Category Archives: Bitcoin

JPMorgan Chase CEO Jamie Dimon said blockchain will have a pivotal role in the future of finance even if bitcoin, the market-leading cryptocurrency that made blockchain famous, is not his cup of tea.

Speaking at the New York Times DealBook Conference Wednesday, Dimon reiterated JPMorgans support for blockchain technology as a potentially transformative financial mechanism.

The blockchain itself will be critical to letting people move money around the world cheaper, he said. (His bank made waves recently with the launch of its JPM Coin for wholesale banking payments). We will always support blockchain technology.

But Dimon refused to give ground on his opposition to bitcoin.

He repeated his longstanding belief that governments will ultimately more heavily regulate it (something echoed recently by fellow billionaire Ray Dalio). Oversight is inevitable for something so large, he said.

Even so, Dimon acknowledged that very smart people are buying into the cryptocurrency in the belief that it will outperform gold, the U.S. dollar and U.S. Treasury bonds.

Let them do that, he said. Its just not my cup of tea.

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'Not My Cup of Tea': Jamie Dimon Is Still Not a Bitcoin Fan - CoinDesk

Bitcoin has risen by nearly half since PayPal said last month it would open its network to bitcoin.

Bitcoin on Tuesday soared to its highest level since December 2017 as the asset's perceived quality as a hedge against inflation and expectations of mainstream acceptance lured institutional and retail demand. The largest cryptocurrency in terms of market capitalization climbed to $17,868, its highest level since December 20, 2017, and was last up 6.1 per cent at $17,760.

It hit just shy of $20,000 in mid-December, 2017, during a buying frenzy driven by retail investors. Bitcoin has climbed roughly 150 per cent this year and rallied about 360 per cent from its March lows."Driven by a mix of market structure and strong fundamentals, bitcoin could now be within days of reaching its all-time high," Nicholas Pelecanos, head of trading at NEM, said. "Underlying this bullish price action is the inflation hedge narrative that has captured Wall Street since the immense money printing campaigns undertaken by the Fed earlier this year," he added.

Citi's technical analyst Tom Fitzpatrick said in a note that bitcoin could climb as high $318,000, based on his charts. Other major cryptocurrencies including ethereum and XRP, which often move in tandem with bitcoin, rose 4.2 per cent to $479.91 and climbed 4.5 per cent to 30 U.S cents, respectively. Bitcoin's 2020 rally has drawn momentum from strong appetite for riskier assets, following unprecedented government and central bank stimulus measures to combat impact of the COVID-19 pandemic, and its reputation for being inflation-proof.

Investors, such as family offices, which manage money on behalf of wealthy individuals, have sought out the cryptocurrency as a hedge against any future inflation that might stem from central bank stimulus, analysts said.

Bitcoin's supply is capped at 21 million.

Proponents say its scarcity provides an innate value and shields it from central bank or government policies that stoke inflation.

An expectation that mainstream companies will embrace bitcoin and its use as a means of payment will become more widespread also drove buying, analysts said. Bitcoin has risen by nearly half since PayPal said last month it would open its network to bitcoin and other cryptocurrencies.

In an interview with Bloomberg TV early this month, Rick Rieder, BlackRock Inc's chief investment officer of global fixed income, said crypto assets were a useful addition to a balanced portfolio.

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Bitcoin Trading Hits Nearly 3-Year High, Well Above $17,000 - NDTV Profit

Bitcoins reputation as digital gold has grown this year, with a number of high-profile investors naming it as an emerging inflation hedge.

The bitcoin price has more than doubled so far through 2020, climbing to almost $16,000 per bitcoin this week and sparking celebration among long-suffering bitcoin bulls.

Now, after Wall Street legend Bill Miller said he "strongly" recommends bitcoin last week, billionaire U.S. investor Stanley Druckenmiller has revealed he now owns some bitcoinsaying he's "warmed up to" the cryptocurrency as a store of value.

Stanley Druckenmiller, a hedge fund billionaire, made his pro-bitcoin comments on an appearance on ... [+] CNBC.

"Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money and, as you know, they got a lot of it," Druckenmiller, who, along with George Soros, famously bet against the British pound in 1992 and made massive profits, told CNBC this week. "Its been around for 13 years and with each passing day it picks up more of its stabilization as a brand."

