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Billion dollar Bitcoin mining industry resumes in Iran after three-month ban

The extreme heat of the summer has subsided, so crypto mining has been given the green light as it can no longer be blamed for stressing the electricity grid.

An estimated 4.5% to 7% of the world’s cryptocurrency mining is done in Iran.

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October's Historical Bitcoin Price Trend Extends Hope for a Renewed Bull Run to End the Year. Bitcoin has been profitable in october 77% of the time.

Metrics show that while September has consistently been a bad month for bitcoin, October, on the other hand, has traditionally been a good month for bitcoin since 2013.
In 2020, the price of bitcoin closed the month of September at around $10,750 per unit but the following month, BTC spiked 25% to roughly $13,450 per unit.

On October 1, 2021, BTC surged from $43,500 per unit to Friday’s high of $48,500 per BTC. That’s an increase of around 11.49%.

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The Bank of America Corporation (BoA) has published a research report offering a bullish outlook for the long-term prospects of cryptocurrency.

The BofA report noted that venture capital in the crypto and blockchain sector has dramatically increased in 2021, noting that the more than $17 billion invested into the industry during the first half of this year is more than triple the $5.5 billion injected into the sector over the entirety of 2020.

The report also highlighted the recent surging rates of crypto adoption, estimating that as of 221 million users globally had traded cryptocurrency or used a blockchain application as of June 2021 — compared to 66 million in May of 2020.
Large transactions are becoming increasingly dominant on the BTC network, hinting that whales and institutional investors are showing rising interest in the crypto.

There is a box on the chart that covers the volumes between $13.6 billion and $16.8 billion. This box highlights the two regions of most volume where values were close to the all-time-high.

The difference between both the peaks becomes apparent on a closer examination of the chart. It looks like transactions of size higher than $10 million have become increasingly dominant recently, when it wasn’t the case during the bull run in the first half of the year.

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3 warning signs suggest the Bitcoin price rally is overextended.

The rates flip positive across exchanges, however, focused on what could end up being an opposing move lower.

The mood among investors was echoed by sentiment data, with the Crypto Fear & Greed Index hitting 76/100 on the day, representing “extreme greed.”

Bollinger bands track upward and downward volatility of an asset and are currently hinting that calmer conditions should prevail.

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According to CoinGecko, of the top 5 meme coins, Shiba Inu (SHIB) has been the best performer over the past week with its price surging 400% from a low of $0.00000700 on Oct. 4 to a multi-month high at $0.0003529 on Oct. 6.

The surge in price of SHIB comes as the ecosystem behind the token has expanded to include the ShibaSwap exchange, which claims to offer lower exchange fees than Uniswap and multiple ways for token holders to earn a yield through providing liquidity or staking.

SHIB also benefits from being one of the few meme tokens listed on multiple large cryptocurrency exchanges, including Coinbase and Binance, which provides ample liquidity and trading volume for traders interested in SHIB.
5 Countries Will Accept Bitcoin as Legal Tender by End of Next Year, Says Bitmex CEO.
He cited two key reasons.

The first is remittances. Remittances made up 23% of El Salvador’s GDP in 2020. Citing data from the World Bank, he added that low and middle-income countries receive about 75% of total global remittances and $540 billion in remittances reached low and middle income countries in 2020.

The second factor is inflation. The International Monetary Fund (IMF) forecasts inflation for developed countries in 2021 at 2.4% and 5.4% for developing countries.
Institutional investors piled $225 million into Bitcoin products while Ether products saw outflows of $13.6 million this past week.

CoinShares attributes the positive shift in sentiment towards Bitcoin to recent statements from U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler’s suggesting the long-awaited approval of the United States’ first Bitcoin exchange-traded fund (ETF) may be just around the corner.

Products tracking altcoins have posted a mixed performance for the week, with Solana (SOL) and Cardano (ADA) products generating inflows of $12.5 million and $3 million respectively. However, funds offering exposure to Ether (ETH), Polkadot (DOT) and Ripple (XRP) suffered outflows of $13.6 million, $2.1 million and $600,000 each.

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US dominates global Bitcoin hash rate distribution after China crackdown.

The United States now accounts for more than a third of the total Bitcoin mining activity with Kazakhstan and Russia also becoming major locations.
🔹 Too early to talk about using crypto for oil trading, says Putin. The Russian president has not excluded the possibility that, at some point, crypto will become a “means of accumulation.”

