2 days after bitcoin halving: network “ stays strong '', higher rates and bullish sentiment

Heaven32 May 13, 2020 Comments

[ad_1]

On May 11, 2020, the Bitcoin network completed its third block reward in half and the network appears to be working very well. However, it may take longer to see the effect of the halving on the mining industry, and right now, bitcoin transaction fees have increased exponentially. Despite rising fees, research firm Glassnode says the health of the Bitcoin blockchain "remains solid" after the reward fell.

Despite Bitcoin's transaction fees rising, the Glassnode report says the overall health of the network remains solid.

Bitcoin (BTC) The network has halved its block reward, and so far everything is still working as expected, at least for now. One problem that people are complaining about today is the fact that the transaction rates have increased significantly middle. For example, if you had on average about 50 blocks extracted before cutting in half, you would see that the miners were moving around 0.205 BTC in bulk transaction fees.

However, after halving and a little ahead of time, transaction costs (txn) began to increase much more. At the time of publication, the fees required to enter the next block may vary from $ 2 to $ 4 per txn. So far, 241 blocks have been mined after halving, and the miners are moving 1 BTC in block rate or one touch more or less per block. I mean, most miners are between 7.5 and 8 BTC per block, which is not such a bad loss, especially with the slow price increase.

Related Downloads:

BTC the price of May 13, 2020 exceeds the region of $ 9,000.

A recent report from research and analysis company Glassnode titled "The Week Onchain: Week 19, 2020", explains that the Bitcoin network is still performing at its best in terms of health. The fundamentals of Bitcoin remained solid before and after the halving, "said Glassnode. "Hashrate continues on its way as miners continue to mine," the report added. Until BTCMarket health is concerned "the fundamentals of the chain declined slightly in week 19," said Glassnode. "BNI

recorded a 2 point drop during the week, bringing its overall assessment of the Bitcoin ecosystem to 74 points, the 10th highest weekly value since 2017. This recession is mainly due to the Sentiment sub-index. , which fell 13 points & # 39; & # 39; wrote the company. Glassnode plus continued:

The health of the network has improved thanks to strong growth and network activity gains, the first reaching the highest possible value for the first time since 2017. Liquidity has seen marginal improvement these last years. weeks after recording increases in trading liquidity and slight decreases in trading liquidity. After remaining close to the 50 point mark for 5 weeks, it is now up 9 points. Upstream of Bitcoin's third semester, Sentiment, on the other hand, began to decline sharply. Despite this, the overall health of the network remains robust.

Coinshares CEO: "Bitcoin is the perfect cover for any investor"

In addition, many BTC Investors and executives of cryptocurrency companies remain very optimistic about the upcoming rise of Bitcoin. Jean-Marie Mognetti, CEO of Shared currencies, detailed in a note to investors that with "the courage of (his) conviction, (he is) optimistic for Bitcoin".

"Meanwhile, the Fed is trying to maintain a positive market sentiment and has increased its balance sheet by about $ 2.6 trillion since the end of February," writes Mognetti. "This is the highest monetary inflation ever seen and the market expects more fiscal stimulus and bond buying programs to be issued." In some ways, this is already included in the forward price of federal funds for mid-2021 and late 2021, implying negative Fed rates. This is the first time in the United States, but we are in a time of "firsts". Oil was also not supposed to trade in negative territory, "added the CEO of Coinshares. Mognetti concluded by saying:

The rest of the world must continue to print money or see their own currency drastically eroded against unbeatable dollars. Turkey, Brazil or Argentina are the perfect examples. Therefore, in a world where investors continue to seek to protect their portfolios from the behavior of the World Central Bank, bitcoin, a digital currency whose supply is programmed to shrink to its maximum supply, appears to be the perfect cover for any institution. investor portfolio.

Despite the Glassnode report, fork.lol, a site that measures hashrate every three hours, shows that the hashrate has dropped by at least 15-20 exahash since the half.

At the time of publication, BTC crossed the Price region of $ 9,000 again after dropping below $ 9,000 just before half. The cryptocurrency has a market cap of around $ 166 billion today and the network hashrate was not affected by the halving. Although the web portal data Fork.lol show that BTC You may have missed about 15-20 exahash in the past 24 hours. If the price of BTCHowever, it continues to increase, so these miners could easily return in the near future. If the price goes south, BTC Network observers can see a much greater capitulation of the departure of minors. So far, with more than 24 hours behind the half and 241 blocks mined, this does not seem to be the case.

What do you think of the day and a half after bitcoin halving? Let us know in the comments below.

Image credits: Shutterstock, Pixabay, Wiki Commons, Glassnode, Fork.lol, markets.Bitcoin.com

Disclaimer: This article is for informational purposes only. This is not a direct offer or a request for a buy or sell offer, nor is it a recommendation or approval of a product, service, or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is liable, directly or indirectly, for damage or loss caused or allegedly caused by or in connection with the use or dependence of any content, goods or services mentioned in this article.

Read the warning

[ad_2]

Table of Contents Download

Leave a Reply Cancel reply