Bitcoin continues to heat up. What is the next?

The performance of the cryptocurrency market in August is interesting. Not only is Bitcoin successful, Bloomberg noted, but its unique use status sets it apart from other assets and could increase returns by making future purchases. .

Recently, Bloomberg announced its September Crypto Assets Forecast report, which is not only bullish on market sentiment, but also bullish that Bitcoin will surpass $ 100,000. The report says Bitcoin will soon hit $ 100,000. It is "the path of least protection" and will position itself as a global asset. Comparing the scenarios of US currencies against global savings, Bloomberg argues that Bitcoin could benefit the digital community that needs Apple, an ever-working treasure worthy of the world's treasure.

According to reports from September 2, the Virtual Currency Bill signed by Texas Governor Greg Abbott came into effect on September 1. determination of personal rights in virtual currency. In this case, virtual currency is defined as: “Virtual currency is the digital representation of the medium of exchange, the unit of account or the store of value. Blockchain technology, the old urine is often used for security.

Market analysts believe that the crypto industry has undergone gradual change after the reform of the home virtual currency market was completed and monitored regularly, and the new signal, especially from the United States and other countries, can be a leader in the industry.

The August case repeated itself at all levels.

Since July 21, Bitcoin has been leading a major uptrend, with many indicators moving from negative to positive and returning to positive growth.

The legal tender of cryptocurrencies reached $ 1.7 trillion in August, up 64% from July, according to data from the Research Institute. The volume of spot transactions since June has been less than $ 1,000 billion. Additionally, trade volume traded at $ 82 billion in August, up 34% from July.

According to data compiled by Research Data at that time, the volume of major Bitcoin futures contracts in August reached $ 1.73 trillion, up 17% from $ 1.47 trillion in July. The peak of the futures market occurred in May, when the market volume reached $ 2.56 trillion. During the same period, from July to August, the volume of the Bitcoin options market also increased by 66%, from $ 10.72 billion to $ 17.79 billion.

The Bitcoin futures market had a volume of $ 1.73 trillion in August.

According to data compiled by The Block Research, Bitcoin miners generated around $ 1.41 billion in revenue in August, below the all-time high of $ 1.75 billion in March, but not in July. That's a 45% increase from $ 971.83 million. . Most of the revenue for August came from block grants, which was 6.25 bitcoins the miners earned when they were successful in creating blocks. August marked the fourth consecutive month that Bitcoin prices have fallen as a percentage of total Bitcoin mining revenue. The share of exchange rates was reduced by 56% in total, from 3.1% in July to 1.35% in August.

According to data from Bitinfocharts, since late August, the Bitcoin network's total hash rate has doubled from the June low, falling back above 130EH / s from a low of 67EH / s two months ago. . The issue did not drop below 14T until the end of July, at its lowest level for a few years, but after having been raised three times in a row, it now stands at 17.6T.

2x growth in data usage and users

Bitcoin users and users have continued to increase in recent years, and from a domestic market perspective, this will make people want Bitcoin and continue to grow.

Earlier this year, Twitter announced the “Tip Jar” feature. Twitter's latest beta will further expand its capabilities. In the future, users will be able to use the Tip Jar paid content creators in Bitcoin, or “freebies”. . Currently, users are trying not to choose where bitcoin will pay it, but the rules say Twitter is ready to back it up. After Tip Jar was released, Twitter allowed users to add payments to Bandcamp, Money App, Patreon, PayPal, and Venmo.

In July, Twitter CEO Dorsey told investors that Bitcoin is very important to the business and will be added to Tip Jar in the future. Twitter's latest beta also provides information. Twitter also informed users of the need for a Strike account, stating, "We are using Strike to create Bitcoin Lightning Network invoices, so you need to link your money to receive the Bitcoin benefits."

Additionally, the Venezuelan Bitcoin Cafe recently opened in Caracas, the country's first tech-themed cafe focused on major cryptocurrencies. Carmen Salvador, CEO of Café, is also known as CEO of Fintech 4.0, a consulting and education company. He added that Bitcoin Cafe was born out of learning and showcasing Fintech 4.0. Salvador said he hoped the Bitcoin restaurant would be identified as a venue for conferences and discussions on technological development, even if it was considered a toxic place.

The Russian Forex Traders Association (AFD) also conducted a survey of 502 Russian traders to understand what local investors think about cryptocurrencies. Almost 77% of those surveyed said cryptocurrencies such as BTC, ETH, and LTC are the “best” investments. Only 8.8% of respondents think gold is the best investment, and only 23% of respondents say they have never used digital advantages.

According to a recent Finder study, 14% of young people in Mexico and Colombia have cryptocurrencies, compared to 12% in Spain. Likewise, at the stage of adoption of Bitcoin and other popular cryptocurrencies, Mexico ranks 18th out of 27 countries or regions. At the same time, Spain and Colombia were ranked 23rd and 17th. Meanwhile, according to the survey results, 19% of young people around the world use cryptocurrencies. Vietnam has the highest cryptocurrency adoption rate, accounting for 45% of adults.

In a recent interview with reporter Natalie Brunell on August 30, Willy Woo said that most Bitcoin analysts' four-year cycle will be replaced by a "drunken walk." “That goes up like the S&P 500 or any other big product. The measure is the same.” The delays slowly wiped out this bull market around December, and data on the current channel shows that is not the case. We are now entering the fourth quarter and the data appears to be different than before. 'The cycle of the past. If you look at the channel from the point of view, everything looks different. Wu said no more. Obvious bulls. Markets collapse on entry into Bitcoin. Prior to the New Era, he believed Bitcoin was in its 'end cycle'.

Take on the biggest "challenge"

But everything has its advantages and disadvantages.

First of all, there has always been a difference between demons and angels in the analysis of Bitcoin, and the attitudes of governments and rulers at different levels are also very different.

Recently, former President Donald Trump warned that investing in cryptocurrencies could be "catastrophic for the future" and that "I am not a big fan of cryptocurrencies". He thinks that investing in cryptocurrencies "makes the US money."

At the same time, European Central Bank (ECB) President Christine Lagarde has said cryptocurrencies backed by trust funds are an asset and should not be confused with currencies.

In addition, Yin Youping, vice president of human financial institutions at China Financial Services Corporation, said he again warned that virtual currencies like Bitcoin are not fiat currencies and do not support real value. Cryptocurrency-related markets are a promising investment, and the public should develop a sense of risk, always steer clear and protect their “pocket”.

According to the September 3 news, in the “China Financial Stability Report (2021)” published by the central bank, in the Outlook section, “Strengthen the supervision of financial activities of platform companies and increase criminality of bitcoin mining and trading. 'said. . Watch carefully for the lack of control. , improve the efficiency of modern financial management and strengthen supervision and cooperation. In "Best Practices for Preventing and Resolving Major Financial Problems," Internet resources discuss the following: management, financial planning, Internet insurance, virtual market, Internet forex trading, and other areas have been modified, supplemented and adapted to traditional care.

Second, the recent popularity of Ethereum has overtaken Bitcoin and is becoming a new hot spot for crypto investors.

The reason Pal says this is because ETH has a wide range of applications related to manufacturing, NFTs, and manufacturing. Compared to Bitcoin at the same level, the network user base is also growing more. Changes to the EIP-1559 could also reduce ETH equipment, keep costs down, and increase costs. Additionally, with the advent of ETH2.0, Ethereum can grow exponentially. However, due to the increase in price, most Bitcoin holders prefer to hold it for a long time. BTC can serve as the basis for global currencies, but other cryptocurrencies can serve the same purpose.