Bitcoin had its largest drop in mining difficult in history since 2011, dropping by 15.13%.
Mining cost doesn’t dictate BTC price. The market always dictates price. It doesn’t matter what your cost of production is. If you are not enough efficient, you’ll get out of business.
✏️To note: The biggest pools are located in China. And it’s interesting that cost to mine there is ~ 3,2k
Mining cost doesn’t dictate BTC price. The market always dictates price. It doesn’t matter what your cost of production is. If you are not enough efficient, you’ll get out of business.
✏️To note: The biggest pools are located in China. And it’s interesting that cost to mine there is ~ 3,2k
CryptoBullet
Can 3k hold the price? We are looking at 3000-3200 to bounce the price, because it’s a very good support cluster of horizontal level, 200-Week MA (which is a bit higher right now than 3000: approximately at 3150), + it is actually the target of descending…
📉 BTC has come so close to our 2nd target we gave on Oct. 1st.
Still waiting for a breakdown to the 200-Week MA (which currently sits on 3200) & the ultimate triangle target of 3000.
📌 That will be a very decent buying opportunity for a short term trade to the upside that potentially can turn into the bull market.
Still waiting for a breakdown to the 200-Week MA (which currently sits on 3200) & the ultimate triangle target of 3000.
📌 That will be a very decent buying opportunity for a short term trade to the upside that potentially can turn into the bull market.
BTC: There is the last area of support between 2800 and 3200 before we descend significantly lower. Still think these levels can bounce the price.
There is no reason to expect Bitcoin to rapidly enter a bull market from the bottom, it will take time. This time presents an incredible opportunity to prepare for the next bull cycle. First of all it’s is a great time to begin accumulating Bitcoin as a long term investment.
📌 Today we also see a very disappointing stock action. Recession is coming hard. Charts are telling that there could be a lot more pain ahead for the stock market.
There is no reason to expect Bitcoin to rapidly enter a bull market from the bottom, it will take time. This time presents an incredible opportunity to prepare for the next bull cycle. First of all it’s is a great time to begin accumulating Bitcoin as a long term investment.
📌 Today we also see a very disappointing stock action. Recession is coming hard. Charts are telling that there could be a lot more pain ahead for the stock market.
Blockchain developer is the most rapidly growing emerging job in the United States, according to the 2018 U.S. Emerging Jobs report by LinkedIn.
Despite the market crash, the outlook seems positive for the space in general.
Despite the market crash, the outlook seems positive for the space in general.
CryptoBullet
📉 BTC has come so close to our 2nd target we gave on Oct. 1st. Still waiting for a breakdown to the 200-Week MA (which currently sits on 3200) & the ultimate triangle target of 3000. 📌 That will be a very decent buying opportunity for a short term trade…
📈 BTC beautifully bounced off of the 200-Week MA. 3000-3200 zone held as we predicted. It’s what we were looking for.
Please, read the referred post. Hope you guys followed our recommendation to buy BTC at those prices.
Please, read the referred post. Hope you guys followed our recommendation to buy BTC at those prices.
The decline in prices towards $3000 per bitcoin has also seen a sharp decline in the hash rate. This suggests that prices have declined to a point where mining is becoming uneconomical for some miners, who have responded by turning their mining rigs off.
Look at the chart from JP Morgan showing the steep decline in bitcoin mining profitability this year.
Look at the chart from JP Morgan showing the steep decline in bitcoin mining profitability this year.
CryptoBullet
The decline in prices towards $3000 per bitcoin has also seen a sharp decline in the hash rate. This suggests that prices have declined to a point where mining is becoming uneconomical for some miners, who have responded by turning their mining rigs off.…
But that’s not a problem for Bitcoin yet.
❗️There is a point in the price of Bitcoin that is very critical for mining, security and infrastructure of Bitcoin. But that critical point is so much lower than we are right now. It is out of the question until Bitcoin is below $1k.
So it’s not a problem, there are many places you can mine with unreasonably cheap electricity. In addition, there are a lot of people that care about the decentralized money and will start mining in case if big mining companies go out. It‘ll still be strong enough not to get hacked.
Do not get worried about this.
❗️There is a point in the price of Bitcoin that is very critical for mining, security and infrastructure of Bitcoin. But that critical point is so much lower than we are right now. It is out of the question until Bitcoin is below $1k.
So it’s not a problem, there are many places you can mine with unreasonably cheap electricity. In addition, there are a lot of people that care about the decentralized money and will start mining in case if big mining companies go out. It‘ll still be strong enough not to get hacked.
Do not get worried about this.
💡This bear market could continue to last for another year, but with all the fundamentals (BAKKT, NASDAQ, Fidelity, and NY Stock Exchange heavily invested into crypto assets) it's safe to say Bitcoin & the crypto market has a bright future.
✏️To note: previous bear market lasted 1.5 year & it took 3.5 years for Bitcoin to break its previous all time high from the 2013 bull run.
Every boom/bust is different, but it’s only been a year since Bitcoin's 2017 all time high.
Patience is always rewarded
✏️To note: previous bear market lasted 1.5 year & it took 3.5 years for Bitcoin to break its previous all time high from the 2013 bull run.
Every boom/bust is different, but it’s only been a year since Bitcoin's 2017 all time high.
