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Bitcoin Fails to Break $9,400 Despite NASDAQ’s New ATH: Tuesday’s Price Watch

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The past 24 hours were somewhat positive for most financial markets, including the cryptocurrency field. While Bitcoin was on the rise and gained $300 intraday, the S&P 500 index and the Dow Jones are up by nearly 2%. Nasdaq marked a new all-time high after an increase of 2.2%

Crypto Market Goes Up

Although Bitcoin was fighting to remain above the coveted $9,000 mark hours ago, the bulls managed to gain control and pushed it upwards. The primary cryptocurrency registered price increases as it pumped from $9,050 to a daily high of $9,375 in a few hourly candles.

btc_jul7_4h-min
BTC/USD. Source: TradingView

Since then, BTC has retraced slightly to $9,250 as it couldn’t break the significant resistance level at $9,400. If the asset is to continue its ascend and eventually reach $10,000 again, it has to go through $9,400, followed by $9,500 and $9,800.

Should BTC reverses and heads south, it can rely on the support level at $9,000.

Altcoins Surge

Green is the predominant color among most alternative coins. Ethereum is up by nearly 2% to $236. Ripple, Litecoin, EOS, Binance Coin, and Tezos are all up by approximately 3%.

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Nevertheless, the most significant gainer among the top 10 coins is Bitcoin SV, with a surge of 18%. As a result, BSV is currently trading at $185.

Cryptocurrency Market Overview. Source: coin360.com
Cryptocurrency Market Overview. Source: coin360.com

Chainlink also continues its recent decisive run and is in the double-digit territory with an increase of 15%. Merely hours ago, LINK marked its fresh all-time high of $5,64.

Gains Within Legacy Markets

Ever since the COVID-19 pandemic broke out, Bitcoin and the stock markets have been displaying increased correlation. These similarities are evident again now as most US indexes are also seeing green, following the holiday weekend.

The S&P 500 is up by 1.6% to $3,179. While it’s still in the negative year-to-date, the prominent index is closing down and could soon go above the $3,257 level at which it opened on January 2nd, 2020.

The Dow’s gains are slightly higher – 1.78%, and the index is trading now at $26,287. The Nasdaq Composite, however, increased its value the most during yesterday’s trading session by 2.21% to $10,433. It’s worth noting that this is Nasdaq’s new ATH. The index is also well in the green for the entire year as it entered the new century at $9,092.

Today’s futures, however, look a bit grim. The major indices are currently down about 0.5% on average, and if the price doesn’t correct by the time the market opens, we might be in for a slight decrease.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-fails-to-break-9400-despite-nasdaqs-new-ath-tuesdays-price-watch/

Blockchain

Crypto Mining Apps Features and Functions

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Are you curious about what crypto mining applications can do? Feel free to explore the many different features and functions of these apps to seize opportunities of gathering some heavy loot.

Multi-clicks support

So you are looking for decent crypto mining software that can help you get the job done in a short amount of time. Yes, you can find some software that is ready for use after several clicks. And you do not have to secure professional skills to be able to run the system. You can rely on automated crypto mining solutions that will do the rest of the work for you. That means most of the time, you can sit back and relax.

While most software would boast about the user-friendly interface, some would prefer complex functions such as those that offer customised features. This is common for veteran crypto miners who have already gained expertise along the process. Understandably, they would want to do more than the typical crypto mining procedure. Most of them intend to upgrade their skills by confronting new challenges to break the monotonous routine.

Multi-platform support

Whether you will be using a GPU or a CPU, rest assured that you can find the best software for your choice of hardware. Some could even go either way that you need not bother at all. Thanks to the advanced functionality of some crypto mining applications that makes this possible. Nonetheless, professional miners would prefer GPU mining for complex and complicated computations.

The good thing about most crypto mining software is that you can use them in any operating system. You can run them in Windows, Mac, Android, IOS, Web and the like. But if you do not have an array of gadgets, you can always settle for the basic software compatible with Windows. Besides, some miners would prefer using their high-end computers instead of mobile devices, considering the demanding power requirements. You would not want to get your android phone’s battery frequently drained due to intensive crypto mining activities.

Multi-functions support

Although dubbed as crypto mining software, it is a delight to hear that most of these programs offer more services. Some would also be useful in trading those mined coins once you have them in your wallet. Yes, you can go straight to trading after paying some transaction fees. The only consolation is that you can do it all on one platform. Plus, it will save you some time and effort after all.

Since you can access some crypto exchange functions, you can expect the perks that go with the typical trading platform. Rest assured that you will have those useful statistics such as price history track so that you can be guided accordingly. Trading platforms are being developed, giving traders other options to invest their money. These would teach you more than the basic skill of buying when prices are low and selling when prices are high.

