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⚡Bitcoin Steady at $26,000 🧗‍♂️

Croxroad

22 Aug 2023 — 4 min read

GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

BITCOIN HAS A STEADY WEEKEND AT $26K: ASIAN MARKETS FOR CRYPTO REMAIN POSITIVE 🏔

Bitcoin started the week strong at over $26,000 on August 21. Crypto traders began trading Bitcoins above $26,000 after a dismal week. Bitcoin had dropped by over 10% last week, causing Bitcoin holders to make fast decisions. The leading cryptocurrency, Bitcoin, closed its trading sessions last week by trading at $25,409 on Friday.

Investors were at a huge risk of losing the value of their digital assets last week after Bitcoin took a sharp dive below $25,500. The decreased volume of Bitcoin trade might have triggered the nosedive of the cryptocurrency. Fortunately, Bitcoin bounced back stronger on Monday by rising above $26,000. The total market cap of Bitcoin is estimated at $505 billion, providing up to 21 million Bitcoins to buy and sell in August 2023.

Prices of Bitcoin soared this year after the news of BlackRock’s application to the SEC for Bitcoin exchange-traded funds (ETFs). Although the SEC is yet to provide any confirmation of the Bitcoin ETFs from BlackRock, the value of Bitcoin has stabilized after the announcement. The drop in the price of Bitcoin may have affected other cryptocurrencies, such as Ether, to move higher over the weekend.

ELON MUSK SELLS 373 M WORTH OF BITCOIN: CRYPTO TRADERS LIQUID OVER $1 BILLION IN DIGITAL ASSETS 📊

Elon Musk, the founder and CEO of SpaceX, has made his way back into the Bitcoin buzz. According to the Wall Street Journal, Elon Musk sold all of the Bitcoin holdings of SpaceX between 2021 - 2022 for an estimated $373 million.

Bitcoin had its biggest drop in value in a single day since November 2022 after SpaceX sold its digital assets. The cryptocurrency community liquidated over $1 billion worth of tokens last week to plunge the price of Bitcoin. Elon Musk has displayed his apprehensions about the future of Bitcoin and other digital assets by selling all of SpaceX holdings. Tesla, the electric car company founded by Elon Musk, has also sold close to 75% of its Bitcoins in the previous year.

SpaceX has built and launched more than 240 reusable rockets, such as the Falcon 9. In recent months, Elon Musk changed the logo of the social media company, Twitter, to X. Elon Musk has stated on his Twitter account that he sees “X as humanity’s collective consciousness”. Crypto traders have supported Elon Musk’s stance on Bitcoin by liquidating a majority of their assets in the past week.

NEW TECH MIGHT HASTEN BITCOIN MINING: QBT’S LATEST INNOVATION INCREASES HASH DETECTION BY 260% 🔋

Quantum Blockchain Technologies (QBT), the leading researcher from the UK, claims to speed up Bitcoin mining. The revolutionary innovation from QBT has made a breakthrough in Bitcoin mining that can improve the chances of spotting a winning hash by 260%. Traditional methods of mining Bitcoin tokens can be time-consuming and requires a ton of energy. QBT can reduce the energy consumption of Bitcoin mining by 4.3%.

The research firm, QBT, has spent over 2 years advancing the SHA256 algorithm. These developments have enhanced various capabilities of the SHA256 algorithm by boosting quantum computing, artificial intelligence (AI), cryptographic enhancements, and deep learning. QBT has managed to limit the amount of energy it takes to mine Bitcoins by using logic gates on the ASIC chip.

Multiple lab tests have confirmed that QBT’s proposed “Method B” technique of mining Bitcoins is faster. The energy-efficient “Method B” can significantly help Bitcoin miners in their process of acquiring new tokens.