CoinsPaid, a crypto payments company, has reported a 216% increase in the number of transactions on its platform between spring 2021 and 2023. This growth is in contrast to other large cryptocurrency payment platforms that are closing down. The report also highlights the changing behavior of major cryptocurrencies. Bitcoin transactions accounted for 72% of the total in spring 2021 but dropped to 46% in spring 2023. Meanwhile, USDT transactions saw a 233% increase, potentially due to Bitcoin’s increased fees. Litecoin transactions increased by 31.5% due to the implementation of Lightning Network technology, while ETH transactions increased by 237% between spring 2021 and 2023.
In other news, the North Carolina state legislature has passed a bill to study the feasibility and benefits of the state holding Bitcoin. The study will assess the impact of investing in gold and cryptocurrencies on North Carolina funds, including their potential as hedges against inflation and credit risks. The bill also considers the creation of a state-run repository for cryptocurrencies. However, the costs and benefits of using a privately managed repository or one run by another state will also be examined. The bill must still be approved by the Senate and signed or vetoed by the governor to become law.
Regarding the price of Bitcoin, there are predictions of a potential breakout. BlackRock’s application for a Bitcoin ETF has increased Bitcoin’s volatility and led to a recent rally pushing its price above $30,000. Resistance at $30,500 needs to be breached to confirm a breakout, and a weekly close above $31,000 would further confirm this. The RSI reaching overbought levels indicates a temporary pause or slight decline in price, but a reset of the RSI could set the stage for an upward movement. If the breakout is confirmed, the next target would be around $37,000, but a break below support could result in a decline to $28,800.
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