BTC Records Weekly Close Below $20,000, Fundamentals Stay Strong
In the last two weeks, the bulls have ceded control to the bears, relinquishing a $25,000 high only for BTC to tumble below $20,000. At the moment, Bitcoin’s on track to record its lowest monthly close since August 2020.
Jerome Powell’s speech at the annual Jackson Hole economic symposium didn’t help; US stocks lost a combined $1.25 trillion on the day. This could be Bitcoin’s worst August performance since 2015, and next month could be even worse.
September has historically been a red month, and a monthly close below $20,000 could see the price tumble to $16,000 – $17,000. However, there are a couple of positives.
Fundamentally, Bitcoin stays strong. The network difficulty is set to increase by 6.8% this week, the highest upward difficulty adjustment since January 2022. Furthermore, this will propel the difficulty to a new all-time high.
The hash rate is mimicking network difficulty, standing at 246 EH/s on Aug. 22, inches away from the all-time high of 251 EH/s.
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CRYPTO NEWS WEEKLY ROUNDUP:
Miley Cyrus Gears Up for Web3
Former Disney star and global star Miley Cyrus is entering the Web3 universe; she has filed two Metaverse and NFT trademarks related to the words ”Miley” and ”Miley Cyrus” with the United States Patent and Trademark Office.
A tweet by trademark attorney Mike Kondoudis brought this news to light; Miley Cyrus plans to launch digital goods such as virtual clothing, footwear, sports gear, etc. Miley Cyrus boasts over 181 million followers and enviable clout among the youth. This venture promises to bring a ton of attention to the space.
Bitcoin Depot Plans to Go Public in 2023
Bitcoin Depot, one of the largest crypto ATM providers in North America, has reached an agreement to merge with the SPAC GSR II Meteora (GSRM), in a deal worth $885 million to go public.
The firm announced that the agreement would result in Bitcoin Depot going public and getting listed on the NASDAQ under the ticker symbol BTM. The merger is expected to close by Q1 2023.
”With its significant BTM footprint, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and overseas,” said Gus Garcia, GSRM co-CEO.