Bitcoins inflows are high on exchanges, with the motive of selling it but the users are not booking orders despite the BTC price drop.
According to Chainalysis data, there was a 26.36 BTC change in Bitcoin held on exchanges which is positive and above the 180-day average. This indicates that there is an increase in Bitcoin held on exchanges. Bitcoin inflows exceed above 110% in crypto exchanges.
Bitcoin the first and top cryptocurrency in terms of market capitalization. At the start of September, Bitcoin experienced a price drop from nearly $12,000 to $10,000. As per CoinGecko, BTC is changing hands at $10,654, at the time of writing.
Meanwhile, the overall cryptocurrency market cap now stands at $350.9 billion. Bitcoin’s dominance index presently at 56.4%. When the BTC price goes up, there will be more inflows than outflows on the crypto exchanges. Users are waiting for a price rise to a particular level to execute their sell orders and get on profits.
Moreover, Bitcoin interests are increasing worldwide, Nigerian shows more interest in the asset than in any other country in the world. The country had a transactional value of $34.4 million in the Q2 of 2020 alone.
With many developments happening across various blockchain industries, the crypto community may expect more surprises in the space. It is also clear that BTC is on track to reach various milestones.
Bitcoin(BTC) is on track after four months of halving, it follows a similar graph of 2012-2016 halving, which shows a positive sign.
Investors can be patient and hold Bitcoin Says Plan B creator.
“Patience is Virtue”
Additionally, Bitcoin the first and top cryptocurrency in terms of market capitalization. It dips to $11,290 after reaching the support value of $12,067 on the same day. As per experts, it is clear that BTC is in track to reach various milestones.
Besides, DeFi adoption has increased in recent times and many investors and short-term traders are more interested in getting those short-term high profits, which can be bad news for Bitcoin. Furthermore, nearly 500 BTC outflows in recent times says Chinese mining pool Poolin.
Dan Held, executive of Kraken exchange included the supply readings as one sure sign that Bitcoin will start a fresh price bull run.
Nevertheless, don’t think investing in BTC will let you down. It’s a long-term investment. Moreover, Cointelegraph reports Bitcoin is in track for its bullish season by the end of 2020.
According to the article, the Stock-to-flow (S2F) price module Bitcoin is expected to spike over $55k after 2020 halving.
The article mentions that,
“The predicted market value for bitcoin after May 2020 halving is $1trn, which translates in a bitcoin price of $55,000… one or two years after the halving, in 2020 or 2021.”
As per the S2F price module, price target of $288k in the end of the forth halving in 2024.
The Stock-to-flow is a number that indicates how many years, at the current production rate. It required to achieve the current stock. However, higher the number, the price will be high.
Recently, many top crypto exchanges are getting raided by police officials. Moreover, it is not good news in the crypto space.
Since we all believe in decentralized exchanges, TheNewsCrypto team believes crypto adoption will increase in the upcoming future and soon expect seniors like Warren Buffet to join the game of crypto.
Bitcoin (BTC) reached $12k after being rejected at the threshold two weeks ago. Traders are becoming more optimistic that the crypto asset will hold the key level this time.
Bitcoin has reached $12k for four times since August 2, 2020, but changing the crucial resistance level to support has been a great challenge.
At the current value, Bitcoin has a market capitalization of $221.8 billion, which is around $5 billion less than its peak market capitalization in 2020 that was achieved on August 18.
The cryptocurrency has now gained 3% in the last 24 hours and 1.5% in the last week as a result of a sudden uptick in interest in the general cryptocurrency market, representing modest gains in the short term.
Some factors that are leading traders to become more bullish on Bitcoin in the short to medium term. Factors including the potential catalysts are the declining U.S. dollar, the strength of the $10k support, and Ether’s strong upsurge.
BTC typically remains stagnant throughout September to early November and has done so since 2016. Based on that historical pattern, there is a possibility that BTC ranges between $10k and $14k.
