- CROX ROAD
- Posts
- Is It Possible To Bitcoin To Be Pushed 50% This Week?
Is It Possible To Bitcoin To Be Pushed 50% This Week?
Bitcoin had a rocky first half of the year, but experts still say it will eventually hit $100,000 and that it’s more a matter of when, not if.
The Bitcoin⚡️ Energy Standard
December 11, 2022
Table Of Content
Content
Conclusion
FAQ
You May Also Like
External Links
As of Sunday, the Bitcoin price forecast is still neutral, with BTC stuck in a $16,850–$17,250 range. It seems that Bitcoin miners have given up on the long-term viability of keeping any substantial quantity of the pioneer crypto and are instead selling off massive numbers of Bitcoin.
Reports from CryptoQuant show that on December 1st, bitcoin miners disbursed 10,000 BTC. In comparison to the 2,569 units that were released to the market and sold by miners on November 26th, this number is much smaller.
Joaowedson, an analyst at CryptoQuant, has chimed in on the topic, pointing to the high cost of Bitcoin mining and the sharp decrease in value of the crypto currency as reasons.
Joaowedson added:
The current price of Bitcoin and the high cost of mining in many nations are forcing miners to liquidate their holdings, as stated by Bloomberg.
In their present forms, both the "makers" of the biggest cryptocurrency by market cap and the asset itself are doomed to failure. Miners may no longer turn a profit due to the recent decline in bitcoin's value and the high cost of producing a single bitcoin.
If they keep releasing their work into the market, the price of the cryptocurrency might drop and its volatility could rise. Earnings in the mining sector have been negatively impacted by market downturns in the past.
As of the time this article was published, miners had amassed 814.28 BTC, according to Glassnode. Given this, it's easy to understand why some may assume that Bitcoin's miners aren't compensated in any manner by the network.
The US dollar hit a new monthly low
The decline of the US dollar, which hit a three-month low, was also a major factor boosting BTC prices.
The surprisingly positive employment report was seen as a main factor in curbing the dollar's declines, and investors took advantage of this.
Meanwhile, reports of a 263,000 rise in payrolls by private sector firms in November helped the dollar. This was a far larger increase than the 200,000 that had been expected.
The falls were temporary, reaching a three-month low as a result of the dovish approach.
Putin Calls for Digital Currency Settlements
Vladimir Putin, the president of Russia, has called for a new international settlement system that is unrestrained by banks and other middlemen. According to the Russian leader, it is conceivable to build such a system with the help of digital currency technology and distributed ledgers.
Putin spoke at a symposium held by Sberbank, a major Russian financial institution, about artificial intelligence. He warned that the present condition of close ties between Russia and the West poses a danger to international financial flows and payments.
Vladimir Putin, the Russian president, elaborated:
In light of the current unlawful constraints, it is common knowledge that settlements are a prime target. And since they are constantly exposed to these methods, our financial institutions know this better than anybody.
Putin was alluding to the international sanctions imposed on the Russian Federation for its invasion of neighboring Ukraine, which have severely limited the country's access to global financial and market institutions.
According to the Prime News Service, he also said:
Due to a limited number of nations and financial institutions controlling correspondent accounts and regulations, the cost of making international payments has risen in recent years.
A Look at the Bitcoin Market Price
A total of $15.0 billion has been traded in the last 24 hours at Bitcoin's current price of $17,010. In the previous 24 hours, the BTC/USD exchange rate has risen by more than 0.10 percent. Additionally, its value has climbed by roughly 2.75% in the preceding week.
Source: coinmarketcap.com: Bitcoin Value and Token Economics
The Bitcoin/U.S. dollar exchange rate has been trading sideways in a tight range of $16,800 to $17,250 and has had a hard time breaking above that level.
At $16,900, Bitcoin completed a 23.6% Fibonacci retracement, and closing candles below $16,950 might trigger fresh selling until the $16,750 resistance level is broken.
When looking lower, Bitcoin may target the 50% Fib extension at $16,600, and a break below this level would expose BTC to the 61.8% Fib extension at $16,450.
Conversely, if bulls manage to break through $17,250, BTC might trade as high as $17,650 or even $18,100.
Coins with Massive Potential
Some currencies have done very well despite the market decline, catching the attention of cryptocurrency "whale" investors.
One such token is IMPT, for which the presale period will soon come to a close.
IMPT: 1 Week to Buy This $13.5 Million Green Crypto
Carbon credit marketplace IMPT is another Ethereum-based platform that will reward buyers for supporting environmentally responsible companies. The company's IMPT token, which can be used to buy NFT-based carbon offsets that may be sold or retired, will be the medium of exchange for these advantages.
With a current price of $0.023 per share, IMPT has raised almost $13.6 million since going public in October. With such overwhelming demand, the token presale for IMPT.io, a brand new platform for carbon offsetting and trading carbon credits, will conclude on December 11th.
Conclusion
During a halving, the pace at which new bitcoins are created for circulation is reduced by half, creating synthetic price inflation throughout the Bitcoin network. By 2140, when the maximum supply of Bitcoin is predicted to be achieved, the rewards system will have been in place for 50 years. Following that, miners will get transaction fees in exchange for their services. As of 2009, miners were awarded 50 bitcoins for successfully completing a block on the blockchain. Following the initial halving, the number of bitcoins in a block dropped from 25 to 12.5, and subsequently to 6.25 on May 11, 2020. The halving of Bitcoin's supply will have profound effects on the network.
FAQ
Is Bitcoin likely to increase in value?
In 2024, the highest value of a BTC transaction would be roughly $85,000. Bitcoin's price, along with that of other cryptocurrencies, is expected to rise dramatically in 2024 compared to the previous year.
Which cryptocurrency do you think will see the most growth in 2022?
In our opinion, D2T is the next big thing in the cryptocurrency market since it has a solid practical application and investors are already expressing interest in its presale. Other interesting initiatives are RobotEra and IMPT (which will have its IEO on Uniswap on December 14, 2022).
Why is Bitcoin's price going up?
The factors that most impact the value of Bitcoin include its supply and demand in the market, its accessibility, the value of other cryptocurrencies, and the mood of investors. There will only ever be a fixed amount of bitcoin in circulation, and the last coin is only expected to be minted in the year 2140.
That's all for today, see ya tomorrow! If you want more, be sure to follow our Twitter (@croxroadnews)
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
Join the conversation