Bitcoin: miners sell, markets buy

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Bitcoin was up 4.9% on Thursday, ending at around $20,700, and was down 200 at the start of trading on Friday. Ethereum added 7.3% in the past 24 hours to $1190. Top altcoins gained between 1.7% (Cardano) and 7% (Solana).

According to CoinMarketCap, the total crypto market cap rose 3% overnight to $925 billion.

Bitcoin was in demand during Thursday’s US session amid a rebound in US stock indices. BTC broke above the $20,000 level and tested three-day highs around $20,900.

Bitcoin’s hash rate fell 27% to 159.41 EH/s due to the shutdown of miners in Texas. The figure was the lowest since February this year. Miners shut down equipment to save power due to the record-breaking heat wave.

In June, the cost of bitcoin mining rose from $24,000 to $13,000, which could boost coin sales by miners and become a barrier to BTC growth, JPMorgan said.

According to Thomas Peterffy, CEO of Interactive Brokers, there is a high probability that bitcoin will be banned.

The U.S. government may ban cryptocurrencies over concerns that they are used to fund illegal activities, tax evasion, and the Treasury Department’s inability to monitor transactions involving crypto assets.

Cryptocurrency lender Celsius has filed for “immediate” bankruptcy in the US Bankruptcy Code, Chapter 11.

A federal court in New York has frozen the remaining assets of cryptocurrency hedge fund Three Arrows Capital after the company filed for emergency bankruptcy.

The European Central Bank has decided on the parameters of the future digital euro and intends to issue it in 2023. The success of the CBDC will depend on its massive use.

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