🚨🚀 Bitcoin Price Plunge: Is $80K a Bargain? 🤑
Ah, the eternal dance of Bitcoin’s price. One day it’s soaring, the next it’s plummeting. But what’s behind this latest drop from $87,241 to $81,331? Was it the global trade war’s impact on economic growth? The fear of a 25% US tariff on foreign-made vehicles? Or perhaps the S&P 500’s decline to its lowest levels since March 14? 🤔
Whatever the reason, four key indicators point to strong investor confidence and potential signs of Bitcoin decoupling from traditional markets in the near future. Ah, but don’t just take our word for it! 🙄
Gold, that ultimate hedge, surged to a record high above $3,100 on March 31. And the US dollar? Well, let’s just say it’s not exactly the strongest currency in the world right now. The DXY index dropped to 104.10 from 107.60 in February. 🤑
Bitcoin metrics show strength, while long-term investors are unfazed
Bitcoin’s narratives of being “digital gold” and an “uncorrelated asset” are being questioned, despite a 36% gain over 6 months while the S&P 500 index fell 3.5% during the same period. Several Bitcoin metrics continued to show strength, indicating that long-term investors remain unfazed by the temporary correlation as central banks pivot to expansionist measures to prevent an economic crisis. 🤷♂️
Bitcoin’s mining hashrate, which measures the computing power behind the network’s block validation mechanism, reached an all-time high. The 7-day hashrate reached a peak of 856.2 million terahashes per second on March 28, up from 798.8 million in February. Hence, there are no signs of panic selling from miners, as shown by the flow of known entities to exchanges. 🚀
In the past, BTC price downturns were associated with periods of FUD regarding the “death spiral,” where miners were forced to sell when becoming unprofitable. But not this time! The 7-day average of net transfers from miners to exchanges on March 30 stood at BTC 125, according to Glassnode data, much lower than the BTC 450 mined per day. 🤩
And did you hear about MARA Holdings, the Bitcoin miner that filed a prospectus on March 28 to sell up to $2 billion in stocks to expand its BTC reserves and for “general corporate purposes”? Sounds like a plan to us! 💸
Crypto exchange reserves drop
Cryptocurrency exchanges’ reserves dropped to their lowest levels in over 6 years on March 30, reaching BTC 2.64 million, according to Glassnode data. The reduced number of coins available for immediate trading typically indicates that investors are more inclined to hold, which is particularly significant as Bitcoin’s price declined 5.1% in 7 days. 🤑
Lastly, near-zero net outflows in US spot Bitcoin exchange-traded funds (ETFs) between March 27 and March 28 signal confidence from institutional investors. In short, Bitcoin investors remain confident due to the record-high mining hashrate, corporate adoption, and 6-year low exchange reserves, which signal long-term holding. 🚀
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of CryptoMoon. 🤔
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2025-03-31 23:39