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Saturday, July 24, 2021

Welcome back bulls, storm is over, Bitcoin is back

After a turbulent weekend, the crypto space seems to be recovering. Meanwhile, Iran is trying to lure miners.

After a stormy weekend it clears up again in the crypto space at the start of the week. Bitcoin, for example, was able to recapture the area around the 34,000 mark. Overall, the digital store of value recorded a price gain of 4.5 percent compared to the day. At press time, BTC is trading at $ 34,465.

In addition to Bitcoin, Ethereum can also look forward to a decent price increase. Overnight, ETH managed to exit the area for around $ 1,800. The second most valuable cryptocurrency is currently struggling at the 2,000 mark. Among the top 20 coins, however, the winner of the day is clearly the Internet Computer (ICP) from DFINITY. After weeks of decline, the coin can gain a whopping 42 percent overnight and is trading at $ 44.95 at the time of going to press.

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“Bitcoin May Reach $ 100,000”

The fact that Bitcoin has been holding at least the 30,000 mark for some time is a strong indicator that digital gold will achieve its annual target of 100,000 US dollars. At least that’s what Vinny Lingham, former CEO of Gyft and co-founder of Civic, said in a recent tweet .

If the $ 30,000 is held, #Bitcoin will likely break the $ 100,000 later this year.

Vinny Lingham on Twitter

The reactions to the tweet are a bit mixed. While some consider Linghams predictions to be completely exaggerated, other users draw new optimism. For example, a user writes :

 

The legend has spoken! The last time he made predictions for #BTC, #ETH and #FIL, the coins pumped up tremendously. Great respect.

User reply to tweet from Vinny Lingham

Within the crypto space he is considered an “oracle” because his prognoses have already come true several times.

Iran grants license for 30 mining farms

Bitcoin mining is currently not having an easy position in the crypto space. Almost every week we receive new messages with new restrictions against digital miners. The Middle Kingdom in particular has kept crypto space in suspense lately with its rigorous approach. Last week, Iran followed suit when the regime confiscated almost 7,000 ASIC devices . Previously, the government in Tehran had passed a law at the end of May that bans Bitcoin mining until September. The reason given was that the mining activities had increasingly led to power outages.

But now the U-turn. As US media unanimously report, Iran is granting 30 Bitcoin mining farms a license to resume their prospecting activities. The farms are distributed across different provinces in order to load the electricity grid as evenly as possible. The step may be surprising at first glance, but at the second it seems quite logical. Since China intensified the fight against Bitcoin mining, more and more miners have tried to leave the country. The US states of Texas and Florida are particularly worthwhile destinations.

Now Iran apparently also wants to benefit from the exodus. Low electricity prices attract visitors. However, the mullah state also attracted attention in the past with its restrictive policy towards Bitcoin miners. To what extent Iran’s change of heart will pay off remains to be seen.

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