Bitcoin Rises Above This Key Level; Algorand Emerges As Top Gainer

Bitcoin (CRYPTO: BTC) traded higher, with the cryptocurrency prices trading above the key $29,500 level on Tuesday. Ethereum (CRYPTO: ETH) also moved higher, trading above the key $1,800 mark this morning.

Timeline of Algorand, Bitcoin

The digital currency realm is ceaselessly evolving, with every innovation altering the landscape. Among the most recent advancements is Bitcoin Spark, a trailblazing blockchain initiative that has ignited conversations about its potential influence on the broader market and established cryptocurrencies like Ethereum.

Bitcoin has seen a rollercoaster year since the crypto winter in 2022. According to Binance charts, the live price of Bitcoin stands at $ 29,340.32 per (BTC / USD) with a current market cap of $ 570.55B.

The US Securities and Exchange Commission (SEC) is on the verge of approving the highly anticipated Bitcoin exchange-traded fund (ETF) proposed by Ark Invest. The regulatory process for the Ark Invest Bitcoin ETF has been in progress for several months, drawing considerable interest from investors and industry observers alike.

Bitcoin rebounded on Tuesday, following the news that Paypal was launching a USD stablecoin on the ethereum blockchain. The company hopes the move will bridge the gap between fiat and cryptocurrencies for all of its stakeholders. Ethereum was marginally higher today.

Binance's Proof-of-Reserve (PoR) shows that the crypto-exchange sold its USDC stablecoin reserves to buy about 100,000 BTC and 550,000 ETH. The equivalent of about $3.5 billion in the two major crypto assets was executed during the period from 12 March to 1 May 2023.

In a pivotal moment of foresight back in 2013, Davinci Jeremie's YouTube plea for viewers to invest a mere $1 in Bitcoin (BTC) seemed modest. With 1 BTC priced at around $111 then, the call may have appeared inconspicuous.

The number of addresses holding at least one Bitcoin (BTC) has reached a new all-time high of 1,013,414 amid growing expectations of a price increase for the leading cryptocurrency.

BTC/USD Large Stops Below 27991: Sally Ho's Technical Analysis – 9 August 2023 Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair remained unable to sustain moves above the 29500 area and continues to battle with areas of technical resistance. The inability to revisit last month's multi-month high around the 31862 area has resulted in bearish momentum and has seen the pair orbit the 28960 area, representing the 23.6% retracement of the appreciating range from 19568.52 to 31862.21.

According to Bank of America analyst Michael Hartnett, the US government debt is predicted to rise to $50 trillion by 2033. This is the astonishing and ridiculous state our financial system has got into, and the vast majority of US citizens will probably just shrug their shoulders and carry on.

The US Securities and Exchange Commission (SEC) is nearing a critical crossroads concerning ARK's application for a spot Bitcoin Exchange Traded Fund (ETF). With the August 13 deadline on the horizon, the financial world watches closely for the SEC's decisive verdict.