The Price of Bitcoin Mining and More: The Week in Reporter Reads

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So it is not easy to make predictions about price trends, excluding events that have not yet happened. Bitcoin fluctuated for much of the year close to 20, also influenced by the summer crisis in USD Land.

Blog Growing Acceptance: Governments and central banks around the world are also increasingly recognizing Bitcoin as a legitimate asset. This could help ease some of the regulatory uncertainty and make it easier for more institutional investors to get involved.

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How they achieve that varies: the largest, such as tether and USD Coin, are effectively banks. They hold large reserves in cash, liquid assets, and other investments, and simply use those reserves to maintain a stable price.

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Others, known as "algorithmic stablecoins", attempt to do the same thing but without any reserves. They have been criticised as effectively being backed by Ponzi schemes, since they require continuous inflows of cash to ensure they don't collapse.

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Stablecoins are an important part of the cryptocurrency ecosystem. For instance, David Kemmerer, CEO of CoinLedger, a crypto tax software, believes that Bitcoin is likely to correct further in the first half of expecting the fallout from the FTX collapse to spread further. At the same time, the Bitcoin community hopes the current consolidation phase can lead to a price bottom and act as a base for the asset to rally.

Keeping in mind that I am still being conservative at this time until markets turn around, some DeFi projects that have withstood the test of time are the likes of UniswapAaveCompound FinanceMakerDAOand Curveall primarily on the Ethereum network. Outside of the Ethereum ecosystem, Trader Joe on the Avalanche network is looking attractive at these levels as are MinSwap, SundaeSwapand MELD on the Cardano network.

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If DeFi sees the same rate of growth and adoption in the next bull market, price and value locked will exceed the highs. DeFi has the ability to facilitate lending and borrowing without the need for banks and provides ample opportunities to earn passive income thanks to processes like lending, yield farming, Liquidity Provisioning, Staking, etc.

Image via The Block Binance is the largest exchange in the world, the place where the vast majority of crypto trading and centralized crypto activity takes place.

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As Binance is not a publicly traded company, they do not have shares, but they do have BNB, whose price is directly influenced by the strength, health, and profitability of the Binance exchange and its massive ecosystem. The prominence of the BNB token is the result of a few factors.

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Binance is far more than just a cryptocurrency exchange, it has also launched the Binance Chain, an Ethereum competitor that has a thriving DApp ecosystem that is reliant on the BNB token to pay for transaction costs. The Binance chain is enormous, just take a look at the following graph showing that over the past days, the Binance Chain has had more active users than either Ethereum or Polygon. BSC Activity has been Dominant Over the Past Year. Moreover, the RSI and Stochastic were at a neutral position by being close to touching the overbought mark, which might lead to a downtrend soon.

Source: Glassnode However, not everything was against BTC as a few analyses also pointed toward an upcoming surge.