Ark Invest CEO Cathy Wood said,
“We could stay in a new trading range, just at a little bit of a higher level than the recent 6 to 10. Maybe we’re in the $10,000 to $13,000 range. Nonetheless, a breakout.”
Altcoins also notched notable gains as Bitcoin spent a few days consolidating, a few managing triple-digit gains as BTC price broke out to $12k.
MiniSwap (MINI) rallied 245.14%, DeFinition (DZI) gained 266.83%, and Spaghetti (PASTA) surged highest, with a 358.21% gain.
According toCoinMarketCap, the overall cryptocurrency market cap now stands at $391.5 billion. Bitcoin’s dominance index currently at 56.6%.
An even more encouraging outcome would involve BTC flipping the $12k -$12.4k range to support. TheNewCrypto believes that BTC would prepare for a strong move to $13.5k before this month ends.
The world is becoming ever more contingent on the internet. So it’s no surprise that Bitcoin, a globally secured online version of cash has claimed the interest of investors, but not many shops accept Bitcoin yet and some countries have banned it altogether.
Bitcoin is a valuable crypto coin because people are ready to exchange them for real goods and services, it can be bought by using both fiat and altcoins, or can also be generated by using a computer which is called mining.
What is Bitcoin?
Bitcoin is the earliest cryptocurrency that started in January 2009, which inspires other projects in the blockchain space. The person who created Bitcoin and its identity is still a mystery. Bitcoin is commonly abbreviated as “BTC”. The word “Bitcoin” is capitalized in the context refers to an entity or concept, whereas “bitcoin” is in lower case refers to a quantity of the currency or the units.
It has been created, distributed, traded, and stored with a decentralized ledger system which is known as a blockchain. It has skyrocketed approximately $20,000 in 2017, but after two years its price has been reduced to half of that value.
Who Invented Bitcoin?
Bitcoin was invented in the year 2008 by a group of people named Satoshi Nakamoto. It was started in 2009 when he implemented the bitcoin software as open-source code.
How Bitcoin began?
Bitcoins are generally created as a reward for a process known as mining. The bitcoin network was created when Nakamoto mined the first block of the chain, called genesis block on Jan 2009.
According to the Blockchain Analysts estimation, Nakamoto has mined about 1million bitcoins before disappearing in 2010, when he handed Gavin Andresen the network alert key and control of the code repository. Andresen became lead developer at the Bitcoin Foundation later.
August 18, 2008: Domain name “bitcoin.org” was registered
October 31, 2008: Anonymous Satoshi Nakamoto published Bitcoin whitepaper
January 3, 2009: Mined the Genesis Block or block number one.
January 12, 2009: The first Bitcoin transaction.
December 16, 2009: Released version 0.2
November 6, 2010: The value of Market cap exceeds $1 Million.
October 2011: Litecoin was created by Bitcoin forks for the first time
June 19, 2011: Security breach of the Mt. Gox bitcoin exchange which caused the nominal price of a bitcoin to fraudulently drop to one cent.
June 3, 2012: Largest block 181919 created with 1322 transactions
June 2012: Launches coinbase
September 27, 2012: Formed bitcoin Foundation.
December 7,2013: Price falls to around $760.
June 2015: One of the most significant cryptocurrency regulations BitLicense gets established.
August 1, 2017: Bitcoin forks Bitcoin Cash again.
August 23, 2017: SegWit or Segregated Witness gets activated which is a soft fork on the Bitcoin Network that aims to solve scalability issues
September 2017: BTC trading was banned by China
December 2017: Launched first bitcoin futures contracts by CBOE Global Markets (CBOE) and the Chicago Mercantile Exchange (CME).
December 2017: Bitcoin price reaches its all-time high of $20,000.
January 2018: Price drops as a result of the 2018 cryptocurrency market crash.
November 15, 2018: Bitcoin’s market cap value fell below $100 billion for the first time since October 2017.
