At the beginning of the week from March 29, the first cryptocurrency skyrocketed above $58,000. However, it failed to consolidate at this level. Some analysts found out that the profit of mining companies exceeded bitcoin’s price by five times. During 12 months, BTC price surged by 900%, whereas shares of four mining companies (Marathon Digital Holdings, Riot Blockchain, Hive Blockchain, and Hut 8) soared by 5,000%. Specialists at Fundstrat emphasize that a rise in these shares (of 2.5%) depends on bitcoin’s increase of 1%.
Twitter CEO Jack Dorsey has grabbed headlines by selling his first tweet in the form of a non-fungible token for $2.91 million. Moreover, more and more companies begin using bitcoin for making payments. Elon Musk, CEO of Tesla, has announced that customers will be able to purchase electric vehicles using bitcoin. At the moment, only US citizens can benefit from the offer. However, by the end of the year, buyers from other countries will have a chance to pay with bitcoins.
Microsoft Corporation said that the Decentralized Identity team launched the ION Decentralized Identifier (DID) network on the Bitcoin blockchain. This technology will allow customers to identify themselves to receive access to particular information.
Experts emphasize that IDs managed by ION are decentralized. That is why in case of emergency, such as deletion of an account, customers will still have access to services.
During the week from March 22-27, most cryptocurrencies significantly gained in value. Thus, Filecoin and Thete Network soared by 50%. On Saturday, March 27, altcoin Filecoin reached its all-time high of $140. At the same time, crypto-coin Theta Network jumped to its record high of $14.87.
