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October’s Historical Bitcoin Price Trend Extends Hope for a Renewed Bull Run to End the Year

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October’s Historical Bitcoin Price Trend Extends Hope for a Renewed Bull Run to End the Year

October's Historical Bitcoin Price Trends Extends Hope for a Renewed Bull Run to End the Year

Bitcoin logged price losses once again for the crypto asset’s fifth consecutive September in its lifetime, but as soon as the month ended, billions of dollars came back into the crypto economy. Metrics show that while September has consistently been a bad month for bitcoin, October, on the other hand, has traditionally been a good month for bitcoin since 2013.

Bitcoin Has Been Profitable in October 77% of the Time

In 2020, the price of bitcoin (BTC) closed the month of September at around $10,750 per unit but the following month, BTC spiked 25% to roughly $13,450 per unit. This year, September has been dreary price-wise, and many crypto proponents have asked to be woken up when “September ends.” On September 26, Civic co-founder Vinny Lingham wrote: “This feels like September 2017 again… Who remembers what happened next?”

On October 1, 2021, BTC surged from $43,500 per unit to Friday’s high of $48,500 per BTC. That’s an increase of around 11.49% and the spike happened very quickly at around 3 a.m. (EST) in the morning.

October's Historical Bitcoin Price Trend Extends Hope for a Renewed Bull Run to End the Year
BTC/USD chart on Saturday, October 2, 2021.

Prior to July and August, BTC saw roughly three months of negative returns, and in September prices once again slipped into the negative range. The downward drop was blamed on China cracking down on bitcoin (BTC) and cryptocurrency exchange for the seventh time since 2013.

Bitcoin also saw losses on the day El Salvador adopted the cryptocurrency as legal tender and furthermore, BTC slid when the Evergrande real estate crisis shook the global economy.

While September Was Sluggish, Institutional Bitcoin Products Saw Some Upside

All of these dips took place after BTC reached a high of $52K before September started and crypto markets looked seemingly bullish at the time. While September prices were not so hot, metrics from a recent Cryptocompare report showed that institutional products tied to BTC saw some upside.

“Bitcoin-based products saw the highest level of inflows out of any asset, averaging $31.2 million per week,” Cryptocompare’s research details. “There could be upside going into the last quarter of 2021.”

While BTC has neared the $50K zone on October 1, the crypto asset has some resistance to fight at the $50K handle and even more so when it reaches $53K. Moreover, as bitcoin (BTC) has seen profitable increases in value during the month of October since 2013, the months of November and December have seen much larger spikes in value.

What do you think about bitcoin’s performance during the month of September and the trends tied to bitcoin’s October performances during the last few years? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Salvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will ‘End in Environmental Disaster’

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Salvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will ‘End in Environmental Disaster’

El Salvador’s leading ecologist Ricardo Navarro believes that mining bitcoin with a volcano, or geothermal energy, will “end in environmental disaster.” Navarro believes geothermal energy costs more than oil, and thinks El Salvador’s millennial president Nayib Bukele’s decision is questionable.

Salvadoran ecologist Ricardo Navarro Questions His Country’s Volcano-Powered Bitcoin City Venture

During the second week of June, El Salvador’s president Nayib Bukele told the public that the Latin American country planned to mine bitcoin (BTC) with energy stemming from volcanoes located in the country. At the end of September, Bukele shared a video of the initial construction of the Salvadoran volcano-powered bitcoin mining facility. Now the president and his government have been criticized by El Salvador’s leading ecologist Ricardo Navarro.

Salvadoran Ecologist Claims Nayib Bukele's Volcano-Powered Bitcoin Mine Will 'End in Environmental Disaster'
El Salvador’s leading ecologist Ricardo Navarro, an environmentalist who believes Salvadoran president Nayib Bukele’s recent bitcoin concepts are questionable.

The Salvadoran ecologist explained to Telegraph contributor Simeon Tegel that developing a ‘Bitcoin City’ next to a volcano doesn’t make sense. “Talking about building this city beside a volcano is like thinking you are rich because you live next to a bank,” Navarro said. Navarro also detailed that geothermal energy is still a costly endeavor and won’t be much better than using petroleum sources. Navarro insists:

​​Geothermal still costs more than oil, otherwise we would already be using more of it. What will end up happening is that we will just be buying more oil.

Navarro Insists ‘Bukele Doesn’t Really Understand What Is Going on With the Energy Situation’

Navarro is concerned about the consequences of the world’s so-called climate crisis. The ecologist runs a non-governmental organization CESTA (Salvadoran Center for Appropriate Technology) and he recently discussed the subject with Politico’s contributing author, Bjarke Smith-Meyer, on November 10.

Salvadoran Ecologist Claims Nayib Bukele's Volcano-Powered Bitcoin Mine Will 'End in Environmental Disaster'
An aerial view of the volcano-powered bitcoin mining facility located in El Salvador.