October 31, 2018: 10 year anniversary of Bitcoin
May 11, 2020: 3rd Bitcoin halving
How bitcoin works
Bitcoin is a decentralized system, in which transactions are recorded in a distributed ledger called a blockchain. Bitcoin is not linked to any kind of central banking system, that’s one of the major parts of its appeal.
Users can get bitcoin by installing the bitcoin wallet on a computer or mobile phone, you can see the bitcoin address has been created and more addresses can also be created whenever it’s required. You can send the address to your friends to make them pay you or vice versa.
All the transactions which are confirmed will be on the blockchain, which allows the Bitcoin wallets to calculate their spendable balance, to verify the new transactions, ensuring they were actually owned by the spender. Bitcoin wallets will have a secret piece of data called a private key or seed, used to verify that they are from the owner of the wallet
Mining is generally a process of adding records of transactions to the public ledger called the Blockchain. Through mining, users can earn Bitcoin without paying for it. Bitcoin can be received by miners as a reward for completing “Blocks” of verified transactions added to the blockchain.
Miners who find a solution for a complex hashing puzzle first will get rewards. Nowadays mining bitcoin was not easy as before, it has become a big deal, there is a chance that the cost of the equipment and the electricity alone can take your profits quickly.
How to store bitcoin?
Bitcoin can be stored by keeping it safe on the exchanges or wallets. There are many exchanges in which you can store your bitcoins. Users can also sell or buy bitcoin for altcoins or fiat coins. To know more about the listing pairs and trading click:
Bitcoin can be lost by crypto users due to theft, computer failure, losing access keys, etc. In order to avoid Bitcoin loss, users can store bitcoin using wallets. Some of the wallets are Cold storage or offline wallets, Desktop wallet, Hardware wallet, Paper wallet, etc.
Cold storage wallets are generally not accessible via the internet and it is one of the safest methods for holding bitcoins safely. Desktop wallets are similar to cold storage, these can only be accessible in our private desktops. Hardware wallets are safer and secure, in this type bitcoins can be stored using the device like USB sticks which we can carry with us around. Paper wallets usually contain the Bitcoin seed written on a piece of paper, these wallets can be stored easily because they don’t take up more space.
How much Is Bitcoin Worth?
The total value of all the bitcoin in the world was $171.2 Billion as of June 20, 2020.
BTC Current Values
A bitcoin exchange generally acts as the intermediate between a buyer and seller, we can also say it is between a “maker” and a “taker”. Users can deposit bitcoin via a bank transfer, wire, and other means of deposit, with the service charges.
Decentralized exchanges are exchanges, they are operated without a central authority. These crypto exchanges generally allow peer-to-peer trading of cryptocurrencies. There are lots of benefits in the decentralized exchanges.
Decentralized exchanges maintain a fundamental level of user interest in the form of liquidity and trading volume. Users of a decentralized exchange may have less recourse than the exchanges with the centralized authorities.
Depending on the buy and sell order carried out within the exchange, all the bitcoin exchanges have transaction fees.
Making deposits and withdrawals comes at a price, which depends on the payment method used to transfer funds. Other than the transaction fees and funds transfer fees, traders may also have currency conversion fees, depending on the currencies accepted by the exchange.
Bitcoin exchange is generally different from a bitcoin wallet. Through the bitcoin wallet, users can store their coins. They can also store private keys that are used to authorize the transaction and to access the bitcoin address.
Makers and takers
The buyer or seller can place the limit order, the exchange adds it to its order book until the price has been matched by another trader. When the price gets matched, the buyer or seller who sets the limit price is referred to as the maker. Traders who place a market order that immediately gets filled are takers.
Benefits of Bitcoin
Bitcoin has greater liquidity relative to other cryptocurrencies
It has increasingly wide acceptance as a payment method
Easy International transactions than regular currencies
European low-cost airline giant Ryanair CEO Michael O’Leary has come out very bearish on Bitcoin, adding that everyone should avoid the world’s number one cryptocurrency Bitcoin “like a plague”.
