What is the latest news involving Bitcoin? See below an in-depth look at a report from crypto payments company CoinsPaid and other news.
Summary
CoinsPaid: +216% in the number of transactions in 2023
Recently, CoinsPaid, a crypto payments ecosystem, released its spring report on crypto transactions made on its platform.Â
In particular, it notes that while large cryptocurrency payment platforms, such as Wyre, are closing, CoinsPaid has seen significant growth in the number of transactions.
Specifically, with a 216% increase between spring 2021 and 2023 and a 232% increase in transaction volume over the same period.
In addition, highlights regarding the behavior of major cryptocurrencies are given in the report.
For example, we see that, in the spring of 2021, Bitcoin (BTC) transactions accounted for 72% of the total. However, in the spring of 2023, this percentage dropped to 46% of total transactions made on the platform.
When comparing the spring period of 2021 and 2023, there was a 233% increase in USDT transactions. In fact, between the spring of 2022 and 2023, transactions in USDT increased by 31.6%.
This could be attributed to Bitcoin’s increased fees, while USDT maintains a more stable price and offers faster transaction processing speed.
A 31.5% increase in LTC transactions between spring 2022 and 2023 was also observed. Litecoin implemented the Lightning Network technology, improving its usability as a transaction medium in 2023.
Finally, between spring 2021 and 2023, ETH transactions on the CoinsPaid platform increased by 237%. In contrast, between the spring of 2022 and 2023, ETH transactions increased by 16.7%.
Latest news: bill passed in North Carolina for state-level holding of Bitcoin
The chamber of the North Carolina state legislature recently passed a bill to study the feasibility and benefits of the state holding Bitcoin (BTC).
The proposal, approved 28 June, provides $50,000 in funding for an investigation into the “acquisition, safe storage, insurance and liquidation” of gold and virtual currencies such as Bitcoin.
The study would aim to assess the impact that investing in gold and cryptocurrencies would have on North Carolina funds.
Specifically, it would analyze whether such investments could provide a hedge against inflation and systemic credit risks, as well as whether gold and cryptocurrencies could reduce volatility and increase returns on the state’s portfolio.
The bill also considers the possibility of creating a state-run repository for cryptocurrencies, with North Carolina acting as custodian of its virtual assets.
However, the study will also examine the costs and benefits associated with using a privately managed repository or one run by another state. The bill was approved by the House with 73 votes in favor, 40 against and 7 absent.
Before becoming law, the bill must also be approved by the Senate and then signed or vetoed by Governor Roy Cooper.
Some predictions about the price of Bitcoin
As we know, BlackRock‘s application to the SEC for a Bitcoin ETF has caused an increase in Bitcoin’s volatility.Â
In fact, after months of inactive trading, the recent rally pushed Bitcoin’s price above $30,000. Thus, Bitcoin is now forming a new pattern that could lead to a breakout.
We see that, according to some Crypto World sources, Bitcoin is facing important resistance around $30,500, which needs to be breached to confirm a breakout.
Ideally, a weekly close above $31,000 would confirm the breakout. Analyzing the daily chart of Bitcoin also shows a temporary cooling of the short-term price due to the RSI (Relative Strength Index) reaching overbought levels.
This usually indicates a temporary pause or slight decline in price. A reset of the RSI could set the stage for an upward movement. If Bitcoin confirmed a break above $31,000, the next target would be around $37,000.
However, if support is broken, we could see a decline from $28,800 to $28,900. Conversely, a break above resistance could push the price toward $32,000.
