Bitcoin’s Resilient Stability Amid Economic Uncertainty: A Positive Sign for Investors
Weekly Update
The Global Crypto Market Cap is down by 1.44% to $1.09T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 7.56% to $55.73B.
DeFi’s total 24-hour volume is $6.26B, or 11.23% of the overall Crypto Market volume. All Stablecoin volume is currently $50.01B,, or 89.74% of the 24-hour volume of the whole Crypto Market. The total 24-hour volume of DeFi and Stablecoin has remained the same since last week.
The price of bitcoin was trading at $23,824.43 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 42.15%, a decrease of 0.30% from the previous day. In the last 24 hours, the price of ETH decreased by 1.15% to $1,647.60, while the price of BNB went down by 1% to $310.
Considering the impact of large-scale mining operations on local communities, an increasing number of investors are beginning to see bitcoin mining as one of the safest long-term investments. With various financing options for BTC mining now available, even small traders are now entering the mining space, preparing for a possible impending rally which could take BTC to a new ATH.
Bitcoin Sees an Upward Trend Following the Fed Minutes Release
On Thursday, bitcoin investors faced a day of anxiety and uncertainty as the cryptocurrency’s price fluctuated around the $24,000 mark. This volatile movement was triggered by investors’ assessments of the Federal Reserve’s ongoing monetary policy dialogue and job data indicating that inflation would continue to be a concern. Although Bitcoin was trading at $23,824.43, a 2.28% decrease in the previous 24 hours, it is still close to its previous week high of over $25,000.
Analysts, on the other hand, remain cautiously optimistic about Bitcoin’s prospects. They have seen a 40% increase in the value of BTC since the beginning of this year, owing to an overall improvement in the economy. Despite the release of the Fed Minutes, Bitcoin’s price remained stable, with a brief surge followed by a slight decline. Bitcoin’s steady price, in spite of the current market turbulence, has given investors hope for a potential bull market.
Montana State Senate Passes Bill Safeguarding Bitcoin & Crypto Miners
Montana’s state senate has passed a new bill aimed at safeguarding cryptocurrency miners from potential legal actions. The proposed legislation, which passed with a 37–13 vote, now moves on to the state House. The bill covers a range of protections for miners, including shielding at-home mining, preventing discriminatory utility rates, and exempting cryptocurrency used as payment from additional taxes. In addition, the law strips power from local governments, prohibiting them from retroactively shutting down mining operations or taking action against at-home mining through zoning laws.
Bitcoin miners have faced criticism from environmentalists and lawmakers concerned about their potential impact on carbon neutrality and electrical grids. However, the cryptocurrency industry has been pushing back with the support of several bills moving through state legislatures to protect their interests. This is particularly true with the rise of green mining, which has given birth to green cryptocurrencies. The increasing awareness of the technological benefits offered by Bitcoin is evident as time progresses. Additionally, the growing focus on reducing environmental impact has prompted other industries to explore green alternatives, thus contributing towards protecting and preserving our planet.