Druckenmiller, after made headlines last week for his bearish views on the U.S. dollar, said he expects his bitcoin bet to "work better" than gold, though he holds a gold position that is "many, many more times" larger than his current bitcoin holding.

The gold price is currently just under its all-time high of around $2,000 an ounce set earlier this year, adding around 30% over the last 12 months and benefiting from many of the same trends that have lifted bitcoin through 2020worries about the coronavirus pandemic, lower-for-longer interest rates, and inflation fears.

"Frankly, if the gold bet works the bitcoin bet will probably work better because its thinner, more illiquid and has a lot more beta to it," said Druckenmiller, reversing comments he made in 2018 when said he "didn't want to own bitcoin."

Druckenmiller, who shut down his $12 billion hedge fund Duquesne Capital Management in 2010 and now manages his money through a family office, also said that inflation is likely to rise over the next five or six years due to the Federal Reserves massive stimulative measures put in place to offset the economic damage wrought by the pandemic.

The bitcoin price has added around 80% over the last 12 months--climbing around three-fold since the ... [+] coronavirus crash in March sent bitcoin to under $4,000.

Alongside a raft of high-profile investors turning to bitcoin this year, the bitcoin and cryptocurrency community has also been celebrating a number of other significant developments.

Last month, payments giant PayPal PYPL said it plans to allow its 346 million users to buy and spend bitcoin along with a handful of other major cryptocurrencies, while payments company Square SQ , led by Twitter TWTR chief executive and outspoken bitcoin advocate Jack Dorsey, said it has added $50 million worth of bitcoin to its corporate accounts.

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A Legendary Hedge Fund Billionaire Just Flipped To BitcoinCalling It Better Than Gold - Forbes

Crypto lender Creds bankruptcy is more than it appears. Two publicly traded bitcoin mining firms reported this week: Neither are profitable. ECB President Christine Lagarde has a hunch about the digital euro.

Top shelf

Chapter12?Creds Chapter 11 bankruptcy filing doesnt tell the whole story. With $67.8 million in assets and $136 million in liabilities, the crypto lender called it quits last weekend, leaving hundreds of depositors worrying about their collected $100 million loaned to the company. Cred has officially blamed malfeasance on the part of an outside investor entrusted with 800 BTC, although corporate insiders also say a $39 million line of credit to a Chinese lender went south. Theres a lot else going on, Daniyal Inamullah, former head of capital markets at Cred, said. CoinDesks Nathan DiCamillo investigates.

Bleeding BTC?Two publicly traded bitcoin mining companies are nearing profitability. Marathon and Hut 8, prominent within the sector, both narrowed quarterly losses, according to quarterly financial statements. Marathon bumped revenues to $835,184 in Q3, a 160% increase from the same period last year, while also recording a net loss of nearly $2 million. The companys loss per share, however, dropped from 12 cents to 6 cents a share year over year. Meanwhile, Hut 8 saw C$5.3 million (about US$4 million) in Q3 mining revenue, down 43% from the previous quarter, but also managed to trim its losses of C$0.07 a share in Q3 2019 to C$0.01 this quarter.

CBDC hunchEuropean Central Bank President Christine Lagarde has a hunch there will be a digital euro in two to four years. At a virtual panel yesterday, Lagarde said an European Union-wide central bank digital currency should be explored, If it is going to facilitate cross-border payments. The ECB previously said it is researching a CBDC. The latest statements are another indicator of what to expect and when: A digital euro will not be a substitute for cash, Lagarde said. It will be a complement. Separately, Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS), said any potential CBDC for the supranational bank could involve blockchain. Everything is possible, he said.

Audited and attackedDecentralized finance (DeFi) platform Akropolis suffered a $2 million loss following a sophisticated flash loan attack. According to the platforms founder Ana Andrianova, the attacker pulled out tranches of $50,000 in DAI from the projects yCurve and sUSD pools, leveraging derivatives platform dYdX. While much is said about the audit trails of novel DeFi protocols, especially after hacks, Akropolis code was in fact audited twice: once by CertiK and also by firms SmartDec and Pessimistic.

Exchange flowsBitcoin flows to Binance from Huobi have reached an all-time high. According to data provided by CryptoQuant, some 18,652 bitcoins, worth nearly $300 million, were transferred from Huobi to Binance from Nov. 2 to Nov. 11. The bustling trade spiked ever since the Huobi chief operating officer, Robin Zhu, went missing at the beginning of the month. For months, Chinese regulators have been clamping down on crypto trading platforms, as part of a broader sweep of the fintech industry.

