Max Keiser, a well-known Bitcoin advocate who serves as an advisor to El Salvador’s President, Nayib Bukele, recently expressed his thoughts on the ongoing drop in Bitcoin value despite strong bullish factors. Among these factors are MicroStrategy’s repeated Bitcoin acquisitions.
Initially falling from around $102,000 to slightly below $93,000 between January 7th and 9th, Bitcoin, the leading global cryptocurrency, has since regained the $95,700 level and is currently fluctuating near $95,000. Over the last 24 hours, BTC has experienced a decrease of approximately 2.57% and is being traded at $92,933 at this moment. The primary factors contributing to this prolonged correction seem to be recent geopolitical events, specifically the comments made by the newly inaugurated U.S. president and Elon Musk, a known advocate for cryptocurrencies.
Keiser spotlights Bitcoin’s hash rate over price
On the social media platform X, the advisor to El Salvador’s president on Bitcoin was asked by a Bitcoin supporter about why the price of Bitcoin consistently decreases despite MicroStrategy’s regular Bitcoin purchases over the past month and most recently. Keiser suggested that the X user should examine the Bitcoin hash rate. “The price of Bitcoin provides no information,” he also mentioned.
Bitcoin price tells you nothing. Look at hash rate.
— Max Keiser (@maxkeiser) January 12, 2025
Kaiser’s mention of the Bitcoin hash rate suggests that it provides valuable insights into Bitcoin’s current state in terms of its health and security, rather than its volatile price. On January 12th, there was a significant rise of 24.78% in the BTC hash rate compared to the previous day, reaching an impressive 939.75 million terahashes per second (TH/s). Consequently, the difficulty of Bitcoin mining also increased on that day, currently at 110.45 trillion.
Every fortnight, the complexity of mining adjusts to maintain a consistent 10-minute interval for generating a fresh Bitcoin block. This upkeep contributes to the overall wellness and stability of the network. An increase in difficulty typically indicates an influx of new miners, which benefits the network and could potentially boost the value of Bitcoin in the long run.
Large BTC whale activity plunges
Based on data presented by crypto analyst Ali Martinez, there’s been a significant decrease in large Bitcoin transactions over the past month. This statistic has dipped by approximately 52%, going from 33,450 to 16,180.
Over the past month, there’s been a substantial decrease of approximately 51.64% in the number of major Bitcoin transactions on its network, going from 33,450 to 16,180. This possible decline might suggest less active participation from large-scale investors or “whales”.
— Ali (@ali_charts) January 13, 2025
Santiment explained that it’s probably indicative of major cryptocurrency investors (whales) decreasing their trading activities noticeably.
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2025-01-13 14:34