According to Forbes May 25, although the medium-term trend in the real estate market is still bleak, a research paper published by the University of Granada and the Federal Reserve Bank of Chicago said Historical data from the late 1990s showed that after the financial crisis, housing prices tended to rise sharply. And if real estate grows in a similar way after the crisis in 2020, due to the correlation between gold and the real estate market, and the more and more institutional investors believe that Bitcoin is a means of value storage, these evidences show that gold Safe-haven assets such as Bitcoin and others may also grow. In the long run, the overall performance of real estate, gold and Bitcoin will be very strong.
On May 25, cryptocurrency analyst Willy Woo tweeted complaints about the drawbacks of traditional payments and called on people to buy Bitcoin . He said that he encountered obstacles in dealing with the company’s business, such as the invoicing problem, PayPal required KYC, and the processing process was long; Willy Woo said the bank ’s cross-border payment business was frustrated and called for the purchase of Bitcoin. However, Willy Woo also mentioned that Bitcoin currently does not solve many cross-border payment problems. But when the capital, user base, and liquidity are large enough, Bitcoin and the stronger encryption technology ecosystem (including stablecoin and Layer 2) will make the banking industry look like pigeon post and messenger.
According to TheDailyHodl news, the well-known bitcoin whale Joe007 announced its withdrawal from crypto Twitter on May 8th, saying that all the publicity is ultimately not conducive to his trading strategy . Joe007 was short on Bitcoin in April, but Bitcoin closed up 36% that month. With Bitcoin currently falling from a high of nearly $ 10,000, Joe posted on Bitfinex Pulse again. He stated that the pullback proved his assertion that the market was significantly over-inflated. He believes that it is generally considered that the transfer of Bitcoin from wallets in the Satoshi era triggered panic in the market on Wednesday, which is ridiculous. “It’s just over-exaggerating the myth of halving and inflation in the crypto market, so almost any random reason can prove the reversal that should have happened.
According to Cointelegraph May 22, the data shows that the interest of institutional investors in Bitcoin is growing rapidly. In the past few years, the scale of Grayscale Bitcoin Trust (GBTC) has been steadily increasing, but in the past few months, its growth has begun to accelerate. Interestingly, the volatility of Bitcoin prices does not seem to affect this growth pattern. A Grayscale spokesperson said that more than 90% of the capital inflows came from institutional participants. Moreover, because its assets are locked in the Coinbase vault, its holdings reduce the circulating supply of Bitcoin. As of now, GBTC has extracted 350,000 BTC from the circulating supply, accounting for 2% of the circulating supply of Bitcoin, which does not include the amount of lost Bitcoin. Since 2019, GBTC has consumed 100,375.93 BTC, accounting for 17% of all bitcoin mined during this period. In the past three months, institutional investors have tripled the rate of investment in GBTC. If this trend continues, then in the next three months, it will hold 400,000 BTC, and in the next 6.5 months (that is, March 2021), it will accumulate about 550,000 BTC or 3% of the total supply.
Gate.io’s ecological new blockchain asset tracking platform block.info traced that 50BTC dug on February 10, 2009 was transferred to an address (suspected of Satoshi Nakamoto or a friend’s address), and 40BTC was transferred out after 11 years of silence At the same time, 9.99968592BTC entered a suspected trading platform. According to the analysis of behavior patterns, this platform should be Coinbase. The recharge address is 3A6AsxxxzgHnGKhiFyW4tYX1Hn2sjNfrQP. If it is determined to recharge Coinbase, the identity of this person can be determined, but the platform may keep it confidential.
Block.info is a blockchain asset tracking platform launched by Gate.io, providing encrypted asset data and analysis services to government agencies, exchanges and financial institutions in various countries or regions, helping them to investigate and track the flow of illegal assets, analyze and detect encrypted assets Compliance, while also providing ordinary investors with more and more intuitive on-chain information to facilitate trading decisions.
