On Monday, January 25, 2021, at roughly 2 a.m. (EST), the notorious old school miner from 2010 has spent another consecutive 21 decade-old block rewards with 1,050 bitcoin. This is possibly the same mining entity our newsdesk has been tracking for months. The bitcoin from 2010 moved today follows the exact same pattern as all the block reward strings our team has caught waking up during the last ten months.

For quite some time now, news.Bitcoin.com has been monitoring so-called ‘sleeping bitcoins’ that are starting to wake up after ten years. In 2020, our newsdesk has noticed that a great number of old-school bitcoin spends from 2010 have been transferred in consecutive strings of 20 to 21 block rewards and all of them confirmed in a single block.

As usual, the 999 BTC was again split into multiple fractions and followed the same movements as the previous string spends. The very last time news.Bitcoin.com reported on a large string of block reward spends from 2010, Russian blockchain researcher, Issak Shvarts, told our newsdesk that “these bitcoins are now owned by the crypto exchange Coinbase.”

All of the coins worth over $35 million spent on January 25, 2021, were confirmed at block height 667,558. Moreover, the corresponding bitcoin cash (BCH) block rewards were moved as well on Monday. Similar to all the other past spends, besides the March 11, 2020 transfer, the corresponding bitcoinsv (BSV) has not been touched.

49.49 BTC was transferred to one address and half of a bitcoin was sent to another address, which still sits idle. Moreover, just before the 21 decade-old blocks spent in block 667,558, two inconsistent 2010 blocks were spent at block height 667,534 and 667,538. The first spend was unique because the coinbase block reward was created on December 12, 2010.

Presently, from our collective research, we believe that the person who has transferred the significant number of strings from 2010 is very likely the same entity. It is always roughly around the same number of 2010 coinbase rewards, all mined during the same months, and all spent ten years later at around the same timeframe during the early morning hours (EST). The entity always methodologically follows the exact same pattern and seems to care less about privacy.

Another possible theory tied to this miner could indicate this individual or group of individuals mined a whole lot of bitcoins in 2010. For instance, if this person is the same entity, they have spent well over 7,000 BTC stemming from 2010 worth over $236 million using today’s exchange rates.

Of course, if the entity spent these coins right away they would have received far less than $236 million for each transfer’s spot price on the day the block rewards were moved. Furthermore, following the recording of all the 2010 block rewards spent in blocks 667,534, 667,538, and 667,558, a single 50 BTC block reward ($1.5M) mined on November 5, 2010, was spent at block height 667,629.

What do you think about today’s 1,000 bitcoin spend from the 2010 block rewards? Let us know what you think about this subject in the comments section below.

Use Bitcoin and Bitcoin Cash to play online casino games here.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The list below shows exchangers where you can exchange Ontology (ONT) to Bitcoin (BTC). The exchangers are sorted by the rate, with the best rates on the top. To select an exchanger, you may want to check its reserves and reviews. To exchange money, click on the exchanger you choose and go to its website.

The first-time visitors of our exchanger monitor can check out the video demonstrating all exciting features of our service.

All exchangers specified in the list provide the service of exchanging Ontology to Bitcoin automatically. You can use our instructions in the FAQ section if you have never exchanged electronic money at our site before and you come across any difficulties with the exchange process.

Keep in mind that change rates Ontology Bitcoin can be better when you go to an exchange site from the BestChange.com monitor than when you visit exchangers in a regular way.

If you cannot find how to exchange the money after you go to the site, contact the exchanger operator (administrator). It is quite possible that no automatic exchange Bitcoin is available at the moment and your exchange will be processed manually.

If you fail to convert Ontology cryptocurrency to Bit Coin cryptocurrency in the exchanger you got interested in, let us know about it so that we can take the necessary measures in time (discuss the problem with the owner or exclude the exchanger from this exchange direction). You can also visit our forum in order to view offers about manual exchange from our other visitors.

Every exchanger present on our website has been thoroughly checked before listing, and BestChange team constantly monitors their due performance. This increases safety of financial transactions in exchangers listed in the monitor. When choosing an exchanger, please pay attention to the reviews left by other users, the condition of the exchanger's website, reserves, and the current status of the exchanger on our monitor.

The list below shows exchangers where you can exchange Qtum (QTUM) to Bitcoin (BTC). The exchangers are sorted by the rate, with the best rates on the top. To select an exchanger, you may want to check its reserves and reviews. To exchange money, click on the exchanger you choose and go to its website.

