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Bitcoin Reclaims $35,000 on U.S. Independence Day. Are There Always FOMO Fireworks?

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Sun, 07/04/2021 - 06:48
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Alex Dovbnya
Bitcoin is already celebrating Independence Day with some fireworks. Here’s how it performed on this day over the past 5 years
Bitcoin Reclaims $35,000 on U.S. Independence Day. Are There Always FOMO Fireworks?
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Bitcoin, the largest cryptocurrency by market capitalization, reclaimed the $35,000 level at 5:45 a.m. UTC on the Bitstamp exchange.  

BTC

The flagship coin is now on track to score its third day in the green despite July starting on a cold note with a drop to the mid-$32,000 level.      

Over the period from 2015 to 2018, Bitcoin had managed to score four consecutive years of price gains on July 4.   

It broke the streak in 2019, plunging by over 6.5 percent.         

In 2020, however, the largest cryptocurrency was back in the green with a modest 0.92 percent price spike on Independence Day.   

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Bitcoin records its biggest difficulty drop

The most recent relief bounce after Bitcoin recorded its biggest mining difficulty drop in its entire history, which was caused by the exodus of Chinese miners.

On a July 3, it logged a 28 percent negative adjustment.

This means that churning out new coins is now significantly more profitable for those miners who are still online.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.