According to the recent data, the last half-month may be one of the most turbulent time periods of Bitcoin and the entire crypto community this year. Bitcoin price now continues to fluctuate, and it almost worried all the people in crypto communities.
Let’s take a look at what happened：
1. Plunge Below $6000
Most people in the cryptocurrency community know one thing — that is, the mining cost of bitcoin fluctuates at $6000. Once it falls, it will cause the miners to lose money, which will lead to a decrease in the number of miners and mines, which will eventually lead to congestion in Bitcoin.
On August 14, Bitcoin once again experienced a plunge. Why do I say “again”? Because at the end of June, the price of Bitcoin fell below $6000, so after this plunge, many people think that “Winter is coming”, they have chosen to sell all their BTC out.
2. Binance & Bitmex
Both exchanges are top in the world. Binance exchange is known for its perfect interface and excellent operational feel, while Bitmex has been hailed by the cryptocurrency community for 100 times leveraged futures trading.
Things with the same attributes will inevitably lead to competition, and exchanges are no exception. Perhaps what you see Bitcoin price on the cryptocurrency ranking website basically stays at $6400. But you may not know that when Bitcoin at an average price of $6400, Bitmex is priced at $5900, while Binance is priced at $6900.
And on August 22, bitcoin prices rose nearly 4% due to the daily maintenance of Bitmex! The two exchanges are desperately controlling Bitcoin, and the entire bitcoin ecological manipulation will really make more people feel scared.
3. The SEC rejected 9 ETF applications
On August 22nd, everyone was anxiously waiting for a message, which is that whether the Bitcoin ETF can pass the review of SEC, and in the whole crypto community, there is no sleep at night. The results were a little worse than expected, the 9 ETF proposals were rejected. For a time, “Winter is coming” swept the entire community.
But the opposite is that this incident did not affect bitcoin trading at all, but the price of bitcoin increased slightly on the second day. There may be two reasons. First, people have lost a certain “belief” on Bitcoin, and began to treat the development of the entire cryptocurrency with more rational. Second, some people hold a large amount of money control behind the scenes. They can manipulate Bitcoin easily.
I prefer the first possibility, because at least there is still the possibility of recovery, and the second has already predicted that the entire bitcoin ecosystem will collapse.
The future of Bitcoin price is unpredictable. However, as far as the current gains are concerned, I expect that it will maintain a volatility trend from $6500 to $7500. At the end of the volatility trend, it will be the beginner stage of slow recovery. However, if the bitcoin ETF plan proposed by COBE in September has not passed the audit, then after the volatility trend, it may be a big wave of plunge. I suggest that you should prepare for the long-term battle.
after all, winter has not arrived.