The first-time visitors of our exchanger monitor can check out the video demonstrating all exciting features of our service.

All exchangers specified in the list provide the service of exchanging Qtum to Bitcoin automatically. You can use our instructions in the FAQ section if you have never exchanged electronic money at our site before and you come across any difficulties with the exchange process.

Keep in mind that change rates Qtum Bitcoin can be better when you go to an exchange site from the BestChange.com monitor than when you visit exchangers in a regular way.

If you cannot find how to exchange the money after you go to the site, contact the exchanger operator (administrator). It is quite possible that no automatic exchange Bitcoin is available at the moment and your exchange will be processed manually.

If you fail to convert Qtum cryptocurrency to Bit Coin cryptocurrency in the exchanger you got interested in, let us know about it so that we can take the necessary measures in time (discuss the problem with the owner or exclude the exchanger from this exchange direction). You can also visit our forum in order to view offers about manual exchange from our other visitors.

Every exchanger present on our website has been thoroughly checked before listing, and BestChange team constantly monitors their due performance. This increases safety of financial transactions in exchangers listed in the monitor. When choosing an exchanger, please pay attention to the reviews left by other users, the condition of the exchanger's website, reserves, and the current status of the exchanger on our monitor.

The list below shows exchangers where you can exchange Bitcoin (BTC) to Ontology (ONT). The exchangers are sorted by the rate, with the best rates on the top. To select an exchanger, you may want to check its reserves and reviews. To exchange money, click on the exchanger you choose and go to its website.

The first-time visitors of our exchanger monitor can check out the video demonstrating all exciting features of our service.

All exchangers specified in the list provide the service of exchanging Bitcoin to Ontology automatically. You can use our instructions in the FAQ section if you have never exchanged electronic money at our site before and you come across any difficulties with the exchange process.

Keep in mind that change rates Bitcoin Ontology can be better when you go to an exchange site from the BestChange.com monitor than when you visit exchangers in a regular way.

If you cannot find how to exchange the money after you go to the site, contact the exchanger operator (administrator). It is quite possible that no automatic exchange Bitcoin is available at the moment and your exchange will be processed manually.

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Every exchanger present on our website has been thoroughly checked before listing, and BestChange team constantly monitors their due performance. This increases safety of financial transactions in exchangers listed in the monitor. When choosing an exchanger, please pay attention to the reviews left by other users, the condition of the exchanger's website, reserves, and the current status of the exchanger on our monitor.

