Bitcoin prices rose sharply today, climbing past $7,000 and rising to their highest since June as strong momentum drove gains. The digital currency's price hit $7,440.25 on the CoinDesk Bitcoin Price Index (BPI), up 11.7% gain from the daily low of $6,663.03. Bitcoin surge: multiple factors contributing to the rally? Bitcoin Surges Past $7,000 To Reach 1-Month High How do you think?
Bitcoin's dominance in the crypto market got a boost when its price broke the $8,000 level for the first time in the past two months. This sudden rise is further increasing investors' confidence about the cryptocurrency. Bitcoin is the oldest blockchain that has the first-mover advantage and a remarkable 99.99% uptime. Also, it is the most battle-tested and most immutable blockchain with the most pronounced network effects. So it sparks the highest confidence level among the crypto investors.
Binance (BNB) and Nexo (NEXO) Launch Service Similar to Traditional Bank Loan – Nexo has teamed up with Binance Coin to offer loans similar to those in the traditional finance industry. In the new arrangement, holders of Binance Coin (BNB-USD) will be able to use the coins as collateral to access Nexo’s loans. Nexo intends to use the new partnership to increase the growth of the blockchain ecosystem. The company has indicated that several other coins will be added as collateral for loans on its platform on a regular basis. The company has been a major player in advancing the adoption and use of cryptocurrencies. Nexo specializes in assisting crypto investors to get more value from their wealth by offering quick access to loans.
Tippr Bot Has Distributed More Than $1OOK In Bitcoin Cash Through Reddit – Since the introduction of the app, Tippr has so far tipped people more than $100,000 in Bitcoin Cash (BCH-USD) value. This figure only represents those who have been tipped across the Reddit forum. The sum is equivalent to 76 BCH at current prices. Tipping bots are platforms that enable users to transfer small amounts of digital currencies to one another. Users have increasingly been using such platforms to transfer micropayments to each other. Thus, people have been utilizing Tippr to tip BCH across social media networks like Facebook, Reddit or Twitter.
Iranian Authorities to Consider Crypto Mining as An Industry – According to the secretary, the mining of digital currency is now being increasingly accepted by the Iranian authorities. The government has even given a green light to mine cryptos such as the Bitcoin (BTC). However, a legal structure to regulate the crypto sector is not yet available in the nation. The secretary, Abolhassan Firoozabadi revealed that major government authorities have since accepted the sector. They include the country’s Central Bank, the Ministry of Information and Communications Technology. Others are Ministry of Industry, Mine and Trade, Ministry of Economic Affairs and Finance and the Ministry of Energy.
