Hyperlink—Bitcoin Above $47K, Georgia Emerges As the Top Bitcoin Mining State
March 29th, 2022
Bitcoin Above $47K Level
Bitcoin Erasing 2022’s Losses Has Bulls Predicting More Gains [Bloomberg]
What’s happening: Bitcoin broke out of the $35,000 to $45,000 range it’s been trading between since early January.
“As we test the top of the 2022 trading range for the fifth time, this is another one of these Bitcoin moments when the narrative could swiftly change and investors pile in, propelling the Bitcoin price higher,” said Antoni Trenchev, co-founder and managing partner at Nexo. “It might just be time to awaken from the Bitcoin-sideways slumber that’s been 2022.” [Bloomberg]
Why it matters: Bitcoin’s price has a tendency to lead the rest of the crypto market. As Bitcoin rises, we have seen delayed increases in altcoins and NFTs in the past. This is most clearly seen between Jan. ‘21 and Jan. ‘22, when two large run-ups in BTC’s price triggered massive spikes in alts and NFTs.
Bitcoin Miners Eye Georgia
America’s Bitcoin Miners See Georgia as the New U.S. Hot Spot [Bloomberg]
What’s happening: Bitcoin miners are in constant search for cheap power, friendly regulation, and state governments willing to work with the emerging industry.
Why it matters: China has banned Bitcoin mining, and Russia may follow suit. The U.S. has absorbed much of the fledgling industry, which brings in new tax revenue for state governments and large profits for mining companies. There is speculation that increased interest in crypto mining will accelerate the transition to clean energy sources to bolster the industry with clean, low-cost energy.