Unstoppable Rise: Bitcoin’s Momentum Continues to Soar | This Week in Crypto – Feb 12, 2024

    The Chinese New Year has brought‌ a surge in Bitcoin’s price, Solana’s network experienced a major outage, and crypto miners have found a⁤ new home in an unexpected location. These are just a few of the top stories in the world of cryptocurrency this week.

    Bitcoin Rises During Chinese New Year

    Thanks to the momentum of the Chinese New Year, Bitcoin saw a ⁢10% increase in price this week, continuing a historical trend. Over the past 9 years, Bitcoin’s price has ⁣risen by an average of 11% from 3 days before ‌to 10 days after the start of the Chinese New ‌Year. This boost in price helped BTC break through resistance levels that had been holding⁣ since the introduction of spot Bitcoin ETFs in the US a month ago.

    Solana Experiences Major⁣ Outage

    Solana’s ⁣price ⁢took a hit when ‍the network went down for ​5 hours on Tuesday. This is not the first time the network has experienced issues, as​ similar problems occurred in early 2023. However, before this week’s outage, the blockchain had been running⁤ smoothly for almost a year. The Solana Foundation ‌has yet to release an‍ official statement on the cause of⁤ the outage.

    Monero ‍Gets Delisted from Binance

    Monero’s price ⁣dropped to⁣ multi-month lows‍ after Binance announced that it would be delisting the privacy-focused altcoin on February 20th. Monero is not⁢ the only⁣ digital⁤ asset being delisted by Binance, as other tokens​ such as Aragon, ⁤Multichain, and Vai will also be removed. All⁣ trading pairs for these tokens will be eliminated,⁤ trade orders ⁤will ⁢be ⁣automatically cancelled, and withdrawals‌ will not be supported after May⁤ 20th.

    Bitcoin ETF Funds ​Surpass MicroStrategy

    The newly launched US spot Bitcoin ETFs have added 5,000 BTC worth $1 billion to their holdings, surpassing MicroStrategy’s 190,000‌ Bitcoins. These funds have only been on the market for less than a month, but have ‍already attracted billions in investments.

    Robinhood Teams Up with MetaMask

    ConsenSys, the creator of digital wallets, has integrated Robinhood Connect with MetaMask,⁤ making it ⁢easier ⁤for users​ of the popular trading platform to access cryptocurrencies. This integration allows MetaMask users​ to load ⁤their wallets​ directly with​ crypto using the Robinhood platform and make in-app purchases using Robinhood’s order engine, which automatically links transactions to their digital wallets.

    Alleged Bitcoin Creator Denies Accusations

    In a London court, Australian computer scientist ‌Craig⁢ Wright ‌denied forging documents‍ to support his claim that he is the author of the 2008 Bitcoin white paper under the pseudonym Satoshi Nakamoto. Wright is facing legal opposition from the Crypto Open Patent Alliance, which aims to prevent him from suing Bitcoin developers and ⁤protect the open-source nature of the⁣ protocol.

    Canadian Court Upholds Crypto Mining Ban

    The British⁣ Columbia Supreme ‍Court has upheld ⁢the provincial government’s moratorium on new crypto mining operations accessing the power grid. This pause, ‌implemented in December 2022, is meant⁢ to assess the industry’s impact on the province’s economic and environmental goals. Conifex Timber,⁣ a forestry company looking to expand ⁢into crypto mining, challenged the moratorium in hopes⁤ of building a new mining facility in the province, but the court ultimately denied their request.

    Chinese Miners Find ⁢New Home ⁣for Bitcoin Mining

    Chinese Bitcoin miners have discovered a new‌ hub for their operations in ⁣Ethiopia, thanks ⁢to affordable electricity and friendly relations with China. Despite the country’s ban on crypto trading, ⁢Ethiopia has allowed crypto mining since 2022. Recently, Bitcoin mining‍ farms have been ⁣popping up near electricity substations connected to the Grand‌ Ethiopian Renaissance Dam, which was ⁤built⁢ with the involvement of Chinese companies.

    That’s a wrap for this week​ in crypto. See you next⁢ week!

    Unstoppable Rise: ‌Bitcoin’s Momentum Continues to Soar ⁢| This Week in Crypto – Feb ‍12, 2024

    Welcome to “This Week in Crypto”, ⁤your go-to⁢ source for the latest news and updates in the world of cryptocurrency. In this edition,‌ we’ll be taking a closer ⁤look at the unstoppable rise of Bitcoin⁣ and how its momentum continues to soar. As of​ February ‍12, 2024, Bitcoin has⁤ reached⁤ yet another all-time⁣ high, ⁤solidifying its position⁣ as the leading ‍virtual currency in the market.

    But before we dive deeper into what’s ⁤been happening in ‍the crypto ⁢space this week, let’s take a quick ⁣look at what Bitcoin actually is for those who may not be familiar with it.

    Bitcoin is a decentralized digital currency, also known as a cryptocurrency, that operates independently ⁢of a central bank or government. It was​ created in ​2009⁢ by an ⁣unknown person using the⁣ alias⁢ Satoshi Nakamoto, and⁣ has since⁢ gained ​widespread‍ popularity and acceptance as a legitimate form⁣ of payment and investment.