Bitcoin Exchange Rate: Using Charts to Predict the Price of Volatile Currency by Julia McGovern | Mar 5, 2015 | Crypto News Despite being the digital solution to a multitude of economic problems of the contemporary world, Bitcoin as a currency has some serious issues which stand in the way of its wide acceptance. The main reason is that Bitcoin is very volatile as a currency. The price at any given moment can be significantly different from what it was just a moment before. Fortunately, there are tools for checking out the current Bitcoin exchange rate and the charts to provide an outlook on Bitcoin exchange rate history. For Bitcoin to function as currency, there has to be some value behind it. While the gold’s value is determined by its use in industry, Bitcoin is nothing more than bits on one’s computer. However, these bits have been highly valued for some time already. The current price of Bitcoin is the proof. Generally, there are two main factors that affect the value of Bitcoin at a given moment. They are media events and (supply and) demand. The supply part of the supply-demand duo has been put in brackets, as the absolute Bitcoin’s supply is predetermined and limited. Only 21 million coins will be issued in the crypto’s lifetime. According to the creator Satoshi Nakamoto’s plan, In 2140, all of them will be mined. Such a limitation is a nice stimulus for enthusiasts to buy a Bitcoin and become ‘one in 21 million’. The “rare equals valuable” rule applies here quite well. Then, media coverage helps Bitcoin a lot. While the cryptocurrency community is not that numerous yet, Bitcoin-related news help raise awareness about the digital currency and its benefits. First of all, the demand gets stronger as more people are willing to try the new technology. They see that this ‘magic Internet money’ can be used as the payment for products and services that they know of (take AirBaltic, Overstock, or Microsoft), and they become convinced in its real value. Secondly, they see the approval of cryptocurrencies from the big market players and big media names. If you look at any Bitcoin exchange rate chart and define the main turning points, you will see that more coverage means more awareness and higher demand, which mean greater value and higher price. In simple words, Bitcoin’s value refers to what it’s worth as believed by people who use it. Being valuable, however, means little in the context of today’s global economy. People need a number to operate. Thus, the price is created. Partially, this price is related to Bitcoin being an asset or commodity – meaning that one can buy it for a certain amount of something. Bitcoin’s price seems like something absolutely unpredictable. It can rise or drop dozens of dollars in some 10 minutes (average time it takes for a block to be created). For example, the day’s difference on March 4th was $15, which is not that much. At the moment of writing, Bitcoin is priced at approximately $280. As the exchange rate grows, it gets valued more. And this current price follows a relatively long period of stability at $230 and around it. You can always stay updated on the current Bitcoin price by checking out CEX.IO Bitcoin calculator. It will also show you the amount of crypto you will get for a particular sum in fiat currency. If you want to follow the price variations of this extremely volatile entity, Bitcoin price charts come handy. Trading pages on many exchanges have charts that show the Bitcoin price changing over a certain period of time. If you are lost and confused when looking at a price chart on CEX.IO, you might find this recent article quite useful. One of the great ways to stay updated on all Bitcoin price changes is via installing a mobile app. For example, ZeroBlock from Blockchain.info provides a customisable Bitcoin exchange rate chart where you can watch the price changes over time. The periods to choose from are 24 hours, a week, a month, and a year. It also shows the most current price, which allows you being aware of the latest deal. When looking on such Bitcoin price charts, you might want to compare current Bitcoin exchange rate with the one that was at some point in the past. The history of Bitcoin’s price is an impressive sight to look at. If you remember the famous Bitcoin price bubble, which burst after the currency reached over $1,000, then you surely know what we mean. If you don’t, then you might find the old charts and look at them. Blockchain.info provides such an opportunity to view the Bitcoin exchange rate history from the price not exceeding $1 till the spring of 2011. While there is no way to know what the Bitcoin’s exchange rate will be for sure, you might make guesses based on the abovementioned charts and also by following the cryptocurrency-related news. Also, here is some information on how to apply your chart-reading skills to price prediction. You might consider it as your introduction to technical analysis. Apart from the general usefulness of such knowledge, making prognoses will help you as a Bitcoin trader. Bitcoin is a relatively new phenomenon with its wonders and challenges. While it may be regarded as a great payment system and revolutionary technology, its volatile price can drive just anybody crazy. On the other hand, such a volatility can be also explained by the simple supply-and-demand duo, as well as the general opinion of Bitcoin and attention to it. While the price difference on the same day may reach dozens of US dollars, there are tools to keep track of all those changes. They (for example, charts) can also help predict the direction in which the Bitcoin exchange rate will move in the future. New Payment Details for SWIFT Euro Deposits Verification Opportunity for Users from Michigan and Arizona Withdrawing Fiat Funds for Users From the United States Instructions for Users With Multiple Accounts

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During the past few weeks, the crypto community witnessed a continuous drop up to 15% from its peak. Experts pointed out that the growth rate necessitated the heavy price correction, and more price drops could occur in the future. The currency, which stabilized around $34,000 yesterday, is losing support as it falls within 31,000-32,000 price ranges.

During the first few corrections, traders opined that the asset would skyrocket. Unfortunately, Bitcoin is seeing further corrections taking it to its December value. Within the past few days, Bitcoin dropped with the $31,000, causing some worries for the digital asset industry. Although charts reveal that the selling pressure had reduced, current situations speak otherwise. Statistics show that the BTC market could be gradually moving bullish, with expert traders taking the lead.

One of the most outstanding support could be the traders buying dips and futures, helping it to stabilize to some degree. Since its constant fall below the $32,000 support level, the next move is moving upward the charts due to those purchases.

Experts explain that the digital asset’s correction from its peak hurt investors financially, but notwithstanding, some are buying more. When the asset dropped to near the $30,000 range, investors had lost millions of dollars. The price drop would significantly affect the industry’s market cap and will shrink BTC’s current market.

Long contracts also saw some notable losses during the first days of the price crash, losing almost $2 billion, wiping out 25% from their previous value. Unlike new traders, experienced ones understand BTC’s situation and don’t allow sudden price changes to influence their investment decisions. Looking at some exchange’s figures, one can know if investors are moving long or short teem on their crypto investments.

OKEx records an interesting wave of new long positions, which exceeds the past month’s situation. When talking about the Huobi derivatives, with notable increases in short positions against long, shorts boosted when prices crashed further. Binance revealed an astonishing record of longs, with investors preferring longs to shorts on that platform.

