BitcoinBites: 5 BTC stories you should know – April 13th, 2022
Bitcoin bounces to near $41K after crypto sentiment gauge hits 6-week lows
After a frustrating rangebound period, volatility to the upside was a relief for support levels previously in danger of collapsing.
Traders, however, were not overly optimistic, having eyed lower entry levels for a potential long position.
Bitcoin price levels to watch as Terra buys 2.5K BTC to nearly match Tesla
The $40,000 mark has been working overtime in recent days as Bitcoin’s macro-fueled downtrend continues to play out. Falling in line with tech stocks, BTC/USD has erased almost all of its gains from the second half of March.
Now, the $30,000-$40,000 corridor has appeared as a short-term target once again and may see Bitcoin stage a replay of its behavior from Q1 this year.
Support levels of interest include one from last month’s push higher, $39,600, which bulls are just about managing to defend despite several crossings lower.
Green Bitcoin mining proof of concept using Tesla solar and battery storage
Tesla’s Megapack battery energy storage system (BESS) solution as well as the company’s solar PV will power a Bitcoin mining facility in a proof of concept (POC) project in the US.
Bitcoin mining and services company Blockstream Mining began construction earlier this month on the open-source, solar-powered facility at an undisclosed location.
The project is being built in partnership with financial services and digital payments company Block, Inc, which has Twitter co-founder Jack Dorsey as its CEO.
Blockstream’s CEO and co-founder Adam Back meanwhile said that the facility will be “a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future”.
Two new territories are adopting Bitcoin
Prospera, jurisdiction on the Roatán island off of the northern coast of Honduras, and Madeira, an autonomous region in Portugal, are adopting bitcoin as de facto legal tender—the latest territories to do so, following El Salvador’s official recognition of the asset in September 2021.
Today’s announcements were made on the very stage where Salvadoran President Nayib Bukele made history last April. Bukele was also scheduled to appear at the conference later this afternoon but canceled the visit after his government declared a state of emergency amidst a wave of gang-related killings.
In Prospera, residents won’t have to pay capital gains tax on bitcoin and will be able to pay taxes and fees to the jurisdiction using the cryptocurrency, said Joel Bomgar, Prospera’s president, and Samson Mow, former Chief Strategy Officer of bitcoin infrastructure company Blockstream (He has recently left the firm to focus on nation-state bitcoin adoption).
Bitcoin by bitcoin, restaurants start to accept cryptocurrencies
At CamboFlare, an Asian fusion restaurant in Big Lake, Minnesota, customers can pay with cash, credit card, major cryptocurrencies and soon CamboCoin — a cryptocurrency created specifically for the restaurant.
Since the restaurant opened in November 2020, it has accepted payments by bitcoin, bitcoin cash, Ethereum, and Dogecoin. Now it is one of the only restaurants in Minnesota, according to owner Mike Nget, taking this step.
But at CamboFlare, so few people actually pay in crypto that the restaurant gives 10 to 50 percent discounts to those who do. Even in a small city like Big Lake, with 10,000 people, Nget said a few people are catching on to crypto, realizing they could safely pay for fried rice with a tiny bitcoin payment.
“There aren’t very many restaurants that accepted bitcoin to begin with, and I figured, let’s break barriers,” Nget said. “Let’s be one of the first in Minnesota to start doing that and pave the way to kind of shine a light on cryptocurrency”
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