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At stake

Dignity and bitcoinThe systems dont always work, Robby Gutmann, co-founder of Stone Ridge Holdings Group, told NLW in his first podcast interview since the company made waves by investing heavily in bitcoin. Thats why the $10 billion alternative asset manager has placed its primary treasury reserve in bitcoin.

In short, bitcoin is an exit from an inflating monetary base that has failed to serve the public. Last month, Stone announced it would stash more than 10,000 BTC with its crypto subsidiary NYDIG. This follows other corporate firms like MicroStrategy and Square moving some of their cash treasuries into bitcoin, also citing monetary debasement.

The expansion of the money supply in the U.S. hasnt shown up in growth of CPI in a measurable way, but in other measurements of inflation, Gutmann said. Notably, Gutmann considers the prospect of living a dignified retirement as an ideal marker for inflation.

The idea of financial security is much broader in bitcoin, he said, when claiming that only a single-digit number of fiat monetary systems are functional or scale. Can I save my days labor in something I can spend tomorrow next week, isnt a question most U.S. workers are confronted with, but it may be a legitimate concern elsewhere.

Thats why a bitcoin-based world economy could better serve nations that werent part of the industrializing processes of the 19th and 20th centuries.

Gutmann further explained NYDIGs thesis is in fostering the long-term development of an open source monetary system. This includes opening some of its in-house bitcoin infrastructure up to other companies we wont be the last people that have this challenge and applying for New York States BitLicense and a limited trust charter.

To the extent we can move the bitcoin project forward, it feels like we can do something measurable in society today around this idea of financial security for people outside the first world, he said.

The full, hour-long interview can be found here.

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Blockchain Bites: Bankrupted Cred's Missing Millions, Bitcoin Miners' Quarterly Losses and More - CoinDesk

Bitcoins price keeps climbing amid election uncertainty. Wasabi Wallet will offer automatic, privacy-preserving CoinJoins in its coming upgrade. A major Russian power provider is entering into a bitcoin mining joint venture.

Top shelf

$1B BTC forfeitureThe U.S. government is suing for the forfeiture of thousands of bitcoins, totaling more than $1 billion, that it seized on Tuesday. These bitcoins are said by the U.S. Department of Justice to be connected with the Silk Road marketplace. The address holding the bitcoins has been dormant since 2015, when the coins were transferred to now defunct crypto exchange BTC-e. According to Bloomberg, authorities seized the funds from an unknown hacker who had gained access to the address. The BTC are now likely to be auctioned, reintroducing them to the market supply. Near equivalent amounts of bitcoin gold, bitcoin sv and bitcoin cash were also recovered from the address.

Fat-fingeredReddit user ProudBitcoiner accidentally paid 23.5172 ETH (approximately $9,400) fee on a $120 transaction, the person disclosed in a post. The costly mistake occurred while manually entering a Gas Price while executing a swap on the DeFi liquidity protocol Uniswap rather than a Gas Limit. Mining pool Ethermine processed the transaction and collected the windfall fee, which was way higher than the current average of 0.0022 ETH ($1.07), though ProudBitcoiner has contacted the miner for assistance in potentially recovering the fee.

Mining co-ventureOne of the largest aluminum and power producers in the world will begin crypto mining through a joint venture with BitRiver, which already owns the largest mining venue in Russia and is looking to expand. En+, whose largest shareholder is Russian billionaire oligarch Oleg Deripaska, owns four major hydropower plants in Siberia that produce about 7% of the countrys electricity. The joint venture (an 80/20 split between En+ and BitRiver) will offer 10 megawatts of power for miners to host ASICs, with the potential to expand to 40 megawatts. En+ was sanctioned by the U.S. in 2018, though these prohibitions have since been lifted.

Exchange expansionCoinbase is hiring in Japan, with renewed plans to launch. While the U.S.-based exchange has not received a mandatory operating license from Japans Financial Services Agency (FSA), in March it became a second-class member of the Japan Virtual Currency Exchange Association, a self-regulatory organization approved by the regulator. IT, data, finance and accounting, legal, marketing and communications, customer experience, and international expansion roles are currently open. CoinDesks Sebastian Sinclair reports Coinbase has had plans to expand into Japan since 2016.

