Check out this week’s Bad Crypto podcast
It’s been a week now. Whether the policy did a good week or a bad week depends on your opinion, but if you are holding Bitcoin, it certainly was good.
The price has gone up over 8.5% in the last seven days. It is now well over $14,000 and took 100 days over $10,000 . This has caused some experts to anticipate a further jump.
Others are looking to 2016 for positive signs. Then, too, a period of pre-election stability was followed by a rally. The next level of resistance could be $17,000. Will Bitcoin get there? A lot depends on how far he falls first.
The whales certainly seem optimistic. Election day saw 58,861 BTC coming out of Binance. That’s about $816 million. This may be the result of a deal, but it could also be whales preparing for a price hike.
About a billion dollars also came out of a Silk Road portfolio for the first time since 2015. This could be the result of a hack .
But Paypal is optimistic about Bitcoin’s future. The company is increasing weekly purchase limits from $10,000 to $15,000. And the currency has a new friend in the US Senate.
Republican Cynthia Lummis won her race to represent Wyoming. Lummis bought Bitcoin for the first time in 2013, and sees the digital currency as a reliable reserve of value.
It is not just Bitcoin that is doing well. The underlying technology is also on the rise. The Associated Press used a blockchain to publish the election results, ensuring that those numbers were not hacked.
Andrew Bragg, a member of the Australian Senate, has promoted the blockchain as a way to facilitate financial compliance. Gibraltar has joined the Global Crypto Wealth Business Council as an observer member.
The British Overseas Territory joins over 50 countries on the council and plans to promote the use of blockchain throughout the island. In Bangladesh, HSBC’s local branch has made the country’s first international blockchain trade finance transaction.
The digital letter of credit took less than a day to process. Without the blockchain, it would take five to 10 days.
Bitcoin and blockchain may be on the rise, but DeFi markets are getting cold. Ethereum rates are low. But Electroneum is up and partying. The payment network is celebrating its third anniversary . It is looking forward to expanding the use of its ETN currency and increasing its AnyTask show platform.
Finally, if you like to drive the CoinZoom is giving a free Tesla . Just use a CoinZoom VISA card or trade some back on the platform and you will have a chance. That would make a good week.