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Crypto community members discussed the prospects for bitcoin against the background of negative dynamics of the hashrate of the first cryptocurrency.
Most of the cryptocurrencies in the top ten most capitalized coins of the CoinMarketCap resource ended the week in decline. At the time of this writing, the bitcoin (BTC) rate is at $ 11,566. During the day, the cryptocurrency lost 2.44% of the value.
Against the background of the decline in the value of bitcoin, the hashrate of the cryptocurrency also showed negative dynamics. At the time of this writing, the indicator is at a level that was first recorded in mid-January 2020. The decline in network activity may be the result of a correction after recent gains and historic highs. Despite the correlation between the bitcoin rate and the hashrate state, this data does not say anything about where the price will go in the near future. And yet, members of the cryptocurrency community draw conclusions about where the first digital coin will go..
Bitcoin will live forever …
The creator of one of the oldest cryptocurrencies – Litecoin – Charlie Lee – once again expressed his admiration for Bitcoin.
“The most amazing thing about Satoshi [Nakamoto’s] invention is that bitcoin will last forever. The system will continue to form blocks because it adapts to any changes in the hash rate, “the developer wrote in his microblog..
The most amazing thing about Satoshi’s invention is that Bitcoin will continue on forever. Blocks will continue at the same rate because it’s self-adjusting to any hashrate changes. The incentives structure and game theory is so simple yet so brilliant.
(h / t @BVBTC for image) pic.twitter.com/VA6f79j5ml
– Charlie Lee [LTC] (@SatoshiLite) August 21, 2020
… or it ends
Bitcoin’s depreciation also caught the attention of one of the most famous critics of cryptocurrencies, defender of traditional assets, Peter Schiff. In his opinion, at the moment, members of the crypto community are unsuccessfully trying to prove that BTC is still of interest to investors..
“Despite attempts to“ rock ”Bitcoin, interest in cryptocurrency is still below the 2019 high. The indicator is not even trying to get close to the level of interest that was recorded in 2017, “- said Peter Schiff, citing Google Trends search data..
Bitcoin bugs insist that interest in Bitcoin is booming. Yet the facts tell a different story. Despite a massive effort to pump #Bitcoin, interest is still below its 2019 peak, and not even close to the peak reached in 2017. In contrast, interest in #gold is hitting new highs. pic.twitter.com/O430UfD94T
– Peter Schiff (@PeterSchiff) August 20, 2020
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BTC risks further correction
While some criticize bitcoin, while others admire it, traders continue to make forecasts for the further movement of the rate of the most capitalized cryptocurrency. DonAlt, a popular analyst in the crypto community, believes that the path is open for BTC to re-decline to the level of $ 11 thousand. To enter growth, in his opinion, the crypto currency needs to gain a foothold above the height of $ 12 100.
Took out the high, then dumped pretty aggressively.
Looks good to test $ 11070 one more time to me.
If it however reclaims the red line ($ 12100) on a closing basis I think it’s good for another $ 1000 candle up.
Bears got a pretty neat invalidation here. pic.twitter.com/ih9pr2Nbup
– DonAlt (@CryptoDonAlt) August 19, 2020
Also, members of the crypto community drew attention to the prospects for the further movement of Ethereum. The founder of the news portal NuggetsNewsAU suggested that the S2F forecasting model can be used to calculate the trajectory of the cryptocurrency rate. Its author, the popular PlanB analyst, spoke out against it. During the discussion, he also drew the opponent’s attention to the shortcomings of Ethereum, including coin premining, low hash rate and a high level of centralization of the project..
I analyzed ETH S2F-value relationship but couldnt find any. That is logical. Contrary to BTC, ETH supply policy can be changed. So it is not scarce. I think serious investors know this and will not fall for recent ETH2 narrative. ETH can have value for its utility, not scarcity.
– PlanB (@ 100trillionUSD) August 21, 2020
We will remind, recently Ethereum criticized the popular cryptographer in the crypto community Adam Back, who is considered by many to be the creator of bitcoin.
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