Bitcoin miner worked hard when the price of BTC exceeded $ 6k, halving is likely to take place in the context of chaos.


Bitcoin seems to be reversing the trend once again this week as certain basic figures begin to show positive signs. For the past few days, the price of Bitcoin has been trying to recover after a panic sell-off on March 12. It has risen from $ 4430 on March 16 to surpass $ 5500 and $ 6000 and reach a high of nearly $ 7000.


Coinmarketcap


Source: Coinmarketcap.com


Bitcoin miners work hard when BTC exceeds $ 6000


Follow glassnode insights, the pump in the past day has reached nearly 16%, due to assets reaching $ 6000 on different exchanges. 7-day on-chain fundamentals also show trend change.


Although the number of transactions has decreased since March 11, down 15.84% until March 18, the average value of transactions is much higher than usual. This is largely due to large buy and sell orders throughout the week, and many holders have been buying dip in the market. The active address faces a small reduction of 0.74%.


The presence of hodlers (both short-term and long-term) is extremely important. The majority of users have joined the ecosystem after the dip, but many also speculate that the decline was happening from the beginning due to the indecisive BTC holders.


BTC surpassing $ 6000 is an important psychological threshold for users. To stabilize and reassure investors, Bitcoin is forced to maintain above $ 6000 for the next 48 hours. Consistent trading volume above $ 6000 is important, helping to reduce volatility in the short term.


Twitter


Source: Twitter


After the hashrate fell below 100 TH / s on March 17, users were concerned that another pullback could occur in the next few days but the miners turned to network aid. Bitcoin Miners Energy Ratio has put a massive energy stream into the network to help boost the hashrate again.


Bitcoin


Source: blockchain.com


As a result, the hashrate increased from 82 TH / s on March 18 to 88 TH / s yesterday. At current rates, a move beyond 100 TH / s seems likely in the next few days.


Bitcoin faces difficulties when halving is more likely to occur in volatile market conditions


Halving Bitcoin will take place in about 7 weeks and historically, it has triggered a major bull run. The digital asset industry is on the brink of danger in recent times as the community is coping with price fluctuations. Last week, crypto market capitalization lost over $ 43 billion, since then, many tokens have registered new all-time lows in the past 12 months.


The previous two halving took place under different market conditions and Bitcoin is currently preparing for the reward reduction under a completely different scenario.


A recent study of Gate.io explained the effects of Halving Bitcoin. The report shows that in both halving times, the price of BTC and its hashrate spiked after witnessing a small decline.


The first halving took place on November 22, 2012 and the second halving took place on July 9, 2016. According to the chart below, the S&P 500 market performed very well 6 months prior to both events.


Bitcoin


Source: TradingView


In 2012, it increased 11% before halving and in 2016, it increased 14.74%. Currently, if the S&P 500 stock is stable, the asset will suffer a 21.57% loss for 6 months, before Bitcoin halving takes place on May 20, 2020.


Although Bitcoin is considered an unrelated asset, it is highly correlated with traditional stocks in 2020.


Current and future dilemmas for BTC miners


Due to the global market downturn and the recent collapse of the crypto market, Bitcoin miners not only have to face pressure from cutting BTC supply but also have to face with liquidity pressure.


Although the Bitcoin price has improved relatively over the past few days, it is still extremely volatile.


In a halving event, the strongest and most profitable miners are likely to succeed due to the abundant resources. Weak miners often have too much leverage and they cannot maintain strength against big players.


The hashrate has recently decreased, which suggests some miners may have withdrawn but this problem may persist after halving.


In order for miners to maintain profitability, it is very important for Bitcoin to reach over $ 8000 before the event. Follow data, bitcoin mining costs will fluctuate between $ 5000- $ 7500 in 2019 and under current liquidity stress, costs will escalate even further.


At the time of writing, Bitcoin is trading at $ 5900 and it is currently racing against time to return to a high. Considering the financial market turmoil, the upcoming Bitcoin halving will take place in a completely new and unpredictable market scenario.


You can see the price of Bitcoin here.


Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions


Thuy Ngan


According to Azcoin News




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