eports are still rolling on from the carnage of "Black Thursday" when markets around the world recorded record drops. For Bitcoin bulls, though, new data indicates that crashing markets were just another opportunity to buy the dip.
- Bitcoin’s long-term investors continue to hoard over 40% of circulating supply, despite last month’s price crash.
- Hash rate for the network is back on the rise after a sizeable reduction in mining difficulty.
- Strong fundamentals don’t mean much when markets act on fear, so investors should remain cautious.
Data suggests that long-term Bitcoin bulls are still holding BTC despite crashing markets, both traditional and otherwise.
Bitcoin Bulls Show Their True Colors
The economic principle of supply and demand determine Bitcoin’s price. Those who “HODL,” or hold BTC, take a portion of circulating supply off the market until they are willing to sell.
In the span of two days, Bitcoin crashed from just below $7,000 to $3,900. This was a result of multiple factors, the primary of which being failed oil talks between Russia and OPEC.
As a result, the S&P 500, to which Bitcoin is now highly correlated, fell by a whopping 9.5%. This is steep by stock market standards and triggered industry-wide circuit breakers to halt trading.
Now, as stocks look poised to launch a relief rally, Bitcoin is shaping up to do the same.
Data from CoinMetrics, published in this week’s Our Network newsletter, suggests that Bitcoin bulls were undeterred by Bitcoin’s price crash last month. On the contrary, HODLers have come out of this crash with a larger portion of the supply, indicating their ever-optimistic mindset.
This week, your Security Briefing includes a deep-dive on how to thwart in-person attackers. Plus a reminder on the perils of browser extensions.
If you or your team use Ruby, be sure to take a look at our third story as well.
Stay safe out there,
Jameson + Team Casa
Last year Crypto-Potential was on the air on the new crypto podcast "Darkside of the HODL Moon" and I did an interview with the hosts Kade and Josh with who I had a great experience.
In the meantime, the podcast has improved with new intros and outros, compared to the earlier Youtube version.
The podcast is now live on Spotify, iTunes, Anchor, and a bunch of other platforms. I encourage every crypto supporter to check it out and judge for yourself.
More info here: https://www.darksideofthehodlmoon.com/
In Soviet Russia, Bitcoin hodls you.
"Years from now, I believe we will look back on 2020 as a critical inflection point in the wider adoption of crypto-assets and blockchain technology." - Garrick Hileman, Blockchain.com's Head of Research
A Happy New Year to all of you, and let’s hope it is a better year than 2020, which took us all by surprise with the coronavirus.
Cryptocurrency enthusiasts have had an excellent start as the value of Bitcoin, and the leading altcoins, such as Ethereum (ETH) and Litecoin (LTC) have been surging in value over the Christmas period. It has kept many of us glued to the price on an hourly basis. There were definitely days of waking up and nervously opening whichever device you prefer and checking the numbers, often to find that Bitcoin had achieved yet another All Time High while we slept.
Now that Bitcoin has breached the $30,000 barrier, and even almost touched $35,000 at one point, the predictions for an even higher climb are coming in, as might be expected. We’ve seen a small correction this morning, but the USA-based Binance CEO Catherine Coley is suggesting BTC could reach $100,000 by 2022. Only another year to HODL your crypto then! Coley said, “Where maybe we thought maybe $50,000 made sense, this number is definitely going to be a little bit higher than that in my opinion,” said Coley. “I think we’re going towards $75,000 to $100,000 for Bitcoin by the end of 2021.”
Dan Held, crypto exchange Kraken’s growth lead says Bitcoin could be entering a “supercycle” in 2021 eventually driving the price to $1,000,000. That’s mind-boggling.
Ethereum has also seen a massive surge and is now over the $1,000 mark after a few weeks of apparently hovering around $700. Cointelegraph points out that ETH has “broken a critical price point against Bitcoin, signalling that altcoins may be about to see huge gains.” Michael van der Poppe, a market analyst at Cointelegraph said, “I do believe that we’re seeing money shift from BTC towards altcoins and that Ether has bottomed out on the BTC pair,” explained Van de Poppe. “So probably continuation of altseason in this quarter with the topping out of Bitcoin dominance.”
So, buckle up folks, it’s going to be an interesting year in cryptocurrency, even if other things in the world are less inspiring.
Guys who is with me on#love crypto #btc to moon #success
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So I added some flair to my laptop. What do you all think?
To be honest I'm gonna say no at this point. Engagement is low, enthusiasm is low, the design is bland and boring. Once I get to 1,000 QCP I'll probably stop checking in every day. I'm not trying to be mean or rude, just calling it like I see it.
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Over the last few days, Bitcoin (BTC) has rallied and breached the $10,000 point. But the issue of most interest, especially to anyone holding BTC, is that the on-chain data shows traders are not feeling pressured to sell, meaning the price could surge even higher.
Cointelegraph says, “Bitcoin may have only held $10,000 for a matter of hours, but according to Glassnode, an on-chain monitoring resource, this moon is not like others in 2020.”
On 26th July, Glassnode uploaded its surprising data about BTC reaching $10,000 again, but suggested that in this year, Bitcoin’s journey above this price point will be considerably different than in previous years.
“Bitcoin has passed $10,000 several times in 2020, but Glassnode’s analysis suggests that this time differs from the rest because of the Bitcoin days destroyed indicator,” Cointelegraph reports.
What are Bitcoin days?
It is a measure the value of each BTC transaction, taking into account how long it has been since the coins involved last moved. In the past, when BTC has risen above $10,000, there has been an increase in the Bitcoin days destroyed metric, “suggesting that long-term holders were using the opportunity to trade or sell.” So, far this has not been repeated in July. “In contrast to the last two times $BTC hit $10,000 USD, we haven’t seen an increase in #Bitcoin Days Destroyed today,” Glassnode said.
PayPal contributes to crypto gains
Rumours circulating in June that PayPal was going to accept crypto prompted the idea that BTC would not only reach $10,000, it might lead to it reaching $12,000 in the short term.
The altcoin sector has also received a boost with Ethereum breaking firm resistance at $280 in a move which surprised everyone even more than the Bitcoin gains, and at the time of writing on 27th July, it stood at $326.
Prices are rising every day, the dominance of BTC is getting tighter. Much speculation has emerged including from one of the number one people in crypto, who else but Elon Musk. elon musk said that "Musk sparked wild speculation his electric car company could add bitcoin to its balance sheet during a public exchange on Twitter." Is this Fomo to benefit him or is it true .. Do you think BTC will touch even higher levels, for example 100k usd