Experts reveal that experienced traders enjoy longer-term investments when looking at charts, and they can decipher the market’s bullish situation from at assertion. Looking at the asset’s recent price changes, expert traders know how to manipulate the market and benefit from that.

New investors should note that cryptocurrencies are usually volatile since their daily volatility rate could be up to 4%, which is enough to bring significant price changes. Three days after the new year, BTC price dropped to the $29,000 market, before it continued skyrocketing till it reached the peak. Digital assets sometimes fluctuate due to the influx of new and inexperienced traders, who make sudden investment decisions even with short-term price corrections.

The beginning of the year saw a massive sell-off, where some individuals wanted to secure their profits, causing an incredible trading volume. The crypto community recently hit an all-time trading volume high linked to new traders entering the industry to explore available options.

Yashu Gola | Jan 12, 2021 | 09:23

Bitcoin advanced Tuesday after falling 8.5 percent in the previous session, displaying bullish continuation signs amid global re-risking sentiment.

The benchmark cryptocurrency touched an intraday high above $36,500, up 21.35 percent from its week-to-date low near $30,000. Traders flocked back into the market after sensing short-term buying opportunities near the said local bottom. In doing so, they took the BTC/USD exchange rate above a crucial resistance level of $35,000—it was capping the pair’s gains during the overnight US session Monday.

Bitcoin’s latest upside correction appeared almost in sync with similar rebounds across the global stock market. In Asia, the Shanghai Composite Index rose 1.4 percent. Meanwhile, the Nikkei 225 in Tokyo and the Hang Seng in Hong Kong added 0.1 percent and 0.8 percent.

The European trading session experienced a positive open, with the pan-European Stoxx 600 climbing 0.4 percent in early trade and the FTSE 100 Index in London advancing 0.18 percent. US futures were also positive, pointing to a profitable session Tuesday after closing the previous one in negative. Gold futures surged 0.34 percent.

At the core of Bitcoin and traditional markets’ recovery was a reversing US dollar. The greenback declined by 0.24 percent during the early Tuesday session, followed by a modest rebound ahead of the London opening bell. Technically, its lower high formation on the four-hour chart indicated a bearish continuation move.

Global financial media reported that investors weighed against an extended dollar recovery due to the US election results. The outcome puts Joe Biden-led Democratic party in control in the Senate, paving the way for at least $1 trillion worth of additional stimulus.

“Investors found optimism in the prospect of further fiscal stimulus,” Seattle Times quoted Cesar Perez Ruiz, CIO of Pictet Wealth Management in a report. “President-elect Biden has a better chance of pushing through his agenda and delivering sorely-needed stimulus and support.”

The BTC/USD exchange rate expects to undergo a breakout move as it partially confirms an inverse head and shoulder pattern.

First spotted by a pseudonymous analyst, the structure pertains to a bearish-to-bullish reversal on shorter timeframe charts. Its price target is above $40,000, pointing to the possibility of another record high.

“Only if this inverse H&S pattern confirms for bitcoin we can see follow-through,” the analyst noted.

While many are extremely happy about the enormous price growth displayed by Bitcoin recently, we always have to be careful when a market turns parabolic. Markets don’t just move up in a straight line. They move in waves, creating peaks and troughs along the way.

Before the recent correction, Bitcoin simply continued to make peaks over with barely any throughs. As the market turned euphoric, it was only a matter of time before a significant price correction would deliver a bit of a reality check. 

This is not to say that the Bitcoin bull run is necessarily over. It is just to say that a correction was needed before the market can make a push higher again. The type of bullish momentum displayed by Bitcoin recently is pretty much impossible to sustain over a longer period.

It seems this type of sentiment is beginning to gain traction within the market. Before the price correction happened, venture capital investor Chris Burniske warned that the market seemed to be in a state of euphoria, and that a pullback was necessary.

He continued with the following analogy:

He states that after the breakout wave occurs, the water in the ocean needs to dissipate as it must gather its resource to let another wave roll through - that is what is known as the pullback in markets.

Burniske also pointed out that in previous bull-cycles, the pullbacks represented 20-40% declines - which look relatively small today.

We only need to take a look at the weekly chart to look at how parabolic the recent bull trend was:

In fact, if you take a look at the weekly RSI on the weekly chart above, you might notice that the RSI was the most overbought it has been since late-2013 - surpassing the levels seen in the late-2017 market surge. This shows how overextended the bullish momentum was within the market.

