Bitcoin: miners sell, markets buy

Bitcoin rose 4.9% on Thursday, ending at around $20,700, and retreated 200 at the start of trading on Friday. Ethereum has added 7.3% in the past 24 hours to $1190. Top altcoins gained between 1.7% (Cardano) and 7% (Solana).

According to CoinMarketCap, the total crypto market cap is up 3% overnight to $925B.

Bitcoin was in demand in the US session on Thursday amid a rebound in US stock indices. BTC rose above the $20,000 level and tested three-day highs around $20,900.

Bitcoin’s hash rate fell 27% to 159.41 EH/s due to a shutdown of miners in Texas. The figure was the lowest since February this year. Miners shut down equipment to save power due to the record heat wave.

During June, the cost of mining bitcoin fell from $24K to $13K, which could boost coin sales by miners and become a barrier to BTC growth, JPMorgan said.

According to Thomas Peterffy, CEO of Interactive Brokers, there is a high probability that bitcoin will be outlawed.

The US government could ban cryptocurrencies out of concern that they are being used to finance illegal activities, tax evasion, and the Treasury Department’s inability to monitor transactions involving crypto assets.

Cryptocurrency lender Celsius has filed for “immediate” bankruptcy in the US Bankruptcy Code, Chapter 11.

A federal court in New York has frozen the remaining assets of cryptocurrency hedge fund Three Arrows Capital after the company filed for emergency bankruptcy.

The European Central Bank has decided on the parameters of the future digital euro and intends to issue it in 2023. The success of CBDC will depend on its mass use.

The FxPro Analyst Team