What is the current state of Bitcoin (Bitcoin current situation)?
What is the current state of Bitcoin? From the current perspective, Bitcoin is
What is the current state of Bitcoin? From the current perspective, Bitcoin is approaching $60,000. According to BitInfoCharts data, as of 16:00 on September 15, 2020, the BTC price is around $64,000. Although the market sentiment has been low in recent days, the trading volume has shown a significant increase, indicating that investors are optimistic about the price trend of Bitcoin.
However, if we compare history and digital assets, you will find that Bitcoin is in a very positive state, rather than a situation that appears in a passive market environment. So what will the current situation of Bitcoin be like? Is it a continuous rebound or a relatively weak situation? If this continues, it may be one of the main reasons for the short-term rise.
Bitcoin current situation
From a technical point of view, Bitcoin has fallen more than 50% in the past 24 hours. If we assume that the price of BTC falls below $10,800, it will be one of the largest cryptocurrency price increases in history.
However, even in the short term, it is not the case: in the current bear market, BTC does not seem to have any significant rebounds. Although Bitcoin has been running above the downtrend line recently, its trading activity is still high, which means it may fall back to that level again soon.
Therefore, in the next few days and weeks, the market may restart in the same way. However, when considering the correlation between Bitcoin and traditional assets, this is a critical time frame. Since many people believe that the current bull market is not over, adjustments are needed to maintain this momentum. In addition, as more and more investors seek to enter the cryptocurrency field, the value of Bitcoin is rising.
Despite the recent volatility of Bitcoin, there is still a large amount of funds flowing into it, including investors from the United States, the United Kingdom, and other countries. At the same time, other major exchanges are also paying attention to this event. According to a report by Cointelegraph, the world’s largest Bitcoin miner is planning to sell all the Bitcoins they mined in exchange for new sources of income.
“Since March, the number of blocks mined by Bitcoin has more than doubled, indicating that miners’ investment in Bitcoin is increasing.” BitInfoCharts data shows that on May 13, the network’s computing power was 93.6EH/S; on July 1, the network’s difficulty increased by 12 basis points to 19.8T. As of the time of writing, there are about 48,000 Antminer mining machines produced by Bitmain on the Bitcoin network.
At the same time, due to the reduction in mining revenue after the halving of BTC, some users have turned to altcoins or DeFi. Some predict that if the reduction in BTC production leads to a 10% decrease in hash rate, the selling pressure of mining giants will be relieved.
Another listed company, MicroStrategy, said it has purchased over $10 billion worth of Bitcoin and has begun converting most of its holdings into cash for investment purposes. These companies expect Bitcoin to become a major payment tool in the near future. The company also announced that it will invest the remaining funds in BTC and DeFi projects, “because they believe that all available BTC should now be migrated to Bitcoin.”
In this case, will institutional demand for Bitcoin continue to exist? In fact, for an emerging market, this is a good thing. In the past week, Grayscale Investments has increased its holdings of around 25,000 Bitcoins. (U.Today)
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