By Billie Harvill
The total cryptocurrency markets indicated positive dynamics at the start of the week. The retailers who traditionally demonstrates more activities over the weekend failed to help the leading coin in the past weekend.
The world’s favorite cryptocurrency experienced increased buying momentum as the asset dropped near the $30K boundary. For now, you can hardly predict what holds the future of cryptocurrency support with the institutional investors coming out. However, there are chances that they might support the uptrend. $35K remains a vital resistance level for any investor to consider.
Meanwhile, in the current international situation, assets such as BTC will only experience long-term value gains. That is why crypto experts advise investors to play long games when interacting with cryptocurrencies. For now, the dollar is likely to reduce in value due to emissions as the US witness high inflation, infrastructure project support, and continuous printing press work. On the other part, BTC receives support from limited emission and increased interest from institutions looking for diversification.
For now, the decreased hash rate in BTC’s network might provide vital support for this asset. Keep in mind that market players know that miners might launch the ASICs in different locations at any time. With that, the BTC network will experience hash rate recoveries without disastrous impacts on the blockchain. Miners moving to various regions will likely improve the market sentiments as crypto fans will welcome the crypto mining activities distribution. What is your take on that?
Keep in mind that China has hosted crypto computing power for years now. The regulators in the nation have always been skeptical about cryptocurrencies, citing that digital coins compete with their national currency. It is without a doubt that you noticed increase cryptocurrency clampdowns by China in the last few weeks. Remember, the country is in the process of launching its digital currency.
El Salvador remains optimistic about digital currencies after legalizing BTC some weeks ago. Authorities in the country have promised each adult citizen BTC worth $30 to enhance their interests in virtual currencies. Keep in mind that banks and some financial experts have not supported the move by El Salvador adopting Bitcoin as legal currency. If BTC adoption as real money will be worthwhile in the long run, the coin could rally to new highs within no time.
Stay tuned for more crypto updates.
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