That’s something I pretty much expected would happen. I even was expecting the price to be more than this by now. But, we always have the virus outbreak to blame, because if it never happened we would have been progressing to a higher level by now. The outbreak just brought the market low. When the hype was going on for the halving, my thought was that it’s going to get a lot of investors convinced and they will start buying Bitcoin, and as the price keeps going up, more and more people will start rushing and buying till the price reaches another peak price.
But now it’s a different story, though I’m still happy that the price has still managed to get up. Big thanks to recent halving, it seems bitcoin has conquered the pandemic and slow economy situations of most countries by considering the bitcoin's stable market prices. It is very rare bitcoin is trading within small range but I guess traders must be hating this as they might have been trapped on both of market directions.
Topic: Bitcoin Q2 2020 Performance - Price Gained 78% from March's Plunge (Read 158 times)
July 10, 2020, 07:40:21 AM
According to the statistics from the info graphics, Bitcoin's trading volume were at least 20% lower. if this is true, then it is safe to say that it is because of the pandemic, people are trading less and saving up incase the pandemic lingers for a long time. The growth in Q2 is directly linked to the halving event that happened back in May. Despite the pains of the pandemic, there was an high influx of people buying bitcoins just before the halving event took place.
July 09, 2020, 12:32:22 PM
Investing into crypto is a new method that a lot more people are interested in, however do not underestimate people who are looking into making more money and getting paid in bitcoin as well. This is why I believe there was more people during this pandemic period that was not only investing into bitcoin, but also trying to find jobs that pay in bitcoin as well, it also opens up the whole world to you because you can get a job from a foreign country and get paid in bitcoin in your country.
This specially helps out a lot to people who live in poorer countries because when you pay them 500 bucks they will live a decent life whereas people who live in USA would ask for 10x that much for a decent life, hence I think bitcoin payment is a big part of our culture after the pandemic.
This specially helps out a lot to people who live in poorer countries because when you pay them 500 bucks they will live a decent life whereas people who live in USA would ask for 10x that much for a decent life, hence I think bitcoin payment is a big part of our culture after the pandemic.
July 09, 2020, 11:45:11 AM
That March plunge though. It was so sweet for those who opened short positions shortly before the plunge enjoyed the profits. I opened positions midway and just earned enough profits for that day (it was x2)
Glad to see the Bitcoin price didn't stay down for so long. Perhaps the anticipation for Halving helped a bit.
Glad to see the Bitcoin price didn't stay down for so long. Perhaps the anticipation for Halving helped a bit.
Or perhaps, the bear market is over and the last of the weak hands has been flushed out. Have you read the report saying +1BTC wallets are at an all-time-high?
I'm quite skeptical about the weak hands, I know there are many of them just waiting for a sign
July 09, 2020, 11:13:56 AM
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well,that absolutely right,i've know it.since the pandemic happened,bitcoin seems like has lost their own way,for me,its really true sad,even though a few altcoins seems still on their own way,and what was envisaged for this month was high volatility in the stock market,since we know the stock market has pumped on past 2 month.
July 09, 2020, 08:35:30 AM
Or perhaps, the bear market is over and the last of the weak hands has been flushed out.
The bitcoin price movement is almost the same as the stock price movement. If we look at the month of March, the market plunged due to the effects of the pandemic. Let's see from the chart that the OP shares with the following stock chart:
DJI
NASDAQ
ASX
NIKKEI 225
BITCOIN
from the chart above it can be concluded that the decline in bitcoin does have to do with global market conditions at the time, panic did occur not because there was a weak hand or not. Along with market recovery, bitcoin is also experiencing the same thing.
July 09, 2020, 06:47:34 AM
The trading volume data is way more interesting than the fact we all know-Bitcoin price recovered from the March price crash.Why the hell the Bitcoin trading volume is 20% in Q2 than in Q1?
Isn't the COVID-19 crisis and all the quarantines and lockdowns supposed to drive more people into more "make money online" activities and therefore investing in crypto?
It's weird that the price recovered,but the trade volume is slowly going down.I think that the decrease of the trading volume is the main reason why the Bitcoin price volatility is so low during the last few weeks.
I just don't know why there's no army of newcomers that wants to join the BTC community and use Bitcoin as a safe heaven.
Isn't the COVID-19 crisis and all the quarantines and lockdowns supposed to drive more people into more "make money online" activities and therefore investing in crypto?
It's weird that the price recovered,but the trade volume is slowly going down.I think that the decrease of the trading volume is the main reason why the Bitcoin price volatility is so low during the last few weeks.
I just don't know why there's no army of newcomers that wants to join the BTC community and use Bitcoin as a safe heaven.
July 09, 2020, 04:35:15 AM
I think the second quarter was when bitcoin price broke $10k resistance maybe twice. The second quarter has been more volatile after the halving. Although, bitcoin hasn't done bad even with covid-19 challenge.
