BitcoinBites: 5 BTC stories you should know – March 16th, 2022
Bitcoin surpasses $40K following massive volatility, markets add $80B overnight
Bitcoin reminded of its enhanced price fluctuations with a roller-coaster movement but has since reclaimed $40,000. Most altcoins are well in the green on a daily scale, with Ethereum charging towards $2,700.
Aside from a few brief movements up and down, the past several days were quite calm for bitcoin as it stood around $39,000 for most of the time. However, it all changed in the past 24 hours.
The asset traded close to the aforementioned level before it suddenly skyrocketed by nearly $3,000 to almost $42,000. Yet, it dumped just as quickly and returned to $39,000, resulting in over $200 million worth of liquidations for over-leveraged traders.
Nevertheless, the bulls regained control over the market and pushed BTC north again. This time, the leg up was more gradual, but bitcoin still reclaimed $40,000. As of now, the cryptocurrency stands at around $40,500. Consequently, its market capitalization has gone well above $750 billion.
Bitcoin saw over 100% gains for five years in the past decade
According to data from stock-to-flow (S2F) creator PlanB, Bitcoin recorded a 100% gain or more in five of the past ten years.
Bitcoin’s strong long-term performance strengthens the DCA (Dollar Cost Averaging) approach that has enjoyed increased popularity amongst bitcoiners in recent months .
CoinMetrics, a cryptocurrency research firm, found that cost averaging into Bitcoin from January 2018, near its all-time high at $20,000, to August 6th would have returned 61.8%. The researchers wrote:
“Despite Bitcoin still trading 30% below ATHs, dollar cost averaging from the peak of the market in Dec 2017 would have return [sic] 61.8%, or 20.1% annually.”
El Salvador prepares to launch Bitcoin bonds
El Salvador is preparing to launch Bitcoin Bonds, which are government bonds backed by Bitcoin to create Bitcoin City. The launch is expected to take place between 15 and 20 March.
Unfortunately, the government of El Salvador’s plans have been slowed down by the war between Russia and Ukraine, which has obviously disrupted the initial projects.
Bitcoin legal tender in the US? Senate candidate wants this
It’s been just revealed that the mass adoption of Bitcoin and digital assets could rally hard in the near future. Check out what an important figure said about this recently.
Someone said: “Bitcoin and crypto has now become cool and politically correct, so many politicians are now using it as manifesto. Yoon Suk-yeol during his presidencial campaign spoke of crypto adoption, the current mayor of New York Eric Adams same thing and they both won. Bitcoin wins election.”
Another follower posted this: “That doesn’t make Bitcoin good neither does it any politician but exactly to the contrary showing Bitcoin for exactly what it is as just another power struggle by those who control majority stakes for favors, payoffs, bribes and endorsement for energy hogging of resources.”
Public Bitcoin miners are increasing hash rates, BTC holdings
The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.
Although our focus has largely been on the current macro picture, bitcoin miners continue to operate like normal, producing blocks every 10 minutes. Over February 2022, the top public miners increased their hash rate and bitcoin holdings but produced less bitcoin compared to January.
Almost all of the miners with available public data increased their hash rate last month with aggregate hash rate reaching 28.41 EH/s. If we include previous reporting numbers for Bit Digital, hash rate reached 31.01 EH/s across the below group of 11 public bitcoin miners.
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