A Spike On Beta News Again ?
It seems like every time some news comes out about bitcoin the price rallies and well that is what we are seeing again here today.
However yet again there is NOTHING to back up this news other then words and speculation and it is only the test net it is not even the main product.
While bitcoin did rally to $9,000 on not much it did quickly retract back to $7,600 levels where STILL to this day is where my price point is for bitcoin.
This rally again seems based on BAKKT testnet launch date for futures testing. Yup, TESTING it is not live and that date is July 22 over a month away.
By no means am I talking down about this step however it is important to know as an investor or someone new to bitcoin that this is a FOMO act yet again. (Fear of Missing out) which has fueled rallies before.
However these rallies end up retracting back to their last solid support level and in this case my target price is around the $7,500 level.
That is until something really does get passed and finalized. Even then at that point it is either going to skyrocket or it will be a very slow roll out with limited investors. That will be the big kicker. However for now it looks like the rally and increase in price are just pumps for a long hold towards the release of BAKKT. I do however expect a retraction up to that point in which you could most likely pick up a better deal on bitcoin.
- Please note this article is for entertainment purposes only and not investment advice.
I don't get the halving thing, is that why my lite coin is getting all the love?
Yeah, with halving the amount of coin mined per block is cut in half. For Litecoin in about 50 days it will go from 25 litecoin per block mined to 12.5 coins per litecoin block minded.
To put that into further comparison of change
Right now from all of the blocks mined each day of litecoin another 14,400 litecoins are produced and put into supply. When halving happens that will be cut in half so only 7,200 new litecoins will be added to the supply each day.
As per bitcoin it will be a little different this time I don't think it will pack as much of a punch.
When bitcoin halves in about 343 days
It will instead be halving from 12.5 bitcoin per block to 6.25
Currently 1,800 new bitcoin is added to the supply each day. On the next halving only 900 a day will be added to the supply. Nearly 85% of all bitcoin has been mined as it maxes at 21 million total coins of which 17,757,388 have been minded while I write this.
You can check out more details on each coin at sites like https://www.bitcoinblockhalf.com/ and https://www.litecoinblockhalf.com/
Thanks for that awesome reply, that was more words than I type in a whole post. You must not be like me and type with 2 fingers! lol
lol, all good happy to help out where I can :)
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Sweet I need to comment more
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Yes ... looking forward to seeing you reach this new target 😅
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