Notable stablecoin inflow predicted rapid rise Bitcoin to $20,000

Today bitcoin finally broke through the magical $20,000 limit. But was this outbreak predictable? According to Ki Young Ju from CryptoQuant, the cryptocurrency analysis agency, you could see this movement coming. He looked at the influx of stablecoins into cryptocurrency exchanges.

Stablecoins?

According to Ki Young Ju, just before bitcoin shot through the $20,000 mark, an average of many stablecoins were deposited to addresses of crypto exchanges. It is very likely that these stablecoins were used to buy bitcoins. Immediately after the deposit, the bitcoin price flew to the moon.

Stablecoins are crypto coins with a value linked to a fiat currency, such as the U.S. dollar or the euro. The most popular stablecoin is tether, which is always worth one dollar.

Earlier this week we wrote that the purchasing power of stablecoins is increasing. The supply of stablecoins is growing rapidly. There is nearly $20 billion worth of tether in circulation. By comparison, at the beginning of this year the counter was just over $4 billion.

This is positive news for cryptocurrency rates. Stablecoins are often used to quickly step in when the price of bitcoin millionaire and ethereum, for example, is rising.

Also an all-time high in euros

Bitcoin has set a record not only in dollars, but also in euros. You can see that on the BTC Direct price chart below. The previous high of 16,727 euros was achieved on December 17, 2017. With almost 17,000 euros, the bitcoin price is now well above that.

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Bitcoin verslaat 2013-2017 Drie maanden lang

Bitcoin heeft zijn vorige high drie maanden sneller herwonnen dan in de vorige stierenrennen.

20.000 dollar is heroverd in 2 jaar, 11 maanden en 29 dagen…
Bitcoin brak zijn record, slechts één dag te kort voor zijn driejarig hoogverjaardag.

Het feit dat Bitcoin Code gisteren zijn all time high brak, was significant om een aantal redenen, niet in het minst omdat het eindelijk zijn vorige high heeft geëvenaard en een nieuw tijdperk van prijsontdekking heeft ingeluid, iets wat voor het laatst gebeurde in 2017. Interessant genoeg is het echter gelukt om dit drie maanden eerder te doen dan tijdens de laatste stierenloop, terwijl de recordhoogte slechts één dag werd bereikt terugschrikken voor zijn driejarig jubileum.

Verschillende omgevingen, gelijkaardige prestaties

2013 was de eerste stierenloop die Bitcoin meer dan $1.000 kostte, met een maximum van $1.166 op 30 november van dat jaar. De correctie die volgde nam het naar beneden naar $153 voordat het herstel begon, een herstel dat zag Bitcoin bereiken pariteit met zijn eerdere hoge op 20 februari 2017, met 3 jaar, 2 maanden, en 25 dagen tussen de twee hoogtepunten.

Ondanks dat het deze keer een heel ander voorstel is, heeft Bitcoin toch een griezelig gelijkaardig pad gevolgd:

Bitcoin hoog-hoog

Deze keer heeft het proces om de vorige high terug te winnen 2 jaar, 11 maanden en 29 dagen geduurd, drie maanden korter dan de vorige inspanning. Gezien het feit dat Bitcoin, en de wereld in het algemeen, nu een heel andere plaats is dan in februari 2017, is het feit dat de cycli zo dichtbij zijn ondanks dat ze zo’n zeven jaar van elkaar verwijderd zijn, vrij ongelooflijk.

Bitcoin’s Winter Warmer

Wat ook griezelig is, is dat Bitcoin zijn hoogtepunt van 2017 bereikte op 17 december, slechts 18 dagen na het equivalent daarvan in 2013, terwijl het hoogtepunt van gisteren een enkele dag voor het driejarige jubileum van 2017 werd teruggewonnen. Deze parallellen maken de suggestie dat Bitcoin beter presteert in de wintermaanden geloofwaardig, hoewel het twijfelachtig is dat 2021 2017 beter zal weerspiegelen, waardoor de Bitcoin net iets meer dan negen maanden na het terugvorderen van de all time high weer boven water kwam. Gezien het feit dat Bitcoin nog maar een paar maanden bezig is met zijn stierenloop, is er waarschijnlijk veel meer tijd voor deze cyclus om uit te spelen voordat Bitcoin de top bereikt.