According to AMBCrypto, Kraken Business Development Director Dan Held believes that the success of Bitcoin cannot be based on its potential to become a good payment system. Decide. He said: “The word cash is used in the white paper, and many people choose to infer the word cash as” cash in your pocket. “Satoshi Nakamoto mentioned bitcoin as a precious metal five times. It ’s called a “stable currency.” So people can use it in any way they like. ”Held believes that with the outbreak of the new crown, the status of Bitcoin as“ the king of cryptocurrencies ”is more secure than ever:“ Bitcoin ’s positioning during the 2019 coronavirus epidemic is amazing. The ETH ecosystem has been trying to make it go with BTC because their only remaining narrative now is to become another stable currency, just like BTC. If BTC starts to act, ETH does not follow the price, then it will be another dead altcoin.
According to U.Today, Blockware Mining and Blockware Solutions CEO Matt D \ ‘Souza said on Twitter that since Bitcoin halved on May 11, more than 30% of the miners shut down the mining machine, and Bitcoin’s computing power has dropped. He added that this may lead to a bitcoin difficulty adjustment: “If the hash rate remains at the current level, the block time will remain the same. It is estimated that there will be a change of about 13% between the current and the next difficulty adjustment.” The hashrate has dropped, but BTC is still close to the $ 10,000 resistance level. Matt D \ ‘Souza believes that BTC is ready and starts testing $ 10,522.
According to Cointelegraph May 17, the United States is printing dollars and cutting interest rates to help the public. As the United States injects trillions of dollars to stimulate the economy, since most Americans do not own assets, it may result in weakened purchasing power. LiquidApps CEO Beni Hakak believes that Bitcoin has the opportunity to use itself as a store of value. He said that the New Coronary Pneumonia Outbreak Crisis is the first crisis experienced by Bitcoin as an asset class. Although it is expected that Bitcoin’s performance will be similar to that of gold, it has caused the price of Bitcoin to fall sharply. As the world economy began to reopen, Bitcoin’s recovery was quite good, outperforming S & P. With Bitcoin halving, it will be interesting to see if Bitcoin can be used as a tool to hedge inflation and store value. While Bitcoin is halved, fiat currency is expanding its supply. As concerns about inflation reappear in the market, assets that can prove scarce are considered to be in a good position. Quantum economics founder Mati Greenspan believes that with the introduction of large-scale quantitative easing policies, Bitcoin will maintain its future value due to scarce supply. He said that Bitcoin, like gold and silver, can hedge inflation.
According to The DailyHODL, bitcoin and blockchain dominate Amazon’s “currency and currency policy” book bestseller list. At the time of writing, this emerging technology occupies half of the current top ten books and four seats in the top five. The second place in the ranking is the hardcover version of “Life After Google: The Decline of Big Data and the Rise of the Blockchain Economy.” The author is George Gilder. The book predicts that the future belongs to blockchain and its derivatives. Provide a secure global payment method. The fourth place is Saifedan Ammons’ “Bitcoin Standards: Decentralized Alternatives to Replace Central Banks.” The author claims that Bitcoin can provide society with a new standard for the banking industry, creating a world where currencies are not subject to national boundaries and political restrictions.
According to Ambcrypto May 16, the recently published research paper “Can Cryptocurrencies Become a Safe Haven for Investors in the Future?” The Bitcoin Case Study pointed out that Bitcoin may provide some hedging for the diversification potential of global securities investment. The paper examines the relationship between Bitcoin, global economic activity, the stock market, and the foreign exchange market, while also exploring the potential of Bitcoin as a safe haven. The model consists of five variables: BTC price, Baltic Dry Freight Index (BDI), Dow Jones Industrial Average (DJIA), USD / EUR exchange rate and USD / JPY exchange rate. The article concluded that “in terms of the relationship between Bitcoin and BDI and DJIA, it is different from the exchange rate of the US dollar against the euro and the US dollar against the yen. The study found that whether it is a bull or bear market, Bitcoin and economic activity ), The stock market (DJIA) or the foreign exchange market (USD-EUR, USD-JPY) have no significant relationship. ” In addition, research further shows that Bitcoin is largely inclined to stay in the bullish phase and the probability of turning into a bearish trend is very low.
