Bitcoin’s speed was 195% on July 11 from its peak of 593% on May 23
- Bitcoin continues its downward trajectory as transaction volume and speed hit bottom
- Miners have shown signs of accumulation as a rise in Bitcoin is not on the agenda
- High Speed For Bitcoin Could Reveal Hidden Properties Of Cryptocurrencies As A Payment Method
In the early hours of July 14, the cost of Bitcoin took an unexpected hit to $ 31,550 before quietly recovering above $ 32,900 in the early part of the day. As indicated by Bennett’s review, the cost of Bitcoin balanced near the $ 34,000 level due to a decrease in backhoe sales and an increase in collection.
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He also warns that few metrics show the organization’s decrease in movement suggests that BTC is still in an impartial zone where there is a decrease in the appetite of core members.
The rapid drop near the urgent $ 30,000 obstruction has triggered alerts among bulls and bears and while the $ 30,000 to $ 32,000 level continues to function as an aid level, a further upgrade. ByteTree CEO James Bennett’s market day illustrates what might be available for BTC.
As reported by Bennett week after week, Bitcoin trading has been down sharply since April and currently stands at nearly 1.48 million exchanges, which is down from the Jan 9 high of 2.57 million. . Given the current market collapse and declining trade, the total value of transactions on the Bitcoin network has dropped to $ 23.6 billion, the lowest level seen since December 2020.
Significant decrease in chain movement
It is overstated that Bitcoin will see its next value rise and it might even see a transition to downside. As Bitcoin’s speed drops to a record low of 195% on July 11, a critical drop from its new high of 593% on May 23. Speed is not a marker of value and measures the dynamic quality of the Bitcoin organization according to Bennett.
In the second half of last year, from July to December, the velocity accelerated and therefore the costs followed. As the speed slowed down as the year went on, the costs followed once again.
As the stock of BTC held by the excavators stabilized and began to rise, Bennett suggested that the diggers were indeed accumulating and this can be deciphered as a sign that the cost of Bitcoin may currently be leveling out.
A sure sign in the market is the further increase in the collection of excavators. This figure has fallen in recent times because China has taken action against mining tasks to the point that many have closed completely and are now moving to different countries.
High speed scenario
In the event that bitcoin exchanges were, in principle, to reach the most extreme speed on all wallets, only stock market shocks could cause large brush swellings. An additional interest, for example due to the development of the population, would never be taken into account with the creation of treasury, which means that the results would be systematically deflationary.
Or, in other words, any resulting imbalance must be eliminated by making one segment of the economy less fortunate and the other more extravagant by stimulating different parts of the economy to save more.
In any particular world, it would be a stretch if the bitcoin economy could fight other equal cash frameworks or the creation of credit by acting as the hero of this cash crunch. And then, at that point, the dangers of a financially-driven expansion would return to the table.
Whether it is a bitcoin world or a fiat world, there is a good chance that cash will remain endogenous, expanding or contracting depending on the limit of the hidden economy to give. to its residents what they need. That’s not to say that bitcoin doesn’t have some exceptionally useful properties.