Privacy preservationWasabi Wallet is looking to overhaul its privacy-focused bitcoin software wallet with user-centric design and privacy improvements including automatic, default CoinJoins. (A CoinJoin is a method of mixing BTC transactions from multiple users to better conceal identities). Separately, Blockstream engineers will roll out improvements to bitcoin multi-signature transactions, with privacy benefits. The MuSig2 design builds on previous multi-signature schemes a way to authorize transactions using more than one private key while reducing the technical complexity and amount of communication between parties to operate.

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Market intel

Bitcoins stimulusBitcoin crossed $15,000, the first time since January 2018. The cryptocurrency is now up 7.8% over the past 24 hours and over 108% on a year-to-date basis, with little sign of slowing. CoinDesks Omkar Godbole notes this recent rally is represents a ~40% climb in the last four weeks alone. Buoyed by an imminent sense of monetary stimulus, indeterminate of who wins the U.S. presidential election, analysts predict this rise to continue. We may not know what a post-election [fiscal] stimulus may look like, but investors continue to believe that the [Federal Reserve] will keep printing money at a pace that favors bitcoins finite supply, John Kramer, a trader at crypto liquidity provider GSR, told CoinDesk.

At stake

Anyones betPrediction markets are still buzzing with activity amid the uncertainty of the current U.S. presidential election process. Yesterday, decentralized predictions platform Polymarket became the fourth-highest fee-generating blockchain project, according to Cryptofees, only behind Bitcoin, Ethereum and DeFi protocol Uniswap.

Currently, perhaps obviously, the largest pool on Polymarket is Will Trump win the 2020 U.S. presidential election?, with nearly $8.8 million in trading volume. While predictions flipped in President Donald Trumps favor on the first night of ballot counting, most bettors now see former Vice President Joseph Biden as favored to win.

I think us being top 4 of fee-generating blockchain apps, literally anything blockchain-related, is insanity, Shayne Coplan, Polymarket CEO, told CoinDesks Sebastian Sinclair. Just in this election cycle alone, we have seen our volume surpass $10 million which is a lot higher than we expected in such a short time frame.

Of course, prediction markets are not the only way for people to take bets out on election results. Its likely most markets are, in some way, processing the current moment of anxiety and uncertainty.

For instance, trading in Chicago Mercantile Exchange (CME) bitcoin futures during the U.S. election has spiked 75% above the 2020 average. The CME is routinely one of the largest, and most institutionally-driven crypto options exchanges. Average daily open positions, which allow traders the option to buy bitcoin between a specified period, was up 20% in just the first two days in November compared to October.

Making sense of bitcoins current three-year high, Bill Noble, chief technical analyst at Token Metrics, said that no matter the electoral outcome, monetary stimulus is to be expected. This strengthens one of bitcoins core narratives (the things people believe about the oldest cryptocurrency) as a hedge against inflation.

If there is social disorder because of a Trump win, the Fed prints. If the election result is a blue wave and taxes rise, the dollar falls because the Fed prints more, and more and more, Noble said.

Going back to predictions markets: Anthony Sassano wrote, Ive long thought that one of the major reasons prediction markets hadnt taken off yet was due to little to no interesting markets being available to bet on.

Thats not to say predictions markets are any better or worse than traditional ways of measuring risk. Cami Russos The Defiant publication said Ethereum prediction markets are the best or worst answer to uncertainty, while Decrypt found FTXs platform largely mirrors FiveThirtyEights model.

With election headlines currently dominating the discourse, the stakes are high and the bets are on.

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Blockchain Bites: Bitcoin at $15K, $1B Silk Road Bust - CoinDesk

The crypto economy has jumped over the $400 billion mark and is now hovering around $414 billion at the time of publication. The largest crypto asset in terms of market cap, bitcoin has climbed over 9% during the last 24 hours steadily marching toward the $15k zone.

What do you think about bitcoin nearing the $15k price zone on Thursday? Let us know what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin Wisdom,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin Price Spikes Over 9% as the Crypto Asset's Value Nears $15K | Market Updates - Bitcoin News

The hunt for a hedge is on.

With the Federal Reserve keeping its benchmark interest rate near zero on Thursday and more fiscal stimulus on the horizon as a final presidential election outcome draws near, there's a lot for investors to consider when buying into certain asset classes, one trader said.

