We’re coming to the end of a rather indecisive week in the markets, so let’s start by looking at what has happened and then diving into developments here at NewsCrypto.
Looking at the chart we can see that the price of Bitcoin rallied almost to $44,500, after it plunged below $40,000 on Monday. The price experienced quite a strong retracement the next day, dropping over 3%. In the following days it managed to get back above the $42,500 level, around which it has been consolidating ever since. It seems the weekly candle will close even above the $43,000 level, which could signal that the price has already bottomed out.
Despite the recent loss of a key hash rate contributor — Kazakhstan — BTC’s hash rate hit a new all-time high on Thursday, when it reached 215 million terahashes per second. Meanwhile, Block CEO Jack Dorsey confirmed the creation of an open-source Bitcoin mining system in 2022, which would help improve mining efficiency, as well as make it more distributed. This is yet another indicator signaling that there is a bright future ahead for the mining industry.
On Thursday the rumors circulated that yet another country might adopt Bitcoin as a legal tender, as Tongan bigwig Lord Fusitu’a anticipates his country could copy El Salvador’s bill and adopt it by November this year. Despite the fact that we’re talking about a small country with a low population, this is yet another domino lined up to fall down the route of Bitcoinization, which is a move further into adoption.
Now let’s look at developments here at NewsCrypto. The most important development was our Market section update, which got upgraded with clickable coins. Now you’re able to click on individual coins and get access to all the basic information, reports, future predictions, as well as to the news related to the chosen cryptocurrency. This way you get all of the information about specific coins gathered in one place, which means you don’t need to have numerous tabs of our platform’s specific tools (or even numerous web pages) opened. All you need to do is simply get into the Markets section, choose the coin and get all of its details gathered on a single page.
On Tuesday we released a blog that covers the top 5 passive income strategies in crypto. Aside from hodling (which doesn’t really fall into the passive income category), there are many strategies in crypto that can yield you some passive income. The blog covers staking, yield farming, providing Liquidity on DEXes, landing and yield-bearing tokens, which we consider as your best choice if you’re tired of having to keep up with the market all the time and managing your portfolio.
Last but not least, we also informed our followers that we’ve been added to the Metaverse category on CoinMarketCap on Thursday. Our development department is already working full steam on the transition of our ecosystem into the metaverse. You can expect the first sneak peeks soon, as digital offices will already be released in the Q4 of 2022.
In hopes that the bearish action is about to end soon, I wish everybody a successful next week. Looking forward to seeing what the upcoming week will bring. As always, I’ll update you on our development and interesting crypto events at the end of next week.