Bitcoin, the largest cryptocurrency in the world, has reached a $36,000 price over the past 24 hours. The famous digital currency saw a 5% decline in value during the period, which sparked some concerns among traders about its stability.
What's alarming about this continuous price decrease is the "death cross" that could likely make it bearish.
From becoming bullish, we could possibly notice the shift in the trend of Bitcoin to date. According to AMB Crypto's report on Friday, June 18, the term "death cross" is an event that happens when the 200-DMA (Daily Moving Average) has "completed the position above 50-MA."
In short, the scenario would be staged over the weekend.
For Bloomberg Intelligence commodity strategist, Mike McGlone, traders expect that $BTC and gold would be on the same page as the "primary beneficiaries" of the market.
Bitcoin Could Become Bearish
Bitcoin's value may have been heavily swerved by the regulations about its impact on the environment.
In connection to this, Wu Blockchain published on Twitter that the major cloud service provider in China, Alibaba cloud, has called out several crypto mining companies about the removal of their domain name in line with the requirements and regulations.
Colin Wu, the reporter behind Wu Blockchain, tweeted that mining firms should consider "some replacements" for the cryptocurrency. Moreover, the registered servers of the site are outside China that's why there's only "little impact" to the "exchanges."
Again, Bitcoin might be a game-changing currency in a country that is seeking another form of payment.
El Salvador, for example, has recently sought the assistance from the World Bank about implementing it as legal tender.
While the international financial institution supports Bitcoin as an official form of currency, it rejected the Central American country's request due to environmental and transparency issues.
Besides what it could do to the environment, Bitcoin is still undergoing a great demand surge at the moment. Several people have become interested in the potential of cryptocurrency due to its flexibility in entering businesses.
BBVA, a powerhouse bank in Spain, concluded that crypto trading can now reach its private banking clients in Switzerland. It will begin on June 21.
ESG updates About Bitcoin
According to Coindesk on Saturday, June 19, investors like Tesla CEO Elon Musk have been looking for some ways to address the ESG issues (environmental, social, and governance). He claimed that he would allow crypto transactions if the mining involves 50% clean energy.
In the next 18 months, we could see if the cryptocurrency-trading app, Crypto.com could achieve its goal for Bitcoin to be a "carbon negative."
Anchorage and Tokensoft also said that they would be making a "carbon-neutral bitcoin-backed asset" known as Eco BTC (eBTC).
Meanwhile, former US Securities and Exchange Commission's Office of Internet Enforcement chief, John Reed Stark said that the companies are only doing it for their sense of survival.
This article is owned by Tech Times
Written by Joseph Henry