BTC Update 04/20/2024, 59541 (-2%)
BTC Update 04/20/2024, 59541 (-2%)
Journaling Days: 07
BTC printed its lowest 59541 at 09:30/04/19/2024
BTC printed its highest 65480 at 18:40/04/19/2024.
Journal time: April 19th-20th. 7am-7am UTC+7
In the news:
Bitcoin Halving: A Record-Breaking Event with Mixed Reactions
The highly anticipated Bitcoin halving event has finally occurred, marking a significant milestone in the cryptocurrency's history. The 840,000th block, mined by ViaBTC, triggered a 50% reduction in miner rewards from 6.25 BTC to 3.125 BTC per block. This event has sent shockwaves through the Bitcoin community, with users spending a staggering $2.4 million in fees to inscribe rare assets via the new Runes Protocol.
Record-Breaking Fees
The halving block became the most sought-after piece of digital real estate in Bitcoin's history, with users dropping a total of 37.67 BTC on fees, according to data from Bitcoin block explorer mempool.space. This translates to a whopping $2.4 million at current prices. The miner subsidy of 3.125 BTC brings the total to 40.7 BTC, worth $2.6 million, paid to ViaBTC for producing the halving block.
Runes Protocol and the Frenzy
The Runes Protocol, created by Bitcoin Ordinals creator Casey Rodarmor, allows for the creation of new tokens on the Bitcoin network. The protocol's launch coincided with the halving event, leading to a frenzy of activity as users rushed to inscribe and etch rare satoshis on the halving block. This frenzy was attributed to the record-breaking fees, with much of the activity stemming from the Runes Protocol.
Mixed Reactions
Despite the excitement surrounding the halving event, the price of Bitcoin remained relatively stable, with some analysts attributing this to the event already being priced in. Outspoken Bitcoin critic Peter Schiff took to social media to throw shade at Bitcoiners, saying that the halving event would lead to a halving of their net worth.
Old Whales and Miners Emerge as Big Winners
On-chain data from CryptoQuant reveals that old whales and miners have emerged as the biggest winners from the halving event. Seasoned Bitcoin investors, or "old whales," have seen a staggering 223% increase in unrealized profits, while small miners and large mining companies have also seen decent gains.
BTC Centralization Concerns
However, not all is rosy in the Bitcoin world. Komodo CTO Kadan Stadelmann has raised concerns about the increasing centralization of the Bitcoin network, citing the concentration of mining power within a few mining pools and the involvement of financial institutions in Bitcoin mining operations. Stadelmann warns that this centralization poses a threat to Bitcoin's decentralized identity and could lead to a loss of its original purpose.
Overall, the Bitcoin halving event has been a mixed bag, with record-breaking fees and big wins for old whales and miners, but also concerns about centralization and the potential loss of Bitcoin's decentralized ethos.
BTC Prediction for 04/20-21/24
Short: 65480
Long: 59541
Prediction expired at 04/21/24.07:00 am UTC+7.
BTC Prediction for 04/19-20/24 (Update) #Final
You had 2 profitable targets yesterday. The long (60764) gave more bucks, but if you took the short one (64100), my apology for forgetting to delete "TP:" in front of the :64100, you still had a chance to take around 1.7% profit on your position. Still, it's not too bad if you used future trading 100x in Binance as your investment platform.
However, to ensure your trading longevity and psychology, I suggest taking only one position per day to keep your greed in check.
Long: 60764
Open: 08:48/19/04/24
Closed position: 64000 at 13:47/19/04/24
PnL: +5.32%
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Short: 64100
Open:13:48/19/04/24
Closed position: 62930 at 13:47/19/04/24
PnL: +1.8%
BTC 04/15-16/24 Prediction (Update)#5
I remain positive about the Long position BTC opened at (63820) on that session day. I plan to update this position until BTC prints 67k.