#BTC

The CryptoTab team tries to transfer BTC to users’ wallets as quickly as possible. But in the last few days, a long enrollment is a given that does not depend on us. We’ve already discussed some of the reasons for such delays, but this time it came from where we didn’t expect—from China.

Last weekend the Bitcoin network hashrate has dropped more than 49%, after hitting an all-time high at 218 exahash per second, reaching 169 EH/s. Immediately after that, regional reporter Colin Wu tweeted about power outages in China. “The hashrate of Bitcoin mining pools plummeted in 24 hours. Antpool fell by 24.5%, Btc.com fell by 18.9%, Poolin fell by 33%, Binance pool fell by 20%,” he said. “The reason is that Northwest China is undergoing a complete blackout for safety inspections.”

On Monday Visa announced that it now makes payments in the USDC (USD Coin) on the Ethereum blockchain. As appeared, Visa is now considered as the first major payments network with Stablecoin as a settlement currency, though previously settling payments in fiat currencies only.

During an interview on CNBC’s “Squawk Box” Anthony Scaramucci compared Bitcoin’s future to Amazon shares. “Bitcoin is 12 years old. Amazon shares had a 64x return on your money from 2009 to 2021 after the 12th year,” Scaramucci said, noting that nobody expected Amazon shares to soar up in the next dozen years. They have actually surged more than 3,600% from the company’s IPO in May 1997 to May 2009.

March has become a profitable month for miners. According to data collected by The Block Research, they have earned more than $1.5 billion in March. This is an impressive number and the highest income earned by the mining sector in just one month. The record high in March surpasses February when miners earned $1.36 billion in this sector. New performance numbers show that miners have over $1 billion for each of the three months in a row!

It seems that the new preferred store of value appears in the financial arena. As the price of Bitcoin is getting closer to $59,000, its value in relation to gold is approaching new all-time highs! Measured against gold, the price of Bitcoin recently reached 34.94 ounces. It has more than doubled in the past three months and nearly sevenfold since October 2020.

The traditional financial landscape has drastically changed so far and a growing number of institutional investors are flocking to Bitcoin. Some of them like the stock market bulls are cooperatively purchasing the largest amount of BTC assets.

Despite the recent fluctuations in the Bitcoin rate, its position in the market remains strong and allows us to make positive forecasts. In particular, it can be expected that in the nearest future people will hold Bitcoin instead of investing in stocks, bonds, or real estate.

Bitcoin has come a long way since its inception in 2009 and now we can see the latest sign of its adoption on Wall Street. Institutional banking powerhouse Morgan Stanley will give accredited wealth management clients access to BTC investing. It will be the first big U.S. bank to make such an offer.

The big news in the cryptocurrency world! The world's first Bitcoin exchange-traded fund is off to a hot start. Missed that info? Well, just keep reading.

Bitcoin has surged over the last few months and is breaking new records. Experts predict the future of cryptocurrency, and global companies continue to invest more in BTC. The question is, will it continue to rise, and should you start the race for Bitcoins now?

Matt Kane’s “Right Place & Right Time,” an NFT digital artwork that changes every day with the bitcoin price volatility, has been sold for more than $100,000. The artwork represents a creatively designed image of bitcoin's logo. It is a one-of-a-kind programmable piece that generates a new image every day. Made of 24 layers synchronized with Bitcoin's price volatility from the previous 24 hours, it was created on Async Art.

Bitcoin seems to become digital gold in 2020. This can be stated based on the price trends and correlations in the futures market. According to Coin Metrics data the positive correlation between BTC and gold has increased since the beginning of July and is now at a record level above 0.5. The sensitivity of the cryptocurrency to the movements in risk assets, mainly stocks, may decrease. Also, Bitcoin's hashrate has risen to record highs near 150 exahashes per second. Not bad, huh?

Do you think cryptocurrency is a good asset only for the get-rich-quick scheme? Keep reading and you’ll know that this can actually be a long-term game.