This is true. For me, Bitcoin has obtained a pass mark, not just in this 2nd quarter but also in the 1st quarter. Though the 1st quarter was fraught with uncertainty in the industry because of the pandemic and not much volatility going up was recorded. Now, the coast is clear with the uncertainty almost gone as appetite to buy and hodl Bitcoin has increased. I see a huge spike in price of Bitcoin once this pandemic is put under control or a certified vaccine is announced. July 08, 2020, 01:44:59 PM
That March plunge though. It was so sweet for those who opened short positions shortly before the plunge enjoyed the profits. I opened positions midway and just earned enough profits for that day (it was x2)
Glad to see the Bitcoin price didn't stay down for so long. Perhaps the anticipation for Halving helped a bit.
Glad to see the Bitcoin price didn't stay down for so long. Perhaps the anticipation for Halving helped a bit.
Or perhaps, the bear market is over and the last of the weak hands has been flushed out. Have you read the report saying +1BTC wallets are at an all-time-high?
July 07, 2020, 06:13:19 PM
That March plunge though. It was so sweet for those who opened short positions shortly before the plunge enjoyed the profits. I opened positions midway and just earned enough profits for that day (it was x2)
Glad to see the Bitcoin price didn't stay down for so long. Perhaps the anticipation for Halving helped a bit.
Glad to see the Bitcoin price didn't stay down for so long. Perhaps the anticipation for Halving helped a bit.
July 07, 2020, 04:54:36 PM
I think the second quarter was when bitcoin price broke $10k resistance maybe twice. The second quarter has been more volatile after the halving. Although, bitcoin hasn't done bad even with covid-19 challenge.
July 06, 2020, 04:02:05 PM
The secret thing there is the volume, the volume didn't went up as much as people expected while going up (more chances to profit) but also it went down. Remember, when bitcoin price goes up there is usually a FOMO and that causes a lot of people to buy bitcoin (which directly causes it to go up as well) and that means when the price goes up, people trade a lot more, which causes it to go up more... but that didn't happen? It recovered 78% yet the volume is 20% lower. What does that tell us?
I think it tells us that there was a lot of people who sold their coins during this period because pandemic both scared them and also they needed money, but it also tells us that there were fewer and smaller number of rich people who collected them all and made a profit because even with pandemic they still had money to buy it all.
I think it tells us that there was a lot of people who sold their coins during this period because pandemic both scared them and also they needed money, but it also tells us that there were fewer and smaller number of rich people who collected them all and made a profit because even with pandemic they still had money to buy it all.
July 06, 2020, 01:55:23 PM
This is common and was expected due to the Bitcoin Halving. Some were also expecting that price to be maintained until the end of the year. Some (most daily traders and newbie investors) find it a disadvantage as it will not increased more than it's ceiling price (which is approx $10,000+) at the end of the year or even up to years to pass, hence forcing them to hold and invest in the long run (not unless he's a professional trader). Overall, the 78% increase isn't really that drastic enough to reach it's highest price on all time ($20,000+).
the halving related rise wasn't just expectations though, it was analysis and previous behavior.
most importantly it was a correct speculation. price did have a major rise before the halving but the problem was that right before that rise it had a major drop so most of that rise was actually the recovery from that drop. in other words if there were no corona-virus market crash or if it had come at least 2 months later then bitcoin price would have been a lot higher by now and stuck below $20k resistance instead of here.
there is also another phase to halving rise which always comes after the halving meaning now that a couple of months has passed. we should slowly start seeing the effects of $8-$9 million less bitcoin being sold on daily basis (that is $250 million in a month).
July 06, 2020, 07:12:08 AM
If I compared the volatility cost in Q2 to Q1, the last quarter is less volatile. We can see the stabilizing momentum from April to June, we are just likely to stay at $9k-$10k. But we can't also expect that it will never change in the 3rd and 4th quarters. More speculation saying that Bullish will come but somehow it is still in a speculative way of thinking since we know the current economic situation which it surely affects the trend in the coming days before we end up this year.
July 06, 2020, 06:54:50 AM
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This is common and was expected due to the Bitcoin Halving. Some were also expecting that price to be maintained until the end of the year. Some (most daily traders and newbie investors) find it a disadvantage as it will not increased more than it's ceiling price (which is approx $10,000+) at the end of the year or even up to years to pass, hence forcing them to hold and invest in the long run (not unless he's a professional trader). Overall, the 78% increase isn't really that drastic enough to reach it's highest price on all time ($20,000+).
July 05, 2020, 07:52:57 PM
Bitcoin price has been up about 78% from the global market plunge as coronavirus fears swept the global financial markets.
After recovering in May, price remains steady between $8800 to $9500
Full report at https://www.coingecko.com/buzz/q2-2020-quarterly-cryptocurrency-report-part-1
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