Crypto Flipsider News — Arizona to Make BTC Legal Tender, Hash Rate Will Grow Aggressively, Doge Overtakes Terra, Wonderland Contemplates Shut Down, Internet Computer to Integrate BTC and ETH
Read in the Digest:
Bitcoin weekend recap, Arizona to make Bitcoin legal tender, Bitcoin miner predicts massive hash rate growth.
Terra (LUNA) drops hit 35% in one week, Dogecoin overtakes Terra.
Wonderland considers shutting down after voting out QuadrigaCX’s Sifu.
Internet Computer (ICP) plans Bitcoin and Ethereum integration for 2022.
Bitcoin Weekend Recap, Arizona to Make Bitcoin Legal Tender, Bitcoin Miner Predicts Massive Hash Rate Growth
After a turbulent start to the year, Bitcoin is kicking off the Year of the Tiger (as the Lunar New Year holiday week opens) in a relatively stable state. After recovering from its 6-month low, Bitcoin has consolidated between the $35k and $38k marks, and experts predict the trend to continue throughout the celebration.
The five day price chart for Bitcoin. Source: Tradingview
In addition to its stabilizing prices, over the weekend the trading volume of Bitcoin was the lowest recorded since July 2020 at $14.64 and $17.19 billion on January 31st and 30th respectively. According to analysts, the light trading volume could continue over the holiday.
Following in the footsteps of El Salvador, Arizona Senator Wendy Rogers has submitted a bill numbered SB1341 that could see the American state install Bitcoin as a legal tender. Should the bill pass, Bitcoin would be accepted in the payment of debts, public charges, taxes, and other dues.
While Bitcoin mining has encountered some staunch opposition in governmental policies of late, miners remain bullish about Bitcoin’s hash rate. In supporting other miners, Michael Levitt of Core Scientific predicts that the BTC global hash rate will continue to grow aggressively.
Despite its significance, the Arizona bill has little chance of passing as the U.S. constitution seemingly prevents states from declaring assets as legal tender.