Three facts about Bitcoin, Shiba Inu and El Salvador
This text was written by market analyst Simon Peters eToro.
the The price of Bitcoin exceeded 20,000 dollars for the first time since November of last year as the cryptocurrency continues its amazing journey. After trading below $16,300 on the platform eToro At the end of 2022 Bitcoin rose 29% to trade just below $20,900.
The price of Ether saw a similar rally, trading just above $1,550 for the first time in two months. Last week, ETH started below $1300 and gained 19% in just seven days.
This is how crypto-asset markets rise traditional stock markets are experiencing a certain revival. A number of news items, including a slowdown in U.S. inflation, cheered markets, but the bounce in cryptoassets was stronger than other asset classes.
We are still only at the beginning and therefore investors should be cautious. Markets are used to being rocked at times like this and we get bad news every day. Long-term investments and time horizons remain key.
Bitcoin Mining Difficulty Reaches New Limit
Bitcoin mining difficulty hit an all-time high on Sunday 37.73 trillion, increasing by 10.26%. It comes as an increase Bitcoin’s hash rate also reached an all-time high on January 6, 2023. Difficulty and hash rate usually increase due to increased competition between miners plugging the network.
Having lots of miners and high competition on the network, which drives up the hash rate, is generally a good thing. Although it has nothing to do with price, The more miners in the network, the more secure it is.
It is also a common signal during or after bear episodes, when bottoming and development continues despite low prices, and can be seen as a long-term positive indicator.
Miners have been struggling with the low price of bitcoin for the past few months, but with the current surges, they could see their operations profitable again.
Shiba Inu Level 2 Blockchain Approaching “Shibarium” Goal
Level 2 blockchain development for crypto-asset gaming shiba inus (SHIB) is nearing completion. The developers announced the details about project activities and Approaching the beta version of Shibarium.
The most important aspect of shibarium is to give permission Greater scalability and faster transactions for SHIB tokens. It also increases use cases for developers such as NFTs and provides a transaction fee to offset spikes in gas prices on the grid.
The introduction of Tier 2 chain into the crypto-asset ecosystem could be a controversial development.. Generally, this is done when the original blockchain suffers from some issues such as slow transactions and requires developers to build another network on top of the original to improve features and performance.
El Salvador is one step closer to bitcoin bonds
El Salvador is one step closer to offering Bitcoin bonds – called volcanic gardens – hereafter the country’s congress approved the law For launch on Wednesday. These volcanic gardens were intended to help the country – one of the first in the world to accept Bitcoin as an official currency – to raise funds for the construction of its own “Bitcoin City”.
President Nayib Bukele, the face of all bitcoin business in the country, wants to build a bitcoin-funded city that uses geothermal energy from El Salvador’s many volcanoes.
The new legislation allows the country to offer digital securities in the form of blockchain sovereign bonds backed by the country’s accumulated Bitcoin assets. The Salvadoran congress overwhelmingly approved the planhowever, we have yet to see these assets for sale on the open market.
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