Bitcoin is no match for gold, and Steve Forbes tells you so!

Bitcoin versus Gold – Bitcoin is often compared to gold for its similar role as a store of value, especially in the face of weakness in fiat currencies. While some believe that Bitcoin has the potential to surpass the precious metal one day , others like the CEO of Forbes continue to denigrate the king of cryptos.

Is Bitcoin not a good store of value?

Steve Forbes is the current CEO of Forbes Publishing House and its famous eponymous business magazine.

In a video seen on his company’s YouTube channel , the Forbes executive couldn’t help but comment on how he doesn’t see Crypto Bank as the new digital gold . Indeed, according to Steve Forbes, the only reason that would increase the price of BTC would be the fear for the world economy of seeing a collapse of currencies fiats by hyperinflation .

„The biggest stimulus to the bitcoin boom is the fear that the Federal Reserve and other central banks are printing too much money . “

At the very least, he acknowledged that bitcoins can not be printed at will like the dollar, the euro and other state currencies!

Bitcoin is “ not close “ to replacing gold

If Steve Forbes is so skeptical towards Bitcoin is mainly because of the excessive volatility of its course, while gold is a sort of absolute reference :

“Bitcoin remains too volatile to be a long-term store of value like gold traditionally does (…) When you see the price of gold fluctuate in dollars, what you are actually seeing is the dollar’s value. -even that changes ” .

This would already be enough not to make Bitcoin a good safe haven for the CEO of Forbes but, in addition, he makes another more “original” criticism of the king of cryptos. According to him, the fact that the total amount of BTC is fixed is a bad thing:

“(…) The arbitrary limit of the total supply of bitcoins will seriously hamper its future usefulness (…) while gold is scarce, but not too scarce” .

A rather strange argument since, even if currently it is true that the production of gold represents each year an increase of 2% of the existing reserves , what will be in 2140 , at the same time as the last BTC will be mined ?

Bitcoin and the Lindy effect: what lasts a long time finally becomes good

Bitcoin and the Lindy effect: what lasts a long time finally becomes good

Bitcoin coin, with a rubber band underneath in the shape of the infinity sign

The life expectancy of a technology increases proportionally with its lifetime. This is what the Lindy effect, popular among Bitcoiners, says. What to think of the concept.

The concepts and ideas that shape Bitcoin’s acceptance curve are not always easy to understand. Bitcoin is a novel technology for which there are no analogues from the past. Accordingly, the Crypto Bull rise of the first decentralised, fully digital money in the history of mankind seems incomprehensible to viewers at the margins.

What is the Lindy effect?

The flood of money to cope with Corona is enormous. Many investors therefore rely on gold as protection against feared crises and inflation. Low interest rates are still an argument for the precious metal, about which banker John Pierpont Morgan once said: „Only gold is money. Everything else is credit.“ Two DJE funds have gold in particular.
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One of these concepts is the Lindy effect. In essence, the idea is quite simple. According to it, the life expectancy of non-perishable things like technology increases with the duration of its existence. Every additional period of time that a technology masters implies a longer life expectancy.

The idea originally came from US author Albert Goldman, who in the 1960s linked the probability of comedy performances at New York’s Lindy’s restaurant (hence the name) to the frequency of previous gigs. The more frequent the gigs, the more likely a comedian’s career is to continue in the future.

But the concept only really took off when mathematician Benoit Mandelbrot described the „Lindy effect“ in his 1982 book The Fractal Geometry of Nature. According to this, future life expectancy is proportional to its past. So if a particular book is printed for 40 years, it can be assumed that it will be around for another 40 years. However, if it survives an additional ten years, it can be expected to be distributed in 50 years. The ultimate example of the stock of literature that can be explained by the Lindy effect is the Bible. It cannot be assumed that the Holy Scriptures will be replaced by an update in the next few years.

So, as Nassim Taleb states in his book Antifragil, certain things age „backwards“. The automobile has existed for about 120 years. So we can assume that the invention will have relevance for another 120 years. Of course, according to Taleb, the Lindy effect is only a statistical probability distribution. For many technologies, however, there is a sudden end. The fax machine or landline telephone connections are largely a thing of the past, as more efficient technologies such as e-mail or mobile phones have replaced them.

