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After having fallen to around $8,900, Bitcoin price now is around $9,160. Since Monday teh asset has lost over $300 of its value.
Already 10 days have passed since the last Bitcoin halving occurred but the price now is still hovering around $9K. The only thing that has since skyrocketed and not come down is the BTC average transaction fee, which at the time of reporting was averaging above $6. However, its hash rate has dropped to its yearly low of around 86.985E.
This is an indication that a huge number of miners have closed their operations, probably to update their mining hardware devices. Furthermore, the current Bitcoin market price is below their cost of operations, whereby for them to remain afloat after the halving, the market price of the asset must fix above $12K.
However, the rising trend is still valid as the asset has not broken any uptrend border. In addition, it has been making higher highs and high lows on the 4-hour time frame, which is a characteristic of a rising trend.
Despite the negative volatility, Bitcoin has been able to attract more retail and institutional investor, as seen with the rising marker cap that is around $168.1 billion at the time of reporting. It is no surprise that the market price is still down despite the halving event having cooled down. The reason is that most factors are still aligning in place and there is fear within the crypto community, mostly of the unknown.
Bitcoin Price Now and Major Fundamentals at Hand
The cryptocurrency market led by Bitcoin has been characterized by speculative trading, whereby large investors are likely to influence the price. One major pull back on Bitcoin future success has been its regulations with different governments.
On one side, the lack of regulation has made the asset favored by the dark web users, and also money launderer globally. However, on the other side, lack of regulation has made most institutional investors worry about its future with the governments.
Russia, a superpower in the technology sector is drafting a bill that will criminalize the trading and issuance of cryptocurrencies. According to its lawmakers, cryptocurrencies pose a direct threat to its financial system and likely to foster criminal activities.
If the bill sees the light of the day, it will add on top of countries that prohibit the use of cryptocurrencies in their jurisdiction. However, if the Russian Judicial system acts as the Indian Supreme court, there is hope that the bill might be nullified.
For cryptocurrency holders, most are enjoying the dip as it is an opportunity to continue accumulating more as the price gets lower. This is because the crypto market rise is imminent, only time will dictate when.
Other Bitcoin updates are here.