Bitcoin holders and traders will rejoice as the unknown cryptocurrency hit an 18-month high today. What’s going on behind the scenes seems to be more than just a blip on the radar as BTC’s valuation has safely crossed the $35,000 mark. In fact, Bitcoin’s price hit an 18-month high today. But this new BTC energy shouldn’t cause PC GPU buyers to worry.
Above you can see that Bitcoin rebounded last week, but looks quite volatile today (more on today’s highs and lows later). Bitcoin rose nearly 10% on Monday, according to Sky News, supporting gains in the broader cryptocurrency market. The latest upgrade to the credit score is said to be due to a decision by the US financial regulator.
There is widespread speculation that the US Securities and Exchange Commission (SEC) may finally approve exchange-traded funds (ETFs) based on the market price of BTC. Grayscale Investments is stated to be one of the financial pioneers of these ETFs and has been driving valuations in recent weeks, but such rumors have been circulating since August.
The biggest advantages of BTC-based ETFs, if approved, would be a potentially large audience and increased liquidity. Essentially, these tools allow investors to access the BTC market without owning any cryptocurrency. ETFs that hold some BTC could benefit from the cryptocurrency’s potential upside with limited downside and are expected to generate renewed interest. Such a financial instrument could even attract large institutional investors.
When we take a closer look at the chart over the last 24 hours, we can see that there was a sharp decline around 15:00 UTC. Apparently, this may be because one of the main pioneers of Bitcoin ETFs is not moving forward with such plans. CoinDesk reports that Bitcoin’s $35,000 valuation has been severely weakened by the removal of the spot bitcoin ETF BlackRock (BLK) marker from the US Depository Trust & Clearing Corporation (DTCC) website.
Note that the bearish rally is short-lived, but since when does reality affect the investments of BTC speculators?
BTC GPU mining remains dead
PC enthusiasts have nothing to worry about except the astronomical increase in BTC value, which will affect the GPU market. For example, we guess that at today’s prices it is still unrealistic to use top graphics cards like GeForce RTX 4080 or GeForce RTX 4090 for profitable crypto mining. If we add some rough numbers to our description, any of these top gaming GPUs could make $0.20 per day, according to NiceHash data. In other words, GeForce RTX 4080 will need 5000 days and GeForce RTX 4090 will need 8000 days.
Source: Port Altele
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