Over 34,000 BTC Moved off Exchanges in Single Day, What This Implies for Bitcoin price
Bitcoin Price is seeing a significant drop, following the latest development of an increasing number of Bitcoin being moved off exchanges. This indicates that the risk and uncertainty in the market have increased dramatically.
The market has been on a roller coaster over the past few weeks, and this latest development is likely to add more fuel to the fire. Many investors are still trying to figure out what this all means for the Bitcoin price.
The market has been highly volatile over the past few weeks, and this latest development is likely to add more fuel to the fire. Many investors are still trying to figure out what this all means for the Bitcoin price.
What is Bitcoin?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
What is a Hard Fork?
In computer science, a hard fork is a radical change to the protocol of a blockchain network that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the new rules to continue being part of the network. A hard fork can be used to implement new features or reverse changes to the network.
Forks can either be soft or hard. In a soft fork, only previously valid blocks/transactions are made invalid. This type of fork requires only a majority of miners to upgrade to the new software for it to be successful. Hard forks, on the other hand, make previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the new rules for the fork to be successful.
Bitcoin Cash (BCH) is an example of a hard fork from Bitcoin (BTC). BCH was created as a result of a disagreement among BTC developers about how to scale the BTC network. The BTC network was facing congestion due to the increasing number of transactions being made on the network. Some developers wanted to increase the block size, while others wanted to implement a second-layer solution called a Segment
What are the Implications of 34,000 BTC
On February 12th, 2020, a total of 34,000 BTC were moved off of exchanges in a single day. This is a significant amount of Bitcoin, and it raises some important questions about the future price of Bitcoin.
