In the latest Bitcoin news, we have the major cryptocurrency trying to break through the $6,700 margin and testing major resistance levels. Throughout the year, Bitcoin has been in the green and red – and according to one investor, the stability of Bitcoin at $6,000 is quite optimistic despite its history.
As Tom Lee, the general manager of Fundstrat stated in an official report, the $6,000 level will likely be held by Bitcoin in the mid-term because it is the breakeven point for miners. In other words, miners using the electricity and mining equipment to verify transactions on the Bitcoin network can still generate profits if the price of Bitcoin stays above $6,000.
Lee further explained that the stability of BTC at the $6,000 mark is crucial. As he told Bloomberg, there are two major catalysts waiting for BTC in the year and pushing its price substantially within the next two months.
“$6,000 is a level that is more important than we realized. Earlier this year, we were pointing $6,000 as breakeven for Bitcoin mining so that level should hold. The fact Bitcoin is holding here is very good news. I think there are catalysts in the year end so I think despite the lower highs we’ve seen I think we’re starting to reverse,” Lee said.
When asked about the two catalysts, Lee pointed out to the strengthening infrastructure of the exchange market and the fear of missing out (FOMO) amongst the institutional investors.
On top of that, the entrance of major investment banks and solid products is what is driving Bitcoin’s price forward. According to Lee, the institutions entering the market will continue to force such positive growth.
BTC Retracement To $7,150 Could Mean A Visit To $7,800 Soon
“Wouldn’t surprise me to see something like this, as long as we hold green. Breaking and flipping back above $7,150 would make the price go back in the range & then we’re eager to look for $7,800 later on. Crucial to hold green, nonetheless.”The bears are resilient over the price of Bitcoin on the market since it became a thing of concern to most of the enthusiasts, investors, and traders. Bitcoin recorded yearly price highs and has been a cause for agitation in the crypto community especially among the newcomers in the trading and investment area. The majority of the analysts believe that the Bitcoin halving will cause a massive turning point for the Bitcoin price as they considered the previous halving into consideration.According to the history of the previous Bitcoin halving, one year after the event is expected to welcome a parabolic price uptrend of the altcoin. This event is scheduled to take place every four years and this was last conducted in 2016 so the next halving is expected in May 2020. To be fair, the halving has been mostly favorable to the price of BTC and it was also believed that the effect of the 2016 bitcoin halving aided the price of the crypto to the record-time high of $20,000.
Syrian Refugee Is Teaching Cryptocurrency Basics In A Camp In Iraq
“People really need to know all the things about the internet and their phones and laptops,” the Syrian refugee claims. “We are in an advanced world and we should learn."Aldeen now owns a small amount of Ether (ETH) which he said he earned through a local education program run by the nonprofit Hello Future. However, as he claimed in the ETH news, his possessions are too little to spend so he is eager to earn more.As we could see from the Hello Future founder Charlie Grosso, most of the students in Aldeen's class think of mobile devices and computers in the same way like old-school Nintendos. They know that they could play games on them but are unfamiliar with Internet or access to global networks.
“The idea of searching to verify information is unknown to them,” she said. “They just don’t have that framework.”The Syrian refugee is obviously looking to change this and teach them everything about cryptocurrency and the latest crypto news. Even though the learning curve is steep for people in this camp, Grosso is confident that all 44 teens who took her computer literacy class quickly grasped the concept of stateless digital money.
“Two years ago, I got my first phone. Now everyone in my family has a smartphone,” Aldeen said. “I like games like Minecraft because I can build things, design things and improve my English.”The Syrian refugee also stated that cryptocurrency "might be good for saving money because if you put your money inside a bank, the bank might steal it."
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