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Saturday, July 24, 2021

Bitcoin continues to correct BTC Crypto Price Forecast

Bitcoin, along with the entire crypto market, continues to adjust. Over the past 24 hours, the benchmark cryptocurrency has dropped by 10% and is trading at about $ 54.5K. An alarming sign is the fact that after the fall to $ 55K and the start of the buyback with a rebound to $ 57K, the bears entered the market again and increased the pressure. Thus, we still see increased pressure on the market, however, it will be really possible to worry a lot about the trend reversal after falling below the minimum of the previous correction, which is at the level of $ 45K. Until this point, Bitcoin has a chance to attract buyers who were waiting for a good discount.

The last phase of Bitcoin’s growth was associated with speculative expectations of increased purchases from retail investors who will receive “helicopter money” from the new US administration. However, in fact, the price reduction can greatly scare off potential lay investors, who will end up with the coveted check from the government.

So, on average, the retail sector is more likely to buy on a wave of growth for $ 70K, rather than buy an asset at a discount of $ 45K. Thus, it is now up to institutional investors, if they can return the growth momentum to cryptocurrencies, the retail sector will support this movement. Conversely, it will sell heavily if Bitcoin continues to move downward.


BTC miners make $ 52.3 million per day

Bitcoin mining has reached a record profitability – at the moment, miners earn about $ 52.3 million per day. This is due to the rise in the price of BTC and transaction fees.

Bitcoin miners hit a new all-time high of $ 52.3 million per day this week, according to Glassnode. This is good for the network, according to company analysts. In its weekly newsletter, Glassnode notes that this figure “instills confidence in the continued security of the Bitcoin protocol.” Miners receive a block reward of 6.25 BTC (about $ 347,477) and fees paid by BTC users to conduct transactions.

Block rewards are halved every four years. The previous Bitcoin halving took place in May 2020. As noted by Glassnode, despite the halving of the award last year, miners continue to receive high profits.

This is primarily due to the rise in the price of BTC. Now the cryptocurrency is trading just above $ 56,000, and last weekend the price of bitcoin reached $ 61,000. Commissions for transactions on the network are also growing.

The cost of sending BTC has increased as more people want to use the network, which means miners can make more money for their work. Glassnode notes that “the online transaction fees paid in relation to exchange activities are also an interesting metric for tracking market movements and priorities.” Now 30% of commissions come from cryptocurrency exchanges.

Recall that last month was extremely successful for both bitcoin miners and ether miners – both categories received record profits, and the profit for mining ETH exceeded $ 1 billion for the first time in history.

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