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China' clampdown on crypto mining operations slowed down Bitcoin’s hashrate speed as the digital currency dropped more than eight per cent to US$ 32,322 apiece (6:40 AM UTC) on Monday, June 21. The global cryptocurrency market witnessed over US$100 billion sell-off, and its market cap fell below US$1.4 trillion. However, Bitcoin is still up about 15 per cent year-to-date (YTD).
Despite several positive developments in June, Bitcoin’s price trajectory seems to be bull-trapped. A few crypto experts have been calling it the ‘death cross,’ which could lead to the second steep dip of the year. The death cross is a technical trend when the 50-day simple moving average (SMA) sinks below the 200-day SMA.
Bitcoin hits death-cross on Monday, June 21, representing BTC/USD Chart. Source: EODHD/Others
Meanwhile, crypto purists and optimistic analysts remained bullish on the world’s first and largest crypto token against stock markets. A few crypto experts have been calling it a price consolidation.
Earlier on Sunday, ‘Rich Dad Poor Dad’ author Robert Kiyosaki tweeted “Bitcoin is plunging. This is good news. When the Bitcoin prices settle at US$ 27,000 apiece, I can begin investing again.”
BTC tested its resistance at around US$40,000 apiece on June 15, on the back of its software up-gradation project “Taproot” announcement. However, it’s performance remained subdued for the rest of the week. The currency plummeted below its first support level of US$35,000 on Sunday, June 20.
Taproot is expected to enhance peer-to-peer transaction security and bring in more complex computation, which would avert any cybersecurity breach. This advanced software is likely to go live on Bitcoin’s blockchain network by the end of 2021.
Bitcoin’s long-term bullish signals
After a massive regulatory setback for China-based crypto miners, who mined more than 55 per cent of total Bitcoin blocks, North American crypto mining firms have promptly taken charge of crypto mining operations. These firms pledged to adopt clean energy sources in the first Bitcoin Mining Council meeting.
Blockchain technology companies like Mike Novogratz’s Galaxy Digital, Vancouver-based DMG Blockchain Solutions Inc, and the UK-based Argo Blockchain PLC have proposed the Crypto Climate Accord (CCA) to bring in transparency by providing “proof of process” and adopting renewable power for their mining centers.
Meanwhile, Elon Musk also tweeted about his meeting with crypto miners in May. He later announced that Tesla (NASDAQ:TSLA) will resume accepting payments in Bitcoin once the mining data centers start using 50 per cent renewable energy. The electric-car maker still holds cryptocurrency in inventory, he reiterated on June 13.
Earlier this month, the Basel Committee on Banking Supervision (BCBS) asked central banks to categorize Bitcoin as a “high risk” asset. As per BCBS recommendation, banks can hold Bitcoins in their books, but they must set aside 100 per cent of provision for their crypto investment. However, it is also a sign of rising acceptance of digital currency in the global financial ecosystem.
A Glance at Ethereum
Ethereum, the second largest crypto token, also plunged over 10 per cent on early Monday and dropped below the support level of US$2,000 apiece. The crypto coin has swelled up 180 per cent YTD.
Please note: The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from EODHD/Others.