🔹 Elon Musk’s Tesla is already $1 billion in profit from holding Bitcoin
ETC Group Releases Bitcoin Cash Report Praising High Usage and Vibrant Development.

The report, which touches on several important aspects of the cryptocurrency, establishes that Bitcoin Cash has experienced positive development when it comes to the actual usage of the currency.

While the company acknowledged the asset price is lagging compared to its older sibling, it praised the crypto on other aspects like development and actual usage. Bitcoin Cash has improved regarding these two metrics, likely helped by the inclusion in several important platforms such as Paypal.

Smartbch just launched earlier this year, bringing smart contract capabilities and Ethereum-like decentralized finance apps to the chain.
Bitcoin of America recognized the growing popularity of the cryptocurrency Ethereum and decided it was time to include it in their BTMs. To date, Bitcoin of America has 1300 plus BTMs across 31 states. Bitcoin of America also offers Bitcoin and Litecoin options online and at their BTM locations. To find a BTM you can visit their website and enter in your address to find one near you.

Bitcoin of America has made several updates to their machines and services this year. In May, Bitcoin of America announced their new Universal Kiosk. This new universal kiosk combines the capabilities of a traditional ATM with a Bitcoin ATM and offers 3 main functions. The first is the traditional ATM feature where customers can dispense cash from a debit card. The second function is being able to buy cryptocurrency with cash. The last is that customers can sell crypto in return for cash.
Bitcoin has been doing extremely well and BTC dominance has increased to 45.3% during the last week. However, a decent quantity of defi tokens from specific blockchain networks have outperformed BTC during the last week.

In fact, out of all the crypto assets in existence today, nine different digital assets saw better gains than bitcoin and a great deal of them are focused on defi. Polkadot was this week’s leader with an increase of 19.6% and those gains were followed by polygon’s (MATIC) 19.4% percentage gains. Other strong gainers that outperformed bitcoin included BNB, STX, and XLM.
Russian officials consider proposal to mine Bitcoin with associated gas.

The project involves “one of Russia’s largest oil companies” that is struggling to scale its cryptocurrency mining project due to regulatory uncertainty.

Gazprom Neft, the third-largest oil producer in Russia, is reportedly the only company that has been involved in such a project, generating 1.8 BTC in just one month last year.

Associated gas is a byproduct of oil drilling, but due to the incredible cost of proper gas infrastructure, it is often wasted through flaring, wherein the excess gas is simply burned off.
JPMorgan says inflation concerns, not ETFs, driving Bitcoin price jump.

Instead, JPMorgan believes that as gold failed to respond to concerns over rising cost pressures in the last couple of weeks, Bitcoin’s renewed role as a better hedge against inflation in the eyes of investors is the main reason for the current bull run. The team highlighted that the shift away from gold ETFs into Bitcoin funds has bee gathering speed since September and “supports a bullish outlook for Bitcoin into year-end.”
🔹 More than 1 million people are on the waitlist for Robinhood’s long-awaited crypto wallet.

🔹 Walmart plans to eventually install 8,000 Bitcoin ATMs in the U.S. and has installed 200 in a pilot program.
Bitcoin is still replaying 2017 price action with almost uncanny accuracy.

This, too, would suggest much higher price levels before the year is out — in line with December 2017’s blow-off top.
Elon Musk Reveals Real Reason He Supports Dogecoin, Says Many People at Tesla and Spacex Own DOGE.

A survey found about a third of U.S. crypto holders own the meme cryptocurrency.
Finder published a fresh report that polled 50 fintech specialists who discussed the second-largest crypto-asset, ETH.

Data shows that 63% of panelists think it’s a good time to buy ether, while 9% say sell. 28% of the panel members polled say that ether holders should “hodl.”

The report shows that while ETH is expected to reach $5,114 by the end of this year, by 2025, the panel predicts ETH’s price will jump to $15,364 per unit. Experts also believe that a single ether can then more than triple by the end of 2030, reaching $50,788 per ETH.

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Bitcoin has all but deleted any trace of the mining ban, which saw its hash rate dive 50% this year.

According to the latest estimates, the network hash rate is now back at levels from May, just before China outlawed its Bitcoin mining industry.

You can see the success of BTC forecasts on STIPS|Oculus