World’s most valuable and popular digital currency, Bitcoin, has breached its highest acme since February 22, as the cryptocurrency slightly peaked at $52,636 before quickly retreating on Wednesday afternoon, WAT.
The digital asset suffered a shocking but expected decline or correction, that saw it lose almost $14,000 of its value in less than seven days which accounted for 23.8% of its value.
Hours before this new rise, it was announced that miners in the United State city of Kentucky will not need to pay taxes to mint the energy-demanding money under new regulations.
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House lawmakers in the state, approved House Bill 230, by a 19-2 vote, which removes sales tax obligations from electricity purchased for use by cryptocurrency mining businesses. The bill however is still susceptible to review by the upper senate.
American stock broker, financial commentator, radio personality and CEO of Connecticut-based Euro Pacific Capital Inc., who is a full-fledged sceptic and critic of Bitcoin had to concede defeat and testify to the credibility of the currency. Via his Twitter handle, he said,
“Congratulations to those who bought Bitcoin early, pumped up the price, and who’ve been dumping into the hype. You succeeded in getting Wall Street to buy into the mania. When I first learned about #Bitcoin I didn’t think smart investors would be dumb enough to buy. I was wrong.”
During the course of its renaissance, business and financial information website, Google Finance, added a dedicated tab to ‘Crypto’ in general, sometime during the week. The tab was strategically positioned at the top right hand corner of the page and categorised cryptocurrency as one of five default markets including U.S., Europe, Asia and “Currencies.”
Altcoins like Tether, have also proved stable alternative to Bitcoin, with the token remaining defiant at the $1.00 since February 28, the second time it has crossed the peak threshold in 2021, as the coin is designed not to exceed the dollar.
Today also marks four years to March 3, 2017, the day the value of Bitcoin surpassed that of gold for the first time ever. On that date, an ounce of gold was priced at $1,235 on Oklahoma-based precious metals retailer APMEX, while shard of Bitcoin returned $1,271.
Four years after, the precious metal official sells at a relatively miserly $1,710, over 29 times less valuable.
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