Bitcoin Rallied Thursday, Expect More Attempts at $10,000 Soon

Bitcoin Rallied Thursday, Expect More Attempts at $10,000 Soon

Bitcoin Rallied Thursday, Expect More Attempts at $10,000 Soon

$BTCUSD

Bitcoin prices moved a bit lower Thursday testing support near $9,000, and bounced trading as the # 1 concurrency sets up another attempt at $10,000 the Key resistance. Wednesday price rallied to $9,745.

Currently, Bitcoin is trading at: $9,244.085, +427.37, or +4.85%, as of 2:12a BST, the market is open

Notably, early Thursday morning, the 17-M’th Bitcoin was mined. It was the 1st time the cryptocurrency reached a million-coin mark since Y 2016, when the 16-M’th Bitcoin was mined.

Under Bitcoin’s current rules and blockchain setup, there are only 21-M Bitcoins that can be created ever.

It is a finite supply, capped at 21-M coins that is a core principle of Bitcoin creator Satoshi Nakamoto’s thesis.

Mining Bitcoin is an extremely energy-consuming process, and only about 1,800 Bitcoins are mined on an average trading day. And because Bitcoins are mined in small blocks it is unlikely the crypto world will know exactly who mined the 17-M’th Bitcoin. With Thursday’s 17-M’th Bitcoin, about 81% of all Bitcoin supply are accounted for

Bitcoin to Replace Gold?

 Speaking at the Sohn Investment Conference, John Pfeffer, partner at Pfeffer Capital, said that bitcoin is the first real asset that could meaningfully replace Gold.
He noted that Bitcoin is better on every front. The fund manager explained that if the #1 cryptocurrency can replace 25% of a country’s foreign reserves, the coin’s network could grow in value to about $6.4-T.
With that, he said the crypto would be a useful tool for countries with failing currencies.

Stay tuned…

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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