Bitcoin Price Prediction As 24-Hour Trading Volume Explodes Over $30 Billion – BTC To The Moon?
Bitcoin is one of the most popular cryptocurrencies in the world. The price has been on a rollercoaster ride in recent months, with 24-hour trading volume recently surpassing $30 billion. This has led to speculation that Bitcoin may be headed for the moon.
Let’s take a look at all the fundamental factors driving the price action of the BTC/USD pair.
Blockstream Raises $125M for Bitcoin Mining
Blockstream, a digital asset infrastructure provider, has raised $125 million to fund its Bitcoin mining co-location services, showing the rise in demand for institutional hosting during the bear market.
Blockstream announced on January 24 that the financing was backed by a convertible note and a secured loan. Furthermore, the funds will be used to expand the firm’s bitcoin mining operations. Bitcoin users are financially rewarded for securing the network through mining.
Miners use special, energy-intensive technology to create Bitcoin’s next block, for which they are rewarded with a fixed amount of Bitcoin.
As Bitcoin’s market value falls, so does the dollar surplus available to miners, forcing all but the most cost-effective firms to exit the market. However, the typical miner can profit from the recent BTC/USD rally.
Fun games to earn bitcoin from your home
Two new premium games have been released by ZEBEDEE, a game payment service, and VIKER, a mobile game company. ZEBEDEE, a bitcoin-powered game payment processing system, announced the launch of two classic VIKER games with a Bitcoin twist on January 18.
The latest additions are Bitcoin Chess and Bitcoin Scratch. This means that you can now earn bitcoin by playing chess on your phone.
Furthermore, using Zebedee’s payment technology, these new releases adhere to Viker’s goal of updating well-known classic games with a modern twist.
Both games are now available on iOS and Android, and users can log into their Zebedee accounts to transfer Viker app rewards to the Zebedee app. The new games are centered around Bitcoin, a cryptocurrency that does not require users to have a bank account to receive their earnings, but rather a BTC deposit address.
It could increase the popularity of bitcoin among new players, which is good for BTC/USD.
South Africa: New guidelines to ensure transparency in crypto advertising
The South African Advertising Regulatory Board (ARB) updated its cryptocurrency advertising guidelines on 23 January. The new policy aims to increase transparency while protecting South Africans from unethical advertising.
Advertisements must state that investing in cryptocurrency carries a risk of financial loss due to its volatile and unpredictable value, according to the Advertising Practices Guidelines.
As a result, advertisements for cryptocurrency assets must clearly state that “Investing in Crypto assets may result in capital loss.”
Furthermore, a new provision added to Part III of the South African Advertising Code requires businesses and individuals to comply with advertising requirements for offering cryptocurrency products and services.
As a developing country, South Africa’s efforts to regulate and manage cryptocurrency advertising point to an increase in global acceptance. Furthermore, the updated code will increase transparency, which could benefit Bitcoin (BTC), the most valuable cryptocurrency.
Bitcoin price
Bitcoin is currently valued at $23,186 and has a 24-hour trading volume of $30 billion. Bitcoin has fallen almost 1.50% in the last 24 hours. With a live market worth $446 billion, CoinMarketCap currently ranks at the top.
Bitcoin has recently fallen to the $22,325 support level, and the closing Doji candles above that level indicate that there is still potential for a bullish rally.
Bitcoin’s current resistance level stands at $23,250, and if it surpasses this value, the digital token could increase in price up to $23,900 and $25,150.
Should the $22,325 benchmark break down, there could be a further bearish shift in the market. This could cause Bitcoin to drop as far as $21,500 and probably even reach a low of $20,450.
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Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
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