Bitcoin Trading Boost In South Africa – Transactions Double On LocalBitcoins; Bullish Indicators Ahead
Crypto analysts have been expecting Bitcoin to re-test the crucial level of $10k. During the past weeks, various times, BTC has tested and re-tested it, but it was not able to go above. This is a massive FOMO-triggering resistance level.
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $9,258.63.
Bitcoin trading boost in South Africa
Bitcoin trading has been soaring in South Africa.
Coin.dance data reveals that Bitcoin trading for the rand has more than doubled on the peer-to-peer crypto trading platform LocalBitcoins in the past month.
They posted the highest volume on record since back in December 2017 when BTC began its last bull run, according to the notes coming from the online publication the Daily Hodl.
Miner revenues crash
In other news, the crypto world witnessed a miner revenue crash following the Bitcoin halving which took place on May 11.
The revenue of BTC miners dropped to early 2019 levels for the second time in 2020.
Every time it declined to a multi-year low, and it marked the start of a bullish trend for BTC.
Also, the mining revenue fell back on March 13, and then, the price of BTC surged from $3,600 to over $10,000 with a 177% gain over the next month and a half.
Cointelegraph notes that there are also other macro indicators that are flipping bullish.
The Puell Multiple, which is a macro indicator that uses the daily issuance of BTC to measure the trend of the market, shows that king coin is close to its bottom.
In other news, a win for the Bitcoin and crypto community was recently the fact that Visa showed support.
Visa chairman and chief executive Alfred Kelly recently revealed his position on Bitcoin and the ways in which he imagines that the crypto industry will evolve. He said that they support the case for cryptos.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.