“I would strongly advise everyone with any shred of common sense to ignore this false story and avoid bitcoin like a plague.”
O’Leary recently told The Sunday Times he would never invest “a cent” in Bitcoin and compared this to a Ponzi plan. He continued showing harsh criticism on Bitcoin after he was inadvertently involved in promoting a cryptocurrency scam called Bitcoin Lifestyle.
A fake interview with “The Late Late Show” host Ryan Tubridy in which O’Leary encourages the audience to invest their money in fake projects is featured on numerous high-traffic websites to draw potential investors.
Along with O’Leary, many well-known personalities Simon Cowell, Sir Philip Green, Holly Willoughby, Lord Sugar, and Jeremy Clarkson are the latest high-profile personalities to feature in a bitcoin scam, operated by fraudsters who steal celebrities’ images to lure crypto investors.
As probably the most notable recent incident, back in July, major social media giant Twitter suffered a major security breach that compromised the accounts of 130 high profile individuals including Microsoft’s Bill Gates, Tesla’s Elon Musk, and Kim Kardashian West, among others.
The underlying motive of these scams is to use these high profile individual’s public image to gain trust in the public and make them part with their funds to the benefit of the scammers. Sometimes their attempts fail, but unfortunately, often they succeed.
On Tuesday, Nasdaq-listed and publicly-traded business intelligence firm MicroStrategy has purchased 21,454 bitcoins at an aggregate price of more than $250 million, adopting the crypto as its primary treasury reserve.
Microstrategy was one of the principal organizations in the enterprise business intelligence software sector. It has a 30-year history of anticipating technology trends.
It was a pioneer in relational analytics, web intelligence, mobile intelligence, and hyper-intelligence.
Microstrategy’s investment in Bitcoin is only a part of its new capital allocation strategy, which seeks to maximize long-term value for its shareholders. Bitcoin is persuasive proof of a predominant asset class for those looking for a drawn-out store of significant worth.
MicroStrategy’s CEO Michael J. Saylor said,
“This investment reflects our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”
Saylor detailed that his association took months upon choosing its capital allocation methodology, considering large-scale factors like the monetary and public health crisis by COVID-19 and exceptional government money-related upgrade estimates.
In recent months, Bitcoin and Gold have both surged beyond investigator forecasts, providing more force for major acquisitions like this. Saylor called Bitcoin as digital gold since Bitcoin had brand recognition and global acceptance.
Generally, business intelligence is a data-driven field, it’s no surprise that such an organization will be the first to become tied up with BTC. Likewise, Coca Cola bottlers have just opened the floodgates by declaring that they will trial Ethereum for the supply chain.
The dozens of the biggest names including Joseph R. Biden Jr., Barack Obama, Bill Gates, Kanye West, and Elon Musk posted similar messages on Twitter: Send Bitcoin and the famous people would send back double your money.
Many of the scam tweets were quickly removed by twitter, but some accounts sent similar tweets again, suggesting that Twitter was powerless for regaining control.
Twitter’s chief executive Jack Dorsey said,
“Tough day for us at Twitter. We all feel terrible this happened. We’re diagnosing and will share everything we can when we have a more complete understanding of exactly what happened.”
This twitter hack made the users send Bitcoin to the Bitcoin wallets promoted in the tweets. The wallets had received over $100k worth of Bitcoin from over 300 transactions, according to the website that tracks the Bitcoin public ledger.
The hackers were asking only for the Bitcoin, they didn’t use their access to aim at any important institutions or infrastructure. Officials noted that the breach didn’t affect the account of President Trump. His account was now under special security.
Twitter has also fallen victim to breaches on Mr.Dorsey’s account in August 2019, hackers transferred his phone number to a new Sim card which stores a phone’s number, which is called SIM-swapping, allowing the hackers to tweet from his account. In 2017, a rogue worker used their access to Twitter’s systems to briefly delete President Trump’s Twitter account. The account was restored within minutes.