Trading volumes for bitcoin have fallen to their lowest point this year, roughly matching those of summer 2020. The weekly average of $3 billion in July is almost the same as the volume in mid-December 2020. Summer is one of the reasons for the market’s low activity, according to two crypto specialists.
Following Beijing’s decision to expel its miners in May, more than half of the hashrate – the collective computing power of miners worldwide – was removed from the network. The United States has quickly emerged as the new hotspot for the world’s crypto miners. Over the previous six months, the nation has risen from fifth to second place, accounting for roughly 17% of all worldwide bitcoin miners.
650 US banks will soon be allowed to sell bitcoin to an estimated 24 million consumers. Community banks, like North Carolina-based First Citizens Bank, and credit unions, including Bay Federal Credit Union in California, will be able to provide cryptocurrency trading to their clients as part of an agreement between business payments giant NCR and digital-asset management startup NYDIG.
Since June 14, when Sichuan miners were advised to prepare for operation shutdowns, the Bitcoin network’s hashrate has been slowly declining. According to research from the University of Cambridge, Sichuan is China’s second-densest province, home to the majority of miners. The hashrate of Bitcoin is now hovering just over 100 exahash per second (EH/s).
Floyd ‘Money’ Mayweather, the unbeaten professional boxer, recently spoke at the Bitcoin 2021 conference in Miami and was booed on stage. Mayweather’s speech was panned by the audience because he didn’t spend much time talking about bitcoin, and in the conclusion, he claimed he believes another cryptocurrency would be “just as massive as bitcoin eventually.”