Bitcoin is currently trading around $20k at the time of writing. The largest cryptocurrency by market cap is back at crucial long-term support after spending several weeks largely below it. However, there have been no major price changes in the past 24 hours. Altcoins were also largely stable, with a few minor exceptions. More on that later.
In other news, due to the looming energy crisis in Europe, several unorthodox heating techniques are being considered. The excess heat from Bitcoin mining may be one of them, as it has been proven to work, especially in the Siberian city of Irkutsk with temperatures as low as -55C. This could fuel a boom in crypto mining in continental Europe. More on that later.
The South Korean Ministry of Foreign Affairs has ordered Terra founder and fugitive Do Kwon to surrender his passport to the competent authorities. The move comes after Do Kwon’s international arrest warrant was issued by Interpol for his involvement in the Terra scam. Multiple international agencies are hunting Do Kwon for his multi-billion dollar scam involving the Terra token. But Do Kwon does not cooperate with the investigation and is on the run.
The Bank of Namibia (BON) has issued a forward-thinking statement regarding the population’s use of Bitcoin. While it has emphasized that the cryptocurrency is not legal tender, sellers and buyers can use it directly as part of a Fintech Regulatory Innovations Framework. This could be the first step towards making it legal tender in the country.
Bitcoin hovers above $20k
Bitcoin is changing hands for just under $20k at the time of writing. The cryptocurrency had a slow, quiet day as it stabilized around its new-found support.
The past 36 hours started with the BTC rate around $20.2k. It traded sideways around this value all day with only minor changes here and there. It lost some value around midnight, reaching the $20k support and even threatening to dip slightly below it, but it didn’t. Instead, it bounced back up. At 3 a.m., the price had peaked at just $20.4k and did not move up further during the day. Instead, it gradually returned to the $20k level and even briefly went below $20k for a moment in between. At the time of writing, the Bitcoin price is just below $20k.
The rise in Bitcoin price recently did not go much further than just above $20k. Now it waits for the next phase of the bulls to carry it further upwards. There are some positive signs including rising interest rates on derivatives and the fact that we are heading towards the end of the year, but still, the margin is quite low for the upsides and one has to be realistic about their potential. The bears are still dominant in the short and long term and they could simply decide to pull the price back to a position that suits them better, for example the $19k support level. It all depends on how the bulls react further from here.
Bitcoin’s total market cap was approximately $383 billion and its share of the crypto market was 41.81%.
Altcoins remain stable
Other cryptocurrencies remained largely stable, with a few exceptions. They include Uniswap (UNI, 2.3%) and Cosmos (ATOM, 2.2%). The market was therefore exceptionally quiet yesterday.
In other news…..
Waste heat from Bitcoin mining could power entire cities
Due to recent developments with the sabotage of the Nordstream pipeline, Europe is in dire need of an energy source for heating as winter is fast approaching. One of the most innovative and convenient ways to heat people’s homes and even commercial areas is through Bitcoin mining.
Yes, Bitcoin mining is energy intensive, but it is also a proven generator of sufficient heat without further financial sacrifice to achieve it. The same approach has been successfully tested in the Russian city of Irkutsk in Siberia, where the mercury regularly reaches -55C. Alternatively, individual BTC miners can use simple DIY heat exchangers to effectively heat their homes this winter, while pocketing their crypto earnings at the same time.
Desperate times call for desperate measures and so crypto mining should be considered for what it is; an excellent alternative to space heating.
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