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⚡️Bitcoin Hits a New High of $30K

Croxroad

12 Aug 2023 — 4 min read

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BITCOIN SURPASSES $30,000

Bitcoin (BTC) has managed to reach a 2-week high of over $30,000 early past week. The rise in Bitcoin valuation climbed to a new high to cross the $30K mark on 9th August 2023. Cryptocurrency traders were eager to cash in on the opportunity by liquidating close to $81 million after the hike, pushing the value of Bitcoin to $30,100.

The widely popular cryptocurrency, Bitcoin, had hit $30k previously in July 2023, boosting the chances of making record profits. Bitcoin prices have maintained stable growth for the last few weeks, staying above $29,000 and even surpassing $30,000 for a brief moment. The spike in Bitcoin has led other cryptocurrencies like Ripple (XRP) to gain 3.7% and Solana (SOL) to go up by almost 6%.

RUBENSTEIN REGRETS NOT BANKING ON BITCOIN

David Rubenstein is a billionaire known for his financial advice and market analysis. The co-founder of The Carlyle Group, Rubenstein, has spoken publicly about his regrets of not owning any Bitcoin himself. He firmly believes that Bitcoin could become a mainstream cryptocurrency to help day traders earn more profits with their investments.

In his recent interview on Bloomberg, Rubenstein praised Bitcoin for its untraceable transactions. He has observed the increase of Bitcoin-based exchange-traded funds (ETFs) as a direct result of the growing appeal of Bitcoin in the financial market. “If the mighty BlackRock is willing to have an ETF in Bitcoin, maybe Bitcoin will be around for a while,” said David Rubenstein.

IS TETHER THE 11th BIGGEST BITCOIN HOLDER?

Tether is a stablecoin issuer with a large Bitcoin share in the market. According to its Q2 2023 financial report, Tether may be the 11th biggest Bitcoin holder. Tether revealed a $850 million growth in excess reserves, bringing the total excess reserves to nearly $3.3 billion. The cryptocurrency issuer does not distribute its profits from excess reserves as dividends to its shareholders.

In Q1 2023, Tether had possession of over 53,000 Bitcoins, summing up its value to an estimated $1.5 billion. Its digital assets have increased by over $176 million in Q2 2023 by adding over 2000 Bitcoins into the reserves. Tether might hold all of its Bitcoins in one digital wallet, although it is yet to confirm these claims.

“Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential. Its limited supply, decentralized nature, and widespread adoption have positioned Bitcoin as a favored choice among institutional and retail investors alike,” said Paolo Ardoino, the CTO of Tether. The market cap of Tether is valued at approximately $83 billion, giving stiff competition to Bitcoin and other cryptocurrencies like Ethereum.

Tether is working on open-source software to help people mine more Bitcoin. Developers at Tether are gearing themselves up for the launch of brand-new JavaScript libraries to support Bitcoin mining hardware. People owning devices like WhatsMiner can use the JavaScript from Tether to mine Bitcoins with ease.

Earlier this year, Tether launched Tether Energy to provide sustainable ways of mining Bitcoin. The USDT stablecoin has invested in technology and resources to build infrastructure for Bitcoin mining using renewable energy in Uruguay.

BITCOIN LIGHTNING NETWORK ADDS NODES

Lightning Network allows instant payments using Bitcoin across a wide range of decentralized networks. It uses information from Bitcoin transactions to enable payment in large volumes and at high speeds. People can conduct several Bitcoin transactions off-blockchain without limitations using the Lightning Network. It has grown the total number of nodes for the network by 6% in over a year.

Launched in 2018, the Lightning Network has facilitated instant Bitcoin transactions for its users. A majority of people using the Lightning Network have faced the issue of exceeding their channel balance while making payments. The Lightning Network is pouring its time and money into branching out nodes that are well-funded to provide direct access to the recipients of Bitcoin transactions. It is currently valued at an estimated $140 million.

Nodes of the Lightning Network that are offline can disrupt the network of connected users. The newly added nodes can help strengthen the number of Bitcoin transactions made per day on the Lightning Network.