Cryptocurrencies

July 30, 2020 – The explosion in the number of Bitcoin millionaires (BTC) – Cryptocurrencies

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The tests of the supports, it begins: red day in sight for Bitcoin (BTC) after the sharp rise of the last days. Bitcoin’s price finally woke up from its long slumber a few days ago; it is at the origin of other interesting dynamics in the markets.


Bitcoin and USD: each their way, each their way

This time, investors could therefore fall back on Bitcoin rather than gold, to protect against the bankruptcy of the dollar.

Peter Schiff can still spit its venom on Bitcoin But, Bitcoin exhibits a stronger negative correlation with the dollar.

The “anti-fiat” image of cryptophiles in general and Bitcoiners in particular, he explains this strong negative correlation of Bitcoin with the dollar?

This negative correlation with the dollar contrasts with a strong correlation of Bitcoin with the S & P500.

negative correlation Bitcoin BTC dollar USD

Source : Image via CoinMetrics

From whales to minors: things are happening!

The sharp rise in the price of Bitcoin has done good to all holders of BTC and of course at the Whales; the number of Whales BTC holding at least $ 1,000,000 in BTC, exploded by 38%. The number of these millionaire whales is currently around 18,000.

Whales BTC 1,000,000 USD Glassnode

Source : Image via Twitter

Number of Bitcoins sent by miners to other wallets, including those on crypto exchanges, has also increased.

Number of Bitcoins Sent to crypto-exchange wallets has increased by 46.5% over the past 24 hours, while those sent to other wallets have increased by 30.6% over the same period.

movement Bitcoin BTC miners crypto-exhange wallet Glassnode

Source : Image via Twitter

The recent rise in the price of BTC motivated the miners to sell their Bitcoins to (finally) recoup their costs? Whale movements were feared for their negative impact on the price of BTC; should we also fear those of minors?

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The statistics therefore seem to confirm the status of Bitcoin as a safe haven against the devaluation of the dollar, a lever that could revive the rise in BTC in the coming days or in the coming weeks. All eyes are currently on which supports will give way and which supports can be relied on to keep BTC above $ 10,000. Never under $ 10,000, this is the moment of truth!

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