Week That Was Bitcoin and Cryptocurrency
More than 17,000 bitcoins were said to be dumped on the public cryptocurrency exchange market over the past 24 hours by the Mt. Gox trustee. At a price of $9,700, 17,000 bitcoins were worth $165 million and that large sum of funds were dumped on major cryptocurrency exchanges.
Previously, the Mt. Gox trustee triggered the bitcoin price to drop by large margins in several occasions. The organization was heavily criticized for their decision to utilize public cryptocurrency exchanges to sell their funds instead of disposing them in the over-the-counter (OTC) market.
Within the cryptocurrency market, over-the-counter (OTC) traders refer to trades between large-scale investors or miners that own large sums of bitcoin. Hundreds of millions of dollars worth of bitcoin could be traded in OTC markets on a single day and not affect the public cryptocurrency exchange market because the liquidity and structure of the two markets are completely different.
In spite of the criticism from the cryptocurrency community and the request from investors to utilize the OTC market to sell large batches of bitcoin rather than cryptocurrency exchanges, the Mt. Gox trustee has continued to rely on major exchanges to dispose their funds. Consequently, subsequent to each sale, the price of bitcoin has fallen by large margins.
Thoughts: It is sad when people who have a lot dump in this manner, no laws to stop this.
Some sharp Bitcoin enthusiasts may have picked up on the dump, making some money in quick transaction. The recovery did not take long with Bitcoin continuing to grow.
Tokens performing strong for three weeks, a good sign for what is to come.
- Thomson Reuters survey: 20% of 400 finance firms surveyed are considering launching crypto trading with the next 12 months.
- Crypto trading remains a niche activity in mainstream finance but interest is growing and could support price growth.
- Goldman Sachs recently hired its first cryptocurrency professional and is considering launching a trading desk.
Neill Penney, co-head of trading at Thomson Reuters, said: "Cryptocurrency is still a relatively small part of the trading market, but this survey makes clear this niche segment is starting to enter the mainstream of the financial services industry. This is a major change from a year ago."
The cryptocurrency market has stalled since the start of the year, declining from $800 billion (about R9.9 trillion) in value in December to around $400 billion (about R4.9 trillion) as of Monday. Many crypto bulls believe an influx of institutional money could be the spur that helps the market recover.
Thoughts As soon as Finance Firms start becoming invested into cryptocurrency, markets should stablize and show growth.
Products that have launched but thinly traded may grow substantially, keep an eye open as to which crypto the move will be made toward. We do live in interesting times.
This week cryptocurrency miners had processed the 17 million coins across both Bitcoin Cash (BCH) and Bitcoin Core (BTC) networks, marking a great milestone within the history of blockchain technology. Now there are only 4Mn BCH and BTC left to mine but it’s still a very long time away until the very last coins are mined.
Further, the mining of the last coins won’t be found very quickly because of mining difficulty changes, which makes it harder for miners to find blocks over time. BTC’s ‘Difficulty’ is a metric used to measure the probability of finding the next block, and the BTC network automatically changes difficulty every 2016 blocks.
The BCH chain adjusts difficulty every block to make sure previous 144 blocks take exactly one day. The BTC method of difficulty changes and things like the block reward halving every four years or less, will eventually lead to the last BTC being found on or around the year 2140.
The BCH chain may have some different halving times, but as things are today the last BCH may be found around the same year. Although there may be some slight discrepancies on halving and the last coin found time frames between both networks.
Thoughts: Bitcoin is divisible by eight decimals, when all the coins are mined some may not obtain whole coins, smaller portions will be available.
Smaller fractions shared over time, making the coin more valuable being scarce, this all depends on supply and demand, as it is in any trade.
Superior Coin Latest News:
John Gentry has been very busy arranging meetings in Panama, yes he met up with Randy Hilarski whilst visiting. Here is the link for the chat at Panama Blockchain Embassy (Sorry could only find on FB - https://www.facebook.com/vetvso/videos/10209071473903797/
Mention on You Tube Trading Small Crypto Overview of Possibile Candidates - Thanks Ken The Crypto
A busy week, extremely productive congratulations Superior Coins Click the link to Join Kryptonia where all the action is......
Want to Trade Steem or Steem Dollar for SUP? Hit the link below....
