Bitcoin, the world’s largest cryptocurrency, has had a stellar start to 2023, surging over 70% in the first quarter. However, the uptrend seems to be fizzling out as BTC recently dropped 2% to $28,284.02.
The current price of bitcoin is $28,238, with a 24-hour trading volume of $21 billion. Bitcoin is down by 2.61% in the last 24 hours.
During this, Ethereum (ETH), the second largest cryptocurrency globally, has been performing exceptionally well over the past week. This is due to the successful implementation of the Shanghai hard fork update.
The value of BTC has dropped recently for two main reasons. Firstly, the US Fed Chair made some aggressive comments about raising interest rates which created uncertainty in the market.
Others, President Biden’s proposed tax There has been an increase in negative sentiment around BTC’s price rally on electricity costs for crypto miners. Thus, these events have alerted investors and some have reduced their investments in BTC and other cryptocurrencies.
Bitcoin Price Plunges Amid US Regulatory Concerns and Coinbase Relocation to Bermuda
Bitcoin price is moving lower due to concerns about new regulations for cryptocurrencies in the United States. US digital asset companies are now moving to other countries, as Coinbase has decided to obtain a license in Bermuda to launch the exchange as early as next week, according to Mark Connors, head of research at Canadian crypto asset manager 3iQ.
This regulatory uncertainty and companies moving to other countries is creating a downward trend for the price of bitcoin.
TeraWulf launches first US nuclear-powered bitcoin mining plant with 50 MW capacity
On the positive side, Terrawolf, a major bitcoin mining company, has successfully launched the first ever nuclear-powered bitcoin mining plant in the United States. It is also worth noting that the Nautilus cryptomine facility is now powered by over 91% zero-carbon energy, making it a leading project in the sector.
With the successful deployment of its entire 50-MW stake in the Nautilus facility, TeraWulf plans to further expand its capacity by adding another 50 MW in future phases.
TeraWulf currently operates a fleet of approximately 34,500 latest-generation miners, including 16,000 self-powered miners at its nuclear-powered Nautilus facility and 18,500 miners at its wholly owned Lake Mariner facility in New York. The company aims to achieve its stated goal of reaching 5.5 EH/s of operational mining capacity in the second quarter of 2023.
Therefore, the deployment of the Nautilus facility was seen as an important milestone for TeraWulf as it not only represents the first nuclear-powered bitcoin mining facility in the US but also provides economic benefits to the company.
TeraWulf will have the opportunity to realize 50 MW of zero-carbon mining at the lowest contracted electricity cost in the sector – just $0.02/kWh for a period of five years.
Therefore, the news of the launch of the Nautilus cryptomine facility will not have an immediate impact on BTC price, reflecting the growing interest in zero-carbon energy solutions for bitcoin mining. This is likely to have a positive effect on BTC price in the long run as more companies turn to sustainable energy sources for mining.
bitcoin price
BitcoinThe price declined below $29,000 and is likely to decline further, possibly near $27,200. An immediate resistance lies at $28,500 with a key bearish trend line on the hourly chart of BTC/USD. Major resistances are located at $28,800 and $29,250.
If bitcoin cannot break above $28,500, it could continue to decline. An immediate downside support is near the $28,100 level, while further support is near the $28,000 level. If the price declines below $28,000, it could head towards $27,400 or $27,200.
Top 15 Cryptocurrencies to Watch in 2023
To stay up to date with the latest ICO projects and altcoins, it is recommended to consult this expert-curated list of the Top 15 Cryptocurrencies to Watch in 2023 frequently.
By doing so, you will be better informed about the emerging trends and opportunities in the crypto market.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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