Multi-cryptocurrency support

Cryptocurrency mining is no longer exclusive to a single type of coin. Some programs allow users to mine several currencies in the likes of Bitcoin, Ethereum, and other crypto players. It is an opportunity to build a good portfolio of virtual coins for any investor. The only catch is to find the best ones from the flock to ensure profitability at the end of the day. You can always go for the market leaders as fair and reasonable choices.

The diversity of digital coins available for mining helps spread the risk. It provides enough buffers to compensate for some record-lows involving one or two coins in your portfolio. As much as possible, you would be better off mining more than one kind of cryptocurrency. You cannot simply put all your eggs in one basket, especially in a market that is known for its volatility.

Conclusion

There are many interesting features and functions of crypto mining apps. You can make use of them to seize your crypto mining opportunities—no need to hold back in taking your chances of mining more and more coins.

Source: Plato Data Intelligence

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Blockchain

Iran To Lift Cryptocurrency Mining Ban In September

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In 2019, the Iranian government announced it would regulate mining activities in the country. Interested miners were required to get a permit from the Ministry of Industries. Semnan province leads with six mining farms out of the 30 licensed companies. After legalizing bitcoin mining, the government licenced over 1000 companies in January 2022.

Ban on Crypto Mining Activities

The Iranian government banned bitcoin mining in the country in May 2021. The ban announced by the former president Hassan Rouhani was due to a strain on electricity power majorly caused by illegal mining. While authorised bitcoin miners consume modest 30 megawatts, illegal mining activities use up to 2000 megawatts putting a strain on the electricity grid. 

Since April, the ministry of Energy has also increased power tariffs for miners. The companies buy power at export rates of $0.34 per kilowatt-hours. This cost is fourfold the standard rate before April. Besides prohibiting bitcoin mining, the government has confiscated 200 000 illegal mining rigs in 12 months. 

A Reason To Smile 

The good news is that miners have a reason to smile. The Iranian Ministry of Industries, Mining and Trade will lift the Bitcoin mining restriction on September 22. The announcement was made by the Iran Power Generation, Distribution and Transmission Company, Tavanir. According to the Utility spokesman, Mostafa Rajabi Mashhadi, they expected electric power usage to fall by the end of summer. This will create perfect conditions for resuming bitcoin mining. After announcing this news, the price of Bitcoin slightly jumped and is now according to CoinCheckup.com traded at $43,626, similar growth has also been according to coincheckup.com recorded for a relatively new coin called Solana, which now hovers around the 150 USD mark.

Power demand in the country goes up during hot weather. Initially, the government had planned to shut down mining activities during peak hours. However, they decided to impose a nationwide ban until the end of the summer season. Besides using massive power, the Utility claims the miners damage the power grid, with losses amounting to $4 million. 

Government Control on CryptoCurrencies 

The Iran government has gone a notch higher to control and centralise the use of cryptocurrencies in the country. The parliament has proposed a bill that will prohibit using foreigner mined cryptocurrencies for local transactions. This move seems like a plan to localize crypto mining. Recently, the tax agency in the country also called for the establishment of a legal framework for crypto trading activities. This regulation will boost the scope of the crypto acceptance policy.

Positive Effect on Economy 

Bitcoin has become a significant source of income for the country. Elliptics guide’s projection shows that mining activities in Iran will rake in $1 billion in annual revenue.  However, the ban has affected this goal significantly. However, the resumption of mining will solve this problem.

Miners who had dispersed will resume operations, a factor that could inject more revenue into the economy. With the crackdown of bitcoin mining in China, lifting the ban in Iran could propel the country to the top spot in crypto mining. 

Iran is also facing sanctions from the US government. This means that MasterCard, PayPal and other international payment technology can’t operate in the country. This has made it very difficult for Iranians to conduct online international transactions such as online purchases and money transfers. The bitcoin mining ban exacerbated the situation. Therefore resumption of mining activities is welcome good news. Iranians consider cryptocurrency as an investment and payment method.

Bitcoin mining is quite an essential activity in the circulation, development and maintenance of its blockchain ledger. In other words, mining more bitcoin boosts its circulation. Although bitcoin price is pretty much unpredictable, the resumption of mining activities in Iran will increase competitiveness and encourage crypto enthusiasts to invest more in bitcoin. Despite the high volatility and restriction by the international banking system, bitcoin has immense growth potential. 