If a book has been in print for forty years, I can assume that it will be in print for another forty years. But if it survives another decade, I can expect it to be in print for another fifty years. That usually tells you simply why things age the other way round. Every year that passes without extinction doubles the additional life expectancy.
Nassim Nicholas Taleb in Antifragil.

And what about Bitcoin?

Fair enough. But what does all this have to do with Bitcoin? Well, if the concept is transferred to the No. 1 crypto-currency, every day that BTC functions smoothly, the general confidence should increase that „Orange Coin“ will continue to exist for the duration of its existence. In other words, the longer Bitcoin has been in existence, the longer the crypto-currency should last.

Moreover, the Lindy effect allows for another conclusion. As far as the persistence of competing crypto-currencies is concerned, the Lindy effect suggests that Bitcoin is ahead. After all, it is the first really working crypto currency.

Of course, the Lindy effect is a simplistic view of technological advances. Even Taleb admits that the phenomenon is not really suitable for predicting the life expectancy of individual technologies. In the end, however, it is a very useful tool for testing the robustness of technological achievements. And Bitcoin is indeed becoming more popular every day.

1,5M Bitcoin Bargeld, das an Börsen als Gabelwebstühle eingezahlt wird

Angesichts des drohenden Kettensplits von Bitcoin Cash vom 15. November haben BCH-Händler seit Anfang des Monats Münzen im Wert von mehr als 300 Millionen Dollar in Börsen eingezahlt.

Die Inhaber von Bitcoin Cash (BCH) drängen darauf ihre Münzen noch vor der für den 15. November erwarteten harten Abspaltung an die Börse zu bringen.

Laut Chainalysis sind allein in der vergangenen Woche BCH-Münzen im Wert von fast 140 Millionen Dollar an die Börsen geflossen, so dass sich der Gesamtbetrag für November auf 300 Millionen Dollar erhöht hat. Seit Anfang des Monats wurden mehr als 1,56 Millionen BCH an die Börsen gebracht.

Damit entsprechen die BCH-Zuflüsse an den Börsen in den letzten 12 Tagen fast 6,4 % der gesamten Kapitalisierung und des Angebots von Bitcoin Cash

Während einige Schaulustige auf die beträchtlichen Zuflüsse geschlossen haben, die darauf hindeuten, dass Bitcoin-Cash-Inhaber vor dem Fork verkaufen wollen, zeigen die Daten von Chainalysis, dass die Handelsintensität von Bitcoin Cash seit Ende Oktober weitgehend unverändert geblieben ist.

Es wird erwartet, dass der Fork am 15. November die Dominanz von Bitcoin Cash Node (BCHN) einläuten wird, eine von der Gemeinschaft vorangetriebene Umsetzung von BCH, die sich herausstellte, als die internen Spannungen innerhalb der Bitcoin Cash-Gemeinschaft im Laufe des Jahres eskalierten.

Im August kündigte Amaury Sechet, der Hauptentwickler der historisch vorherrschenden Implementierung von Bitcoin Cash – Bitcoin ABC – an, dass die für November geplante Aktualisierung des Protokolls eine neue „Münzgrundregel“ enthalten würde, die vorschreibt, dass die Bergarbeiter 8 % der neu geprägten

BCH in eine unter seiner Kontrolle stehende Entwicklungskasse umleiten müssen

Die BCHN-Implementierung entstand schnell aus Protest und versprach, das Bitcoin-Cash-Protokoll beizubehalten, ohne die Bergarbeiter zur Förderung der Entwicklung zu zwingen. Knotenpunkte, die das BCHN betreiben, haben in den letzten sieben Tagen 83,6 % der Bitcoin Cash-Blöcke abgebaut, was darauf hindeutet, dass die Zukunft von Bitcoin Cash fest in den Händen des BCHN liegt.

Die Futures-Märkte unterstützen BCHN auch bei der dominierenden Implementierung am 15. November, wobei BCHN-Kontrakte für 0,96 BCH an der CoinEX gehandelt werden. Im Gegensatz dazu werden die BCHA-Futures – Kontrakte zur Spekulation auf den Preis einer Bitcoin ABC nach dem Börsengang – für 0,047 BCH gehandelt.

Während BCH gegenüber dem Dollar seit Mai weitgehend seitwärts tendierte, erreichte Bitcoin Cash in den letzten Tagen neue Allzeittiefs im Vergleich zu Bitcoin (BTC).