This Week in Bitcoin 12.24.2019:
Each week, the Coinme Private Client team sends a weekly email, highlighting the top industry news and stories. Included in that email is “This Week in Bitcoin”, your guide to the state of Bitcoin. Here are the top news in This Week in Bitcoin 12.24.2019:
For the second week in the last couple of months, Bitcoin performed a big bounce to end up +5% for the week. We started out heading down to the low $6400s before heavy buying stepped in pushing Bitcoin into the $7600s. This is a very positive sign from a technical standpoint as the market is seemingly putting in a price floor in the mid $6000s. Heavy selling is coming to an end as we turn into Bitcoin’s next decade of existence and a very important halving event set for May 14th, 2020.
Already we are seeing demand is going to overrun the available supply from miners after the halving event occurs in May. If you just take a few of the largest onramps for Bitcoin and combine their volume, it is more than enough to eat through all the supply miners could drop into the market. If miners decide to hold instead of sell, we could see a very interesting parabolic move occur as we have seen in years past. This is just one more reason we are again seeing opinionated investors voice their price predictions such as Tim Draper’s that can be viewed here.
As we close out 2019, what we do know is that once again Bitcoin is on track to show another higher yearly low keeping a very impressive streak in tact for the emerging asset.
Bitcoin yearly low prices 2012 – 2019:
- 2012 – $4
- 2013 – $65
- 2014 – $200
- 2015 – $185
- 2016 – $365
- 2017 – $780
- 2018 – $3200
- 2019 – $3356
Here’s the infographic for This Week in Bitcoin 12.24.2019:
We are inside of 6 months from the“Halving” – when Bitcoin’s daily mining production will be cut in half. If you haven’t yet, make sure you own at least $10 worth of this amazing new asset class. Visit our easy and secure kiosks or speak to an advisor today. We do our best at Coinme to make it really easy. Give us a call. Contact us. Check out our partnership with Coinstar and visit a cash to bitcoin kiosk in a grocery store near you!
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