There are some other concerns that current BTC investors should be keeping in mind.

Firstly, it seems that mainstream media has noticed that Bitcoin is not “dead,” and headlines are dominating the feeds talking about the extraordinary growth. This is likely to attract amateur retail investors into BTC again. Those that buy and sell without much thought behind their actions. We can already see this in the Google Search Trends for “Bitcoin”:

After months of zero interest, there has suddenly been an uptick in Bitcoin searches as retail investors look to catch up with what has been occurring. Furthermore, it seems that Bitcoin price volatility is starting to rise again.

When markets become highly volatile, it is likely to discourage institutional investors from entering any new positions until the volatility dies down. Financial institutional investors mainly drove this latest BTC price boom, so we will likely see a huge pullback if that dries up.

Lastly, data from The Block (sourced from Skew) shows that the open interest for Bitcoin Futures passed the $10 billion threshold and continues to rocket:

The aggregated open interest shows the number of open positions on all of the futures exchanges for Bitcoin. The majority of this open interest is sitting on the CME exchange for professional investors, with Binance Futures and OKEx following closely.

As a result of this overwhelming open interest, BTC Futures contracts’ funding rates have gone through the roof. It was estimated that traders were paying over $5 billion in annualized interest fees to keep their long positions open.

The funding rate is the cost that the long traders have to pay the short traders to balance the market. The cost of the funding rate has increased by over 15 times from 0.01% to 0.15%. This is because the majority of the market is overwhelmingly long.

The problem with the majority of the market being long is it gives rise to the probability of a long squeeze occurring. This is a scenario in which long traders (traders with “buy” positions open) have to close their positions when the market starts to fall slightly - usually taking a loss in the process. 

To close their positions, these traders need to “sell,” causing a cascade of selling on the futures market, which floods onto the spot market. This leads to a domino effect of Long positions closing by selling the market, usually leading to a large drop in Bitcoin price. 

According to Bitcoin market analyst Willy Woo, issues at the Coinbase cryptocurrency exchange played an important role in the recent sell-off. The fact that the Bitcoin price was lower on Coinbase compared to other exchanges due to technical difficulties impacted cryptocurrency derivatives exchanges that use Coinbase as one of their sources for pricing Bitcoin.

In conclusion, I am not trying to bring fear into the market—quite the contrary. I believe Bitcoin will eventually hit $100K per coin in the very near future. This article is just intended to highlight the level of euphoria within the market right now. There is a great deal of greed within the market and many indicators were pointing to the fact that it was extremely overextended. 

After a market turns parabolic, there is only one possible outcome - a large pullback. We need to manage our funds wisely to cover ourselves for when this pullback eventually does occur.

Max Keiser, who is popular for making BTC predictions based on hash-rate adjustments has a new target for Bitcoin price this year. Just as Bitcoin price hits a new all-time high above $35,500 a few hours back, industry veterans have started making fresh predictions for BTC price in 2021.

Last month in December 2020, the Bitcoin network registered its highest every hash-rate at 136 exahashes/second. As of writing this article, the BTC hash-rate has topped 148 exahashes/second as per info on Blockchain.com. As per the chart provided by the platform, the Bitcoin hash-rate has surged 12.% just over the last week.

Keiser, who predicted $36,000 BTC price based on hash-rate adjustments notes that BTC price will hit $220,000 by the end of this year. In his latest tweet, he writes:

“$36,000 BTC was the hashrate-adjusted-price I flagged last summer (Hashrate leads price) With HR hitting new highs; 2021 target of $220,000 comes into focus”.

The surging hash-rate shows the growing fundamental strength of the Bitcoin blockchain network. Let’s look at some of the other on-chain metrics suggesting a bullish scenario for Bitcoin price. Interestingly, Keiser’s prediction comes a day after JPMorgan gave a long-term target of $146,000.

On-chain data provider Glassnode notes that Bitcoin’s current MVRV Z-Score is around the levels seen during July 2017, after which it surged 10X in the next six months hitting its 2017-high of $20,000. Thus, as per the same metrics, Keiser’s $220,000 price prediction for BTC doesn’t look far-fetched.

It is now at the levels of the main bull market of 2017.

Note that in 2017, $BTC made another 10x over the course of 6 months.

Chart: https://t.co/LjSh412tnv pic.twitter.com/Jh1caGYoZY

— glassnode (@glassnode) January 6, 2021

On the other hand, Bitcoin’s bull case scenario refuses to weaken at any cost as heavy BTC accumulation continues on Coinbase.

