Bitcoin will Hit $100K as Bulls are Back in Action, Says New Report
The flagship cryptocurrency is trading for $45K at press time, and it is rising steadily. The crypto community is hopeful that August would be a great time to invest in Bitcoin in comparison to May that saw Bitcoin going 50% down. The bullish sentiment of the market is increasing, and the same is reflected in technical and professional market analytics. Bloomberg recently published a report claiming that BTC is heading for $100K.
The report further added that Bitcoin supply is in a state of crunch due to the ongoing mining ban in China. On the other hand, the demand in many new countries has been increasing. This situation is a welcome exposure and way for free-market capital development for Bitcoin. The report also took notice of the Bitcoin market behavior in the last three years that points towards a bullish trend build-up as well.
Giant Investment Management Firm Acquires One of the Largest Bitcoin Mining Firms in America
The news about Fidelity acquiring 7.4% in a Bitcoin mining firm is making a huge impression on the market. Marathon Digital Holdings operates one of the biggest Bitcoin mining enterprises in North America. Fidelity management has shown support for Bitcoin for a long time. According to many, this is like doubling the effort and interest in Bitcoin with two major proponents joining forces.
The remark was shared by crypto analyst and YouTuber Lark Davis. He shared many important technical and fundamentals that point towards another bullish climb for Bitcoin. Talking about the highly anticipated 6 figure evaluation for Bitcoin, the analyst claimed that this is not an unrealistic benchmark for the flagship cryptocurrency.
Blockchain technology has become an innovation in the fintech industry. Spain is considered a great place for crypto maximalists is trying to make it more attractive for investors. Lark Davis shared that the government of Spain is debating over a new crypto proposal that will allow the stakeholders to settle their mortgage payments with Bitcoin and other altcoins. A South American country called Uruguay has recently proposed a new bill in the Senate that approves crypto-related payments based on contracts. The main objective of the bill is to adopt the latest financial innovations and provide their businesses the most secure payment channels for conducting digital payments. This could also pave the way for crypto-related commercialization and industrial growth in the sector.
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