Bitcoin

October Seems to be Uptober for BTC Price As Texas and Miami Embrace Bitcoin!

Written by: Sahana Vibhute

October 4, 2021

Knowing how volatile the crypto space is, it is pretty hard to say if we are going to have a bullish market or a bearish one in Q4. Since the market has experienced massive gains of 80.89% and 210.13% in Q3 and Q4 respectively in 2017. At the same time, it has also lost 40.14% and 18.08% in the same time frame in 2014. Yet we have brought some interesting news, which could give a gigantic boost to Bitcoin price in this quarter.  

Bitcoin Price Boosters!

Bitcoin ETFs Coming!!!

The SEC on Friday extended deadlines on decisions on whether to regulate Bitcoin ETFs or not. Including the Global X Bitcoin Trust, the governmental entity put a hold on four applications. 

Official reports from the SEC say that a decision on the approval of Global X Bitcoin Trust is set for November 21st. Resolution on the Valkyrie XBTO Bitcoin Futures Fund is due December 8. Conclusion for WisdomTree Bitcoin Trust scheduled for December 11 and Krypton Bitcoin ETF’s hearing set for December 24th.

Also Read: Solana Price Struggling To Sustain Above Resistance, Yet Aims At 20% Upswing!

Texas to Become New Capital of Bitcoin Mining!

Texas is the 9th largest economy in the world and the country is showing a strong willingness to become the world leader in Bitcoin. There is a push to get more Bitcoin mining to the country, as dozens of mega-firms in Texas coming forward to invest in.

If this continues the country could become a new powerhouse for Bitcoin mining. Because Texas has enormous renewable energy resources and strong political desires to power mining. 

Moreover, Texas is one of the cheapest states in the USA for electricity consumption which makes it a perfect destination for Bitcoin mining.

Miami to Embrace Bitcoin!

Miami is working on a plan allowing Bitcoin tax payments. Mayor of Miami, Francis X Suarez, stated that the procedures have been initiated and that his team will submit the request in October. After implementation the residents of Miami would soon be given the choice to pay their taxes using Bitcoin, says the mayor.

Meanwhile, the crypto space is awaiting to see the BTC price action as many events are scheduled in October. At the press time, the most valued asset is trading at $47,760. If the price breaks resistance around $48k then we could see a rapid price rise. If we fail to hold this level then a good buy opportunity arises between $42.5k to $45k.

Also Read: Crypto Market Is Swinging Again! Should You Buy Altcoins This Fall Season?

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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