– Coinbase $BTC premium is above $100 again compared to Binance – But another $100 million deposit to Bithumb was spotted

It's a battle between U.S. high-net-worth buyers and Asia whale sellers. (1/2).

— Joseph Young (@iamjosephyoung) January 6, 2021

However, the Bitcoin futures market’s open interest has hit an all-time high above $11 billion as by data on Bybt.com. This suggests that the market is extremely overheated at this point.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

As CoinGape predicted yesterday, Bitcoin (BTC) has finally entered another correction with exchange inflows and outflows showing no improvement over the previous day. At press time, Bitcoin (BTC) has corrected another 4% and is trading below $33,500 levels. If we see the Bitcoin daily chart, the BTC price corrected nearly 10% for the second time in a span of just 24-hours.

Interestingly, Bitcoin has been showing similar behavior in the past as well! This goes on to explain why shorters should avoid the popular saying “buy the dips” every time Bitcoin drops. On-chain data provider Santiment explains that “avoid ‘buying the dips’ when the crowd consensus is to ‘buy the dips'”. Interestingly, being cautious and fearful can be good at times as an investor.

So what exactly should you be looking for to stay safe when #Bitcoin has the kind of drop it saw this weekend? For starters, as strange as it sounds, avoid "buying the dip" when the crowd consensus is to "buy the dip". This indicates a lack of fear that pic.twitter.com/oJBifA6vUm

— Santiment (@santimentfeed) January 12, 2021

This is especially true for starters who are new to the game and who haven’t tasted the sour taste of Bitcoin volatility in the past. Bitcoin (BTC) inherently has been a volatile asset class and we must respect that! If we look at the long-term, Bitcoin (BTC) continues to surge above and beyond every time it enters a sharp correction.

On Tuesday, January 12, another $410 million in long positions for the Bitcoin (BTC) futures contracts were liquidated on Binance, the largest daily value liquidation to date.

Chart: https://t.co/iG1CakH6kv pic.twitter.com/RZA4ulLoLB

— glassnode (@glassnode) January 12, 2021

It looks like the bulls have finally exhausted after weeks of continued institutional participation. It looks like the dust isn’t settled yet as BTC forms another bearish head-and-shoulder pattern on charts. This fresh flow of big capital can only take the BTC price back to $40,000 and above.

— Lark Davis (@TheCryptoLark) January 12, 2021

While Bitcoin price has corrected recently, its on-chain fundamentals like hash-rate and miner activity remain at an all-time high. The selling pressure from miners, who resorted to profit-booking, is pushing the price down at the moment.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Since the start of the year, Bitcoin’s price has surged by over 32 percent on the price charts. Thanks to the said surge, BTC, at press time, was valued at over $37k while it was priced at just $28k when the year began.

However, what is really interesting is that this surge is being backed by strong fundamentals that seem to be reassuring investors that Bitcoin will be able to maintain its current position, without becoming vulnerable to massive price swings and corrections on the charts.

In yet another win for Bitcoin, the network was able to register its highest ever total hash rate to date with a figure of 163.7 EH/s, according to network data provided by Blockchain.com. For Bitcoin, the mining hash rate is a key security metric that highlights the immutability and overall security and resistance of its network’s transactions.

In 2020 alone, Bitcoin’s total hash rate almost doubled, providing further evidence of the fact that the present bull run and Bitcoin’s price action are based on strong fundamentals. The fact that this time around Bitcoin’s ‘expensive’ $37k valuation is based on such strong fundamentals may also be an encouraging and welcome sign for new investors to enter the Bitcoin market.

Over the last quarter of 2020, however, Bitcoin’s network did witness a decline in hash rate as the Sichuan province – an area with high miner concentration – saw many of its miners migrate as the wet season came to an end.

Interestingly, miner revenue has also seen a very notable spike from the second half of 2020 and it is likely to continue surging. According to data compiled by Blockchain.com, miner revenue – which is determined by the total value of block rewards and transaction fees paid to miners – increased from $9 million in July 2020 to over $43 million, at press time.

For investors, a healthy and thriving hash rate for the network is a welcome and encouraging sign. From an investor’s point of view, the hash rate is a key metric to look at as it shows whether miners are investing in new equipment and keeping their operations alive in anticipation of an upcoming price hike.

This has also led to some analysts believing that BTC’s price invariably ends up following the hash rate, despite many claiming that there is no such correlation. In fact, a research paper had found the lack of correlation to be true too, with the exception being the exponential hikes of 2017.

