Contents
Despite a failed attempt to rally above $26,600, Bitcoin’s price remained relatively unchanged this week, hovering near $26,000. At the time of writing, Bitcoin’s price has dropped by approximately 11% over the month. The price primarily responded to macro events and traditional markets, as the market was preoccupied with speculations regarding the monetary policies of central banks and the rise in bond yields. While the short-term prospects for Bitcoin’s price appear grim, there was another bullish forecast from a multibillion-dollar fund suggesting that the value of Bitcoin could reach $148,000 by 2025.
Bitcoin’s Price and Mining Challenges Amidst Market Volatility
Despite a failed attempt to rally above $26,600, Bitcoin’s price remained relatively unchanged this week, hovering near $26,000. At the time of writing, Bitcoin’s price has dropped by approximately 11% over the month. The price primarily responded to macro events and traditional markets, as the market was preoccupied with speculations regarding the monetary policies of central banks and the rise in bond yields. While the short-term prospects for Bitcoin’s price appear grim, there was another bullish forecast from a multibillion-dollar fund suggesting that the value of Bitcoin could reach $148,000 by 2025.
Bitcoin miners are in for a challenging week as this activity has become more costly at the time when Bitcoin’s price has dropped by 11% over the month and returned to a level last seen at the end of June. This might encourage some miners to sell more BTC, further adding pressure to the price. The Bitcoin mining difficulty has increased by over 6% this week, reaching around 55.6 T (terahashes, or 55.6 trillion calculations per second). This rise in difficulty showcases the ongoing competitive nature of the mining landscape.
Bitcoin’s Price, Environmental Role, and Innovative Mining Ventures
Despite a failed attempt to rally above $26,600, Bitcoin’s price remained relatively unchanged this week, hovering near $26,000. At the time of writing, Bitcoin’s price has dropped by approximately 11% over the month. The price primarily responded to macro events and traditional markets, as the market was preoccupied with speculations regarding the monetary policies of central banks and the rise in bond yields. While the short-term prospects for Bitcoin’s price appear grim, there was another bullish forecast from a multibillion-dollar fund suggesting that the value of Bitcoin could reach $148,000 by 2025.
Another example of Bitcoin’s benefits in energy and environmental contexts is Nodal Power, which raised $13 million for utilizing landfill gases, including methane, that is more potent than carbon dioxide in terms of contributing to climate change, for electricity production. This electricity is also used by Nodal to mine Bitcoin. On the other hand, Dropbox announced the discontinuation of their unlimited data storage service, as some clients have begun using it to mine crypto or use it in other ways not favored by the company. This highlights the evolving relationship between crypto and traditional tech services.
Global Competition, and Regulatory Scrutiny in the Exchange Space
Despite a failed attempt to rally above $26,600, Bitcoin’s price remained relatively unchanged this week, hovering near $26,000. At the time of writing, Bitcoin’s price has dropped by approximately 11% over the month. The price responded to macro events and traditional markets. The market was preoccupied with speculations about central bank policies. Additionally, the rise in bond yields influenced the dynamics. While the short-term prospects for Bitcoin’s price may seem grim, a multibillion-dollar fund provided a bullish forecast. The fund suggests that Bitcoin’s value could reach $148,000 by 2025.
This week, Binance had its fair share of unfavorable media attention. Firstly, there was some confusion for Binance clients in Europe. The company admitted to mistakenly announcing that SEPA transfers were no longer operational. This occurred despite their earlier statement that the partnership with the service provider would end on September 25. This date remains unchanged, and the exchange promises to find a solution by then. Furthermore, The Wall Street Journal revealed new allegations against Binance. This indicated fresh evidence of the exchange’s services in Russia.
Payment Services, and Stablecoin Expansion
Despite a failed attempt to rally above $26,600, Bitcoin’s price remained relatively unchanged this week, hovering near $26,000. At the time of writing, Bitcoin’s price has dropped by approximately 11% over the month. The price primarily responded to macro events and traditional markets, as the market was preoccupied with speculations regarding the monetary policies of central banks and the rise in bond yields. While the short-term prospects for Bitcoin’s price may seem grim, a multibillion-dollar fund put forth another bullish forecast, suggesting that the value of Bitcoin could reach $148,000 by 2025.
Adding to the woes, Binance faces multiple US charges. Payments giant Mastercard halts card services in Argentina, Brazil, Colombia, and Bahrain. In the meantime, signs of stricter regulations continue to emerge in the landscape of centralized exchanges. This time, it was Bitget that announced stricter KYC (know your customer) procedures. On the stablecoin front, Coinbase’s active promotion of USD Coin (USDC) became clearer as they announced an investment in USDC issuer Circle. Simultaneously, the revelation surfaced that USDC will launch on six more blockchains by October. Moreover, USDC integrated as a payment method on the Shopify platform, demonstrating stablecoin adoption across diverse sectors.
Disclaimer: The views and recommendations above are those of individual analysts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
