Understanding Bitcoin from a different perspective #7

 September 05/2018

After news that Goldman Sachs is abandoning its ambition to build a Bitcoin trading desk, September 5 sees another big decline in price of just under 10%, which continues for a few days. Prices fell from $7,353.48 to $6,178.31 by September 8, wiping out any profits achieved in August and adding gasoline to the flames of the "Great Crypto Crash." Despite the fact that the report was "false news" and that Goldman had never intended to start a BTC trading desk in the first place, concerns about the cryptocurrency's future were mounting.Around the same time, a Reddit post revealed that a Silk-Road-linked wallet containing over 111,000 Bitcoins had been put on the market after being lost for years, further lowering the price.

October 15/2018

Please be aware. After all of the commotion from last month, the big boys are finally waking up and taking notice, nine years late to the party. On October 15, investment behemoth Fidelity (FIS) will launch its own institutional crypto trading platform. BlackRock (BLK) has recently announced the formation of a cryptocurrency working group. However, the price continued to decline as a result of the market instability.

December 03/2018

Towards the end of 2018, Bitcoin's price begins yet another long drop. Even though a hard fork in the Bitcoin Cash (BCHUSD) blockchain has no direct influence on the original Bitcoin, the crypto market's confidence has dipped. The difficulty of mining Bitcoin dropped by around 15% on December 3, the second-largest decline in history. Why? Because the difficulty of Bitcoin mining is changed to account for the number of machines currently mining the market. This is necessary in order to maintain a consistent processing time of ten minutes every block. As more people join the game, the difficulty has risen steadily. However, after a year of poor results, the difficulty level dropped precipitously, indicating an obvious loss of confidence.The price had plummeted from almost $17,000 in January to approximately $3,193.78 by December 16.

January 03/2019

It's been ten crazy years since Satoshi Nakamoto mined the first genesis block on January 3, 2009 — a decade that's seen litigation, drug deals, feuds, forks, and a whole lot of serious, never-before-seen wealth creation for ordinary people on Planet Earth. Bitcoin reaches a daily high of $3,893.40 on its tenth birthday. It's not the astronomical heights of 2017.

February 24/2019

After a great price surge the day before that took Bitcoin back above $4,000, the price plummets again, plunging about 10% for no apparent reason. However, it appears that we'd reached bottom, as this was the start of a slow and steady rise for the rest of the year.

April 02/2019

There have been a few April Fool's pranks that have gone horribly wrong in the technology sector before. You'd think they'd figured out by now that the markets don't appreciate surprises. This time, though, a joke had the opposite effect, and Bitcoin received a boost as a result. Finance Magnates published an April Fool's joke post claiming that the SEC had finally approved the long-awaited Bitcoin-based ETFs. The message was quickly removed, but prices had already begun to rise and, despite the fact that the news was false, they did not fall. Some speculated that this was due to Bitcoin trading bots or that traders' automatic keyword searches had gotten them ahead of themselves.

May 06/2019

Pieter Wuille, a brilliant Bitcoin developer, has unveiled two Bitcoin Improvement Proposals (BIP) that might be the cryptocurrency's next big upgrade, delivering significant privacy benefits. The changes were made to Taproot, a code update submitted by developer Greg Maxwell in 2018 to increase Bitcoin's privacy. Wuille formalized it as a soft fork in May 2019, along with an upgrade dubbed Schnorr, which adds a new sort of signature. Together, they marked a significant step forward for Bitcoin's privacy and scalability – though there's still a long way to go, and the whole  soft fork plan won't be finalized until January 2020.Nonetheless, the expectation of increased privacy drove up the price, which jumped from $5,755.79 on May 6 to $8,167.50 a week later.

July 12/2019

President Donald Trump is heavily involved. He isn't a fan, as it turns out. He says that Bitcoin and other cryptocurrencies are "built on thin air" and that they encourage "unlawful behavior" in a series of hostile tweets. The price falls from just over $12,500 on July 9 to just over $9,000 on July 16.Following a congressional hearing on cryptocurrencies (sparked by the unveiling of Facebook's new digital currency, Libra), a number of Republicans have come out in support of Bitcoin, taking a dramatically different stance than their Commander-in-Chief. Despite the fact that most legislators were openly skeptical of Libra, Bitcoin received surprisingly high support. "I favor Bitcoin," Republican House Minority Leader Kevin McCarthy told CNBC at the time. When it comes to Bitcoin, the  reason I prefer it is because of the security it provides. I'd like to see the government adopt blockchain." North Carolina Congressman Patrick McHenry told Congress on July 17 that Bitcoin was a "unstoppable force" and that efforts to control it were futile.

August 02/2019.

Bitcoin rallies as people begin to believe that Trump's rhetoric will lead to a real conflict.  Bitcoin gained over 9% in the two days following Trump's tweet announcing his plans to ramp up the pressure on China, saying: On September 1st, the United States will begin imposing a little extra tariff of 10% on the remaining $300 billion in goods and products imported from China. Analysts referred to the growing economic uncertainty surrounding US-China relations as a potential disaster hedge, which was driving investors to digital assets.According to John Todaro, director of digital currency research at TradeBlock, Bitcoin has the potential to operate as a more safe haven asset, and indicators of a worsening trade war with China could have been the key catalyst for driving up Bitcoin prices following Trump's tweet.

September 22/2019

Through commodity exchange ICE Futures, the New York Stock Exchange debuts its long-awaited Bitcoin futures market. The CME, the world's largest futures market, and the CBOE Futures Exchange both offered Bitcoin futures in 2017. (AMEX-CBOE). The price, on the other hand, plummeted as a result of the move, probably due to low trading volumes. Did you know that there were 5,457 Bitcoin ATMs in the globe as of September 2019.

October 24/2019

The price rises when Chinese President Xi Jinping declares his support for blockchain technology and declares his desire to invest more in cryptocurrencies.

November 22/2019

The Chinese central bank has launched a new crackdown on cryptocurrency, and Bitcoin has begun to fall in value. The People's Bank of China also issued a warning about the dangers of using or trading bitcoin, and values plummeted to a six-month low.

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Honestly this is frustrating to write.China acts like an ex who will just not let it go.How can a sovereign nation keep changing its mind within a span of less than 3 months and this is not the first or the last.

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 Bitcoin Core 0.19.0 is now available, featuring plenty of new features, performance enhancements, and bug fixes. Prices are down 5.63 percent. Wladimir van der Laan oversaw the release, which was created over the course of six months by over 100 contributors and was the result of over 550 merged pull requests. The "bech32" address format was selected as the default option in the Bitcoin Core wallet Graphical User Interface, which was one of the most significant improvements (GUI).

December 18/2019

Bitcoin receives a lovely little Christmas present in the form of a 10% increase thanks to positive market sentiment leading up to the holidays.   After research from digital currency exchange SFOX revealed that Bitcoin normally sees a strong market response around the holidays, the seasonal boost was somewhat expected.In December, YouTube accidentally banned all bitcoin videos. Oops. It eventually apologized, claiming that it had made a mistake.

Written by Neotrader