Bitcoin fell below sixty thousand dollars, failing to maintain its prior growth.
August ended with a decline of 8.6% for Bitcoin, making it the second worst month of this year. However, this is not surprising, as historically, August is the month when Bitcoin’s price performs the worst.
Looking ahead to the remainder of the year, October and November are usually the best-performing months.
This may be relevant this year, as interest rate cuts from the Federal Reserve, which typically support asset price growth, are expected in these months.
The focal point now lies on Friday’s employment data (excluding agriculture). Details below.
WEEKLY REVIEW
The pivotal macroeconomic event this week will be Friday’s non-agricultural employment data.
If the result is lower than forecasted, it may push the Federal Reserve towards more aggressive interest rate cuts in the coming months.
IMPORTANT INFORMATION
Nasdaq applies to the SEC to trade options on the Bitcoin Index
Last week, Nasdaq announced that it has filed an application with the United States Securities and Exchange Commission (SEC) to trade options on the Nasdaq Bitcoin Index (XBTX).
This will be done in collaboration with CF Benchmarks, which will manage the index that underpins XBTX.
Investors will be able to buy or sell the value of the Bitcoin index at a specified expiration date, opening up new possibilities for speculation as well as risk hedging for both individual and professional investors.
The introduction of options on the Bitcoin index on Nasdaq is intended to provide investors with greater security, regulatory transparency, and professionalism – as stated in the announcement.
An individual Bitcoin miner made two hundred thousand dollars after mining a block.
An individual Bitcoin miner overcame huge odds and was able to mine a block in the Bitcoin blockchain, thereby earning 3.275 Bitcoins, which at current market prices amounts to approximately two hundred thousand dollars.
Mining involves using powerful computers to solve complex mathematical problems in order to verify transactions and add new blocks to the Bitcoin blockchain.
In return for adding a new block to the blockchain, miners receive newly generated Bitcoins, known as a block reward, as well as transaction fees from users.
Single miners mining a block in the Bitcoin network is a rarity. Of approximately 859 thousand blocks generated since Bitcoin’s inception, only 291 have been mined by individual miners, which is less than 0.035%. Typically, blocks in the Bitcoin network are mined by large pools and farms of miners with tremendous computational power.
The last case where a single miner mined a block and received the full reward, was noted last month, July 24th. The miner received 3.19 Bitcoins, which at the time was worth approximately two hundred and ten thousand dollars.
Number of Bitcoin “whales” hits 17-month high
Despite the drop in Bitcoin’s price, the number of addresses holding at least hundred Bitcoins, the so-called “Bitcoin whales,” has reached the highest level in 17 months.
Data from on-chain analytics platform Santiment shows that last month the number of wallets holding at least hundred Bitcoins increased by 283, raising the total number to 16,120 addresses.
Furthermore, as noted by CryptoQuant, the number of Bitcoins available on exchanges has hit a new low for the year and is currently at two million six hundred twenty thousand Bitcoins.
The decrease in Bitcoin reserves on exchanges may suggest reduced selling pressure in the future, potentially favoring a bull market if demand continues to rise.
Simon Peters, cryptocurrency analyst at eToro
Source: https://managerplus.pl/bitcoin-spada-ponizej-60-tysiecy-dolarow-ale-pazdziernik-moze-przyniesc-odbicie-co-dalej-z-rynkiem-61545
