It is today exactly two years ago, that bitcoin is the jewel in the crown of 16.400 euros for a week. Last year at this time, ducked into bitcoin at the height of 2700 euros. What are the ” times have changed, now we are stuck there for more than 120 per cent above.
However, enough facts, what do we expect from the bitcoin price? In this review, we will look at the impact of bitcoin miners are on the run.
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Bitcoin price drops by four per cent in half an hour
Checked the bitcoin exchange rate yesterday, after the evening meal? Dan was shocked and will probably take some time. Within a half hour of time, bitcoin is by more than four percent of the time. Bitcoin is now more than two hundred of euro’s less then the height, etc.]. How is that so? Earlier today, we wrote about the PlusToken.
On to the middle of november?
The fall seems to be when we’re out on the graph to zoom out. Are you looking for the bitcoin exchange rate as of August right through to the present. Every candle on the chart represents four hours.
The bitcoin price is still support at the falling trend line. The orange bar in the middle of november. Will be heading there to help?
Stopping miners are able to take care of rising price
The bitcoin price is the result of a balance between supply and demand on the market. But it’s not just investors who are speculating on the exchange rate. The exchange rate is primarily driven by the sale of bitcoin by miners.
Miners are the individuals and organizations that their computers to bet in order to the transactions on the bitcoin blockchain to process it. To do this, they will receive a reward in the form of bitcoin. This remuneration consists of a fixed number of bitcoin, and all transaction fees from the individual bitcoin transactions.
Will drop the price in a very short period of time is hard? In that case some of the miners are no longer cost-effective to set bitcoin to mine. The reward is that they will be received to cover the cost of energy, not more. They are selling more and more of their pay. If not, then sell it. Does not the costs, then they should definitely stop. It’s called miner’s capitulation certificate.
You can see in the chart below, in return. The total computing power on the network, the network hash rate has been in the past few months has decreased:
The first is the small miners who have to stop. For example, individuals who have joined a mining pool. Or a small miningbedrijven, with little to buffer the losses in the rear.
And, if there are not too many miners will stop, then you can even have a positive impact on the share price. In this case, a lower verkoopdruk of the miners that bitcoin is on the market to provide their energy requirements.
See also, Andy Cheung, the exchange’s OKEx. In an interview with CNN, he said the following:
“We are acutely aware of the correlation between the bitcoin price and the difficulty level of the mine. In the past, the political price for the lack of verkoopdruk of the miners. In some cases, this even increased the rates.’
He compares the movement of the processing power of a couple of years back:
“In 2012, and by 2019, there is evidence that the bull market has begun, after a lot of miners have been surrendered. This created a kind of vacuum in the verkoopdruk. As the price flew in and then up. It is very special that we are now in the second occupation in the last 12 months will be.”
Mining capitulation certificate on the chart
What is the mining of capitulation certificate on the bitcoin chart? That is, can Willy, But you have to see. But analyzing the bitcoin price, and with the help of fundamental factors. For example, think of the computing power on the bitcoin network, the number of transactions.
Here you can see the difficulty that year. The lines give an indication of the level of difficulty of mining again. The more the computing power of the miners on the network, the higher is the level of difficulty.
The different lines are all moving averages, from this level of complexity. The thick red line is the 200-day moving average, and the other lines show the movements on a short-term contract.
The lines are down, and they cross each other? Then there is the issue of miner’s capitulation certificate. It was in november last year for the event.
And, what is remarkable is that you are now at the first sign of the miner’s capitulation certificate shows. The red lines intersect each other in a way that.
However, this does not lead to a significant fall in price, as was the case last year, the month of november. As long as there are not too many miners will stop, that may actually be a positive sign. The verkoopdruk take it off, so the price of space to rise.
We saw, for example, in 2011 and 2013. The first capitulated to the miners. It made a violent move down. The price to bounce back after a 60 per cent down.
And then there was a second, germany had lost the war, but it was a smaller scale than the first one. It was then, especially for the less verkoopdruk, so the price is the key thought.
In the next few months will be interesting at the very least in order to keep an eye on. Will we get a repeat of that in november of last year? Or make sure the stop miners just before a rise?