Bitcoin Price Prediction as BTC’s Market Cap Reaches $1.3 Trillion –

Arslan Butt

Last updated:

April 23, 2024 at 14:06 GMT+3

| 4 min read

As Bitcoin price hovers around $66,400, witnessing a minor dip of 0.50%, market participants are keenly observing its next moves. Amidst fluctuating market conditions, a pivotal aspect to consider is the potential impact of a proposed 30% excise tax on U.S. Bitcoin mining, which could reshape the industry landscape.

This backdrop sets the stage for a nuanced Bitcoin price prediction, where technical levels and emerging fiscal policies could intertwine to influence the cryptocurrency’s trajectory significantly.

President Biden’s New Tax Proposal Threatens U.S. Bitcoin Mining Sector.

President Biden’s proposal, aiming to impose a 30% excise tax on electricity used by Bitcoin miners, could severely impact the U.S. Bitcoin mining sector. This tax, reintroduced in the fiscal 2025 budget, is expected to raise $3.5 billion over ten years.

Critics like Senator Cynthia Lummis argue it could push miners out of the U.S., hampering growth. Notably, this move contradicts Biden’s commitments to promoting sustainable energy, as it might shift mining activities to countries with laxer environmental standards.

Key Points:

30% tax on Bitcoin mining electricity.

Potential $3.5 billion in revenue over ten years.

Risk to industry growth and sustainable energy efforts.

Hut 8 Gains Competitive Edge in Bitcoin Mining with New Self-Mining Strategy.

Benchmark, an investment banking firm, recently began covering Hut 8, awarding a “buy” rating and setting a target price of $12. This valuation reflects Hut 8’s strategic shift towards self-mining, which could make it more competitive post-Bitcoin halving.

Although Hut 8 has a lower hash rate compared to peers like Marathon Digital, it diversifies revenue through cloud computing and AI services. Analysts believe this could narrow the competitive gap, suggesting increased industry rivalry that may foster innovation and operational efficiency among Bitcoin miners.

Key Points:

Hut 8 receives “buy” rating with a $12 target.

Emphasizes growth in self-mining to stay competitive.

Diversifies with cloud computing and AI services.

US Crypto Stocks Surge Following Bitcoin Halving, Defying Reward Cuts.

US cryptocurrency stocks, including Marathon Digital, Riot Platforms, and Hut 8, experienced gains on the first trading...

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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!

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