The most important of the cryptocurrencies, arrives in October in the middle of all kinds of forecasts. For sure, no one can say for sure what will happen to Bitcoin this month, but its behavior in these first days can be explained.
As for mining, Bitcoin continues to expand its Hashrate. The hash power of the leading digital currency recently hit a new all-time high of 143 EH / s. However, earlier this month, it has fallen back to 135 EH / s.
In relation to the price, it has ranged between $ 10,200 and $ 10,800. From September 21 to the first days of October, that margin has been maintained. This data was extracted from the graphs of the Blockchain.com portal.
Behavior of Bitcoin in the BitMEX case
As you should remember, the announcement of the COVID-19 pandemic by the World Health Organization (WHO) caused the price of Bitcoin to plummet. In the same way as in events of the past, they caused the debacle of the value of this cryptocurrency.
However, with the growth and progress that Bitcoin is experiencing, a significant degree of maturity has begun to appreciate. The first days of this month, the earthquake that has meant the persecution by the CFTC against BitMEX, has not affected the price of Bitcoin.
As has been indicated in multiple news items, the Commission of Commodity Futures Trading (CFTC), accused three members related to the aforementioned BitMEX, of violating laws related to money laundering.
Before this news, the users of the exchange platform, withdrew large amounts of BTC (equivalent to 425 million USD). This movement of currencies, however, was imperceptible to the behavior of the price of Bitcoin.
Old bitcoin moved
Another important event that could influence the behavior of the price of Bitcoin, was the movement of currencies of the Satoshi era. Under other circumstances, this would have had a negative impact as it would mean more liquidity in the market.
All this indicates that, as said, the maturity of Bitcoin has allowed a significant degree of stability. The same has been expressed during the first days of October.
On the other hand, it is important to highlight the hack of the KuCoin exchange, from which some 150 million dollars in Bitcoin, Ether and ERC20 were extracted. From this fact, a reaction in the price of the main cryptocurrency has not been reported either.
However, some analysts believe that these events have prevented the pioneer cryptocurrency from rising in price, leaving it stagnant.
It should be remembered that hacks and other events such as those reported above, cause great sales pressure, which generates the price collapse. But the firm CyptoQuant claims that KuCoin has experienced minimal abandonment after its security breach.
Market capitalization remains high
According to the numbers from the CoinMarketCap portal, the market capitalization of Bitcoin is $ 196,852,087,162. This sum has remained relatively stable in the first days of the month, despite the events that have impacted the environment surrounding this digital currency.
Another aspect to take into consideration, to anticipate the behavior of Bitcoin, is its quality as one of the best assets of 2020. Throughout the year, only once, Bitcoin has been below gold and the S&P 500 and was in March.
In a graph presented by Dan Held of Kraken, it can be seen that Bitcoin’s behavior in early October is still well above the other two assets.
From all this, it can be said that, during the month of October, stability in the price of Bitcoin can be expected. For now, there are no signs that could indicate a sudden increase in volatility in its price.
Regarding its Hashrate, although it has dropped, the trend is to increase as the mining business expands around the world.
Data to take into consideration
- On September 18, the Bitcoin Hashrate reached 143 EH / s.
- The highest price achieved by Bitcoin so far this year was $ 12,300 on August 17.
- Hacking of exchange KuCoin, BitMEX case and movement of old bitcoins, have not influenced the behavior of the price of Bitcoin.
- On October 1, BTC’s hash rate was 140 EH / s. In a few hours, it plummeted almost 5 EH / s.