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Bitcoin has returned to test the $50,000 price mark once again. Altcoins with ADA have made new highs at $3.03. ETH has also risen to $3,700. When the market only pays attention to coins that grow, others develop. And when it increased sharply, people noticed.
Regarding the amount of BTC deposit and withdrawal on exchanges in general, there is still a tendency to withdraw more than deposit, although the amount is not much.
With Ethereum, the speed and amount of withdrawal from the exchange is faster and more than BTC. Often the price increase comes from the difference between supply and demand. When ETH or BTC on the exchange is decreasing, an uptrend will take place but there will also be a lag compared to the on-chain signals.
The market still shows signs of individual investors taking profits. The current BTC moves are all profitable BTC.
Bitcoin has a total supply of 21 million BTC but the actual amount of BTC circulating in the market is not much. A portion of BTC is stored in the private wallets of the hodlers. Another part is those BTCs that have lost their private keys and are never accessible again.
The above share of Binance shows that the current loss of BTC is estimated to be about 3.7 million BTC. These BTC count statistics are based on a period of many years not moving (5 years, 10 years,..) while the price fluctuated and has grown enormously. In the early days, BTC was easily mined and the value was so low that many people did not take it seriously and may have lost the private key.
Satoshi Nakamoto is also predicted by the community to have many different wallets. One of the early Satoshi day wallets from 2009 has 1.1 million BTC and hasn’t moved so far. Or those who mistakenly send to a wallet address that do not have a private key lead to a loss of BTC and this amount of BTC is never moved.
It can be seen that the actual amount of BTC in the market is much lower than the 17 million BTC figure. In the long-term, as the demand for owning BTC increases, the price of BTC increases is inevitable.
Viewpoints on NFT
Bitcoin is essentially on the blockchain, cold storage wallets, personal wallets, … are like a window that can see and manipulate BTC on this network. Each operation such as moving from one wallet address to another is essentially a numerical change in the number of BTC. BTC is a network-based protocol. What makes BTC valuable is the community’s trust and demand for ownership, the BTC ecosystem.
Similarly, NFTs (such as JPEG Ether Rock, CryptoPunk, SOLape) are also a protocol, a source code. The owner of this NFT is the one who holds the private key and can access and claim ownership of it. Therefore, the value of NFT also comes from the need for ownership, trust and ecosystem,… of that NFT. This is similar to the value of art paintings as a store of value.
Not every NFT is valid, but there will be NFTs that do. Thuan believes that NFT will still exist and develop in the market.
SEC Chairman Talks About BTC
Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), has appeared before European lawmakers about the need for a collaborative effort to ensure proper cryptocurrency regulation. The President of the SEC has made comments before the European Parliament regarding Bitcoin as the old Internet in terms of technology changing the world model.
He also highlighted the fact that Bitcoin is borderless and its markets are not closed: “It works 24 hours a day, 7 days a week.” This is good for BTC but Gary Gensler has also repeatedly emphasized the risks of Crypto and Stablecoin exchanges.
However, he is still a big fan of BTC and also said that in the near future there may be a Bitcoin ETF. This fund can be based on CME futures contracts.
Some other information:
The social network Twitter may be closer to integrating the Bitcoin lightning network for micropayments. The platform is currently testing it for the iOS Beta operating system.
SEC President Gary Gensler has made remarks before the European Parliament regarding Bitcoin as the old Internet in terms of technology changing the paradigm of the world.
Jurrien Timmer, Global Macro Manager at Fidelity, presented earlier this month a bitcoin valuation method that predicts it will hit $1 billion per coin in about two decades around 2038. In other words, convenience Bitcoin’s utility (value) will grow much faster than the participating networks of buyers, sellers, exchanges, ATMs, and retailers — at this point, including, directly or indirectly , AT&T, Wikimedia Foundation (donations), Dallas Mavericks, several insurance companies, many banks, and countless small businesses. “
The United States Securities and Exchange Commission (SEC), which has declared jurisdiction over XRP, has no regulations against holding or trading the cryptocurrency according to an SEC email. With this announcement, SEC members have the freedom to hold any crypto.
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