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Wednesday, December 29, 2021

#CryptoCorner #Podcast 744: Commentary on BTC from BitBull Capital CEO Joe DiPasquale, Thailand Sees Mining Boom, and Iran Bans Crypto Mining Again

 


#CryptoCorner #Podcast 744: Commentary on BTC from BitBull Capital CEO Joe DiPasquale, Thailand Sees Mining Boom, and Iran Bans Crypto Mining Again

 

Point Roberts, WA, Delta BC December 29, 2021 -  Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.

 

Listen to today’s Crypto Corner Podcast:  

https://www.investorideas.com/Audio/Podcasts/2021/122921-CryptoMarket.mp3

 

Read this in full at

https://www.investorideas.com/news/2021/crypto-corner/12291BitBull-Capital.asp

 

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As we draw toward the end of another year, Bitcoin (BTC) is trading for just below $48,000 USD, according to data from CoinMarketCap. Though a long way from its all-time high trading price of $68,789 (recorded on November 10 this year), this is still notably higher than this time last year, when it was trading for just below $29,000. Joe DiPasquale, CEO of BitBull Capital, has provided commentary to Investorideas.com addressing Bitcoin’s recent descent:

 

"Bitcoin's recent downturn came as the year draws to an end and several crypto exchanges gear up to implement a ban on users from China. The selling pressure has been mounting ahead of that ban as users from China seek to sell crypto and convert to fiat before the Dec. 31 deadline.

 

We can expect relief moving into the new year and a possible recovery drive. However, the sustainability of any recovery will depend on market sentiment and underlying dynamics at the time."

 

The banning of Chinese users that DiPasquale refers to is related, of course, to the country’s own ban on cryptocurrencies, including its prohibition on mining in September this year. Al Jazeera reports that this has triggered a boom in crypto mining in Thailand. Thai entrepreneur Pongsakorn Tongtaveenan, who has sold hundreds of miners in his country, said:

 

“Bitcoin is the gold of the digital world. But a mining rig is like gold mining stocks: you’re paid dividends according to the gold price.”

 

He went on to note:

 

“There’s around 100,000 Thai miners now.”

 

Bloomberg reports that Iran has ordered a ban on crypto mining – its second this year. According to Mostafa Rajabi Mashhadi, director of the state-run Iran Grid Management Co. and a spokesman for Iran’s power industry, this was done in an effort “to ease the strain on the country’s power plants and avoid blackouts.” An excerpt from the article reads:

 

Iran banned crypto mining for a time earlier in the year amid a series of blackouts across major cities that was blamed in part on a surge in the energy-intensive process. While the majority of crypto mining was long centered in China, that changed this year when a nationwide ban sent operators to other nations, particularly places offering cheap power. This, in turn, has pressured power grids, leading countries from Iceland to Kazakhstan to place limits on the industry.

 

Sam Mowers, Investorideas

 

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