Bearish Flip in Crypto Crowd Sentiments Signals Inevitable Bitcoin Price Reversal
Crypto whales have continued to defend Bitcoin’s support level around $61K ahead of the fourth halving over the weekend.
$63 460
1H
1.97%$1 226
24H
3.21%$1 974
7D
-9.68%$6 801
30D
-0.13%$82.61
Bitcoin is the pioneer of the cryptocurrency concept, as it’s the first decentralized digital currency introduced back in 2009. The creator of BTC and underlying blockchain technology is mysterious Satoshi Nakamoto, whose true identity hasn’t been discovered yet, despite quite a lot of people claimed they had created Bitcoin. BTC opened up the new industry of peer-to-peer crypto coins, which has been actively evolving since then.
Bitcoin is built on the distributed ledger technology or blockchain. In other words, each Bitcoin transaction that has ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. Managing these transactions and the issuing of Bitcoins is carried out collectively by the network. This is possible due to peer-to-peer (P2P) technology that eliminates the need for a central authority or any intermediaries, like banks.
Bitcoins are elementally made through the process of mining, which is performed by high-powered computers that solve complex computational math problems. In fact, there are only 21 million Bitcoins that can be mined in total. Once miners have unlocked this number of bitcoins, the supply will be exhausted.
The list of BTC use cases is unlimited. It can be used for payment transactions, as a store of value, as collateral, and much more. Bitcoin has a huge lead over the hundreds of other digital currencies, it is revolutionizing and challenging the traditional finance systems.
Crypto whales have continued to defend Bitcoin’s support level around $61K ahead of the fourth halving over the weekend.
Scammers created a fake token with the same name, OMNI, to take advantage of the excitement surrounding the Omni token launch, which aims to connect Ethereum rollups.
Centrifuge platform announced its Series A funding round was led by ParaFi Capital and Greenfield with participation from a dozen other venture capitals.
The speculations of these analysts underscore the previous opinion shared by Bloomberg Senior ETF Analyst Eric Balchunas.
A Bybit report suggests that the Bitcoin supply will be 2x scarce than gold after halving. With strong ETF demand, the Bitcoin reserves on centralized exchanges would last for nine months only.