Bitcoin broke through $10, 000 as New Recent Highs, Institutions Rushed to ETF

[CastyLamer]

On the day of July 2nd, the Bitcoin price broke through the $10,000 mark, which was the recent new highs. Before that, the data showed that some capitals started buying in and close the short positions. After then, the Bitcoin price was pushed to a level near $9,700. As the shorts was weakened, the longs took the opportunity to lead the market to surge.

After surpassing the $10,000 mark, the whole market all expected the bull to come. However, after the 3rd bitcoins halving, how much the Bitcoin market will pump actually?

First, here is the review of the performance of the Bitcoin market after halving:

The first time happened on November 28th, 2012 while the 210,000th block has been mined, then the block reward was reduced from 50 Bitcoins to 25 Bitcoins.

The second time happened on July 10th, 2016 while the 420,000th block has been mined, then the block reward was reduced from 25 Bitcoins to 12.5 Bitcoins.

3 days after the first halving, the Bitcoin market broke through the highs, and a 1-year bull market started. The Bitcoin price rose from $12.6 to $1127.12 gradually. After the second halving, the Bitcoin market remained sideways for 20 days, then experienced a plunge by 27%. The Bitcoin price was $650 at that time. After then, the bull market came and last for 1 year and a half. During the second bulls, the Bitcoin price once reached a peak of $19,666.

So, after the 3rd halving on May 12th, how the continuous market will go? Unlike before, the 3rd halving of bitcoins attracted many different attitudes, and the breakthrough to $10,000 seems to be only the beginning:

1. Bitcoins halving is a logical thing that should make the bitcoin boost. The supply limit of Bitcoins is 21,000,000, and the current circulating supply is about 18,000,000. The continuous supply is limited, but the demand seems to be unlimited. In this case, the deflation effect is destined to bring the market to surge again. At the same time, the mining machines upgrade cause the mining budget to be increased, the market price will correspondingly rise also:

1) The Bitcoin 3rd halving should abstractly double the Bitcoin price.

2) The mining machines upgrade should abstractly double the Bitcoin price.

3) The Bitcoin price before the halving is $9,000, the expectation should at least be: $9,000 * 4= $36,000

2. Under the effect of COVID-19, the Bitcoin plunged on March 12th as the Bitcoin price once dropped to the level of $3,800. The “Black swans” on March 12th attracted a huge amount of capitals made calls at the bottom, it has been a strong basis of the rebound. Since the market rose back, a significant increasing volume has never shown up, which means that the capitals did not cash out during the period.

3. Before, Bitcoin is a thing that is not known to all, only a few programmers have been involved in it. However, since the blockchain development and application developed, Bitcoin started appearing in front of the public. More and more countries have announced some positive policies and news for cryptocurrency. Meanwhile, institutions focused more on it and increased the ratio of the cryptocurrency in their portfolio.

In this case, a bull market is a certain event. At the night before the halving, the market fluctuated, the markets were moaning, but Lucian, the chief analyst on BitOffer said that the breakthrough to $10,000 was an event that must happen, it might be late but never be absent. From history, a bull market is absolutely coming after the halving. The $10,000 mark should be the beginning of the bulls while the continuous market is still expected to be bullish.

Statistically, before the halving, the institutions have already arranged to enter Bitcoin. Recently, BitOffer disclosed a data which showed that during the 3 months while the bitcoin halving, the monthly average purchase of Bitcoin ETF on BitOffer.com exceeded 1 billion dollars. The daily highest purchase reached $80,000,000, which is 3 times that of the same period. At the same time, the turnover of Bitcoin Options was much more active as the DAU reached 100,000, and the highest 24h turnover reached $200,000,000, which has made BitOffer be the best cryptocurrency exchange among others who support cryptocurrency derivatives.

As one of the most professional cryptocurrency derivative exchanges, the data above told us the current market now is expected to be bullish by the traditional financial institutions. The reason why institutions purchased Bitcoin ETF but bitcoins:

It supports investors to long or short without margins. The purchase charges 0 fees

The automatic positions adjustment mechanism allows investors to earn profits that are at least 3 times, even more than 15 times.

The process of Bitcoin ETF is easy, the investors only need to use USDT to purchase and redeem.

No limit in the period and no liquidation. Investors are able to trade anytime and anywhere.

To investors who prefer to trade Bitcoins on the spot trading market, it has no doubt to be the good news. It supports investors to earn money from the Bitcoin market with a small budget since the requirement on the spot trading market is expensive to normal investors. The Bitcoin ETF launched by BitOffer met the demands of the investors.

BitOffer, a Better Offer!

[Hugo Barbosa]

Ethereum has outperformed almost all other crypto assets worth billions of dollars in the past few months. Since the March low of $ 88, Ethereum has risen to a maximum of $ 226, an increase of more than 150%.