Bitcoin is promised a parabolic surge
Mike McGlone, the Senior Commodities Strategist at Bloomberg Intelligence, admits the possibility of a “parabolic” Bitcoin surge in 2021. He came to this conclusion after analyzing the trends for 2013 and 2017.
According to the analyst, the dynamics of distribution and the increase in demand projected on the previous trends suggest a prosperous future for the cryptocurrency.
"The New Highs are the next possible iteration, and it may only be a matter of time before something we didn't expect breaks the trend towards wider distribution and a balance between supply and demand." explains his position.
The idea that 2021 could be a repeat of 2017 spread among cryptocurrency investors amid a halving that occurred in May when the miner's reward was lowered from 12.5 BTC to 12.5 BTC at 6.25 BTC per block. As a result, Bitcoin's annual inflation has been lower than that of gold, the most famous defensive asset.
After Bitcoin dropped the bounty in July 2016, it began to grow steadily until it fully gained ground in the fourth quarter of 2017. As a result, the cryptocurrency rose over 2800% over 18 months. Price, Fitzner Blockchain Notes on your diagram.
However, skeptics say that these models often ignore the demand, which remains a difficult-to-predict parameter.
US authorities seize $ 1 billion in Bitcoin on the Silk Road
The US Department of Justice confiscated 69,370 BTC. These coins come from the Silk Road darknet market.Law enforcement also seized an equivalent number of Bitcoin Cash, Bitcoin SV, and Bitcoin Gold. The agency pointed out that this was the largest amount of cryptocurrency that has ever been seized by US authorities.
According to the court document, the owner of the address, known by the pseudonym Individual X, hacked the Silk Road and stole the parts. We previously wrote that they were removed from the darknet market on May 6, 2012. One year after they were removed, they were forwarded to the address where they had been kept until the time of confiscation.
On November 3rd, Individual X signed an agreement to hand over the parts to the police. On November 4, with Bitcoin prices rising, the price of coins topped $ 1 billion.
The document says that the founder of the Silk Road, Ross Ulbricht, who is serving a life sentence, threatened Individual X with an attempt to reclaim the funds but failed.
The chain analysis helped authorities track 54 transactions on the Silk Road.
The Silk Road is believed to have earned 614,000 BTC in fees, although only 174,000 BTC were seized from Ross Ulbricht at the time of the arrest.
Buterin added 3,200 ETH to the new deposit agreement
The officially launched deposit contract for Ethereum 2.0 continues to grow and reaches 31,557 ETH.According to EtherScan, Ethereum inventor Vitalik Buterin contributed 3,200 ETH worth around USD 1.3 million to the eth2 trust agreement.
Buterin hopes the new deposit contract tools and capabilities will encourage investors to participate in the airwaves.
To start a Genesis block, it needs 524,288 ETH out of 16,384 validators. Currently, 6.3% of the total has been collected; Another US $ 211 million at ETH is needed.
Most ETH holders will likely wait a few months for the beacon chain to start and work properly before blocking Ether for gaming.
The ETH price reacted positively to the official start of the deposit contract on November 4th. ETH broke the resistance at $ 400 and gained a foothold above $ 430.