Bitcoin Bites: 5 BTC stories you should know - September 2, 2021
BTC price returns to $50K US
Bitcoin swiftly reclaimed $50,000 on Thursday as bears felt maximum pain and lost hundreds of millions of dollars in daily liquidations.
As Cointelegraph reported, $51,000 remains the level to beat in order to cement a continuation of the 2021 Bitcoin bull run. Heavy resistance remained at that level Thursday, with analysts waiting to see if the latest uptick had the momentum required to change the longer-term paradigm.
Also of note, September tends to be a “boring” month when it comes to Bitcoin returns, with 6% currently the best performance on record. We’ll see how the rest of the month shapes up.
Bitcoin tipping feature coming to Twitter
According to media reports, Twitter is working on tipping its content creators with BTC. This will be added to Twitter's existing “Tip Jar” feature which allows viewers to tip creators. Jack Dorsey had previously expressed that he views Bitcoin as the key to Twitter's future.
The CEO of Twitter and Square had also announced that he has plans to build a decentralized exchange for Bitcoin. Additionally, Square will develop an “assisted custody” hardware wallet for Bitcoin.
Russian investors prefer Bitcoin to gold and forex
Russia’s Association of Forex Dealers (AFD) recently conducted a survey that showed 77% of Russian investors prefer investing in Bitcoin over traditional investment options like gold.
The organization, which focuses on the foreign exchange market, polled 502 investors for the survey. Here is a summary of the results:
- 77% said BTC, ETH, LTC are the most forward-looking investments
- 8.8% said gold is the best investment
- 14% said they prefer familiar national currencies
- 23% said they have never used digital currencies.
- 7.6% said they are opposed to crypto
- 15% said they haven’t made a final decision about investing in crypto
The results showed that BTC, ETH and LTC are seen as more forward-looking investments compared to gold and more familiar national currencies. While 7.6% of Russian investors are opposed to crypto, 15% have not made a final decision on whether they will be investing in crypto or not.
Another survey that was done last year by the World Gold Council showed that Bitcoin is the 5th most popular investment tool in Russia. Nonetheless, Russia’s central bank is still against using digital assets as an investment tool.
El Salvador's government in favour of a $150 million Bitcoin trust
While El Salvador is getting ready for their BTC adaptation launch in the second week of September, the government has voted in favour of creating a Bitcoin trust in order to convert BTC to USD. The Development Bank of El Salvador (Bandesal), will oversee the $150 million trust. Moreover, the money will be redirected from a $500 million loan previously granted for economic recovery.
Although there is still reservation among the subject, and Salvadorans have expressed their concerns about the adoption of Bitcoin as a means of payment, the country’s search popularity skyrocketed in global Google searches after the June announcement. Searches for “Bitcoin”, which went to a new high in mid-May following the Tesla and Elon Musk announcement, also spiked in this historical week for El Salvador.
Bitcoin mining plant in Alberta forced to close
Link Global, a Vancouver-based company has been asked to close two plants in its Alberta-based Bitcoin mining plant until it presents documents that show they have permission under Alberta’s environmental protection act or confirms that such a thing is not required for their business.
After setting up in August 2020 without notifying Alberta Utilities Commission (AUC), the farm was discovered due to noise complaints from residents of a small neighbourhood located less than a kilometre away. The company now has to pay a fine of $50,000-75,000. However, it is planning on presenting documentation that implies they meet the provincial emissions requirements.
Bonus Bite: Vast becomes first chartered US bank to offer bitcoin buying and custody
Vast Bank has become the first U.S. bank with FDIC insurance and a Federal Reserve charter to offer Bitcoin services.
Customers at Vast Bank can now buy and sell Bitcoin directly from an FDIC-insured checking account, while its Bitcoin custody solutions include a mobile trading platform with instant settlement to its accounts.
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