March 28, 2024

Bitcoin price consolidation and recovery, positive from Google Trends and other events of the week

In the traditional Sunday digest, we recall the moderate recovery in the price of the first cryptocurrency,encouraging performance by Google Trends, the closure of the well-known hedge fund and other events of the week.

Shy price recovery

The outgoing week was calmer than the previous one -Bitcoin price first consolidated, and then made a breakthrough to the $ 6500 mark, pulling altcoins along with it. For a short while, they even managed to rise above $ 7,000.

Bitcoin price consolidation and recovery, positive from Google Trends and other events of the week

TradingView Bitstamp BTC / USD hourly chart

However, the graph shows that supportinguptrend trading volumes soon declined. The still prevailing uncertainty among investors is also evidenced by the low values ​​of the “fear index”:

Bitcoin price consolidation and recovery, positive from Google Trends and other events of the week

There is still “extreme fear” on the market.

Fundstrat Global Advisors Researcher RobSluymer recently expressed the opinion that Bitcoin will take more than one month to return to its previous price levels. Probably categorically disagreeing with him is the bitcoin trader under the nickname b.biddles, who revealed the BARR (Bump and Run Reversal) pattern in a recent price trajectory. The latter was also observed in April last year before the rise in BTC prices from $ 4100 to $ 13,000.

Of the top ten popular assets, the bestThe dynamics of the week showed the forks of the first cryptocurrency - Bitcoin Cash and BSV, as well as the native OKEx exchange token. Ethereum, Litecoin and the Ripple XRP token grew slower than the rest.

Bitcoin price consolidation and recovery, positive from Google Trends and other events of the week

Data: CoinGecko

At the time of writing, the total market capitalization is $ 170 billion, the Bitcoin dominance index is 65.3%.

Have miners postponed halving for a day?

Due to the recent collapse in the price of bitcoin minersdisconnected part of the equipment. According to TokenAnalyst researcher Ankit Chiplunkar, this led to a 60% increase in the average time to find a new block.

The alleged massive shutdown of unprofitable equipment led to the fact that the bitcoin hash fell March 30 by 30%, to the level of 97.9 EH / s. On March 20, the figure was already 82.28 EH / s.

Bitcoin price consolidation and recovery, positive from Google Trends and other events of the week

To date, the hash rate has recovered to 102 EH / s. Data: blockchain.com.

Significant decrease in overall computingThe network power of the first cryptocurrency led to an increase in the average block time from the target 10 minutes to 12-14 minutes. Chiplunkar is confident that reducing the frequency of finding blocks also reduces the income of miners.

In addition, slowing down the pace of finding blocksmay move the timing of the halving. So, the site bitcoinblockhalf.com already shows that the halving will take place on May 13, rather than 12, as previously displayed.

Bitcoin price consolidation and recovery, positive from Google Trends and other events of the week

</p>

However, soon the interval of finding blocks shouldRestore to normal values ​​due to recalculation of difficulty next week. According to CoinMetrics forecasts, complexity will drop by more than 13%.

Closing a famous hedge fund

From the unexpected for many market collapsenot only miners, but also hedge funds suffered. In particular, managed by well-known analysts Willy Wu and Murad Makhmudov, Adaptive Capital is preparing to close and return the balances to investors.

In a letter addressed to Bitcoin fund participantsIt speaks of the high risks of working in an extremely unstable environment and “inferior infrastructure”, which makes it difficult to timely and properly respond to market volatility.

According to sources familiar with the situation,Adaptive Capital used BitMEX for operations. Against the background of the recent collapse, serious disruptions occurred on this derivative platform, which led to a 50% drawdown in the assets of the fund.

Note that earlier the fund showed a goodprofitability. For example, from October 3, 2018 to May 3, 2019, Adaptive Capital's assets grew by 552.77%. To predict market movements, the company used its own tools based on on-chain analysis of popular cryptocurrencies.

The encouraging dynamics of Google Trends

Not everything is so bad - Google Trends data indicate that amid financial markets collapse, investors are still interested in buying bitcoin, which also experienced a serious drop.

Bitcoin price consolidation and recovery, positive from Google Trends and other events of the week

</p>

So, on March 13, the number of search queries “buy bitcoin” jumped sharply to the highest level in the entire past month.

Twitter regular filbfilb noted that at some point, the search term “buy bitcoin” exceeded the popularity of “buy gold” in popularity. Later, gold nevertheless regained its leadership.

Ex-Bakkt head suspected of insider trading

Kelly Loffler, who replaced the post of chapterBakkt's cryptocurrency platform to the senator’s office, has reduced investments in stocks and options worth up to $ 3.1 million after a closed meeting of the coronavirus health committee.

Now in American society flares upscandal where Loffler became one of the suspects in insider trading. She and three other Republican senators could use information from a private briefing on the spread of coronavirus.

However, the senator claims that this is only a coincidence and the decision to get rid of the shares was made by outside financial advisers, without her participation.

The last days of the legendary miners

Developer Christie Lei Minahan expressed confidence that the popular Ethereum mining devices will become useless due to the increase in the size of the DAG file.

According to her, the exit of many devices from the gamewill cause a rather sharp drop in hash rate - by 20-30%. It will also create problems for decentralized application developers and make the Ethereum network vulnerable to reorganization attacks.

According to 2miners, due to the increase in the DAG fileBitmain’s popular Antminer E3 ASIC will become useless for Ethereum mining on April 8th. Today, this miner is still profitable at a low cost of electricity.

Opera Innovation

Integration into the built-in Opera browser wallet of a solution from Wyre startup will allow U.S. residents to buy BTC and ETH using Apple Pay and debit cards.

Wyre says it offers “competitive” commissions to its customers - $ 0.30 + 2.9% will be charged for each transaction. The daily limit on the purchase is $ 250.

A new feature is available to US residents,using Opera browsers on Android, on iOS and in the desktop version. Prior to this, only residents of the Scandinavian countries could use a similar service thanks to the mediation of the crypto broker Safello.

Browser developers claim that over timeThe same fast and convenient way to purchase major cryptocurrencies will be available to users in other countries. The company also considers the new service a breakthrough.

“In the past, buying cryptocurrencies could take hours or even days. Now this task can be completed in less than 30 seconds. ”, Said Charles Hamel, head of Opera's cryptocurrency division.

Our YouTube

The other day, the founder and CEO of blockchain startupDistributed Lab Pavel Kravchenko talked about how to maintain team productivity under quarantine conditions, as well as postponing the BlockchainUA conference and the impact of coronavirus on the industry as a whole.

Independent analyst Maxim Onegin talked with Max Bit about whether or not to expect a technological breakthrough in the current environment.

Under the heading “Explain the crypt” the founderCelsius Network Alex Mashinsky shared his thoughts on how the decentralized finance (DeFi) sector can contribute to the massive adoption of cryptocurrencies.