Despite Bitcoin’s struggling price movement since the year began and even after the halving events, new reports have continued to prove that Cryptocurrency investors, precisely Bitcoin investors, have remained bullish as investment continues to increase in leaps and bounds.
The most recent is reflected in new reports, showing that leading Bitcoin trust firm Grayscale, has secured over 9500 BTC in the past one week. This brings the overall figure the firm has secured from investors since the Bitcoin halving (past 3 weeks) to a sum total of 28,413 BTC, an equivalent of $279,118,407 when converted to Bitcoin’s current trading price.
Another massive week for Grayscale.Grayscale added 9,503 BTC to their Bitcoin Trust since last week (28,413 BTC since the halving).Bitcoin miners only produced 6,863 BTC since last week (19,200 BTC since halving).🚀🚀 🚀 pic.twitter.com/BGHKcbiJwQ— Kevin Rooke (@kerooke) June 4, 2020
In contrast, there has been a slower production rate from Bitcoin miners since the halving occurred. The reports have shown that miners have only been able to come down with a total of $6,863 mined BTC over a space of 7 days. When combined with the number of Bitcoins mined throughout post-halving, the figures are estimated at a total of $19,200 BTC, approximately $188,677,440.
New money is coming to Crypto
In the first quarter of 2020, Grayscale recorded an average weekly investment of $29.9 million. While in 2019, Grayscale was only able to secure $3.2 million in the first quarter of that year.
Grayscale’s Bitcoin Trust is on a whole new level in 2020.Average weekly investment (Q1 2019): $3.2 millionAverage weekly investment (Q1 2020): $29.9 millionInstitutional money has arrived. pic.twitter.com/5BMJURWqBZ— Kevin Rooke (@kerooke) May 23, 2020
The influx of funds being poured into Grayscale’s Bitcoin trust goes to show that whales and big players in the Cryptocurrency scenes are optimistic about a promising future for Bitcoin. This optimism becomes even more objective when the highly anticipated post-halving upsurge in Bitcoin’s price is considered.
Meanwhile, a new wave of investors is certainly trailing the Cryptocurrency scenes. This should come as no surprise, seeing the United States is already experiencing an economical crisis as a result of the global Covid-19 pandemic, as with many other countries.
Due to the increased inflation rate and the impressive performance of Bitcoin against other leading assets including gold, it is evident that a lot of investors are following billionaire Tudor’s footsteps, and are looking into Cryptocurrency as a better investment alternative.
Mining Difficulty Drops
The last Bitcoin halving event led to the reduction of Bitcoin mining rewards from 12.5 bitcoin (BTC) per block to 6.25 units. While this led to an exit from Bitcoin miners who couldn’t afford stronger equipment, mining difficulty has now been adjusted to 13.7 trillion on the Bitcoin Blockchain network.
This means that miners will find it a lot easier to mine Bitcoin. Despite the reduced rate at which miners are currently carrying out production, which can be credited to exorbitant mining equipment, and reduced rewards, the reset in mining difficulty will certainly work in favor of miners.
Bitcoin Price Performance
Asides from mild weekly losses, Bitcoin price has not particularly experienced a severe downswing. Still, price-performance has still not been the most encouraging as Bitcoin continues to retest previous support.
Although Bitcoin experienced a short rally and crossed over $10,000 on the second of June, Bitcoin is now trading at a previous support price of $9,792.67. If the bulls can find stability in the coming weeks, Bitcoin could peak at $10,000 and progress to break higher resistance levels.
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