The best Chart in all of Crypto... and Chinese Miners getting squeezed which is pushing up BTC prices!
If you don't keep goosebumps seeing this chart, you need to check your pulse
Bitcoin has been surging as of late, but there has been something happening as well that has been a bit counter-intuitive.
What I mean by that is something is happening behind the scenes that you wouldn't expect to see with the price surging like it has been.
What am I talking about you may be wondering?
I'm talking about the amount of bitcoin being pulled off exchanges...
Check this chart out:
(Source: https://twitter.com/ColeGarnerBTC/status/1329829874425532416/photo/1)
The price continues to surge higher and the amount of bitcoin sitting on exchanges continues to decline.
That means it's getting easier and easier to push the price up as there simply isn't enough supply out there to counteract the uptick in demand.
Where is all this demand coming from you may be wondering?
The influx of demand is coming from all sorts of directions...
Corporations have been an unexpected source of demand for bitcoin as of late.
They now hold roughly $16 billion in BTC:
(Source: https://bitcointreasuries.org/)
Then there is also the entrance of PayPal and their hundreds of millions of users to bitcoin and crypto in the last week or so.
On the supply side, there has been some rumblings out of China that Chinese miners are not able to sell their bitcoin due to exchanges being shut down and fiat on-ramps/off-ramps being closed.
This was why the hashrate plummeted a few weeks ago and why the supply has been tanking as of late as they can't put their supply back on the exchanges like they normally do.
When you combine that with all the new demand coming in and you have a recipe for bitcoin prices mooning.
Something that isn't showing any signs of slowing down yet.
It looks like it's gonna be a fun Christmas for bitcoin investors!
Stay informed my friends.
-Doc
Posted Using LeoFinance Beta
Correct me if I'm wrong, but in the middle there, Hive Blockchain is not the same as the Hive BC we are communicating on right now, correct?
If I am correct, and I think I am, is there any correlation between the two what so ever? Or is it just coincidence?
Nope, no correlation whatsoever. They existed before our HIVE did.
Many thanks Doc, that info is indeed interesting and pertinent. The BTC blockchain is so robust and yet so fragile - or so it seems to me, especially now that it's mooning. The inconceivable and simultaneous opposing qualities fills my mind with a paradoxical irony of impressions.
More and more companies are getting into cryptos. On the one hand it's exciting but on the other i can't help it but fear what this greed will lead to
Posted Using LeoFinance Beta
You can never trust totalitarians to do what's rational. In fact, they often do the opposite. What you can count on them doing is punishing those they don't like, and never let us forget just how easy the BTC blockchain could freeze for days or weeks if for whatever reason the Chinese miners were forced to shut down ... even just temporarily. Oh, and what I was saying about totalitarians, multiple that by 100 when they are corrupted by money.
thats a bit scary.
Someday there will be a shock of this sort to BTC - whether it's the Chinese who instigate it or not doesn't really matter - and that's what will wake up the world to quality crypto like HIVE, ADA and DGB, to name three examples.
In fact, the simple understanding of that reality, that real vulnerability, should be enough in itself to wake people up!
does that also mean there could be some major corrective action if all those miners are able to sell again and enter the market en masse?
900 BTC a day is mined.
wow I wish 900 btc were mine
actually even one would do.
That does seem possible yes.