While its popularity has been on the rise in recent years, Bitcoin remains a subject about which the majority of people still have little knowledge. Uzmancoin.com, since 2017, has been striving to provide its readers with the fastest and most accurate Bitcoin news and content to guide them.
Bitcoin, which was introduced to the market in 2009, is considered by some as a currency, by others as digital gold, and by others as an investment or speculative asset after approximately 11 years. As a highly volatile asset, Bitcoin can serve different purposes for everyone and continues to become more widespread with each passing day.
The most important feature and value proposition of the cryptocurrency, launched in 2009 by the mysterious creator Satoshi Nakamoto, is its decentralized nature. This means that the leading cryptocurrency in terms of market value is not subject to any authority. Bitcoin derives its power from this characteristic. Its production is generally carried out today with specialized hardware known as ASICs, and the supply of Bitcoin is limited to 21 million. Bitcoin can be bought and sold through cryptocurrency exchanges or ATMs.
While its popularity has been on the rise in recent years, Bitcoin remains a subject about which the majority of people still have little knowledge. Uzmancoin.com, since 2017, has been striving to provide its readers with the fastest and most accurate Bitcoin news and content to guide them.
Bitcoin, which was introduced to the market in 2009, is considered by some as a currency, by others as digital gold, and by others as an investment or speculative asset after approximately 11 years. As a highly volatile asset, Bitcoin can serve different purposes for everyone and continues to become more widespread with each passing day.
The most important feature and value proposition of the cryptocurrency, launched in 2009 by the mysterious creator Satoshi Nakamoto, is its decentralized nature. This means that the leading cryptocurrency in terms of market value is not subject to any authority. Bitcoin derives its power from this characteristic. Its production is generally carried out today with specialized hardware known as ASICs, and the supply of Bitcoin is limited to 21 million. Bitcoin can be bought and sold through cryptocurrency exchanges or ATMs.
Ki Young Ju, CEO of on-chain data platform CryptoQuant, said that the bull season is in no way close to the peak of the bull season and that he thinks the decline is temporary. Young Ju stated that it will be very difficult to predict how the halving effect will be.
Bitcoin, which fell to the level of $60,000 the previous day, recovered and surpassed $67,000 with the statements of Fed chairman Powell, and ETFs, which closed the day in the negative, could not fall.
According to analyst Peter Brandt, regarding the recent declines seen in Bitcoin, “This correction is healthy. BTC is in a major bull trend,” he said.
MicroStrategy, which completed its $603 million bond sale, announced that it purchased 9,245 Bitcoin. The company’s total Bitcoin assets surpassed 214,000 BTC. MicroStrategy thus began to hold more than 1% of the total supply of 21 million.
Bitcoin dropped to $8,900 for a second on the crypto derivatives exchange BitMEX. It is stated that this drop was caused by an investor who sold over 850 BTC. The situation did not affect the pricing on other exchanges.
Crypto and digital investment products hit an all-time record for weekly inflows. In CoinShares’ weekly report, it was stated that the investment in these products last week reached $2.9 billion, surpassing the previous week’s figure of $2.7 billion.
QCP Capital, which made a peak prediction in February when Bitcoin was at the level of $50,000 and was successful in this prediction, stated that the fear in Bitcoin investors has disappeared. In the weekly review analysis, the company also stated that option investors made $100 to $150 thousand of contract purchases for September and December, and commented that there is a downside risk in Ethereum.
According to Marathon, one of the largest Bitcoin mining companies, the point at which revenue covers the cost for 1 BTC after halving will be $43 thousand. The company is increasing its capacity to mitigate the negative effects of halving, which will reduce revenues by half.
In El Salvador, which made Bitcoin official currency in 2021, Nayib Bukele, who was re-elected president last month, announced that they moved Bitcoin worth about $400 million to a new cold wallet.
Bitcoin, which retreated to the level of $67,000 yesterday evening, made a sharp correction, while ETFs also performed below expectations. Funds received a net investment of $132 million. It was noteworthy that Fidelity also remained at a low level of $13 million and received the least inflow since 11 January.