BTC Update
Hello everyone,
The price of Bitcoin is $3422, with 24 hour volume hovering around 5.2 billion USD.
Bitcoin’s price bene hovering close to the crucial support, $3340-$3400, for over a week is being tested, which does not look too good for the overall health of the crypto market because almost every cryptocurrency is pulling back on the most recent $BTC dump.
It would seem a good bet to hedge crypto exposure completely if $3340 is broken on a 4hr time frame or higher.
In other news, a study conducted by a Canadian financial services firm has reached a conclusion that Bitcoin is continually on the road to becoming more decentralized.
Increased competition among mining chip manufacturers has allowed for a higher distribution of hash rate. In 2019, no single mining pool now controls more than 20% of the Bitcoin network hash rate. In comparison in 2014, one mining pool controlled roughly 50% of the network’s hash rate.
The continued development of mining technology in the space has given more market participants a chance to become miners, which in turn has led to further decreasing the centralization of Bitcoin’s network.
This is absolutely necessary for the long-term prospects of cryptocurrency and decentralized monetary systems.
The goal of Bitcoin and many other various cryptos was/is to provide a decentralized system of money so that no one entity can control how it operates . This is highly different than almost every other monetary policy in existence, and it is why Bitcoin has taken the world by storm over the course of the last decade.
If you support the longevity and further development of this space, then the ongoing race for decentralization should absolutely be on your radar
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