Bitcoin is the most commonly known cryptocurrency. It’s a decentralized digital currency that is secure and private and can be used in transactions worldwide. It carries with it a number of pros and cons and is currently rather volatile.
In this section we discuss everything Bitcoin including how it works, what it’s worth, how you can “mine Bitcoin”, and more.
The cost of mining a Bitcoin changes over time and depends on the amount of computing power dedicated to mining and the cost of running those computers (mostly electricity and hardware costs). Thus, the average cost of mining a Bitcoin can and will change over time and changes differing depending on region.
Bitcoin has been bottoming out between $6k – $7k since its high. This can be explained in a few ways, including by the cost of mining and by some technical factors.
In some ways I’d argue that Bitcoin futures brought stability to crypto, as some said they would. However, they did it in a backhanded way that caused volatility and favored only certain types of traders.
For some reason the media narrative is that the post-Consensus crypto rally did not occur, Tom Lee even agreed. I disagree that we can make that claim yet.
Market cycles are a natural advent in any market. However, because the cryptocurrency market moves so quickly, market cycles are especially important to understand in cryptocurrency specifically.
Federal Reserve Bank of San Francisco published an analysis of Bitcoin prices and the crash of 2017 – 2018, pointing to Bitcoin futures as the main catalyst for the crash.
A few bits of bad news helped spur on a crypto correction that started when Bitcoin failed to break $10k. This included a rumor that the MtGox trustee had moved a 8,000 or so Bitcoin onto the exchanges, news of a raid on the popular South Korean exchange Upbit, and to a lesser extent the potential of regulation of ICOs in the US.
Bill Gates said he would short Bitcoin if he could (he can) and Tommy Lee of Fundstrat thinks Bitcoin will go to $25k. Time will tell who is right.
According to the New York Times, the parent company of the New York Stock Exchange (NYSE) has been working on an online trading platform that would allow large investors to buy and hold Bitcoin.
One of the simplest ways to gauge the medium term price trends of the crypto market are the 12 and 26 EMAs on Bitcoin on daily candles (the only indicators on GDAX).
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