At that time, Navarro dismissed the volcano-powered bitcoin mining facility idea as he wholeheartedly believes the facility will require more energy resources than just geothermal power. “I am under the impression that Bukele doesn’t really understand what is going on [with] the energy situation,” Navarro told the reporter. “That is certainly going to complicate… demand.”

Navarro also claims that the digital currency environment in El Salvador could attract drug lords. The Salvadoran ecologist says that the bitcoin tender law was rushed and implemented without debate. “If you have something good to promote, you propose it, you discuss it, and then you put your arguments. But that was not the case with bitcoin,” Navarro stressed to Smith-Meyer.

What do you think about the Salvadoran ecologist’s opinion concerning the volcano-powered bitcoin mining facility in El Salvador? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Popular BTM Operator Bitcoin of America Wins Silver in 11th Annual Best in Biz Awards

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Popular BTM Operator Bitcoin of America Wins Silver in 11th Annual Best in Biz Awards

press release

PRESS RELEASE. Bitcoin of America has been named a silver winner in the Company of the Year – Midwest category in Best in Biz Awards, the only independent business awards program judged each year by prominent editors and reporters from top-tier publications in North America. Bitcoin of America is a popular virtual currency exchange, registered as a money services business with the United States Department of Treasury (FinCEN)(RegNum). Apart from ensuring a fast and hassle-free transaction, their customer support makes them the best in the industry.

Bitcoin of America has demonstrated rapid growth. In June of this year, Bitcoin of America’s Chief Financial Officer reported record company growth. In January, the company had a total of 630 Bitcoin ATMs. To date, they have seen a 138.095% increase in their number of locations. They even hit a major achievement of 1500 plus BTMs. Bitcoin of America has also seen enormous growth in their number of employees. In just one year their team grew over 32 percent.

Bitcoin of America also added new products, services, and even updates to their BTMS. In May, they announced the launch of their new universal kiosk. The kiosk combines the capabilities of a traditional ATM with a Bitcoin ATM. The universal kiosk is known to offer 3 different functions. The first is the traditional ATM feature where customers can dispense cash from a debit card. The second function is being able to buy bitcoin or other cryptocurrencies with cash. The last is that customers can sell crypto in return for cash. This is huge for business owners. These universal kiosks are bringing stores additional revenue streams, while also saving floor space. They also announced that Ethereum would be available for customers to purchase from any of their locations.

Besides offering cryptocurrency services to customers, Bitcoin of America has helped hundreds of businesses across the United States. Bitcoin of America offers a host program for store owners who are interested in cryptocurrency or are just looking to earn extra income. They take care of their host locations by providing them with passive income, increased foot traffic, and marketing. They even handle customer support and any maintenance/installation services.


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Bitmart Loses $200 Million in Hack Performed by Unknown Attackers

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Bitmart Loses $200 Million in Hack Performed by Unknown Attackers

Bitmart, a cryptocurrency exchange, suffered an attack yesterday that exploited some security vulnerabilities in order to gain access to the funds of the exchange. The attack targeted the hot wallets of the platform, specifically the Ethereum and Binance Smart Chain-based wallets. The hackers managed to take almost $200 million in tokens from the platform.

Bitmart Hot Wallets Exploited

Bitmart has lost more than $200 million in a hack that involved its hot wallets yesterday. The issue was first identified by Peckshield, a blockchain security and auditing company, that raised the alarm about a possible hot wallet vulnerability on social media. The involved wallets were those that held ETH and BSC-based tokens.

Bitmart representatives estimated the losses at $150 million initially, but PeckShield did an investigation of the funds taken, saying losses were around $200 million. The hack took significant amounts of SHIB, SAFEMOON, SAND, and MANA, among others. The event affected the price of some tokens with low liquidity listed on the exchange, due to the liquidation of large amounts of these on decentralized exchanges.

Bitmart acknowledged the situation and at the time stated that the losses due to the attack accounted for a small part of the exchange holdings. An announcement from the company stated:

The affected ETH hot wallet and BSC hot wallet carries a small percentage of assets on BitMart and all of our other wallets are secure and unharmed. We are now conducting a thorough security review and we will post updates as we progress.

Tornado-Washed Funds

The exploiters moved the funds to other platforms quickly, with the intention of mixing the cryptocurrency taken. According to Peckshield, all of the Binance Smart Chain and Ethereum tokens were exchanged for ethereum using 1inch, a decentralized exchange platform, and then were sent to Tornado.cash, an obfuscation protocol that allows users to make transactions less susceptible to tracing.

This is one of the more devastating attacks on a centralized exchange this year, with much of the risk for exploits having moved to decentralized finance (defi) platforms. As a result of this situation, the exchange has suspended withdrawals for all assets until it conducts an investigation and a new security review of the platform and its vulnerabilities.

What do you think about this $200 million Bitmart exchange hack? Tell us in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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