Whatever is proven to be true this time around, BTC’s $40,000 price aspirations may just be a matter of ‘when,’ and not ‘if’.

This factor may lead to Bitcoin hiking quicker in Q1 of 2021

Bitcoin Cash, Polkadot, OMG Network Price Analysis: 07 January

Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature.

The Bitcoin price is currently trading at around $33,500 falling from its peak of around $36,000 earlier today. Should BTC fall below the $31,500 level—crypto analyst Tone Vays believes we could see a deeper price plunge to the mid $20K range.

Over the last four days, crypto analyst Tone Vays has been warning Bitcoin traders of a Bitcoin price momentum reversal, so far with incredible accuracy.

On January 11, Vays tweeted his analysis which accurately predicted the $42,000 top for the BTC price:

“Wow, the #Bitcoin MRI Top was on the money today... As I said in my videos last few days, look for a 1-4 day correction then probably a new All-Time High by end of month $BTC.”

The following day on January 12, Vays’ chart once again accurately predicted the BTC price dip to $30,000 where he bought the Bitcoin dip.

According to Tone Vays, Bitcoin is now in the last day of a four-day momentum reversal for BTC and warns that if the Bitcoin price cannot maintain the $31,500 level, the correction will likely continue.

Tone Vays tweeted:

“#Bitcoin has just started a very critical 4th day of the 1-4 day correction from the MRI Top on Jan 10th. As long as we close above the blue line at $31,500 I would be looking for more upside into end of month. Closing below that line on 5th candle is trouble. $BTC”

As mentioned, so far Tone Vays’ analysis throughout this period has been spookily accurate and our own analysis also indicates a similar pattern below.

Bitcoin Price Analysis

The Bitcoin price drop is occurring in spite of the fact that funding rates on leading crypto-asset futures platforms have reset.

The funding rate is the reoccurring fee that long positions pay short positions to maintain the price of the future to the spot price. High funding rates, such as those seen on Saturday, was a major signaled a BTC price correction was coming.

In the daily chart below, there is a dead cross appearing on the MACD indicator, if we lose the 31k support it is likely that we will have another Bitcoin price flash crash below the $30k area. However, it appears to have a 50/50 likelihood of occurring due to the continued strong Bitcoin buying pressure from institutions.

The BTC price is trading near the trend line support, if the support breaks and we have a 4-hr candle closing below it. It is expected the price of BTC will suffer from further loss to below 30k level.

After scaling to a lofty height, the cryptocurrency edged down over the last four days.

It’s a natural move after lift-off was achieved.

Now some on the crypto-Twittersphere are screaming ‘everyone panic!’

For some, this might be out of self-interest, but others are deeply cognizant of a 2018 repeat.

Really quick, here’s the Bitcoin [BTC] chart (in USD):

You can see the Bitcoin price is hovering around the US$35,000 mark at the moment.

And it’s not a truism to say that the world is very different to what it was in 2018.

I’ll get into the fundamental differences in the monetary landscape in a bit.

But for reference, let’s also take a look at the price of BTC in AUD right now.

It’s hovering around the $44,000 mark.

Now, there’s a strong case to be made that if you are a HODLer you shouldn’t be thinking in terms of fiat currency differences.

You should simply just focus on accumulation, aware that the crypto future will be very different from the fiat present.

That’s a great step change in thinking to make, I might add.

Bitcoin vs Gold: Which Should You Buy in 2021?

However, for now it’s important to look at the AUD/USD chart:

The AUD/USD pair is pushing higher and now sits at 77.7 cents.

It snapped a downtrend as the US Dollar Index [DXY] slipped hard and pushed through two resistance levels.

The next level to think about would be around 80 cents.

That would be quite something, but it’s still hard to bet against a weakening USD given the imminent Biden ascension to the US throne with more aggressive tax and spend to come.

I’ve read a fair bit about a lot of short positions on the USD.

Now, you may wonder why I’m bringing fiat into the discussion?

It’s because short-term fluctuations make your trading returns very different.

The long-term story on the other hand, is the global race to the bottom currency wars, which the RBA is now appearing keen to join with a near-zero cash rate and QE.

It may sound far-fetched, but I think that the degree of fiat currency weakness combined with economic circumstances and the potential for super ‘hot’ inflation, will feed directly into a cascading series of events in the monetary system.

