Week 1 - 2020 News Recap
Bitcoin Turns 11: Eleven Years into Genesis Block Release
Bitcoin has been around for 11 years already, which means that the top cryptocurrency by market cap and trading volumes has been around for more than a decade, facilitating an entire new market of blockchain-based services, ICOs, tokens, IEOs and other assets related to blockchain technology. For the “date of birth” when it comes to Bitcoin, we are actually taking January 3rd, 2009, as the date of creation, given the fact that Satoshi Nakamoto – a team or a person behind the concept of Bitcoin and its very realization – released the first Bitcoin block, known as Genesis block. Genesis block is the first operational block on Bitcoin network, and it first contained 50 units of Bitcoin, which was initially the original rate for mining rewards – 50 BTC. The first block contained a message. The message was added by Satoshi Nakamoto, at the same time revealing the purpose intended for Bitcoin – to cut the middleman and take over financial control from banks.
Being the first block ever to be created in the process of launching the first peer-to-peer blockchain-based digital network that Bitcoin represents, Genesis block is also known as “block 0 (zero)”, having a cult status among crypto enthusiasts everywhere. Considering January 3rd to be the original date of Bitcoin’s release, the first software client was released several days later on January 9th, 2009, which is why some crypto fans are celebrating this date instead as the initial date of birth for Bitcoin. On this date, the first block was mined, dubbed Block 1. Eleven years into Genesis block release, and Bitcoin is still counting billions of dollars in market capitalization, additionally carrying the majority of market share in the market of digital assets.
Mainstream Media Insight on Bitcoin in 2019: Cryptocurrency is Here to Stay
It was hard to ignore Bitcoin and the idea behind the first and the top cryptocurrency back in the day when BTC price was hardly peaking above a couple of dollars per one unit, while December 2017 made it even more difficult to ignore the fact that Bitcoin is able to truly shake up the market of cryptocurrencies. Once Bitcoin hit the price of almost 20,000$ per one unit, even skeptics decided to chip in and own a piece of the top crypto in the market, which attracted the general attention of global mainstream media. Even though it was evident that the majority of media outlets claimed that “Bitcoin is dead” every time a negative momentum in the market would be noted, Bitcoin was still an important part of everyday reports in the mass media.
In the beginning, media was mainly focused on proclaiming Bitcoin “dead”, “scheme” and repeated Buffett’s “rat poison” analogy when describing Bitcoin, but as regulations are becoming more friendly towards the space of blockchain-based assets and cryptocurrencies, mainstream media is forging different reports, considering ways Bitcoin and other digital assets are becoming a part of Big Tech industry and even entering financial institutions, such as People’s Bank of China. Still, not all key figures are convinced, which can be easily concluded based on one of the latest tweets made by the US President, Donald Trump. Trump claims that he doesn’t believe in Bitcoin and other cryptocurrencies, stressing out that the value of digital assets is highly volatile and based on “thin air”. However, cryptocurrencies are gaining a more positive momentum on the global scale, having Bitcoin at the top of the market ladder and having the industry of blockchain-based assets, products and services, blooming and developing on a positive note.
Bitcoin Hash Rate Sets a New Record in 2020
Bitcoin’s hash rate once again made a record, this time with the first day of the new year of 2020, having data from numerous sources confirming that hash rate has never been higher than the result recorded on the first day of 2020. Hash rate represents a measure of the computing power reserved for validating transactions and generating new blocks on the Bitcoin chain. What the strength of the current hash rate suggests is that more miners are joining the network. As a consequence, the network is more secure against potential attacks and security breaches.
Some market analysts believe that increased hash rates bring a more positive price momentum for Bitcoin, which can be confirmed by the recent rally of Bitcoin, where the top crypto managed to break the resistance of 7,000$ in the first days of 2020, trading above 7,500$. Although hash rates cannot be measured with utmost precision, estimates pose as indicators, showcasing that activity on the Bitcoin network is at an all-time high. At the same time, increased activity speaks in favor of Bitcoin’s popularity even 11 years after the original crypto was first released to the public as the first peer-to-peer network for middleman-free transacting.
CEO at Nexo Bitcoin Lending Platform Claims Bitcoin Can Easily Hit $50k in 2020
Antoni Trenchev, CEO at Nexo, a Bitcoin lending platform and a proud participant of cryptocurrency and blockchain industry, claims that the first and the top crypto, Bitcoin, could easily hit the value of 50,000$ in 2020. As the year 2020 has already started, it appears that Bitcoin is once again tied to rather positive and enthusiastic predictions, additionally trending as the top trading crypto in the market, even eleven years since Bitcoin was first released to the public. Trenchev added to his statement for Bloomberg regarding the prediction that BTC is able to reach 50,000$, that Bitcoin is an incredible asset with systematic and asymmetric returns.
Trenchev also stated that the top price of Bitcoin, as seen in December 2017 when BTC reached the value of 20,000$ is the closest thing to inflation in Germany after World War I. Trenchev is not the only crypto enthusiast with big goals for Bitcoin’s price, as CNBC host Joe Kernen believes that BTC will hit the record price of 55,000$ after the next BTC halving in May 2020. If it is to believe these predictions, Bitcoin should have the biggest year yet when it comes to all-time highs in the market of digital assets. In the meanwhile, Bitcoin broke the resistance of 7,000$, going up by 2,5% in a day on January 3rd, 2020.
Oil and Bitcoin Prices Hit Gains After the US Airstrike on Iran’s Top General
Both Bitcoin and oil prices went up on January 3rd, 2020, colliding with the move that the United States of America made on striking Iran’s Top General. In a price rally that took place during the first week of 2020, Bitcoin broke the resistance of 7,000$, trading above the initial value and summing up gains by 6,4% in the course of 24 hours when the price of BTC hit the value of 7,288$ per BTC. The price of Bitcoin later on sank to touch the value of 7,200$, however, Bitcoin remained above the levels of 7,000$.
At the same time global oil prices rallied by nearly 3%, which happened as the President of the United States, Donald Trump, ordered an airstrike on Baghdad’s airport, killing General Qasem Soleimani, the top general of Iran and the head of the Iranian Revolutionary Guarde’s Quds Force. The current momentum of Bitcoin indicates that BTC could easily pass the value of 7,500$ in the following days. However, market analyst Michaël van de Poppe, stated that people should be concerned about the move that the US made on Iran, rather than “freaking out” on a minor 2-3% move of Bitcoin in the market of digital assets.