10.12.202110:22 Forex Analysis & Reviews: Bitcoin continues to gain popularity

Bitcoin and Ethereum fell after failing to break above large resistance levels. Now, the two are groping at the lower border of the side channel, where the next accumulation of major players will take place.

But it is undeniable that Bitcoin is gaining more and more popularity, thanks to businesses and governments using it as a means of payment. Just recently, Florida Governor Ron DeSantis proposed a program to allow businesses to pay government fees in digital currency. He said the state should launch pilot programs to explore the use of blockchain technology for vehicles and Medicaid payments. He also said his doors are open for all crypto enthusiasts and that he is waiting for everyone in South Florida.

Miami Mayor Francis Suarez has also been actively bringing crypto projects to the region and has advocated for crypto-friendly policies for several months, at least locally. Last month, he even announced that he is set to receive his next salary in bitcoins, and revealed that he is working on a plan to pay salaries to more than 4,000 city officials in cryptocurrency. He also promised that city residents will be able to pay taxes in bitcoins.

New York Mayor Eric Adams also said in an interview that he is exploring ways in which the people working in the city could be paid directly in bitcoins and other cryptocurrencies. He also mentioned that he will receive his first three salaries in bitcoins.

On a different note, the boom in Bitcoin mining in Kazakhstan ended even faster than it began. Limited energy supply has forced the government to impose large restrictions on energy-intensive industries. According to expert opinion polls, there is currently zero potential for bitcoin mining in Kazakhstan. The country became one of the world leaders in attracting bitcoin miners early this year, after China opposed the practice and completely banned Bitcoin and mining.

All those led to the formation of a side channel, with $ 51,660 being the key level. A lot depends on that area because a breakout will lead to a jump to $ 55,730 and $ 59,400. Meanwhile, a drop below $ 46.900 will push the quote lower, to $ 42.300 and $ 46.900.

In Ethereum, the key level is $ 4,404 and its breakdown will lead to a further rise to $ 4,647 and $ 4,860. Meanwhile, a drop below $ 4,140 will provoke a decrease to $ 3,912 and quite possibly to $ 3,680.