Don't invest in cryptoassets unless you're prepared to lose all the money you invest. Cryptoassets are high-risk investments, and you are unlikely to be protected if something goes wrong.Take 2 mins to learn more

Thanks to our supporters

brand imagebrand image
james-bennett-featured-image.jpg
listen

Bitcoin Drop in Activity with ByteTree

(00:17) James Bennett, CEO of ByteTree, returned to discuss the story on and off the chain over the past week. It has been a quiet period, with bitcoin price volatility over a 30-day period and annualized hovering at an almost all-time low at around 30%….

Share

Share to Facebook
Share to Twitter
Share to Linkedin

(00:17) James Bennett, CEO of ByteTree, returned to discuss the story on and off the chain over the past week. It has been a quiet period, with bitcoin price volatility over a 30-day period and annualized hovering at an almost all-time low at around 30%. Prior to the dip in September, these are unprecedented levels of low volatility for bitcoin at a time when there have been major industry developments, noted James.

BitMEX is being reprimanded by the CFTC, the FCA is banning crypto derivatives in the UK from 2021, and John McAfee was arrested in Spain. In 2017, any one of these events would have seen at least a 20% drop in the value of bitcoin. Instead, the market is basically experiencing its lowest volatility ever.

(1:15) “It’s a fascinating time. And it really indicates there’s a more mature investor presence now here in this market that isn’t willing to sell at the first sign of bad news. They’re invested in the market, they’re invested in the philosophy and they’re invested in the long-term future of this decentralized distributed network,” said James.

(00:17) James Bennett, CEO of ByteTree, returned to discuss the story on and off the chain over the past week. It has been a quiet period, with bitcoin price volatility over a 30-day period and annualized hovering at an almost all-time low at around 30%. Prior to the dip in September, these are unprecedented levels of low volatility for bitcoin at a time when there have been major industry developments, noted James.

BitMEX is being reprimanded by the CFTC, the FCA is banning crypto derivatives in the UK from 2021, and John McAfee was arrested in Spain. In 2017, any one of these events would have seen at least a 20% drop in the value of bitcoin. Instead, the market is basically experiencing its lowest volatility ever.

(1:15) “It’s a fascinating time. And it really indicates there’s a more mature investor presence now here in this market that isn’t willing to sell at the first sign of bad news. They’re invested in the market, they’re invested in the philosophy and they’re invested in the long-term future of this decentralized distributed network,” said James.

Miner Activity

(1:40) Miner difficulty hit another all-time high this month, which is very encouraging to see as the total compute power increases on the network. But miners have slightly struggled to keep up this time around.

(2:19) When you look at the different peaks and troughs, you can see the peak leads to a drop in difficulty and the trough leads to a rise in difficulty once again. And then you get to where we are now. There’s a pretty steady state. We are a little bit above the 10-minute per block threshold. So we can expect the difficulty to drop in the next period, said James.

Transaction Value

(2:46) Transaction value is the amount of value that is settled on the network in USD. It’s a similar story to volatility — we’re seeing a very steady flow of onchain activity. And if anything it’s slightly trending downward. Price is steady, and onchain transaction value is steady if not slightly trending down.

Miners

(3:19) Miners have been sending out less of those coins that they’ve newly minted. Right now we’ve seen MRI drop to just a bit below 100%, and we’ll keep an eye on this to see how it plays out. But miners a little bit unsure about the next move.

(3:59) “So across the board here we can see that volatility has dropped and…velocity has dropped as well. Price is holding pretty steady and overall the network is looking healthy. But we’re expecting a big move in the next couple of weeks. Which way? You’ll just have to follow ByteTree in order to find out,” said James.

Gerelyn Terzo
Gerelyn Terzo
Gerelyn caught wind of bitcoin in mid-2017 and after learning about the peer-to-peer nature of Satoshi's creation has never looked back. Previously she covered institutional investing and fintech for several major trade publications. Gerelyn resides in Verona, N.J.

You may also like

Article-Thumbnail-Cesar-Cerrudo.jpg
listen

Cybersecurity in crypto: Attack on DeFi Exchanges

What exactly happened in the biggest hack in DeFi? Can it happen again? As the ecosystem grows, its market has also experienced a huge pump with a current market capitalization of over $121 billion. However, this growth has also shined a light on cybersecurity issues….

Read more
obi-nwosu-e1618557591836.jpg
read

Decentralisation – coming to a screen near you

You should never laugh at people from the past, unless you’re comfortable with future generations mocking you. But it’s still funny to think that in the early days of radio, families used to gather in front of their giant, sideboard-sized sets and stare at them…

Read more
Henry-Burrows-Featured-Image.jpg
read

Crypto-backed property purchases are on the rise among first-time buyers

Traditional businesses are partnering with blockchain intelligence firms to facilitate house purchases for a new generation of young crypto entrepreneurs. In December 2017 two properties were purchased in the UK with Bitcoin.  The purchases sparked excitement that Bitcoin-backed property transactions would become commonplace, reflecting the…

Read more
Onchain-Reaction-Featured-Image.jpg
listen

Onchain Reaction with Tom Salter – Who Has Been Driving Bitcoin’s August Price Rally?

Tom joins to review Bitcoin’s price rally, along with the aftermath of Chinas’s crackdown in July and the explaination behind the market’s current bullish picture.

Read more

Recommended

Subscribe to us

Understanding your dog for dummies cheatsheet

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.