Bitcoin Price Soars after Square invests $50 million, Ethereum Hash Rate Rising as Ripple Launches a New Product for ODL Clients
Bitcoin price In Brief:
- The Bitcoin price rallies, gains versus ETH and USD
- Square invests $50 million in Bitcoin
- Ethereum hash rate soars to new all-time highs
- Ripple launches a Line of Credit for ODL clients
Trending News: Bitcoin, Ethereum, Polkadot, Chainlink
Five months into the third Bitcoin epoch and institutions are all in. and not just in the United States. President Trump may have his reservation on cryptocurrencies. However, his views diverge from those held by business leaders and some policymakers.
Square invests $50 million in Bitcoin
Last month we had MicroStrategy announcing their deep investment in Bitcoin. Michael Saylor ended up tweeting, lauding Bitcoin and crypto.
In his view, Bitcoin is a store of value.
A coin that can help shield the NASDAQ-listed firm from inflation. Saylor projects it to hit 10 percent. The Winklevoss Twins are also faulting the Federal Reserve for their mismanagement.
On Oct 7, the chair, Jerome Powell, said the United States economy needed more financial support from the government and Congress. President Trump rejected his ideas. Immediately after, on Oct 8, Square—another public firm, said it was investing $50 million in Bitcoin.
Jack Dorsey, the CEO, revealed that their purchase was via an OTC in a whitepaper. Meanwhile, Square believes “cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose.”
Square has since launched the Cryptocurrency Open Patent Alliance (COPA)—a non-profit which helps companies defend against patent aggressors.
Ethereum Hash Rate Rises to a New All-Time High
The Ethereum hash rate on Oct 7 rose to an all-time high of 254 TH/s. Miners are funneling their computing power, taking advantage of the high transaction fees occasioned by DeFi.
Interestingly, as the Ethereum network becomes resilient, its creators in the medium plans have plans to power off its mining algorithm.
Ahead of the Beacon Chain mainnet launch set for next month or early Q1 2021, odds of ETH prices rallying remain high. With rising ETH prices, more ETH miners will power on their machines, pumping hash rate to new highs.
Ripple Launches a Line of Credit for ODL Clients
Ripple, on Oct 8, launched a Line of Credit-still in beta service, allowing ODL clients to source capital and initiate payments using XRP. The beta product, the remittance company said, is part of their view to enable the Internet of Value (IoV) and break down the barriers in finance.
Notable performers in the top 20 in the last week include Bitcoin Cash, Polkadot, and Chainlink.
Bitcoin Price Analysis
The Bitcoin price is edging higher versus the USD and ETH in the last week of trading.
It has pared losses against the USD and is outperforming ETH.
From the daily chart, the BTC price remains in trade range, retesting intra-day resistance levels. After the Oct 8 rally, there are hints of strength considering the high trading volumes accompanying the break above the resistance trend line.
Immediate resistance is at $11,200. However, a bounce from the 50 to 61.8 percent Fibonacci of June and July trade range, past this minor sell wall could spark further gains towards $12,000 and $12,500.
A sharp reversal from spot levels below the support trend line back to the consolidation belt nullifies bulls’ attempts.
Technical chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.