The price of Bitcoin (BTC-USD) is recovering today and we’re going over all the latest news behind that rise.
The first thing worth noting is that BTC has been on a positive trend these last few days. That came after a dip below $37,000 and has it making progress toward its $45,000 price near the start of the month.
So what’s the news behind this Bitcoin price increase? For one thing, BTC is benefiting from a revitalization of home mining. For a period of time, home minors were struggling to compete with mining companies using custom-made rigs. However, changes to the market have allowed home mining to start flourishing again.
One of the biggest advantages home miners have is the banning of crypto mining in China. That, plus more companies selling mining rigs to individuals, has reduced the amount of competition that home crypto miners have to face.
Another bit of news worth highlighting today is a push for Bitcoin mining in Texas. Government officials in the state are working to be as friendly as possible to BTC mining companies. Rep. Pete Sessions has been a strong advocate of Bitcoin mining and believes it will “play a critical role in rebuilding energy independence in the USA,” and “will strengthen the dollar.”
With home miners making a comeback and Texas working to entice Bitcoin mining companies, it makes sense that BTC has been trending higher lately. Now we just have to wait and see if it can climb back to its previous all-time high of $69,000 per token.
BTC is up 4.3% over a 24-hour period as of Tuesday morning.
InvestorPlace has more crypto news for traders to check out below!
We offer daily coverage of the crypto space and today is no different. Today’s news includes what to know about Silvergate (NYSE:SI) stock, a breakdown on ApeCoin (APE-USD), as well as a new take on Shiba Inu (SHIB-USD). You can get all of this news from the following links!
More Stock Market News for Tuesday
- Is Silvergate (SI) Stock a Buy Right Now? Bank of America Says ‘Yes.’
- Why I Won’t Be Buying Apecoin Yet
- Shiba Inu Might Be Looking More Interesting but Risks Abound
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
