Bitcoin, Crypto currency, Blockchain

Bitcoin price climbs over 11,000 USD & then drops to 10.6 k

c6122dd2018ab41c282c37e080fd55ec - Bitcoin price climbs over 11,000 USD & then drops to 10.6 k

Bitcoin price climbs over 11,000 USD & then drops to 10.6 k

Home News Bitcoin price climbs over 11,000 USD & then drops to 10.6 k

Of
Marcus Misiak –
24.06.2019

The Bitcoin price has risen in the last few weeks, an amazing rally. In the last seven days, Bitcoin 9,000 USD has risen by around 19%. Many signals indicate that this could be only the beginning.

After Bitcoin has broken a few days ago, the all-important $ 10,000 mark, expected by many experts that a large number of investors want to achieve a profit, thereby it should come to a big setback. Once again, this forecast against Bitcoin, however, and marched on to the top. Although yesterday, there was a minor setback. However, this small was, as many experts expected. According to the trading view the BTC price yesterday reached an Intraday High of 11.234 USD and then dropped to approximately 10.633 USD.

Since BTC price is in the upward movement and has increased on total 10,818 USD (at the time of writing). The daily trading volume rose yesterday to $ 30 billion, after the Bitcoin market capitalization approaching this weekend, getting closer to $ 200 billion.

The increase in the BTC price on 10,000 USD must declare, a number of prominent analysts, such as Thomas Lee, of lost fame, stepped in, caused, that, what is “FOMO” (the fear of) a Miss is known, will return in the crypto-markets. As Lee explained it on Twitter:

[The$10,000] will see FOMO from those who were happy about the 90% crash in BTC…. and of those the Bitcoin dead as always have seen.

And, indeed, the FOMO seems to be effect in the cryptocurrency markets returned, after BTC had crossed on Friday of $ 10,000 USD. How the crypto analysis service view base notes, there were “large inflows of stable coins in the exchanges”. More precisely, within one hour after the breakthrough of over 10,000 US dollars of approximately US $ 25 million found in capital their way to the exchanges. Such large inflows suggest that directly to the fact that investors, probably big holders of crypto-currencies, try to invest the capital as a result of the increase in excess of $ 10,000 USD into the crypto-market.

Since capital mass is poured into stablecoins, has Tether started, the company behind the USDT, more of its crypto-currency to spend. This in turn implies that the Tether or its partners, either Bitfinex or investors have begun to pump money in anticipation of a higher demand for USDT and Bitcoin in the Ecosystem of the stable coins. The number of USDT in the circulation has now reached $ 3.8 billion – an all-time high.

Some have even gone so far as to say that, if Tether spends a large amount of USDT, it is a sign that a further rally is imminent. In particular, the Analyst Filb Filb noted that the movements will say in the market capitalization of the Tether, the movements in the BTC predicted exactly.

Apart from the influence of Tether the BTC network, but it looks healthier than ever. The number of Bitcoin transactions, according to the Charts, with almost 427 million to an all-time high. The Bitcoin Hash Rate that corresponds to the computing power of the network, according to the metrics is also at an all-time high of over 60 EH/s.

A further reason could be the Bitcoin Halving in may 2020. Currently we are experiencing at Litecoin (LTC), what is the impact of the Halving. The same effect could occur from the beginning of next year until may 2020, when the Halving for BTC and could cause BTC is rising in a very short period of time by an additional 200 percent. The Halving will reduce the Mining reward of 12.5 BTC, 6.25 BTC. This increases the scarcity of Bitcoin, which usually leads to an increase in demand. About 84% of all Bitcoins – approximately 17.7 million BTC have already been mined.

Featured Image: Tom Stepanov | Shutterstock

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