Light at the End of the Tunnel for BTC Amidst Downtrodden Market
Following the recent market downturn, BTC appears to be engaged in a tug of war between bullish and bearish sentiment following the correction and is currently priced at $36,295.
A key catalyst for the market FUD was China’s widely reported ban on crypto, which turned out to merely be a reiteration of legislation back in 2013 and 2017 including preventing financial institutions from supporting BTC transactions and a blanket ban on ICO.
Elon Musk continues to have a disproportionate amount of influence on the markets with Tesla’s decision to stop accepting Bitcoin as a payment method further exacerbating the selling frenzy.
While recent movements haven’t aligned in Bitcoin’s favor, a look under the hood points towards better days as long-term holders (LTH) and miners alike are both in the accumulation phase, effectively capitalizing on the panic exhibited by short-term holders (STH).
On the regulatory front, The Reserve Bank of India handed local exchanges a major victory following a significant statement targeted at banks including HDFC Bank and State Bank of India that were effectively refusing to support cryptocurrency transactions per a circular that had already been effectively struck down by the Supreme Court in 2020.
Adoption and Scalability set for a Boon
PayPal recently hit a significant milestone with over $300M in BTC transactions processed so far and addressed a major friction point with their plans to include a withdrawal option for users.
The game-changing Taproot update is currently in another signaling period, needing 90% of miner support for the soft fork to activate in November.
Taproot appears to be increasingly likely and will provide a huge boon for privacy and anonymity through a feature called Schnorr signatures which combines individual public keys and signatures to essentially disguise the complexity of transactions and drastically reduce data constraints for more efficient transaction costs.
Digital Gold Cements Store of Value Capabilities
BTC’s key use case as a legitimate store of value continues to be endorsed by renowned investors including Ray Dalio, who recently made headlines following his admission of owning BTC. Stanley Druckenmiller echoed the sentiments, chiming in with his opinion that BTC had clearly won the store of value argument based on its long-term presence and finite supply.
Bitcoin is rapidly solidifying its position as a credible store of value, hedge against mass inflation, as well as playing a key role in protecting human rights around the world.
On a lighter note, BTC is also inspiring creative efforts such as powering a hot tub with mining hardware.
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