What Bitcoin signals to expect in July?

03/07/2021 07:35 GMT+7

Bitcoin has weathered the stormy June and could look to a July with brighter news ahead.

China’s determination to push back Bitcoin has caused the virtual currency market to experience a bleak month when the Bitcoin price reached a bottom of $ 28,000. However, multiple downside momentum was blocked at resistance creating confidence in a July full of good news.

From here, it can be seen that bad news from China can no longer put pressure on the virtual currency market. Exchanges completely said no to investors in Mainland, Bitcoin mining pools have withdrawn from China. Of course, the virtual currency market may still have to wait anxiously for mixed good and bad news from other countries.

Bitcoin Mining Mines Reopen

Bitcoin mining capacity, or hashrate, has plummeted since China’s determination to push cryptocurrency mining out of the mainland. This brings Bitcoin’s hashrate to just 90 TH/s, half of what it was when it peaked in mid-May.

Once Bitcoin mining machines are successfully shipped and installed in other countries, the hashrate will increase again. This is an important factor that stimulates the price of Bitcoin to increase when more miners join to help process Bitcoin transactions faster.

The latest report from the Bitcoin Mining Association shows that miners are gradually reaching the green energy goal.

The operation of mining mines associated with the goal of carbon neutrality is also something billionaire Elon Musk promises to support. Once at least 50% of Bitcoin miners reach the green energy target, Elon Musk’s Tesla will consider accepting Bitcoin payments. This will be a big bang for the virtual currency market, which has been in the $30,000-$40,000 price range for the past month.

The good news is that the latest Bitcoin Mining Association report shows that this number has reached 56% globally, based on the Association’s survey in the second quarter of 2021.

Waiting for Elon Musk to speak

Remember at Elon Musk’s talk on Saturday Night Live television in early May, Dogecoin virtual currency had erratic ups and downs like a roller coaster, in stark contrast to the overall market volatility, even if it was just is a talk show ‘small talk’.

Therefore, people are waiting more than ever for Elon Musk’s talk with Jack Dorsey, CEO of Twitter on July 21. This is a talk in a separate virtual currency event called The B Word with speakers who are active in the field of cryptocurrency.

What Bitcoin signals to expect in July?
The talk between two billionaires Elon Musk and Jack Dorsey on July 21 about virtual money will be a story that the virtual currency world is looking forward to.

Of course, what people look forward to is not only the time of the event, but also the tweets of Elon Musk before that moment.

Remember before Saturday Night Live aired, Elon Musk constantly had tweets to manipulate the price of Dogecoin and Shiba Inu, worthless satirical virtual currencies. What will Elon Musk write about virtual currency in the near future is the question most interested by more than 57 million followers of the South African-born billionaire on Twitter at the moment.

Ban or accept cryptocurrencies?

Bitcoin has struggled because of China’s ban, so a similar scenario could happen if another country imposes sanctions on the virtual currency strongly.

Japan and the UK could be the next countries to apply a virtual currency ban, rather requiring virtual currency exchanges to apply for a license to operate. Similarly, some countries are also in the process of accepting virtual currencies but are still controversial, such as the Banco Azteca bank in Mexico or the university in Paraguay.

On top of that, these bans still create extreme fear in the market. With the Crypto Fear & Greed Index hovering around 20 points, a level low enough to make investors freeze their accounts right now and wait for a future boom. indeterminate future of the virtual currency market.

As of the afternoon of July 2, Bitcoin is still in the $33,000 price zone with a market capitalization of about $1,367 billion.

Phuong Nguyen

Bitcoin Price Rises As Mining Difficulty Is About To Drop About 24%

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