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Wednesday, August 10, 2022

Three Strikes Left For Bitcoin, Investors Are Still Calm

The mining of PoW hardly escaped the pressure of regulations, however, the investors are least interested. Bitcoin recently faced rejection for the third time consecutively, but the investors are still confident about adding more altcoin positions. The margin of $50,000 seems to be very hard for bitcoin to achieve.

Investors Of Bitcoin Are Not Worried About Price Drop

As per Euronews Next, the EU has rejected the plan to ban mining of PoW which is used by bitcoin along with other cryptocurrencies. There are several members of the Parliament who are forcefully trying to ban PoW as the concerns for energy are rising rapidly. 

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The capitalization of the average market has been low this week and made a gain of only $1.77 trillion. However, this drawback in the market did not stop some altcoins which made a profit of approximately 17%. The gain incurred by bitcoin was 2.5% and by ETH was 3.6%. 

There are some privacy tokens like XMR and ZEC which rallied just because Joe Biden, the President of America, gave signature to an executive order that focused on building regulations for cryptocurrency business. This occurred on 9th March and on 11th March LUNA rallied after a donation of $1.1 billion was given to LFG by the Terraform Labs. 

Meanwhile, FTM gave the worst performance as eminent team members like Anton Nell and Andre Cronje declared their resignation. Moreover, CELO was hacked by an email service which was quickly recovered and they announced alerts in all its channels.

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Inverse swaps are also called perpetual contracts and these are charged after every 8hours and contain a fixed rate. These futures are mostly preferred by traders as the tracking of spots is executed perfectly. Though the third strike failed the bitcoin to maintain its price above $42,000, the traders are not worried as there is no sign of burden from sellers. 

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