Saudi Aramco, the world’s third largest oil company, is apparently considering joining the Bitcoin train.
Investing.com stated that the Middle Eastern oil company is interested in mining Bitcoin, citing information from Brazilian Bitcoin miner Ray Nasser during an interview on Bitconheiros’ YouTube channel.
On Monday, August 2nd, a formal statement from Saudi Aramco overturning claims that the world’s third largest oil company is considering entering the bitcoin mining industry. Aramco confirms that the latest reports that the company will be engaged in Bitcoin mining activities are utterly untrue and inaccurate.
Instead of disposing of the by-product of oil mining, Aramco could use it to make money by mining digital assets using the excess gas from oil production, according to the study.
Bitcoin price falls
On Sunday, the world’s most valuable cryptocurrency showed an upward trend for the eleventh day in a row, reaching $ 42,606, its highest level since May 18. Bitcoin, along with the rest of the cryptocurrency market, saw a significant price rally after the recent price declines.
At the time of writing, the BTC value is $ 39,674.71, up from 5.28%. In the last 24 hours, the trading volume of the coin is $ 33,509,421,180 along with a market capitalization of $ 753,801,324,057.
However, the world’s most valuable digital asset has fallen below the vital $ 40,000 mark and is trading at $ 39,568, down 5.1 percent from the day. It has a market share of 46.3 percent, 0.8 percent less than the previous day.
Even so, on-chain analyst Willy Woo believes that “user growth is getting parabolic right now” as Bitcoin’s dormant period appears to have peaked. While trader Ryan Clark believes that if Bitcoin holds the stop-run levels of 38,000 and 36.5k, “this is a very positive indicator and should hold in the middle”.
Back to the range.
I think you definitely want to see front running and strength, but easy stop run goals are 38 km and 36.5 km.
If we let it go and this is really bullish, the middle area should hold. pic.twitter.com/G2PkuEUi7b
– Ryan 🐎 Cantering Clark (@CanteringClark) August 2, 2021
That said, the global market value of the cryptocurrency was $ 1.63 trillion, down 3.38 percent from the previous day. The global crypto market volume rose 9.4 percent in the past 24 hours to $ 83.2 billion.
It’s worth noting that Ethereum (ETH), the second largest blockchain network, will undergo a technological shift (London Hard Fork) that will have a significant impact on how transactions are processed and restrict the delivery of the Ether token, increasing its price significantly . The planned code upgrade will be available online on August 4th.
The price for ETH is currently at $ 2,631, up 1.02 percent in the last 24 hours and 11.2 percent in the previous week.
Aramco is already using blockchain, the technology that underpins cryptocurrencies, to increase operational efficiency, security and cost savings. To replace its paper-based operations, the company has already invested in two blockchain platforms, Data Gumbo and VAKT.