Bitcoin Price Reclaims $48K But Can Bulls Pump BTC To $50K?
Bitcoin price climbed higher above the $48,000 resistance. BTC tested $48,800 and is currently showing signs of a downside correction.
Bitcoin price climbed higher above the $46,500 and $48,000 resistance levels. The price is trading above $47,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $48,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move up unless there is a close below the $48,000 support. Bitcoin Price Turns Green Bitcoin price started a major increase above the $45,500 resistance zone. BTC cleared a few hurdles near the $46,000 and $47,200 levels to move further into a positive zone.
The bulls gained strength and were able to pump the price above the $48,000 resistance. It tested the $48,800 zone. A new multi-week high was formed near $48,775 and the price is now consolidating gains. There was a minor decline below the $48,500 level.
ETHIOPIA BECOMES NEW HUB FOR CHINESE BITCOIN MINERS Ethiopia has emerged as the new sanctuary for Chinese Bitcoin miners due to the quest for sustainable, cost-effective energy sources. Ethiopiaâs embrace of Bitcoin mining amidst global scrutiny over energy consumption marks a pivotal chapter in the crypto narrative.
Spring witnessed an intriguing development near Ethiopiaâs Grand Ethiopian Renaissance Dam. Cargo containers housing high-powered computers hinted at the arrival of Chinese Bitcoin miners. In pursuit of affordable energy and friendly regulations, these pioneers found solace in Ethiopiaâs low electricity costs and welcoming government arms. Navigating New Frontiers Ethiopiaâs leap into Bitcoin mining in 2022, despite its stance against cryptocurrency trading, reveals a strategic alignment. The nationâs ties with China and the collaborative effort in constructing the $4.8 billion dam underscore a mutual ambition. This collaboration presents Ethiopia as a beacon for cryptocurrency mining amidst the industryâs global challenges.
The influx of Bitcoin mining in Ethiopia is not without its complexities. Developing nations have shown a pattern of initial embrace followed by stringent restrictions due to energy concerns. Ethiopiaâs officials tread cautiously, aware of the controversy surrounding Bitcoin mining.
With a significant portion of the population lacking electricity access, miningâs energy demands stir delicate debates. Yet, the allure of foreign exchange earnings from this sector is undeniable. #Write2Earn #sanor016CommUNITY #sanor016
$ Dymension surges 125%, top gainer for second straight day
Dymension (DYM), the newly launched modular blockchain, becomes the top gainer in the crypto market for the second straight day, surging over 30% again on the second day.
Yesterday, DYM surged nearly 55% after Dymensionâs mainnet went live. Its trading volume soared over 7,000% on debut day and maintained a similar level today. So far, the token has surged nearly 125%, from $3.54 to currently $7.87.
The token quickly became the 65th largest cryptocurrency on the market, taking over popular meme coins like BONK and gaming tokens such as The Sandbox and Axie Infinity. The network quickly became popular among the developer community, as itâs poised to be the first platform to allow developers to create their own application chains using the Cosmos Interchain technology.
Dymension Gains 58% in First Day, But Questions Loom About Big Brain Staking DYM saw massive gains in its first day after $390 million worth of tokens were airdropped yesterday. But now questions swirl about a validator. A day after Dymension, a Cosmos-based RollApp platform, airdropped 700 million tokens to users, DYM is trading for $5.60âaround 58% higher than it was yesterday.
It now also has a staggering $5.6 billion fully diluted valuation, according to CoinGecko data. Keep in mind that fully diluted valuation pretends that a coin's fully supply is circulating in the market, even if that isn't the case.
The overwhelming majority of trading has occurred on Binance. Altogether, DYM has seen $511 million worth of trading volume in its first day, according to CoinGecko. #Write2Earn #sanor016CommUNITY #sanor106 $DYM