BTC, BlackRock, ETH, and “green” mining: News of September 9th
Bitcoin remains resilient despite market fluctuations, with analysts pointing to its underlying strength. Meanwhile, major players like BlackRock and Tepco are making significant moves in the crypto space.
Bitcoin is Undervalued
Over the weekend, Bitcoin maintained a steady range, trading between $54,000 and $55,000. This followed a significant sell-off of long crypto positions after a U.S. jobs report indicated a weaker-than-expected labor market.
Looking ahead, the upcoming U.S. Presidential debate and key economic data releases like the Consumer Price Index (CPI) and Producer Price Index (PPI) are on the horizon. Analysts at Presto Research highlight that Bitcoin is currently undervalued, citing the coin’s robust network security despite ongoing macroeconomic challenges.
BlackRock Partnered with Coinbase
BlackRock now has the ability to acquire any amount of Bitcoin through its collaboration with Coinbase. All transactions are processed off-chain, with cash being used for settlements, making these transfers invisible in public blockchain.
ETH Foundation and Vitalik sell ETH
Recent reports from Spot On Chain reveal that a multi-signature wallet linked to Ethereum co-founder Vitalik Buterin has been selling portions of ETH. Since August, the wallet has sold 760 ETH for $1.835 million USDC at an average rate of $2,414. The latest transaction took place on September 8, following an earlier transfer of 3,800 ETH from related addresses.
Japanese power giant explores Bitcoin mining
Tepco, a major Japanese energy provider, is exploring sustainable Bitcoin mining initiatives. By utilizing excess renewable energy that would otherwise go to waste, the company hopes to foster the expansion of Bitcoin mining in an environmentally friendly manner.
