Netcoins Insider ??: Bitcoin's Impact on Africa's Economy, Cloud Mining, and More!
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?? Market Movers
Despite minor fluctuations, the market saw a marginal increase of 0.07% in the last 24 hours. BTC maintained its upward trajectory, rising by 0.36% today and marking an impressive 9.35% gain for the week. Conversely, ETH experienced a slight dip of 1.65% today but finished the week with an overall 11.93% increase. Among today's gainers, SUSHI leads with a 2.94% rise, followed by ALGO with 1.91%, APE with 1.61%, and BCH with 1.31%. Notable performers for the week include GRT with an impressive 15.68% surge, followed closely by APE at 15.56%, RNDR at 13.20%, and UNI at 12.83%.
What do you think of the market movement within the past week? Share your thoughts with us on X!
?? Bitcoin's Impact on Africa's Economy
Delve into the transformative influence of Bitcoin on Africa's economic dynamics. By addressing banking barriers and currency instability, Bitcoin is fostering financial inclusion and stimulating growth across the continent. Despite its potential, regulatory hurdles and market volatility remain key challenges. Stay informed as Africa navigates this evolving landscape!
?? Bitcoin Cloud Mining
Discover the ins and outs of Bitcoin cloud mining—a process where users remotely mine Bitcoin using shared processing power. While it offers accessibility, its profitability can vary, with some companies falling short of expectations. Yet, with legitimate players like Genesis Mining, Bitclub Network, and Hashflare, there are opportunities for savvy investors. Understand the nuances, weigh the risks, and delve into this innovative approach to Bitcoin mining.
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??OTC Desk Insights?
Bitcoin's rally above $52,000, accompanied by a 35% surge since January, challenges historical market correlations amidst a strengthening U.S. dollar index (DXY) and rising Treasury yields. Strong inflows into U.S.-based Bitcoin ETFs, coupled with speculative buying from regions such as China and Nigeria, have contributed to Bitcoin's recent performance.
In other news, the cryptocurrency market is witnessing a significant transformation as investors divert funds from traditional gold ETFs to recently introduced Bitcoin ETFs. Over the last month, gold ETFs like SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) have experienced net outflows of $2.6 billion and $507 million, respectively, while new spot Bitcoin ETFs, such as BlackRock's IBIT and Fidelity's FBTC, have garnered nearly $10 billion in assets under management (AUM) since January.
Despite Bitcoin's ascent above $52,000, analysts caution of a potential pullback due to resistance at this key level. Technical indicators suggest Bitcoin's rapid ascent may be unsustainable in the short term, but analysts remain optimistic about its long-term prospects.
Happy trading.
Feel free to contact our OTC Trading Desk to learn more.
Andrew Bulman
This newsletter is meant as general information and is not to be taken as financial advice. Independent research should be conducted before purchasing Cryptocurrency, or any other investment.
?? Blog Bites?