bitcoin's recent surge to $63,468 has been fueled by BlackRock's white paper endorsing the cryptocurrency as a hedge against monetary and geopolitical risks. This recognition has garnered increased institutional interest and propelled bitcoin's price upward, with potential resistance levels at $65,000 and $66,500 on the horizon. Traders are optimistic about further momentum, supported by BlackRock's acknowledgment and strong market fundamentals.
BlackRock’s bitcoin White Paper Fuels Surge in BTC Price
BlackRock's white paper, released on September 18, 2024, emphasized bitcoin's unique characteristics as an open-access monetary system that offers immunity to various risks such as banking crises, sovereign debt issues, and currency devaluations. This endorsement has attracted both institutional and retail investors, contributing to the recent price surge of bitcoin.
- BlackRock's acknowledgment has reignited interest in bitcoin, further boosting its price momentum.
Louisiana Accepts bitcoin for State Services, Boosting BTC Adoption
Residents of Louisiana can now pay for state services using bitcoin, bitcoin Lightning, and USD coin, making it the first U.S. state to accept cryptocurrency payments. This initiative not only provides residents with more payment options but also enhances security and reduces the risk of fraud. The conversion of these payments into U.S. dollars through Bead Pay minimizes volatility risks, with the Department of Wildlife and Fisheries completing the first transaction.
By accepting bitcoin for public services, Louisiana is increasing the utility of the cryptocurrency, potentially boosting investor confidence and contributing to bitcoin's price appreciation.
Ransomware Attack at Seattle-Tacoma Airport Demands 100 bitcoin Ransom
Seattle-Tacoma Airport experienced a ransomware attack in late August 2024, with hackers demanding 100 bitcoin (approximately $6 million) for restoring disrupted systems like ticketing and baggage handling. Despite FBI involvement, the airport opted not to pay the ransom, highlighting bitcoin's dual role in cybercrime and high-value transactions.
While bitcoin is often associated with illicit activities, its liquidity and prominence in significant transactions remain undeniable, showcasing the cryptocurrency's importance in various sectors.
bitcoin (BTC/USD) Daily Technical Outlook – September 20, 2024
bitcoin is currently trading at $63,468, maintaining a bullish trend as it approaches key resistance levels. The price surge within an ascending channel positions bitcoin with immediate resistance at $65,117, followed by further resistance at $66,581 and $68,078. On the downside, support levels are at $62,119, $60,660, and the essential 50-EMA level at $60,217.
The RSI indicates slightly overbought conditions at 68.57, suggesting a potential minor pullback. However, as long as bitcoin holds above the $62,119 support level, the uptrend remains intact, with the 50-EMA providing strong support.
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