- Bitcoin gained tremendous momentum in the first 5 months of 2021.
- Bitcoin's vitality has also positively impacted altcoins. Its total market capitalization exceeded $ 2 trillion.
- Although the process has developed positively, the decision of the Chinese government to ban Bitcoin mining has caused partial panic in the market.
- Because bitcoin mining was mainly concentrated in China.
China has begun to ban Bitcoin mining. As a result of this development, Chinese miners are leaving the market and selling their bitcoins. This process has put downward pressure on prices. However, the global balance is being restored in bitcoin mining. While China's monopoly power is rapidly declining, Bitcoin mining and free crypto signals in North America are on the rise. In addition, huge bitcoin farms began to be created in other regions of the world - say analysts of SafeTrading.
As a result, bitcoin mining spreads and a more democratic bitcoin network appears. The concentration of bitcoin mining in one center like China has always been a risk factor. We, as the Koinmedya.com team, have shared with you, our dear readers, that we believe that China's ban on bitcoin mining is positive in the long run.
Australian company Mawson Infrastructure Group has decided to acquire 17,352 bitcoin ASIC machines from mining equipment manufacturer Canaan. With ASIC equipment costing between $ 3,000 and $ 5,000, Australia is poised to become a strong player in the mining industry.
Australia's entry into the mining industry has a twofold benefit: First, it reflects market dynamics. Second, it helps democratize the Bitcoin network. Thus, Bitcoin is becoming a more global and widespread instrument of value accumulation by free crypto signals.
Positive news for the price of BTC!
Glassnode, which stands out for its database of bitcoins and the cryptocurrency world, announced in its latest tweet that BTC has peaked in terms of realized market value metrics.
The realized market cap measures the size of Bitcoin's active market cap. The measurement ignores long-standing caches of bitcoin creator Satoshi Nakamoto, such as dormant wallets, whales, lost coins or long-term buy-and-hold (HODL).
- To calculate the actual market value, data measurement platforms like Glassnode assign time-sensitive values to coins. If the coin was last moved in 2018 when Bitcoin was priced at $ 6,000, that coin would have been priced at $ 6,000 instead of today's price.
- The standard measure of market capitalization is the multiplication of the number of all coins in circulation by the current price of the coin. According to CoinGecko, the total market capitalization of Bitcoin is $ 880 billion.
- The realized market cap gives a more accurate estimate of the size of the "active" bitcoin market. While Bitcoin's price is still far from its $ 64,800 peak, Bitcoin's realized market capitalization hit an all-time high, suggesting that there has never been more “active” money in Bitcoin.
- The realized increase in market capitalization coincides with Bitcoin reaching $ 48,000, the highest price since the market crash that began in mid-May. Bitcoin is up 9.5% this week and 42.5% this month. Shortly after hitting $ 48,000, Bitcoin plummeted to $ 46,700.
- Another sign of confusion is the latest change in Bitcoin mining difficulty. In its last two-week change, the Bitcoin network yesterday made mining 7.3% more difficult due to increased competition among miners.
The correction was the second positive change in a row after two months of decline. The falls came after the suppression of bitcoin mining in China, which halved the price of bitcoins. Today's all-time high of Bitcoin's realized market capitalization shows traders getting their coins back - say analysts of SafeTrading.
Internet Computer Protocol (ICP) and litigation.
Internet Computer Protocol (ICP), one of the newest cryptocurrencies, is the latest project to be dragged into litigation in the cryptocurrency market. So what moves will the ICP price expect in this process?
↑ Internet Computer Protocol (ICP) and lawsuit.
On Thursday, Roche Freedman LLP filed a lawsuit on behalf of ICP investors against Dfinity, the company behind the cryptocurrency. Allegedly, he is accused of many issues, including securities fraud related to the project.
A lawsuit filed in California alleges that Dfinity and other interested parties underwent massive open sales of the cryptocurrency shortly after the ICP tokens were distributed between the project and its team, and its price dropped to less than ATH above $ 730. Sending a significant amount of Internet Computer's cryptocurrency to the market brought the team several billion dollars in profits, but individual investors who believed in the potential of cryptocurrencies suffered significant losses.
In addition, while the Dfinity Foundation is a non-profit organization headquartered in Switzerland, Dfinity USA Research LLC is based in Delaware and is headquartered in Palo Alto, California. The company is also known to be subject to regulation by the SEC. Given the current negative sentiment of the SEC towards digital assets, this does not bode well for the company behind ICP at the moment.
↑ What you need to know about the price.
Some SafeTrading analysts say that due to the lawsuit, investors should be careful and pay attention to certain price levels.
According to the statements made, the current charts provide mixed signals for the ICP. Most of the moving averages and the momentum indicator are bullish. However, some MA and MACD indicators are said to be bearish.
According to the statements made, investors should pay attention to the levels of 53 and 64 dollars. It is argued that the move to be made, especially below $ 53, could lead to a more significant decline.