Bitcoin Price Eyes $21K As The World Mourns U.K’s Queen Elizabeth II
- Queen Elizabeth II has left a mark in the blockchain industry, especially with several NFT projects dedicated to her.
- Bitcoin has held its top position by market capitalization since its inception, despite the existence of over 12k crypto assets.
- Having demonstrated immense potential, almost all countries are ready to adopt the blockchain and cryptocurrency market.
Bitcoin price has gained nearly 8 percent in the past 24 hours to trade at $20,157.79. Most of the altcoins led by Ethereum have set a new weekly high, contributing to the 5.6 percent spike in the total cryptocurrency market capitalization. The total crypto market liquidation in the past 24 hours stands at $226.35 million according to Coinglass.
The spike comes as the world mourns and celebrates the life of Queen Elizabeth II of the British monarch. Notably, Queen Elizabeth II has left a mark in the blockchain industry, especially with several NFT projects dedicated to her.
For instance, QueenE Protocol launched its auctions in early July, offering a single Ethereum NFT portrait in tribute to the late Queen.
“When we created this project, we always wanted to celebrate Queen Elizabeth’s life and longevity,” QueenE noted.
QueenE is a pioneer NounsDAO fork experimenting with the intersection of real-life events and NFTs.
Bitcoin Price and the Cryptocurrency Market Outlook
Bitcoin has held its top position by market capitalization since its inception, despite the existence of over 12k crypto assets. However, the competition is rising in the cryptocurrency industry as innovation evolves. Nevertheless, from a maximalist standpoint, Bitcoin will always be ahead due to its simplicity, scarcity, and global adoption.
Furthermore, Bitcoin is currently legal tender in two countries, El Salvador and the Central African Republic. Meanwhile, analysts estimate it is only a matter of time before other countries move in the same direction. According to most analysts, the high inflation and the low-interest rates are pushing most people toward the cryptocurrency industry.
After years of waiting, the Ethereum network, which has held the second position by market capitalization, is readying to transition to the proof-of-stake (PoS) consensus algorithm. The outgoing Proof-of-Work (PoW) has been marked as environmentally unfriendly and expensive to both developers and users.
Many countries including the U.K are in the process of formulating cryptocurrency regulations, thereby indicating how young the industry is. Having demonstrated immense potential, almost all countries are ready to adopt the blockchain and cryptocurrency market.
For instance, the U.K. wants to “become the country of choice for those looking to create, innovate and build in the crypto space,” according to Economic Secretary to the Treasury Richard Fuller who spoke at the first Westminster crypto debate on Wednesday.
Notably, the U.K is under a new prime minister, Liz Truss, who replaced Boris Johnson on Tuesday.
From a reality check, countries are adopting cryptocurrency and blockchain technology as it is reducing the level of unemployment caused by the Covid pandemic.
“By making this country a hospitable place for crypto technologies, we can attract investment, generate new jobs, benefit from tax revenues, create a wave of groundbreaking new products and services, and bridge the current position of [the] U.K. financial services into a new era,” Fuller noted.