It has been quite a week of patience for the US and the entire world in general. Whether the politics made it a bad or good week depends on the view that anyone holds. However, for the Bitcoin (BTC) hodlers, it was a great week.
The price of the flagship crypto is up by over 8.5% in the past seven days. It is now hovering around $15,000 and has spent over 100 days above $10,000. This price action by Bitcoin has had some experts forecasting a new spike. Others are now taking a trip down memory lines and reviewing 2016 for some positive signs.
Back in 2016, it was also a period of pre-election, and stability was followed by a massive rally. The next level of resistance for Bitcoin is $17,000. Will bitcoin reach this level? A lot of that depends on how far it drops first.
The whales are optimistic as election day saw 58,861 BTC moving out of Binance which translates to a staggering $816 million. This movement could be the result of a deal. However, it is also possible that whales are getting ready for a price rally.
Almost $1B also moved away from a Silk Road wallet for the first time since 2015. It could be the result of a hack but time will tell on that issue. On its part, PayPal is optimistic about the future of BTC. The payments firm is increasing its weekly buying limits from $10,000 to $15,000.
The crypto also has a new friend in the United States Senate. Republican Cynthia Lummis won her race to represent Wyoming. She first acquired bitcoin back in 2013 and she believes that the digital currency can become a reliable store of value.
Blockchain Is Also Awake
But, it is not only bitcoin that is doing well currently. The underlying bitcoin technology is also on a roll. The Associated Press managed to use a blockchain to publish election results while guaranteeing that these numbers could not be hacked. A member of the Australian Senate, Andrew Bragg, has been relentlessly pushing the blockchain to come as a way of easing financial compliance.
Gibraltar has joined the Global Blockchain Business Council as an observing member. Interestingly, the British Overseas Territory joins over 50 countries on the council, and it plans to promote the use of blockchain across the island.
The local arm of HSBC in Bangladesh has also managed to make the country’s first international blockchain trade finance transaction. The involved digital letter of credit took barely 24 hours to process. Without the use of a blockchain, the same process would take five to ten days.
Bitcoin and the underlying blockchain may be on the rise. However, decentralized finance (DeFi) markets are starting to cool off. Ethereum fees are significantly down but Electroneum is awake and active. This cryptocurrency payments network is marking its third anniversary. It aims to expand the use of its ETN coin and also grow its AnyTask gig platform.