers that help to raise prices even more. The indicator, called zero-transition delivery, which determines whether miners are holding on to the coins they have mined, has increased by about 50% since September. The supply shock and demand put Bitcoin in a strong position to potentially have an upward trend.

The US seems to be taking the bitcoin mining crown after China’s crackdown on the digital currency market. According to an article published by the Wall Street Journal, more than one-third of the world’s computing power dedicated to Bitcoin mining is currently provided by machines in the US, compared to less than one-fifth since last spring. In this regard, Bit Digital CEO Samir Tabar called China’s harsh measures “an unintended gift for the United States.”

Ethereum has soared to record levels after optimistic sentiment related to the Ethereum network upgrade. According to Bloomberg, the popular cryptocurrency surpassed Bitcoin during 2021, increasing sixfold due to the interest of retail companies and organizations in this area.

Nevertheless, there are also threats to cryptocurrencies.

Bloomberg said that Chinese tech giants are downplaying the importance of their ties to irreplaceable tokens amid concerns that this area of cryptocurrency could become the next target for regulators.

The international body that coordinates government policy on illicit financing – the Financial Action Task Force on Money Laundering has issued new guidelines that could force cryptocurrency firms to take more proactive steps to combat money laundering. A representative of the crypto industry criticized the rules, saying that they would undermine privacy and innovation.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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