"You still have the S&P 500 trading under recent highs. The 10-year yield, more or less, has been sideways," JC O'Hara, chief market technician at MKM Partners, told CNBC's "Trading Nation" on Thursday.

"I'm actually looking at another asset class that I think will work tremendously well within this current environment, and that's bitcoin," he said. "What I like about bitcoin is it's actually breaking out."

Cryptocurrencies tend to act well going into and coming out of elections on the whole, but bitcoin's technicals are particularly strong this time around, O'Hara said.

"When we looked at a chart of bitcoin, we could see a very strong technical setup here that we believe is setting up for further upside," he said.

"It's already breaking above the 2019 highs and from a technical perspective, there's really not resistance until we have to go all the way back to December 2017," O'Hara said. "So, in order to get to that level, we're seeing another 20% higher for bitcoin. So, I think that's the play here in the weeks to come."

Quint Tatro, chief investment officer of Joule Financial, said his post-Fed trades were all about "gold, gold and gold."

"There's no question that gold is ripe for further upside here," Tatro said in the same "Trading Nation" interview. "Ultimately, this is the area you want to be in to further capture that upside."

Gold's recent rally may have just as much to do with the market expecting the Fed to remain accommodative even if inflation reaches its target as it does with investors hedging around the election results, Tatro added.

The "easiest way to play [gold] for investors at home" is via the SPDR Gold Shares ETF (GLD) or mining stocks such as Agnico Eagle Mines or Barrick Gold, he said.

"These are great plays and, again, I think that there's further upside to play off of this inflation trade," he said.

Tatro did, however, see advantages to O'Hara's bitcoin call.

"I think if this theme works based on what we're talking about, gold will do exceptionally well and then the momentum horse will be bitcoin, there's no question about it," said Tatro, who owns some bitcoin in a Coinbase account.

The biggest risk for investors when it comes to the bitcoin trade is "liquidity," the CIO said.

"I can't buy it for clients. I can't yet justify that going into managed accounts or retirement portfolios," he said. "I mean, it's massively liquid. I'm not saying that there's no liquidity. But it's one of those asset classes where you wake up and the next day it could be down 20 or 30% and I just can't accept that risk for clients here."

Gold reached 1 month highs on Thursday as the dollar weakened. Bitcoin prices climbed nearly 8%, according to CoinMetrics.

Disclosure: Joule Financial and Tatro own shares of Agnico Eagle Mines. Tatro personally owns bitcoin.

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Buy bitcoin to play low interest rates and a friendly Fed, says trader who predicts 20% upside - CNBC

Bitcoin (BTC) hit $15,000 on Nov. 5 as excitement over the United States election spilled over from macro markets.

Data from Cointelegraph Markets and TradingView showed BTC/USD tackle the $15,000 barrier repeatedly throughout the day, finally breaking it to post press-time highs of $15,200.

The move seals a hectic day for Bitcoin, which just 24 hours ago traded below $14,000. The last time that BTC/USD saw $15,000 was in early January 2018.

Reacting, many well-known Bitcoin figures noted that it was high time for the largest cryptocurrency to make a decisive move. Macro investor Dan Tapeiro in particular praised the price models of quant analyst PlanB.

Now enterring what is called the moment of realization for Bitcoin, he tweeted.

As Cointelegraph reported, some expected $15,000 to pose major resistance that would temporarily quash Bitcoins $1,000-plus daily gains.

Others argued that technically, there was very little standing in the way of new all-time highs once Bitcoin overturned resistance at $14,000 and then $14,500.

I have seen this show before, PlanB added, referencing the bull runs of 2013 and 2017.

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Bitcoin price hits $15K as daily gains top 9% and Trump Vs. Biden goes on - Cointelegraph

The Iranian government has adopted bitcoin for international trade as the countrys economic crisis deepens, with rising Covid-19 cases, depreciating rial, and intensifying sanctions imposed by the U.S. government.

Iran is undergoing a severe economic crisis as Covid-19 cases surge in the country. The Iranian health ministry says that the number of daily Covid-19 infections has more than quadrupled in less than two months. In addition, an increasing number of sanctions have been placed on Iran by the U.S. government, while the local fiat currency, the rial, continues to dramatically fall.

