Site Overlay

Bitcoin behavior in early October

Learn the details about the behavior of the main kryptomoney, Bitcoin, during the first days of this October.

The most important of the crypto currencies, arrives to the month of October in the middle of all kinds of forecasts. Certainly, no one can say for sure what will happen to Bitcoin this month, but you can explain its behavior in these early days.

As for mining, Bitcoin continues to expand its Hashrate. The hash power of the world’s leading digital currency recently reached a new all-time high of 143 EH/s. However, at the beginning of this month, it has dropped to 135 EH/s.

In relation to the price, it has oscillated between $ 10,200 and $ 10,800. From September 21 to these first days of October, this margin has been maintained. These data were extracted from the graphs of the portal Blockchain.com.
Behavior of Bitcoin before the BitMEX case

As you may recall, the announcement of the COVID-19 pandemic by the World Health Organization (WHO), drove the price of Bitcoin down. As in past events, they caused the debacle of the value of this crypto currency.

However, with the growth and progress that Bitcoin is experiencing, a significant degree of maturity has begun to be seen. The first days of this month, the earthquake that has meant the CFTC’s persecution against BitMEX, hasn’t affected the price of Bitcoin.

As indicated in multiple news items, the U.S. Commodity Futures Trading Commission (CFTC), accused three members related to the aforementioned BitMEX, of violating laws related to money laundering.

Before this news, the users of the trading platform, withdrew large amounts of BTC (equivalent to 425 million USD). This currency movement, however, was imperceptible to Bitcoin’s price behavior.
The Bitcoin Hashrate is an important indicator of the behavior of this crypt currency during this October startup. Source: Blockchain.comThe Bitcoin Hashrate, is an important indicator of the behavior of this cryptom currency during this October startup. Source: Blockchain.com Blockchain.com

Bitcoin whale qualifies as threat to regulators

Bitcoin Old Moves

Another important event that could influence Bitcoin’s price behavior was the coin movement of the Satoshi era. Under other circumstances, this would have had a negative impact because it would have meant more liquidity in the market.

All of this indicates that, as said, the maturity of Bitcoin, has allowed for an important degree of stability. This has been expressed during the first days of October.

On the other hand, it is important to highlight the hacking of the KuCoin exchange, from which some 150 million dollars were extracted in Bitcoin, Ether and ERC20. From this fact, there has also been no reported reaction in the price of the main krypton currency.

However, some analysts believe that these events have prevented the rise in the price of the pioneer cryptomone, leaving it stagnant.

It should be remembered that hacking and other events such as those reported above, cause a great pressure to sell, which generates the collapse of the price. But the firm CyptoQuant affirms that KuCoin has experienced a minimal abandonment after the violation of its security.

421 Million in Bitcoin Flee from BitMEX

Market capitalization remains high

According to CoinMarketCap numbers, Bitcoin’s market capitalization is $ 196,852,087,162. This amount has remained relatively stable in the first days of the month, despite the events that have impacted the environment surrounding this digital currency.

Another aspect to take into consideration, in order to predict Bitcoin’s behavior, is its quality as one of the best assets of 2020. During the whole year, only once, Bitcoin has been below the gold and S&P 500 and that was in March.

In a graph presented by Dan Held of Kraken, you can see that Bitcoin’s behavior in early October is still well above the other two assets.

From all this, you can say that during the month of October, you can expect stability in the price of Bitcoin. For now, there are no signs that could indicate a sudden increase in price volatility.

As for its Hashrate, although it has fallen, the trend is to increase as the mining business expands around the world.
Data to take into consideration