And I’m also going to suggest that the countries with a combination of the direst economic conditions, lowest rates (sub-zero), and least capitalised banks will be the first to see the following…

That is, the rollout of central bank backed digital currencies (CBDCs), the demise or rapid evolution of traditional banking, and the ascension of mega-fintechs.

The rapid changes in the monetary system are something Ryan Dinse and I discussed in our analysis of the Ant Financial IPO and DeFi here and here.

Keeping in mind, this was well before the BTC price went bananas.

Which is why I don’t think this is 2018-redux for BTC HODLers.

Here’s a chart showing how much BTC/USD sold off in 2018:

And here’s a chart showing how much BTC/USD would need to sell off to achieve the same feat:

Now these are rough charts, but you can see in the first chart from my two chosen points of a low to a high, over 2018, the BTC price sold off to just below the .786 Fibonacci level.

In the second chart, using the low, I put in a new set of Fibonacci levels to the recent high.

The ellipse in the right-hand part of the chart would be one place where the BTC price could go to if history were to repeat the 2018 sell-off. That’s around the $10,000 mark.

Now it may not be the best explanation, and there are a lot of assumptions built into this analysis, including market demand fundamentals etc.

But simply put, there are too many differences between 2018 and 2021, in my opinion.

So, no need to panic.

The only things that in my eyes could see this scenario play out would be multiple coordinated exchange hacks or a quantum hack.

Not to mention, central bankers magically coming to their senses.

Here’s how I think you should consider approaching crypto in light of the recent pullback though…

You see, there would be many investors out there who only know BTC, not the myriad of other altcoins.

Because BTC has that name-brand recognition.

Many of these altcoins are legitimate and exciting projects, capable of doing very intricate things.

I alluded to flip trading on Monday.

This is the process whereby you convert BTC holdings into altcoin holdings to benefit from the cycle of traders entering and exiting from BTC and altcoins ad infinitum.

There’s a whole lot of risk to be sure, but imagine this one thing…

What if the current mini BTC market panic leads to the new funds that have entered the BTC market to start engaging in flip trading too (in order to preserve gains)?

What if we are witnessing the early stages of a bona fide crypto and blockchain revolution?

Remember this is not 2018, this is 2021.

PS: Learn more about our Crypto Flip Trader service, which will reveal to you a fascinating new cryptocurrency trading strategy, designed to help you exploit heavily-fluctuating prices across all digital currencies like Bitcoin, Ethereum, and Litecoin using a unique trading strategy. Click here to learn more.

Bitcoin’s consolidation around the $35,000-mark has been massive. Every time the king coin has touched a psychological resistance over the past 6 weeks, it has re-tested and overcome the same to climb to a new high above the previous range.

2020’s bull rally has continued into 2021 and now, other metrics are indicative of change as well, especially in light of the rise in Bitcoin’s market capitalization.

As previously reported, the number of Bitcoin whale addresses increased significantly over the past week but over the past 24-hours, it touched a new all-time high. According to Santiment, 2,323 whale addresses with over 1000+ BTC were observed, that is, one address worth $33.7 million and over (At the time of writing).

This is a finding that is particularly significant and bullish since this means that investors have continued to accumulate, irrespective of the crypto’s higher valuation.

In fact, altcoins seem to be facing a similar situation since most assets are getting moved away from exchanges, suggestive of long-term hodling. However, another on-chain metric high may trigger further price appreciation.

While Bitcoin may have attained a new high, its active addresses count is still under its December 2017 record.

While the rally may not exactly depend on this particular metric to manifest a faster short-term spike, it carries significant long-term implications. With growing active addresses, BTC undergoes better distribution in the ecosystem, striking a balance between retail and institutional investors i.e whales.

Ethereum’s transaction count adhered to a familiar sight with its count just under its January 2018 high. Therefore, if BTC and ETH achieve new heights with respect to the above metrics, the price growth might take a further leg up on the charts.

Bitcoin and Ethereum controlled the rally in 2017 and Ether largely depended on BTC’s direction. In 2021, Ethereum’s correlation with Bitcoin has continued to dip, hence, the narrative may not mirror another domino effect for both these coins. However, the same cannot be said for other altcoins.

As expected, Bitcoin and Ethereum are consistently rising up the chart, but other coins such as XLM and Cardano are moving at 50-60% per day. It is important to note that these crypto-assets continue to hold a strong correlation with Bitcoin. Hence, their rally may face stronger corrections when Bitcoin’s price eventually registers a pullback.

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Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

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