Mon, August 15, 2022

Digital Coins Shake the Cryptocurrency Market

Wibest – Digital coins: Cryptocurrency exchange rate panel.

Bitcoin supported the majors through the week as $11,000 proved to be a step too far.

Drawing back the gains from Saturday, Bitcoin closed at $10,569.4 at the end of the day. On Sunday, it plunged by 1.59%.

Bitcoin was bearish in the morning, making the intraday high of $10,812 decline to an afternoon intraday low $10,300 at the cryptocurrency market.

The cryptocurrency flattened on its first major support level at $10,374. It came short at its first major resistance level at $11,102.

On the afternoon, the digital coins succeeded to recover to $10,640 levels as it has looked for backing before easing back at the day end.

Bitcoin was gaining 3.63% for the week, after plunging on the day.

On Tuesday, Bitcoin’s market cap hit a week high of $196.72 billion before sinking to a week low of $163.74 billion on Wednesday.

Thursday’s 9.7% rally supported the $189.12 billion move back at the end of the week.

Other Cryptocurrency Updates

Wibest – Digital coins: Ethereum on a pile of cryptocurrency.

Beyond the rest of the top 10 cryptos, the majors on the day felt it was a mixed bag for them.

Bitcoin Cash SV, Tron’s TRX, and EOS kicked the trend on the day.

Bitcoin Cash SV collected 3.19%, while Tron and EOS increased by 0.35% and by 0.29% correspondingly.

The rest of the pack was down at the cryptocurrency market. By dipping at 2.25%, Binance Coin led the plunging.

Bitcoin Cash ABC and Ethereum also saw further heavy losses. Respectively, the pair ended the day below 1.65% and 1.4%.

Despite the Sunday reduction, substantial gains for the week were seen by the majority of the altcoins.

Going against the trend for the week was Ethereum, which dropped 0.14%.

Bitcoin’s influence on the cryptocurrency market was held on to 65% levels despite the more modest gains through the week.

Over the week, the whole crypto market cap was recovering from a Wednesday low. A drop from $248.64 billion to retrieval of $289.81 billion.

Bitcoin glided 0.08% to $10,561, at the time of writing.

On starting the day, Bitcoin declined from an early morning high $10,672 to a low $10,505.

Digital coins left the major support with the resistance levels untested.

Iran Finalizes Pricing for Cryptocurrency Miners

Meanwhile, according to a July 21 report, the Iranian Economic Commission reported a finalized tariff scheme for cryptocurrency miners.

Energy Minister Homayoon Ha’eri was indicating the expected approval from the Cabinet of Iran while the tariff scheme has been finalized.

Previously, the head of Iran Electrical Industry Syndicate, Ali Bakhshi, was proposing a price of $0.07 per kilowatt-hour for cryptocurrency miners.

Due to government subsidies, electricity in Iran is currently very cheap.

With power being cheaper in the agricultural and industrial sectors, a one-kilowatt hour of electricity currently only costs $0.05.

Mostafa Rajabi Mashhadi, the Energy Ministry spokesman for the power department, has put the prices in context. But as previously specified, the making of digital coins uses about $1,400 in state subsidies.

In a news report, mining one Bitcoin allegedly consumes as much electricity as 24 buildings in Tehran do in one year.


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