Even as the price of Bitcoin rose amid the Covid-19 pandemic, investors in Bitcoin lost billions of dollars as central banks around the world, including the Fed, raised interest rates to combat inflation. At the same time the crypto exchange FTX collapsed. However, due to the collapse of some of the world's mainstream banks this year, the cryptocurrency market, including Bitcoin, is turning around.
900 bitcoins are 'mined' (bitcoin mining is the process by which miners add new bitcoins to the bitcoin blockchain) every day. Standard Chartered believes that miners will have to sell some of their bitcoins to cover the electricity costs of the supercomputers involved in mining bitcoins, among other expenses.
According to Jeff Kendrick, miners are now selling 100% of the new coins. If the price of Bitcoin rises to $50,000, they will probably sell 20 to 30 percent. It will sell 180 to 270 bitcoins per day. At this rate, 65,750 to 98,550 bitcoins will be sold annually, compared to 328,500 before.
According to Reuters, the daily production of Bitcoin will be halved in April or May of next year to balance the Bitcoin market. It will be due to internal reasons of the system.
But there have been big predictions about the price of Bitcoin in the past, which have not been reflected in reality. An analyst from the US City Bank said in November 2020 that the price of Bitcoin will rise to 318 thousand dollars in November 2022, but at the end of last year it fell to 16 thousand 500 dollars.
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