Bitcoin exceeds $ 44,000 and oil giant “ExxonMobil” explores Bitcoin mining activity

Bitcoin exceeds $ 44,000 and oil giant “ExxonMobil” explores Bitcoin mining activity

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Answer Bitcoin exceeds $ 44,000 and oil giant “ExxonMobil” explores Bitcoin mining activity

The world’s largest cryptocurrency continues to show its strength, breaking the $44,000 mark.

That extended its weekly gain to more than 8%.

The recent bitcoin price rally comes amid renewed optimism among investors.

Besides, geopolitical events add fuel to Bitcoin’s bullish rally.

Yesterday, Thursday, March 24, Russia announced that it will accept Bitcoin payments for oil and gas transactions.

Besides, Analytics platform Santiment reported that whale transactions have rebounded since Russia and Ukraine declared war.

Bitcoin addresses containing 1,000 to 10,000 bitcoins have jumped 8.3% since the Russia-Ukraine war became official.

The number of these addresses reached 2,203 in one year.

Read:BTC correlation with the S&P 500 index turns negative for the first time in 2021…what does it mean?

As the price of bitcoin hits new highs, famous cryptocurrency analyst Lark Davis told that bitcoin is still trading below the 200-day moving average.

A daily break above $45,500 will ensure an upward trend.

ExxonMobil explores Bitcoin mining activity:

According to a Bloomberg report, US oil giant ExxonMobil is exploring bitcoin mining as part of its pilot program and thus using overproduction of natural gas.

Sources familiar with the matter said that ExxonMobil has signed an agreement with Crusoe Energy Systems in which it will redirect surplus gas, which would have been wasted, to bitcoin mining operations.

ExxonMobil launched such a pilot project last year in January 2021 in the Bakken, North Dakota area.

The oil giant is looking to replicate its success in Alaska, the Nigeria terminal and the shale gas field in Argentina, Ghana and Germany.

Read:Binance platform gets new investment to develop its business

ExxonMobil is not the first oil company to explore bitcoin mining.

Last month, oil and gas giant ConocoPhillips said it was ready to sell surplus gas to Bitcoin mining farms operating in nearby areas.

Read also:

Senators Propose Bill to Investigate Effects of Bitcoin Experiment in El Salvador

Cryptocurrency lender Nexo launches web-oriented investment fund 3

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