Wednesday, May 22, 2024

Bitcoin Breaks $45000 Mark, Due to These Two Reasons

Bitcoin is showing incredible strength as it breaks $45,000 as market hints at recovery. Taking a look at the current price of bitcoin, it is still trading above $40,000 which is  bullish. We’re not bullish for bitcoin above $45,000 until it breaks this resistance of $45,000.

Why is bitcoin showing so much strength ? Let’s find out.

Exxon Is Using Excess Natural Gas to Mine Bitcoin

Exxon is using excess natural gas to mine bitcoin. Exxon is piloting a bitcoin mining program that utilizes previously wasted resources. The program is apparently utilizing 18 million cubic feet of natural gas each month that would have gone to waste otherwise.

The energy giant might be looking to expand the program internationally. If this goes well so just think about this and have some vision for the future. Right now they have excess gas that is just wasted, excess energy is just wasted.

They’re implementing this bitcoin mining pilot program to utilize this excess energy. What happens when it goes well ? what happens when they roll this out internationally ? Do you really not think that BP or any other big natural gas competitor isn’t going to implement something like this ?

If it means they can make more money and use their energy more efficiently. This is just the beginning. This is one of many reasons why we continue to be bullish on bitcoin and bullish on this whole space.

SEC to approve spot Bitcoin ETFs as early as 2023

Another reason why we’re bullish on bitcoin is because bitcoin ETF will get approved. Canada already have a spot bitcoin ETF, they already have a spot Ethereum ETF. When this does get approved, it’s going to create direct demand because spot bitcoin means they have to hold actual bitcoins and settle in actual real bitcoins.

There’s only a finite amount of actual bitcoins. This is what you need to know that, the SEC could approve a spot bitcoin ETF as early as next year as 2023. This information is coming from Bloomberg intelligence, basically they’re looking into a proposal that’s happening in the SEC right now.

Must Read: Cardano Beats Bitcoin & Ethereum, Price Analysis

The SEC is proposing to expand the definition of exchange which would then bring crypto exchanges and platforms under SEC regulation directly. Cryptocurrency exchanges are compliant the SEC’s primary reason for denying spot bitcoin ETFs would no longer be valid likely clearing the way for approval.

The TL DR is a change in the definition of exchange could pave the way for the approval of spot bitcoin ETFs. Many of them the amendment was proposed in January and it would leave the sec with no reason to deny them anymore.

BTC Price Today

Bitcoin price now is $44,378.17 with a 24-hour trading volume of $14,094,125,112. BTC price is up 0.3% in the last 24 hours. It has a circulating supply of 19 Million BTC coins and a total supply of 21 Million.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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