- Bitcoin Fundamentals Continue to Grow Stronger despite Poor Price Performance
- Bitcoin Transfers Wealth worth $10 billion Each Day
- Bitcoin Hash Rate Is Still On the Rise
Bitcoin News Today – This week has been pretty rough for Bitcoin (BTC) in terms of price. The digital currency plunged heavily a few days ago and broke below the $7,500 mark. The price of the digital currency plunged by about 9 percent, although it did not come as a surprise as it has been largely predicted. The bears have been in charge of the entire digital currency market. However, the BTC network continues to grow in strength as the global economies continue to weaken.
Bitcoin Fundamentals Continue to Grow Stronger despite Poor Price Performance
If Bitcoin (BTC) is not looking good, then the financial macroeconomic situation of the world is a nightmare. The US Fed has as increased its repo cash injections as it tries to keep the banks afloat. Bitcoin is still functioning as it was created in a world where many are against it. Bitcoin is doing exactly what it promises to as peer-to-peer decentralized money.
Bitcoin (BTC) Price Today – BTC / USD
The issue now is that most of its flows through centralized trading platforms that want to take their cut, just like banks. Over the past ten years, the amount of wealth transferred with Bitcoin (BTC) is quite astounding for a technology that is still new.
Bitcoin Transfers Wealth worth $10 billion Each Day
Plan B – a digital currency observer on Twitter – has been looking into the amount of wealth transferred through Bitcoin (BTC). Plan B tabulated the figures and revealed that Bitcoin (BTC) had transferred wealth worth $11 trillion from 2009 to 2019. The digital currency is still going strong as it transfers $10 billion in wealth every day.
The recent poor price action comes after traders panic and exchange their coins for fiat currencies during the bear markets. The accumulation effect led to more selloff and the price of the digital currency plunged further.
Bitcoin Hash Rate Is Still On the Rise
The hash rate of Bitcoin is another measure of the network’s strength. The metric recently hit a new record of 110.6 EH/s, according to Bitinfocharts.com. Other analytics platforms like Coin.Dance saw even higher values at 135 EH/s. This means that despite the bearish pressure on the value of the digital currency, the hash rate is hitting new record highs. The higher the hash rate numbers, the greater the computing power; this translates to more confidence from Bitcoin miners.
Skew Markets also pointed out that power consumption has increased by 3x since Bitcoin tested its all-time high in 2017.