The crypto market looks great with Bitcoin keeping its momentum of trading in the green and around $40k.
At the moment of writing this article, BTC is trading at $39,775.60.
New money flows into BTC
MicroStrategy’s Michael Saylor who has been promoting and pumping BTC like there’s no tomorrow dropped a pretty interesting tweet recently.
— Michael Saylor (@michael_saylor) July 28, 2021
CoinDesk just revealed that Genesis Digital Assets has raised $125 million in equity funding to fuel its expansion plans in the U.S. and the Nordic region.
According to the notes, the investment was led by Kingsway Capital, a U.K-based private equity fund with over $2 billion in assets under management, an announcement Wednesday said.
Genesis is planning to use the funding to purchase equipment and build new data centres in the U.S. and the Nordic region.
The firm has recently purchased 10,000 mining machines from manufacturer Canaan – this is an acquisition that founder Abdumalik Mirakhmedov expects to at least double Genesis’ hash rate in the coming months.
CoinDesk notes that Kingsway’s focus is on frontier emerging markets, and CEO Manuel Stotz cited BTC’s potential as a technology for “financial inclusion of the global poor and unbanked” as a motivation for the investment.
“Mining provides security to make this possible,” he said.
Bitcoin is about to see a mega moon rally
There are various optimistic predictions about the price of Bitcoin these days despite the massive volatility.
The other day, we noted that crypto trader and influencer Lark Davis believes that Bitcoin is ready to rally once it goes above a key price area.
During a new strategy session, he said that he’s got his eye on the 200-day simple moving average (SMA) to determine whether Bitcoin bulls can recapture momentum in the market.
Here’s what he had to say:
“There’s one simple line we need to keep our eye on. That is the 200-day simple moving average. That’s the bull/bear line for me…That’s currently around $44,700. That’s the line that the bulls need to take control of. Until we cross over that line, we are still technically in a bearish trend.”