Source: Plato Data Intelligence

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Blockchain

Investors Flock to the DEX dYdx with its Token with Rising by 50% after the Clampdown from China

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Since last Friday, the People’s Bank of China began to crack down on cryptocurrency trading, a large number of Chinese traders seem to have turned their trading venues to dYdX – a decentralized leveraged trading exchange.

The trading activity of the centralized derivatives exchange dYdX has surged. According to cryptocurrency data provider CoinGecko, the trading volume of DYDX reached $1,217,300,925 within 24 hours, surpassing Coinbase’s spot market for the first time.

The token of Defi exchange dYdX also hit a record high of 21.80 today, rising by nearly 50% in 24 hours.

According to Coinmarketcap data, DYDX’s 24-hour trading volume increased by 196.28%. At the time of writing, dydx is trading at $21.43.

In yesterday’s Twitter, WuBlockchain Chinese cryptocurrency reporter Colin Wu pointed out that the demand of Chinese users for decentralized exchanges and other DeFi products has surged recently. He explained:

“A large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase. All Chinese communities are discussing how to learn defi.”

As Chinese investors are worried about the stricter regulatory measures of the Chinese government, such as an announcement issued by the Central Bank of China last Friday mentioned that all cryptocurrency-related transactions are illegal.

Virtual currencies such as Bitcoin, Ether, Tether, and other virtual currencies do not enjoy the same legal status as legal tender, are not legally repayable, thus should not be traded as circulating currencies in the market, which has caused investors’ FUD anxiety.

Investors have moved from centralized exchanges such as Huobi to decentralized exchanges dYdX and FutureSwap for continuing cryptocurrency leveraged trading.

As reported by Blockchain.News today, Huobi Global, one of the world’s largest digital currency trading platforms, has announced it will gradually unwind its services in mainland China as the People’s Bank of China (PBoC) and other state regulators seek to intensify their clampdown on all activities bordering digital currencies in the country.

Huobi officials stated that it has stopped using mobile phone numbers from mainland China in new account registrations and will phase out existing accounts in mainland China before the end of the year “to comply with local laws and regulations.”

Huobi token has fallen by 42.61% in 7 days and is valued at around $7.63, according to the current price.

Image source: dYdx.com
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Source: https://Blockchain.News/news/investors-flock-the-dex-dydx-its-token-rising-50-the-clampdown-china

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Blockchain

Investors Flock to the DEX dYdx with its Token with Rising by 50% after the Clampdown from China

Published

on

Since last Friday, the People’s Bank of China began to crack down on cryptocurrency trading, a large number of Chinese traders seem to have turned their trading venues to dYdX – a decentralized leveraged trading exchange.

The trading activity of the centralized derivatives exchange dYdX has surged. According to cryptocurrency data provider CoinGecko, the trading volume of DYDX reached $1,217,300,925 within 24 hours, surpassing Coinbase’s spot market for the first time.

The token of Defi exchange dYdX also hit a record high of 21.80 today, rising by nearly 50% in 24 hours.

According to Coinmarketcap data, DYDX’s 24-hour trading volume increased by 196.28%. At the time of writing, dydx is trading at $21.43.

In yesterday’s Twitter, WuBlockchain Chinese cryptocurrency reporter Colin Wu pointed out that the demand of Chinese users for decentralized exchanges and other DeFi products has surged recently. He explained:

“A large number of Chinese users will flood into the DeFi world, and the number of users of MetaMask and dYdX will greatly increase. All Chinese communities are discussing how to learn defi.”

As Chinese investors are worried about the stricter regulatory measures of the Chinese government, such as an announcement issued by the Central Bank of China last Friday mentioned that all cryptocurrency-related transactions are illegal.

Virtual currencies such as Bitcoin, Ether, Tether, and other virtual currencies do not enjoy the same legal status as legal tender, are not legally repayable, thus should not be traded as circulating currencies in the market, which has caused investors’ FUD anxiety.

Investors have moved from centralized exchanges such as Huobi to decentralized exchanges dYdX and FutureSwap for continuing cryptocurrency leveraged trading.

As reported by Blockchain.News today, Huobi Global, one of the world’s largest digital currency trading platforms, has announced it will gradually unwind its services in mainland China as the People’s Bank of China (PBoC) and other state regulators seek to intensify their clampdown on all activities bordering digital currencies in the country.

Huobi officials stated that it has stopped using mobile phone numbers from mainland China in new account registrations and will phase out existing accounts in mainland China before the end of the year “to comply with local laws and regulations.”

Huobi token has fallen by 42.61% in 7 days and is valued at around $7.63, according to the current price.

Image source: dYdx.com
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/news/investors-flock-the-dex-dydx-its-token-rising-50-the-clampdown-china

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