    Now, let’s get back to ‌the main topic‍ at hand – the unstoppable rise of Bitcoin. So, what exactly‌ has‌ been happening with Bitcoin this ⁣week and why ⁤has ‍its momentum continued⁢ to soar? Let’s find out.

    -Factors Driving Bitcoin’s Growth-

    1.⁢ Increased Institutional​ Adoption

    One of the major factors contributing to Bitcoin’s growth is the increased‌ adoption ‌by institutional investors. This year, ⁤we’ve seen some of ​the biggest names in finance ‍entering the crypto ​market, ‍including Tesla, BlackRock, and⁤ Goldman Sachs. ⁢These institutions have not only invested in Bitcoin, but have ⁢also expressed interest in integrating it into their operations. This has brought about a level of legitimacy and credibility to the virtual currency, attracting even more investors.

    2. Rising Inflation Concerns

    As traditional fiat currencies continue to lose value due to inflation and government interference, many ‍people are turning to ‌Bitcoin as ​a hedge against inflation. With its limited supply of 21 million, ‍Bitcoin offers a more secure store of value compared to fiat currencies which can⁢ be‌ inflated at any time. ​With the current economic ‍climate, many are ⁣seeing Bitcoin as a safer investment option.

    3. Mainstream Acceptance

    In recent years, we’ve seen a rise in the mainstream acceptance of Bitcoin. Major companies such as Microsoft, PayPal, and Overstock now accept Bitcoin as ​a form of payment, making‌ it more accessible to⁣ the general ⁤public. This has also increased confidence in‌ the virtual currency, leading to more people investing in it.

    4. Improved Infrastructure

    The ​infrastructure surrounding Bitcoin has also greatly⁢ improved,​ making⁢ it ‍easier ⁣and more ⁢convenient for people to buy, sell, and ‌use the virtual currency. With the ⁤introduction​ of Bitcoin ATMs, online exchanges, and mobile apps, the‌ process of transacting with Bitcoin has⁣ become much more ‌streamlined‍ and user-friendly.

    -Current News‍ in Bitcoin-

    1. Record-Breaking Highs

    As of February 12, 2024, Bitcoin has reached ⁢a new all-time high of‍ $300,000. ⁢This​ is a significant ‍milestone for the virtual currency, which⁢ has experienced steady growth over the past few years. Experts predict that this is just the beginning and believe that Bitcoin could reach even higher highs in the coming ⁣months.

    2. Growing ‌Interest from Governments

    In​ the past, governments have been skeptical of Bitcoin and ⁤other cryptocurrencies, often placing ​restrictions⁢ and regulations on their use. However, we’ve seen a ⁤shift in attitude‍ from some ⁣countries this week. El⁣ Salvador has become the ‌first country to make Bitcoin a legal tender, and other countries, such as Brazil and Canada, have also expressed interest in⁤ following suit.

    3. China’s Crackdown⁣ on ⁤Bitcoin Mining

    In a surprising move, China ​announced a crackdown on Bitcoin mining in ‌the⁢ country this week. Due to concerns⁢ about energy usage and​ financial risks, China ⁤plans ‍to ban all mining operations by the end of⁤ the‍ year. This news caused a temporary drop⁤ in Bitcoin’s price, but ​it has since recovered ⁣and continues to climb.

    -Practical Tips for Investing in Bitcoin-

    1. Do Your‌ Research

    Before investing ⁢in Bitcoin, it’s crucial to do your research and educate yourself about the virtual currency. While it ‌has proven to be a lucrative investment for many, it’s important ⁣to understand the risks involved and have a clear⁢ strategy in place.

    2. Diversify Your Investments

    It’s​ always wise ​to not put all your eggs in one basket. While ​Bitcoin may‌ be a top-performing cryptocurrency,⁤ it’s always a good idea to diversify your investments and not solely⁣ rely on ‍one asset.

    3. Keep an Eye ​on the ‍Market

    The crypto⁢ market is known for its volatility, which means the price of Bitcoin can fluctuate greatly within a short period. Keep an eye on market trends⁤ and news to ​make informed decisions about when to buy, hold, ⁤or sell your Bitcoin.

    -Firsthand Experiences with Bitcoin-

    Many people have seen success with Bitcoin ‍as an investment, but ⁢it’s also been‌ used for practical purposes. A recent survey by Finder found that ‌35% of Bitcoin ⁣holders had used it⁣ for purchases, with ​23% using it to pay for online shopping and 12% for groceries.

    One of the main reasons ⁣people choose to use Bitcoin for⁢ purchases ​is its speed‍ and low‌ transaction fees compared ⁣to traditional‍ methods.

    In Conclusion

    The unstoppable rise of Bitcoin has been fueled by a combination of ⁣increased adoption, rising inflation concerns, ‌growing mainstream acceptance, and improved infrastructure. This week, Bitcoin has hit⁢ another all-time high and continues⁣ to ​show its potential ⁢as a legitimate form of payment and investment.

    As with​ any investment, it’s essential to do your⁣ own research and make informed decisions. With ​careful consideration and staying updated on market trends, ‍Bitcoin can be a profitable addition to your investment portfolio. Stay tuned for more updates on “This Week in Crypto”.

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