Patience is always rewarded
If I gifted you, what would you rather take: $10k in BTC or $20k in any other crypto of your choice but you can't touch it for 5 years. What would you choose ?
🎄With Christmas around the corner, it is time to engage in celebrations. May Santa Claus bring happiness, success and glory to you. May you and your family are blessed with a wonderful time and an amazing year ahead.
Merry Christmas! 🎅
Merry Christmas! 🎅
CryptoBullet
If I gifted you, what would you rather take: $10k in BTC or $20k in any other crypto of your choice but you can't touch it for 5 years. What would you choose ?
📊 According to the poll, more than 50% of people choose Bitcoin, even if they are given double the money in any altcoin.
📌 It's important to understand that Bitcoin is the only coin you can hold for the long period of time because of the strongest fundamentals.
Bitcoin is best decentralized.
The concentration of wealth in any other coin is a lot more critical than in BTC.
[ When people complain that Bitcoin is too centralized in the hands of the few, it’s a thousand times worse in every other altcoin ]
Yeah, Bitcoin may be built on 10 year old technology (currently best programmers in industry try to improve it, so any issue will be solved), but it’s the trust.
📌 It's important to understand that Bitcoin is the only coin you can hold for the long period of time because of the strongest fundamentals.
Bitcoin is best decentralized.
The concentration of wealth in any other coin is a lot more critical than in BTC.
[ When people complain that Bitcoin is too centralized in the hands of the few, it’s a thousand times worse in every other altcoin ]
Yeah, Bitcoin may be built on 10 year old technology (currently best programmers in industry try to improve it, so any issue will be solved), but it’s the trust.
CryptoBullet
💭 Some analysts see the beginning of a new bull run in launching Bakkt and Fidelity’s new crypto platform for institutional investors. Challenge your thinking: "Bakkt & Fidelity's platform will get institutional investors to buy" This thought assumes that…
What can drive the bull market right now? 🤔
There are significant global news events that can set BTC to new all time highs quickly. For example:
• if the EURO currency breaks up into its components
• another banking crisis
• the elimination of cash by countries
so, news events of that caliber can drive BTC to new levels.
📌 Small news events are not gonna trigger the bull market. It needs to be a news event like on the global scale that affects the financial system more than it affects Bitcoin. The event should create dipper problems in the traditional financial system. Other than that bear markets end when the last seller has sold.
There are significant global news events that can set BTC to new all time highs quickly. For example:
• if the EURO currency breaks up into its components
• another banking crisis
• the elimination of cash by countries
so, news events of that caliber can drive BTC to new levels.
📌 Small news events are not gonna trigger the bull market. It needs to be a news event like on the global scale that affects the financial system more than it affects Bitcoin. The event should create dipper problems in the traditional financial system. Other than that bear markets end when the last seller has sold.
CryptoBullet
Bitcoin halving: 18 months to go .. [ The halving is the 50 percent reduction in block rewards on the Bitcoin blockchain ] A look at Bitcoin’s chart shows that both halvings have been followed by significant bull runs. 📌 Lot of people still underestimate…
Does Bitcoin have a potential expiration date?
📎 What happens when the mining subsidy is gone after subsequent halvings and what then can possibly sustain miners to continue securing the network?
First of all, there are enough people that will mine altruistically at a loss because of the utility they get.
When you have your life savings in Bitcoin, it will come almost as a utility bill. You may be willing to run that one miner and pay that $50 a month for electricity knowing that you’re helping decentralize the network and help process transactions.
And almost the same thing with businesses mining at a loss. In the long term future we can see a company, who is getting a good chunk of its revenue from the fact that Bitcoin exists, spend some money to run a mining farm to make sure Bitcoin survives.
💡We are not strangers for paying at a loss. For example, you don’t have to pay your electricity bill, it’s a loss for you, but you’re gonna pay that bill, because it makes your life easier.
📌 If something is vital to your business or to you having money that would appreciate in value because of the deflationary nature and that is not controlled by government, why not pay a bill to keep that going?
📎 What happens when the mining subsidy is gone after subsequent halvings and what then can possibly sustain miners to continue securing the network?
First of all, there are enough people that will mine altruistically at a loss because of the utility they get.
When you have your life savings in Bitcoin, it will come almost as a utility bill. You may be willing to run that one miner and pay that $50 a month for electricity knowing that you’re helping decentralize the network and help process transactions.
And almost the same thing with businesses mining at a loss. In the long term future we can see a company, who is getting a good chunk of its revenue from the fact that Bitcoin exists, spend some money to run a mining farm to make sure Bitcoin survives.
💡We are not strangers for paying at a loss. For example, you don’t have to pay your electricity bill, it’s a loss for you, but you’re gonna pay that bill, because it makes your life easier.
📌 If something is vital to your business or to you having money that would appreciate in value because of the deflationary nature and that is not controlled by government, why not pay a bill to keep that going?
🔴 Guys, we would like to express our sincere gratitude for you being part of CryptoBullet channel.
We are happy to unite best people in crypto space. We will continue to do our best to navigate you.
This bear market will eventually end. But when? We think that in 2019 we will turn into the bull market. Let's make it together!
🎄Wishing you all the best in 2019.
We are happy to unite best people in crypto space. We will continue to do our best to navigate you.
This bear market will eventually end. But when? We think that in 2019 we will turn into the bull market. Let's make it together!
🎄Wishing you all the best in 2019.