Daily Digest 10/13

Insight on the biggest news and charts that provide context for what’s going on in the market today.

BlackRock CEO, Larry Fink, says that he “ Can’t tell if Bitcoin is going to $80,000 or zero” but that does not mean he thinks that digital currencies have no future.
Fink also said he “believes that there is a huge role for a digitized currency, and I believe that’s going to help consumers worldwide — whether it’s a Bitcoin or something else or more of a governmental official digital currency, a digital dollar, that will play out.”
What he is saying is that nobody knows if it is going to be Bitcoin that changes the world but the underlying blockchain technology is what will undoubtedly be a part of the future.
Bitcoin has increased almost 600% since its 2020 halving event.

The annual inflation rate in the US edged up to a 13-year high of 5.4% in September of 2021 from 5.3% in August and above market expectations of 5.3%.
Main upward pressure came from cost of shelter (3.2% vs 2.8% in August); food (4.6% vs 3.7%, the highest since December of 2011), namely food at home (4.5% vs 3%); new vehicles (8.7% vs 7.6%); and energy (24.8% vs 25%)

Since China started cracking down heavily on Bitcoin mining leaving miners and facilities looking for new places to set up shop.
Many have moved to Canada, Kazakhstan, and the new leader in Market share is the United States. A study from Cambridge University showed the US now holds 35.4% of the mining market share. When China originally banned mining the global hash rate by 38%.
“The effect of the Chinese crackdown is an increased geographic distribution of hashrate across the world, which can be considered a positive development for network security and the decentralized principles of Bitcoin,” Rauchs added.
Bitcoin mining also faced repercussions for its environmental impact but the criticisms have led to innovations in the space that will only drive further adoption.

Visa Bitcoin Backed Card Collects 124 Btc in Rewards, Over Three Months