Bitcoin News Today – August 31 – Crypto Trader, John Bollinger, Tells Crypto Traders to Get Ready For a U-Turn in BTC and Altcoins

Bitcoin
  • Bitcoin price could turnaround soon
  • Altcoins to finally see some growth
  • BTC miners hit $14 billion in all time revenue

Bitcoin News Today – Bitcoin (BTC) faced a lot of criticisms when it first emerged. Many called it a scam project while others said it was a bubble. However, after ten years, the majority of its critics are now its supporters. BTC has a huge fan base, with many considering as one of the best investment options. Many even see Bitcoin (BTC) as a hedge against the US-China trade war. Recently, a prominent digital currency trader – John Bollinger – came out to warn digital currency trading about major BTC price move.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$9,197.10
-0.88%

Bitcoin (BTC) and Altcoin Markets Are about To Experience a U-Turn

Bollinger told digital currency traders to get ready for a major U-turn. Bollinger is a crypto market technician and he is the inventor of Bollinger Bands indicator. The digital asset technician said that traders should be prepared for a crucial juncture of Bitcoin band other top altcoins. Over the past few days, the price performance of Bitcoin to USD has been poor, and Bollinger said that is about to change.

The entire crypto market has been trading sideways for quite some time now. Many coins have lost a considerable fraction of their values over the past weeks. Bitcoin (BTC) is also struggling below the $10k level. However, the tweet of Bollinger suggests that the days of sideways trading will soon come to an end and traders should get ready for a significant turnaround.

Bitcoin (BTC) Miners’ All-Time Revenue Hits $14 Billion

Bitcoin (BTC) miners have made a total of $14 billion since the emergence of the network, according to data from Coin Metrics. Bitcoin (BTC) mining is still very much profitable irrespective of the massive increase in the hash rate of the network. According to a report by Yahoo Finance, it took miners eight years to generate a revenue of $5 billion, since Bitcoin’s inception. The next $5 billion came quickly; only took about eight more months to hit the $10 billion mark.

At the press time, the total revenue of miners just broke over the $14 billion mark. If the profit of mining remains the same on the network, the revenue would hit $20 billion in early 2020. This achievement is very impressive considering the increasing hash rate of the network over the past few months.

The Bitcoin network will also undergo halving next year. This event would reduce the block mining reward on the network by 50 percent. The halving is expected to take place in May next year. BTC forthcoming halving has some bullish implications; it might also contribute to the massive recovery of the digital currency.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.