Bitcoin is the most popular cryptocurrency, and with its price touching the sky, it is the top topic for every investor. Most of the top magazines and news channels are covering bitcoin and making people aware of the latest news on it. You can click here to start your bitcoin trading journey. If you want to use bitcoins or invest in them, you must be -aware of all the updates and news.
The bull run is not going to be over
Bitcoin is continuously rising, but a sudden decrease in its price a few days back made the investor worry a little bit. But the experts are saying that if you are in it for the long term, you need not worry as the bull run of bitcoin is not going to stop so easily. Some investors said that it had reached the peak, but it is not true as there is a lot of scope left. Bitcoin is going to increase more in the future as it has not reached its peak yet.
Long term investors are buying.
According to recent reports, long-term investors have been buying more bitcoins as compared to the number they have sold. In the last 30 days, HODLers have bought over 93500 Bitcoins which is a clear sign that they see the drop in the price as an opportunity to buy bitcoins and make massive gains in the long term. Their trust in bitcoin is not even shaken a little bit despite the rapid fluctuations in its price; instead, they have seen it as a chance to buy more bitcoins. It is a clear sign that the bull run is not yet over for bitcoin as more purchase will decrease the supply of bitcoin in the market, and with less supply and high demand, its price will shoot up.
Miners are collecting
Along with the investors, the miners have also been focusing on accumulating and is holding a position of 5459 accumulated in the last 30 days. Usually, miners are the sellers in the market but seeing them accumulating makes it obvious that bitcoin is on the bullish run, and it is going to stay the same way for a long period of time. The has rate has been below the price, and the low supply of bitcoin is a clear indicator that miners will be accumulating bitcoins and the profit margins will be constant.
Bitcoin increasing by 6.8%
A few days back, a sudden increase in the price of bitcoin was seen when it went up by 6.8% and touched the figure of $56500. It was $3600 higher than its previous close, and it is a massive change. It is just 12.4% short of the current year’s high, which is $64895.
Riot buying a mining site
The top blockchain company Riot announced that it had bought a mining site in Texas for a whopping $650 million. It is one of the biggest mining sites in the world, and the company paid for it in cash as well as the share of Riot Blockchain. It was earlier owned by Northern Data AG, which has six other mining sites too. It sold the site to Riot so that the company can focus better on its other six sites. The CEO of the company said the with the money received by selling the site; they will be able to expand their services. As part of the deal, Northern Data AG also received around 12% stocks of Riot Blockchain, which has over 11.8 million shares.
Double capital gains tax brought bitcoin down
The US president made an announcement about doubling up the capital gains tax for people who has an income over $1 million. The announcement shook the crypto market, and bitcoin tumbled down by 7%. The proposal by Biden focuses on increases the tax rate to 39.6%, as earlier it was 37%. It is the highest ever tax rate on Investment gains, and it will surely stop people from making investments in big currencies such as bitcoin. Following the footmarks of the US, the Indian government also placed a ban on cryptocurrency but gave 3-6 months windows to the users for revealing all the details about the crypto transactions.