According to Cointelegraph, with the block reward halved, miners rely on bitcoin transaction fees to survive to a greater extent. On May 10, the miner’s income was 2188 BTC, which fell to 852 BTC on May 12, a 61% drop. Block reward halving forced some miners to leave the Bitcoin blockchain, reducing network computing power. This in turn leads to an increase in the block generation interval, which means that fewer blocks are processed per unit time, which reduces the number of block rewards available to miners. What has happened so far can be called a small death spiral scene. The only benefit to the miners is that network congestion has caused a substantial increase in transaction fees, from $ 0.62 at the end of April to $ 5.21 on May 15. Currently, due to this change, transaction fees account for 17% of miners’ income, which is the highest percentage since January 2018.
According to Cointelegraph Markets and Arcane Research data, although investors worry that halving block rewards will reduce miners ’enthusiasm and may endanger network security, global Demand continues to rise. The number of Bitcoin ATMs has risen to 8,000, an increase of more than 90% since 2019, which proves that the adoption rate of Bitcoin is constantly increasing. Operator Coinstar said the use of Bitcoin ATM has increased by 40% since February. Compared with altcoins, Bitcoin’s market value and US dollar trading volume continue to lead, with daily trading volume exceeding 10 billion U.S. dollars, exceeding ETH and LTC (both daily trading volume is less than 500 million U.S. dollars). After halving, miners are turning to BCH and BSV networks, but their share of SHA-256 total computing power has decreased significantly: BCH network share has dropped from 3.4% to 2.07%, a decrease of nearly 40%; BSV network share has dropped from 2.39% 1.55%, down more than 35%. The open interest of CME bitcoin options in May increased 10 times from the average value of the year. The significant growth of the P2P loan market and the rising proportion of women working in the crypto industry increasingly indicate that the Bitcoin network and ecosystem continue to make positive progress.
According to The Daily Hodl May 15, Morgan Creek founder Anthony Pompliano said that BTC continues to flourish The longer it takes, it proves that its opponents believe that it will die. In the past decade, people have noticed that the value of Bitcoin is rising significantly. Anthony Pompliano pointed out that JPMorgan Chase is now providing banking services for the crypto exchanges Coinbase and Gemini, which indicates that what is about to happen is that banks can no longer ignore this space. Increasingly, institutional investors are viewing Bitcoin as a hedging tool to deal with risks in other financial markets. At the same time, he said that the prediction of the price trend of BTC by 2021 has not been shaken, that is, Bitcoin will reach 100,000 US dollars by 2021.
According to Coindesk, according to Glassnode data, the average computing power in 7 days has dropped from 122 EH / s before halving to 114 EH / s. The decline in computing power indicates that some miners have reduced or closed their businesses. The BTC block reward has been reduced to 6.25 BTC, making it difficult or impossible to make profit with old mining machines. The average block time increased from 8.5 minutes on Sunday to more than 12 minutes on Wednesday. It is expected that the halving will crowd out some miners, especially those using old miners such as the Ant Miner S9. Digiconomist founder Alex de Vries said that the life of S9s miners has exceeded expectations, and bitcoin prices must double before they can become viable again. He predicts that computing power will drop by 20% in the short term. The current seven-day average is down 6.5%. But if prices continue to rise, even old mining machines may be worth using. With the advent of the rainy season in Sichuan, China, electricity costs are expected to fall, and the region ’s total mining power in the Bitcoin network accounts for more than 50%. But some data show that even if the price rises more than $ 13,760, S9 will still lose slightly. Some observers said that the surrender of miners occurred in early March. According to de Vries, we have halved the price in March due to the price plunge; it is not expected that the computing power will drop significantly in the short term. At present, the possibility of breaking through 13,000 US dollars is unlikely, but the possibility of breaking through 10,000 US dollars is not ruled out, because the bitcoin balance of crypto exchanges continues to decline after halving, which is a sign of long-term bullish sentiment.
On May 13, billionaire and philanthropist Bill Pulte tweeted that there are three things that need attention: Bitcoin, gold and silver. Among them, Bitcoin ranks first. It is reported that Bill Pulte’s public attention to the crypto market dates back to November 2019. He donated bitcoin on Twitter and said that the decentralized system is the future. At the end of 2019, Bill Pulte publicly stated that he had purchased 11 bitcoins, and later tweeted that he had purchased more bitcoins.