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04.08.2020
10:49

Bitcoin’s $10,000 push may have awakened a sleeping giant

Bitcoin’s push over $10,000 was long-awaited. After nearly three months of trading flat, Bitcoin jumped out of its most stagnant trading period since March 2019 with an ascent over $10,000. Now, it looks like this move has awakened a sleeping giant that was waiting to pounce on a bullish market.According to a recent report by Chainalysis, the stagnancy in Bitcoin’s price contributed to a stagnancy in the movement of the cryptocurrency. The report stated that by early-July 2020, a time when the price was $9,200, 56 percent of all mined Bitcoin was held at its “current address for more than a year.” This meant that a clear majority of all Bitcoin had not been moved and remained stagnant, despite the price ranging between $5,000 to $13,000 in the past year.Further, of ...