News updates February 11, 2022
1. Bitcoin price analysis: BTC closes in on $46,000, swift breakout to follow?
* Bitcoin price analysis is bullish today.
* BTC/USD retested $44,000 as support overnight.
*Another push higher seen so far today.
Bitcoin price analysis is bullish today as we saw previous consolidation resolve into another push higher this morning. Therefore, we expect BTC/USD to break the $46,000 next major resistance over the next 24 hours.
The market has seen mixed results over the last 24 hours. The leaders, Bitcoin and Ethereum, are slightly in the green with a 2.76 and 0.27 percent increase. Meanwhile, the rest of the top altcoins have mostly seen slight loss.
2. Analysts say Bitcoin’s range-bound trading at a key support level reflects a trend reversal
BTC’s journey into the $43,000 to $46,000 price range could be another sign that the multi-month correction has ended.
Bitcoin (BTC) and cryptocurrency holders are enjoying the fruits of their labor on Feb. 10 after Bitcoin price rallied shortly after the U.S. Bureau of Labor Statistics showed a blistering 7.5% Consumer Price Index (CPI) print. This shows that inflation continues to worsen as fiat currencies bleed out their purchasing power.
Data from Cointelegraph Markets Pro and TradingView shows that after trading below $44,000 during the early hours on Feb. 10, the price of Bitcoin spiked to an intraday high at $45,850 following the release of the CPI data and most major stock market indices plunged into the red.
3. $BTC: Historical Data Suggests Bitcoin Could Soon Go on a Winning Streak
Bitcoin’s ($BTC) price moving over its 50-day moving average earlier this month suggests that the flagship cryptocurrency has broken its downtrend and is entering another rally, according to a research firm.
As first reported by Business Insider, the Bespoke Investment Group has said in a note that the flagship cryptocurrency bitcoin is moving out of a slump and made advances in fifth consecutive sessions to now trade at $44,700. At the same time, the firm said, equities have hit a “speed bump since the start of the year.”
Over the last few days, the price of BTC moved up over 20%.
4. Ukrainian Volunteer Groups Accept Bitcoin Donations Amid Tensions With Russia, Study Finds
Non-government and volunteer organizations collecting funds to support Ukrainian forces have been accepting donations in cryptocurrency, a new report has unveiled. The findings have been published amid heightened tensions with Russia, which has been accused of amassing troops at the border with Ukraine.
Ukrainian Organizations Crowdfund Defense Effort With Crypto
Ukrainian NGOs and volunteer groups have raised several hundred thousand dollars in cryptocurrency, a study by blockchain analytics firm Elliptic has revealed. Donations made in digital assets have increased by 900% last year, the company’s researchers found.
Most of these groups were founded during the Maidan revolution in 2014 when they helped protesters. Since the annexation of Crimea by Russia, they have been supporting Ukraine’s war effort against pro-Russian forces in the eastern Donbas region by sending volunteers, weapons, and supplies.
In the past few years, the organizations have received millions of dollars in fiat money through bank wires and payment apps. Meanwhile, bitcoin has become an alternative funding channel as it allows donors to circumvent restrictions imposed by the traditional financial system, the authors note.
Elliptic has identified several crypto wallets used by the non-government organizations and volunteer groups and found they have received over $570,000 worth of digital coins in total. Most of the funds were transferred over the course of the past year.
5. Kazakhstan President Orders Government to Find All Miners and Raise Tax by April
President of Kazakhstan Kassym-Jomart Tokayev has instructed authorities to identify all crypto mining enterprises and increase the electricity surcharge they are required to pay. The state is not against legal mining activities, but crypto farms should be licensed and taxed, Tokayev insisted.
Miners in Kazakhstan to Pay Higher Electricity Tariffs
On top of electricity shortages that have already forced some companies to leave Kazakhstan, crypto miners are now facing a tax hike and stricter oversight. At a meeting with ministers this week, President Kassym-Jomart Tokayev ordered the government to prepare comprehensive regulations for the industry by April 1, making sure its members fulfill their obligations.
Local media reported this week that authorities in the Central Asian nation are considering a fivefold increase of the electricity tax miners are expected to pay. Last summer, Kazakhstan introduced a surcharge of 1 tenge (approx. $0.0023) per kilowatt-hour used to mint digital currencies. Quoted by Tengrinews, Tokayev said:
The current rate is negligible. I instruct the government to work out a multiple increase of this tax as soon as possible.
6. City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High
While Miami’s mayor Francis Suarez told the public he was a big believer in bitcoin and has accepted his pay in bitcoin, at the same time, a crypto coin called miamicoin (MIA) was launched. The Miamicoin project’s goal was to give Miami’s “citizens and supporters the power to support, improve and program the Magic City.” However, after reaching $0.05 per unit on September 20, 2021, the crypto asset miamicoin has shed more than 88% in value against the U.S. dollar.
