With the massive development in modern technology, several new concepts are being introduced to the world in the past few years. One of the most popular and trending technology is cryptocurrency. Cryptocurrency refers to digital currency which has no physical appearance but can be used for making transactions. If you are interested in bitcoin trading, you can get more details from here and improve your knowledge. Bitcoin is the most prominent and popular cryptocurrency in the world. Despite its massive popularity, there are still some people who don’t have enough knowledge about it. If you stay aware of the latest news and updates, you will surely have better knowledge about it.
Recently, there was an update that Joe Biden is planning to make some changes in the US tax code and increasing the taxes on capital gains for the citizens who have an income over $1 million. It has a huge impact on the cryptocurrency market, especially bitcoin, as it led to a sudden decrease in the price of bitcoin. It plunged by 7% as earlier it was standing strong over the mark of $50000, but after the news broke, it came down by 7% and is currently sitting at $48176. On the other hand, bitcoin’s top competitors in the market, like Ethereum, also fell but by less margin.
Bitcoin is lost over 15% of the value within a week, but if we see its performance through the year, it is still showing an upward trend of over 65%. There are posts all over about the losses that crypto investors may have to suffer, but the experts said that the fall is temporary and the market will soon recover. With more companies and institutions adopting cryptocurrencies, it is surely going to be the next big thing in the future.
Power Outage in China Had a Negative Impact on Bitcoin
The most valuable cryptocurrency in the world plunged by 14% and reached $51,541. A data website located in China powered out, and it was responsible for most of the bitcoin mining down for selling the cryptocurrency. There were some rumors that there will be a sharp drop in bitcoin due to the power outage, which made most of the users sell their investment in a hurry. The news was about the drop in the hash rate, but it has nothing to do with the bitcoin price. Most of the bitcoin markets work 24×7, and most of the fluctuations occur at odd hours. Hash Rate refers to the mining capacity of the bitcoin network, and any fluctuation in it will not change the market value of bitcoin. Despite the major holding sold off by the investors, bitcoin is still strong due to its massive acceptance and popularity as an investment.
Increasing Acceptance of Bitcoin in the Real Estate Industry
Bitcoin’s popularity is increasing at a rapid pace, and now it has started entering into the real estate world. According to the latest news, a sudden increase has been seen in the real estate being sold for bitcoins. The real estate listings are accepting more bitcoins which is the primary reason that more people are willing to invest in it. Bitcoin acceptance in the real estate industry rose from 12.7 crypto listing per 100000 homes to 14.3 crypto listing per 10000 homes. As more people will learn about cryptocurrency and will start trusting it, there will be higher bitcoin acceptance in several industries, such as real estate. There is no clear stand about the use of crypto in real estate as it has its own positive as well as negative sides.
Bitcoin vs. Ethereum – The Next Rivalry in the Market
Bitcoin is the most successful cryptocurrency in the market, but following its success, numerous other digital currencies have also been running in the crypto world, and one of them is Ethereum. Ethereum has been growing at a rapid pace in the last few years, and it is considered to be the top competition for bitcoin. Ether is the second-largest cryptocurrency after bitcoin, and it facilitates smart contracts that are reliable, faster, and smoother. Both of them are based on blockchain technology, and the users can expect to see stiff competition in both of them.