Good news for cryptocurrencies
While cryptocurrencies were shaken by the decline last week, they are still far from their historical peak. While the mining developments continue, look how the situation is on the last day of the week in crypto currencies, which the IMF warned.
Cryptocurrencies lost value last week, upsetting its investors. On the last day of the week, David Roche from Independent Strategy warned about cryptocurrencies that could not fully enter the uptrend and stated that he is not yet convinced that it is a really suitable investment
The International Monetary Fund (IMF), in its blog post on cryptocurrencies, stated that lawmakers have difficulty in following crypto-focused risks and underlined that there may be risks especially for developing countries.
In the article in question, it was stated that the reactions to the Omicron variant caused rapid capital flows in the market, and this could have a destabilizing effect on the country’s markets in the absence of regulatory measures.
THE LATEST SITUATION IN CRYPTO COINS
While Bitcoin still continues at $ 49 thousand 180 from the level of $ 69 thousand about a month ago, the second rank Ethereum is in the band of $ 4 thousand.
BNB remains in third place and is trading at $563. Tether is trading at $1 and Solana at $170. On the other hand, Cardano in 6th place is trading at $ 1.35 and XRP from the most talked about $ 0.81.
Dogecoin, which started as a joke that attracted the attention of many people and reached a serious market value, is trading at $ 0.16, while Shiba continues to hold on to $ 0.000034. On October 28, the Shiba broke its historical record with $0.00008616.
GOOD NEWS FOR CRYPTO COINS
Bitcoin mining has completely escaped the Chinese crypto pressure that took more than half of the world’s miners offline earlier this year almost overnight.
China has been the epicenter of the world in this regard with its 65-75 percent mining interest. However, Beijing had effectively sent the country’s cryptocurrency miners out of the country in May.
But miners in China have reached the level of regrouping. “Bitcoin has resisted China’s government attack that effectively bans mining, and the network just ignored it,” said Kevin Zhang of Foundry, a digital currency company that helped bring over $400 million of mining equipment to North America.
IT WAS THINKING TO LONGER
The upward momentum in the hash rate could bode well for the price of the world’s most popular cryptocurrency, which dropped 30 percent last month. According to Brandon Arvanaghi, a Bitcoin mining engineer who runs Meow, the company that provides institutional treasury participation in crypto markets, China’s ban is considered a clear “buy” signal, as has previously been the case with Google and Facebook.
Texas Bitcoin miner and engineer Marshall Long, head of architecture at Bitcoin miner Rhodium Enterprises, told CNBC that he was somewhat surprised at the pace of recovery. “I thought we’d be here in late January, early February,” while others thought it would take longer than that, adding another six to twelve months to Long’s estimate.
According to Zhang, the rapid recovery of the Bitcoin network, the US becoming a new center for mining… On the other hand, Foundry CEO Mike Colyer said, “Large, public miners have been able to raise capital to make large purchases.”