Top Bitcoin News This Week (24th-31st October, 2021)

Bitcoin is unarguably the largest and most popular cryptocurrency today. This digital asset is the world’s first enduring cryptocurrency that succeeded where decades of digital cash experiments failed.

It has consistently been in the news since it was invented by a pseudonymous individual or group named Satoshi Nakamoto in 2008.

The latest development this week regarding this digital asset (Bitcoin) will be our focus in this article.

Bitcoin news
Bitcoin news update

Top Bitcoin Headlines This Week

Indian government considering regulating cryptocurrency as a commodity

According to reports, the Indian government is considering Bitcoin and other cryptos as a ”commodity” than currencies. The Indian government is said to be looking into establishing a legal framework for crypto-based digital currencies as ”assets” as early as February. If this comes to be, it is said to represent a different approach than an outright ban on digital assets in the country.

Kazakhstan expects at least $1.5 billion in economic activity from crypto mining within 5 years

It has been estimated that crypto-mining could bring $1.5 billion in revenue for Kazakhstan over the next 5 years. Currently. digital currency mining activities generate about 98 billion tenges ($230 million) per year in the country. According to data from the University of Cambridge, Kazakhstan contributed to 18.10% of the world’s Bitcoin mining hash rate. This made the country the second largest in the world, only after the U.S with a 35.40% hash rate and above Russia’s 11.23%.

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Bitcoin eyes third weekly close above $600k 

In the crypto market updates, Ethereum hits all-time highs, which gives altcoins their moment in the spotlight. Bitcoin however consolidated just below its ”worst-case scenario” monthly close target. BTC preserved $61,000 into the weekend after aggressive buying on Coinbase sparked multi-day highs.

Bitcoin white paper turns 13-years-old

The iconic Bitcoin (BTC) white paper marks 13 years of financial disruption after being first published on Oct 31, 2008, by an anonymous entity named Satoshi Nakamoto. The white paper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’, foresaw the need for a peer-to-peer online payment. This is created to be self-growing, secure and limited in quantity. BTC was initially perceived as a threat by financial institutions, it has now witnessed 13 years of community support and growth. BTC has become one of the most profitable investments for the internet age. As of today, Bitcoin maintains a stable trading value well above $60k after experiencing a gradual appreciation of 7,749,999,900% since its launch.

Also Read: Biggest Bitcoin Ponzi Schemes You Need To Know

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As a cryptocurrency and gift card expert, I am passionate about exploring the intersection of finance and technology. With a background in both fields, I bring a unique perspective to my writing, offering an in-depth analysis of the latest developments and trends in the world of digital currencies and gift cards.

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