Bitcoin prices surged 35% higher today after more than 1 million Bitcoin “addresses” purchased the digital currency. Trading volume surpassed $10 billion for the first time since August 2017, when Bitcoin prices reached an all-time high of $4,400. It’s unclear who purchased the Bitcoin, but the Blockchain data suggests the buyer was a single party. Many are speculating the purchase was a large, wealthy investor, while others believe the cryptocurrency exchange Coinbase was behind the purchase. Either way, it seems safe to say the Bitcoin bear market is over and prices will continue to rise.

The cryptocurrency market is experiencing a bullish market as many cryptocurrencies are posting gains of 30 to 40 percent. Bitcoin, the world’s largest cryptocurrency by market capitalization, has gained more than 70 percent in the last two weeks. At 12:00 UTC today, the world’s most valuable cryptocurrency surged to $8,200 after gaining more than $1,000 in a short period of time.

The crypto market had a great day yesterday. The total market capitalization increased from $130 Billion to $140 Billion. Bitcoin is trading $10,000, and many altcoins are also trading in the green. The main reason for the rally is the news that more than one million bitcoin addresses bought bitcoin yesterday. As Bitcoin is going down, many people are selling their Bitcoin at low prices.

Bitcoin and other cryptocurrencies had one of the worst trading sessions in recent history. The price of bitcoin fell from $42,000 to $30,000 during the US trading sessions, the price of bitcoin found an intraday low at $30,000, the price of BTC quickly bounced off that support and reached levels above $39,000 within minutes. The cryptocurrency market has lost more than 20% of its value in the past 24 hours, with Ethereum and Binance also hit hard, losing more than 40% of their value in the past 24 hours. In our last update of 23. In April, we discussed the possibility of such a decline. During the stock market crash, over $8 billion was liquidated on various futures markets in a massive sell-off, and over 800,000 individual accounts lost their funds entirely. word-image-5958 At the time of writing, bitcoin is trading above $38,000, with buying pressure building in the ongoing Asian trading session. Judging from current levels, bitcoin could recover quickly from here and is expected to close above $40,000 today. Despite the sharp drop in the market, nothing has fundamentally changed, companies are still buying bitcoins, Tesla is holding bitcoins, and the activation of Taproot is not delayed. Bitcoin is recovering.

More than one million addresses bought bitcoins in the last 24 hours

word-image-2838 According to the blockchain, more than 1 million addresses bought bitcoins between $32,300.26 and $43,781.97 yesterday, representing more than 68.5 percent of the total chain. 487.66 thousand addresses sold bitcoins yesterday during the market drop. They represent less than 32% of the chain’s volume.

Possible V-shaped reconstruction

This is not the first time we have had a significant pullback in a bull market, it also happened in the last bull market. Stories about China’s ban have always been part of every bitcoin bull run, so in 2017, when China brought out the news of the cryptocurrency’s ban, the bitcoin price reached a record high on the 14th. In September, there was a decrease of about 23%. Interestingly, bitcoin recovered quickly after this plunge, rising about 95% over the next 30 days. word-image-2839 On the daily chart, we find many similarities between the September 2017 decline and yesterday’s pullback. Bitcoin is showing strong buying pressure on the lower time frame. If the current daily candle manages to close above $40,000, I think bitcoin will quickly recover from its recent pullback and the btc price should soon test the $48,000 area again. We have a decent chance of a possible V-shaped recovery here, if that happens, the price of bitcoin could end up above $100,000 in the coming months. word-image-2840

The meaning of social media

#Bitcoincrash has been trending worldwide since yesterday. We’ve seen mixed reactions on social media. Katie Wood just predicted a bitcoin of $500,000 on Bloomberg. – Jano (@JasonYanowitz) May 19, 2021 Stop chasing #Altcoins Pump relieved, instead take the opportunity to get back into #BTC When #BTC starts running towards $100k, dominance will increase, #Altcoins will suffer and ALTBTC pairs will suffer even more. – Hitesh Malviya (@hmalviya9) May 19, 2021

Bitcoin becomes a better store of value after activating Taproot

Taproot is the most significant update to the bitcoin network since the block size increase in 2017. The relative irregularity of bitcoin’s updates highlights one of its key features: It’s solid. Taproot will not only improve the ease of use of bitcoin, which could lead to an expansion of the market and possibly its value. Taproot now has more than the required minimum number of miners reporting support to block the update, but it is not yet final. According to the activation rules of the Speedy Trial, 90% of the blocks mined during one of bitcoin’s problem periods must show support for the update in order for it to be activated in November. The mining pools responsible for 94% of the bitcoin hashrate have now enabled the Taproot signaling bit to show their support for the update.  The carrot should be in place in the next few weeks.

Bitcoin adoption by businesses and institutions

word-image-2841 According to ForextoStock, 35 publicly traded companies own more than 200,000 bitcoins. Micro-strategy bought more bitcoins during the stock market crash and currently owns about 111,000 bitcoins. Tesla has more than 42,000 bitcoins, which it acquired in March this year. Grayscale® Bitcoin Trust (GBTC US) currently has 653,274 (BTC) and 3,165,721 (ETH). This number will only increase in the future as more and more companies plan to add bitcoin to their reserves.

Way forward

Bitcoin will reach $100,000 sooner than you think, so take advantage of the current downturn to buy bitcoin for the long haul. I advise everyone to stay away from altcoins, as bitcoin’s dominance has found support at 40% and its value is expected to rise as the price of bitcoin rises. Bitcoin is the best deal of the moment that you should not miss. word-image-5959 . He is one of the very first enthusiasts of blockchain and cryptocurrency in India. After working in the field for several years, he founded IBC in 2016 to help other early adopters learn about the technology. Before joining CBI, Hitesh founded 4 companies in the field of cyber security and IT.

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More than 1 Million Addresses Bought Bitcoin Yesterday: V Shape Recovery to 100,000$ is Possible There is already a strong buy signal in place for bitcoin: -The price has just broken out after a short consolidation period -The volume is right at the previous all time high -The price is now above its 200 day moving average. Read more about bitcoin value and let us know what you think.

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