BITCOIN: Miners Can Collapse Bitcoin Quotes, But The US Government is Rushing To The Rescue of “Digital Gold”

#BITCOIN NEWS:


While bitcoin continues to rise in price, there is still talk about when the growth of “digital gold” will stop.


According to sudden rise in the rate of the Bitcoin, traders want to fix the maximum profit, but the “small fish” no longer have the same impact on the “cue ball” rate as a few years ago.

Simply put, bitcoin is now being bought by large investors who can afford to keep bitcoin in their portfolios for years, thus keeping the value of the asset at a high level. Small traders chase profits, large institutional investors invest their funds for the future. Thus, we may never see the collapse of quotes by 80-90%, as it happened before. According to research by analyst Philip Swift, all the recent corrections were caused by the fact that miners sold the extracted bitcoins, which reduced the value of the cryptocurrency.

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In his analysis, Swift refers to the Puell Multiple indicator, which is calculated as the ratio of the value of the extracted bitcoins to the average value of the asset value over the past year. After reaching the maximum profit levels, sales follow, which provokes a correction in the value of the “cue ball”.

However, the nature of supply and demand for bitcoin has been changing in recent years. If earlier miners immediately sought to get rid of bitcoin, now more and more mining pools sell only a certain part of the extracted “bits”.

Bitcoin

If a few years ago, few believed that bitcoin would continue to rise in price in the long term and sought to make a profit as quickly as possible, now that the mark of $ 100,000 per coin no longer seems fantastic, many are in no hurry to part with the “cue ball”, the supply of which is very limited in the market. It should also be noted that a large share of the mining market is now made up of large pools, and not single-player mannerisms. These pools can simply afford to hold the extracted bitcoins.

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Thus, potentially, in the event of a sale of a certain share of “bits”, the rate of “digital gold” is unlikely to go to zero. Various studies show that more than $ 1 trillion was accumulated by Americans during the pandemic. It is expected that this money will be spent in 2021, as the situation with the “coronavirus” is slowly improving, vaccination is in full swing, and the economy is recovering.

Bicoin rise again

Thus, experts believe that the propensity of Americans to thrift and save will decrease in 2021, therefore, a certain part of the accumulated funds may flood into the stock, debt, or cryptocurrency market.

Bitcoin
Bitcoin

Thus, the demand for the “cue ball” in 2021 may also grow due to new institutional investors, as well as due to the influx of “hamsters”.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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