This week’s hottest stories detail a potential skyrocketing of bitcoin’s price to $400,000, connected with the upcoming 2024 halving event, emphasis on trade in local currencies made at the conclusion of the recent BRICS summit in South Africa, and claims of 260% faster hash detection via new BTC mining technology. This and more in the latest Bitcoin.com News Week in Review.
BRICS Leaders Declare Importance of Using Local Currencies in International Trade
The BRICS leaders stress “the importance of encouraging the use of local currencies in international trade and financial transactions” in their declaration released at the conclusion of their 15th annual summit. In addition, the BRICS nations have tasked their finance ministers and central bank governors to “consider the issue of local currencies, payment instruments, and platforms.”
It’s been 40 days since the U.S. court issued a partial verdict in the SEC’s case against Ripple. In that timeframe, the digital currency XRP’s value has slumped by a significant 39.43%.
UK Researchers Claim New Tech Supercharges Bitcoin Mining With 260% Faster Hash Detection, Slashes Energy Use
Quantum Blockchain Technologies (QBT), a research firm hailing from the U.K., purports to have spearheaded a revolutionary leap in bitcoin mining tech. They’ve unveiled certain methods that reportedly enhance the chances of pinpointing a winning hash. One such strategy, dubbed “Method B,” asserts it elevates the likelihood by a remarkable 260% compared to traditional mining searches, simultaneously slashing energy use by 4.3%.
Analysis Suggests Bitcoin’s 2024 Halving Could Propel Price to $400,000
The highly anticipated 2024 bitcoin halving could spark a meteoric price rise, potentially driving its value to a staggering $400,000, suggests an analysis by Blockware Solutions. The forecasted supply trim in 2024 might ignite an explosive demand for bitcoin. The report highlights how a dynamic duo — a dip in sell-off pressures and a burgeoning buying spree — might set the stage for bitcoin’s most monumental cycle price surge ever.
What effect do you think the upcoming halving will have on the price of bitcoin and other cryptocurrencies? Let us know in the comments section below.