Bitcoin is Still in “Good Shape”

It’s been a difficult week for Bitcoin which ends down more than 8 percent at just under $44,000. Mike Novogratz isn’t too bothered though. As long as the price stays above $40,000, the Galaxy Digital CEO thinks Bitcoin is in “good shape.”

Nayib Bukele agrees. The President of El Salvador, the first country in the world to accept Bitcoin as a currency, tweeted that he bought the dip. El Salvador bought 150 new coins, bringing its holding to 700 coins. El Salvador bought at $45,500. At current prices, the purchase puts El Salvadoran taxpayers just over a quarter of a million dollars in the red.

President Bukele will be hoping that those figures improve soon. The New York Digital Investment Group (NYDIG) has already produced some good figures. The group has published a report into Bitcoin’s carbon footprint. The report predicts that even if Bitcoin reaches $10 trillion by 2030, its emissions would still amount to only 0.9 percent of the world’s total, and its energy outlay would be just 0.4 percent.

Not all the number have been good this week though. Hackers made off with almost $12 million in Bitcoin from DeFi platform pNetwork. But the US is on the case. It’s making life harder for cryptohackers. The US Treasury has sanctioned Russian cryptocurrency exchange Suex for allegedly helping ransomware attackers to move more than $160 million of Bitcoin. No US residents or businesses can now work with the firm.

Suex isn’t the only exchange in trouble. Binance is stopping all crypto futures and options in Australia. Users in the country have 90 days to close their positions. In Miami, though, the city is taking on a position. The city’s commissioners have voted to accept funds generated by MiamiCoin, a new cryptocurrency from CityCoins. Mayor Francis Suarez has said that the coin has already given the city $5 million over 30 days.

Another coin doing well is Adventure Gold, part of the open-source Loot Project. The coins will become an in-game currency. An announcement from Coinbase about the currency sent the price from $2.91 to $4.29. And Dogecoin is still having its moment. Adam Aron, CEO of movie theater chain AMC has suggested that the company might accept Dogecoin in addition to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for online payments.

While old coins keep going, there’s more talk of the benefits of DeFi for the unbanked, and Compass Mining has launched a new service to let everyone benefit from cryptocurrency mining. It’s offering six different rigs.

And finally, Ron Watkins, a former administrator’s at his father’s 8Chan website and a leading force behind the QAnon movement, is selling NFTs to fund a new “secret project.” The NFTs of tweets from his now-banned stream are intended to raise funds for what Watkins has called “a critical project to help America.” 

Someone clearly doesn’t think everything is in “good shape.”