Steve H. Hanke, Professor of Applied Economics at Johns Hopkins University and a hyperinflation expert, described the situation in Iran as a classic death spiral. He detailed on Wednesday:

Since 1/1/20, the rial depreciated 54.23% against the USD in the free market & Inflation rose from 21.89%/yr to 158.31%/yr by my measure.

While Iran has long been pro-bitcoin, having regulated the crypto industry since August 2019, the country made a major move last week to take cryptocurrency adoption to the next level. IRNA publication reported that the Iranian cabinet amended cryptocurrency legislation based on a joint proposal by the CBI and the Iranian Ministry of Energy to enable the central bank to use cryptocurrency to pay for imports. This could also help the central bank evade restrictions imposed by the U.S. government.

While the government is still working out the details of how this will be done, the publication reported that licensed bitcoin miners in the country will have to sell their coins directly to the central bank. Iran Daily described:

The Iranian government amended its regulations on cryptocurrencies to allow them to be exclusively used for funding imports at a time of increased pressure on the countrys normal use of hard currencies.

Based on the laws, cryptocurrencies legally mined in Iran will only be exchangeable when they are used to finance imports from other countries, the news outlet continued. The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI. Furthermore, the legal cap for the amount of cryptocurrency for each miner would be determined by the level of the subsidized energy used for mining and based on instructions published by the Ministry of Energy.

What do you think about the Iranian government using bitcoin? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Iran Adopts Bitcoin for International Trade Amid Heavy Sanctions, Falling Rial, Soaring Inflation | Regulation - Bitcoin News

The price of Bitcoin (BTC) has pulled back substantially since its yearly high at $14,149 a few days ago. Yet, there are five signs that the real rally is only just starting.

Rising HODLing activity, record-high fundamentals, low retail interest, higher time frame breakout and technical indicators suggest that a bigger bull run may be brewing.

Bitcoin has dropped over 6% from its local peak at over $14,000, a level it hasnt tested since 2017.

But on the weekly and monthly time frames, it recorded a clear breakout. It saw its weekly and monthly candles close above $13,000 for the first time in nearly three years.

As Cointelegraph previously reported, the monthly chart shows Bitcoin is far above key moving averages. Technically, that means the momentum is still intact, but a healthy pullback could be beneficial.

During the peak of a bull run, Google Trends activity for the keyword Bitcoin skyrockets as retail demand floods in. When market sentiment becomes euphoric, whales tend to take profit, causing the market to decline.

In the past several months, despite the strong rally of Bitcoin, Google Trends activity has been low. This indicates that not a lot of retail investors are searching about the dominant cryptocurrency on Google.

Additionally, according to data from The Tie, the monthly tweet volume of Bitcoin in October only rose 7.8%. The lack of retail interest despite the price being at multiyear highs indicates BTC might be in an early bull market phase.

According to the Mayer Multiple, historical Bitcoin price cycles show the current BTC rally is not overheated.

The Mayer Multiple analyzes the price of Bitcoin based on its 200-day moving average, which evaluates its long-term price trend. If the multiple is above 2.4, it indicates that the rally is likely overheated. In 2017, when BTC hit $20,000, as an example, the multiple rose to around 3.8.

Currently, as of Nov. 2, the Mayer Multiple is hovering at around 1.27. This shows the rally is not overheated or overcrowded, despite BTCs uptrend from $3,600 to $13,350 since March.

During autumn, the northern areas of China undergo the rainy season. Major mining hubs that rely on hydropower can gain access to cheaper electricity, which allows them to mine Bitcoin more efficiently.

When the rainy season came to an end, there was a mass exodus of miners in the Northern area of China. Consequently, the hash rate of Bitcoin fell steeply in a short period.

Yet the 30-day average hash rate over the past year shows that the Bitcoin hash rate is still near its record high. Currently, it is hovering at roughly 132 million terahashes per second. In January, the hash rate was well below 100 million TH/s, by comparison.

Based on HODL waves, which evaluate the trend of long-time Bitcoin holders, more investors are increasingly holding BTC for longer periods.

HODLing activity has increased since March when the price of BTC briefly dropped below $3,600. Since then, investors have been steadily accumulating BTC.

The increasing holding of BTC put together with strong fundamentals, a favorable high time frame technical structure and positive technical indicators have strengthened the overall market sentiment that may eventually trigger an even bigger rally for Bitcoin.

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5 signs that the real Bitcoin rally may only be just beginning - Cointelegraph