3 Key Bitcoin Updates You Need To Know

Key Insights

• Bitcoin currently trades at around $66,000, and an analyst expects this to continue until September.
• Bitcoin displaced DogWifHat to become the first crypto advert on the Vegas Sphere.
• Mt Gox has begun its plans to repay creditors with 104k Bitcoins worth nearly $10 billion.

This week, based on the recent launches of the eight spot ETFs in the US markets, Ethereum seems to have pulled all the attention away from Bitcoin.

However, it is important to remember that Bitcoin still holds more than half the market share (currently at 54.26%) and pretty much determines the performance of the general crypto market.

To this end, here are a few Bitcoin updates to keep in mind so you can get a clear idea of what’s been going on with the largest (and arguably most important) cryptocurrency on the market.

1. Bitcoin to Spend ‘Considerable Time’ at $66K

For some context, Bitcoin currently trades at around $66,400.

According to analyst Emperor, the cryptocurrency might spend some time around this price level.

After managing to hit between $66,000 and $68,000 between 20 and 23 July, the cryptocurrency is now showing signs of consolidation around $66,000, and investors might take this as an opportunity to accumulate more Bitcoin.

Remember that the $66,000 mark has been broken down a few times but remains strong.

In summary, we might see Bitcoin move back and forth between $66,000 and $75,000.

According to Emperor, investors should look for more chances to buy the dip around this price level to strengthen their portfolios.

“Best Bet right now is to be ready to Buy the levels on Dips you feel comfortable with and Accumulate till September.” the analyst says.

2. Bitcoin Took Over the Las Vegas Sphere—Where’s Dogwifhat?

DogWifHat fans contributed nearly a million dollars back in March to put the WIF mascot on the Vegas Sphere—a dream that has yet to materialize four months later.

However, this week, we saw a Bitcoin advertisement from Crypto.com, displacing DogWifHat to become the first cryptocurrency to get a Vegas Sphere advert.

The advert reportedly featured a massive Bitcoin logo before transitioning to golden digital Bitcoins.

This marks one of the most significant forms of visibility the cryptocurrency has enjoyed this year, as well as a major boost for the crypto market at large.

So far, despite the efforts of Ansem (the developer who suggested the DogWifHat mascot advert in the first place) and the rest of the DogWifHat team, nothing has been forthcoming for WIF.

Overall, Bitcoin’s display on the Vegas Sphere might have renewed hope among WIF supporters that this dream might still become a reality.

3. Mt. Gox Begins 140K Bitcoin Reimbursement

In other news, Mt Gox has started reimbursing its creditors with over 140,000 BTC.

This Bitcoin stash is worth around $8.5 billion and is one of the biggest steps in the long-awaited repayment process.

Arkham reports that on 23 July, Mt Gox moved a total of $2.85B BTC to new wallets, with plans of distributing 5110 BTC ($340.1M) BTC to 4 separate Bitstamp addresses.

Keep in mind that creditors have been waiting for their Bitcoin for over a decade, and Arkham reports that the exchange still holds 85,234 BTC ( worth $5.70 billion).

There has been some FUD around the market, with investors selling off their holdings immediately after receiving them, which would put downward pressure on the cryptocurrency’s price.

However, Bitcoin has remained stable so far and is expected to hold its ground until September, according to insights from Emperor, highlighted above.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.