Why does Bitcoin fluctuate every 10 minutes? (Why does Bitcoin rise and fall in a moment)

08/17/2023 10:21 • NFT Newsflash • 143 views

Why does Bitcoin fluctuate in 10 minutes? What is Bitcoin all about?

There are two main reasons why Bitcoin can rise so fast:

1. It is one of the most notable events in history, which can be traced back to February 3, 2009, when Satoshi Nakamoto published a paper titled “Blockchain Revolution for Bitcoin,” proposing to limit the number of units to 21 million, aiming to make it more scarce. However, this number is not high as it only accounts for a small part of the total network. As the price continues to rise, the quantity of Bitcoin will decrease, meaning that it will no longer be issued. Considering the current market situation, this possibility will increase, so we believe this is an unsustainable trend.

2. In the mid-2010s, there was an extreme phenomenon where Bitcoin was compared to gold or silver. People did not believe that anything could become a currency, nor did they believe that something with no intrinsic value could be used as a medium of exchange or a store of wealth. This led to the emergence of a new category of assets, such as stocks, bonds, and cryptocurrencies, including Bitcoin. So what is Bitcoin? What is the reason behind the 10-minute interval? It is because at the end of 2012, Bitcoin started to develop into a rapidly growing product. Until early 2013, which is also the beginning of 2014, the first version of BTC was created. By the end of 2017, with the Bitcoin price reaching its peak, it continued to grow exponentially. According to Coinmarketcap data, as of September 2019, the total circulating supply of Bitcoin on all major exchanges worldwide was approximately 1.3 billion US dollars. From late December 2017 to early August 2018, the Bitcoin balance on Coinbase, the world’s largest cryptocurrency exchange, was around 477 million coins, leaving only 600 million coins. These funds entered the top ten of the cryptocurrency market. Since 2020, due to various factors, Bitcoin has been rapidly rising and steadily increasing.

Why does Bitcoin rise and fall in a moment?

Editor’s note: This article is from Cybtc Blockchain (ID: cybtc_com), written by irishash, authorized reprint by Odaily Star Daily.

After reaching its peak in December of last year, the price of Bitcoin started to decline, but this time it fell in a day. This is because the “bear market” is over, and this round of rise is not as big as the last bull market. But why is this happening? The reason is that due to the impact of the new coronavirus and changes in the global financial market, investors have often turned their attention to Bitcoin and other cryptocurrencies.

As more and more people invest their funds in Bitcoin, people have become less optimistic and believe that buying and holding them now can get higher prices. The “hodlers” are abandoned because these institutions lack confidence in the long-term value of assets. However, this sentiment will soon fade away. The rise of “arbitrage trading” has surprised many people, with some saying, “Did you know? I used to think the same way.” Of course, many industry insiders have pointed out that the reason why Bitcoin has been able to rise and fall is due to its high volatility. For example, after breaking through the $30,000 mark in June this year, Bitcoin has been declining. At the end of January, it reached a historical high of nearly $20,000, then quickly dropped to around $13,200, and even briefly exceeded $9,000 in mid-November. Therefore, many people speculate that Bitcoin may reach a new high in the future. However, some analysts believe that Bitcoin’s trend is completely different from that of traditional financial markets. Since late October 2017, Bitcoin’s price has been consolidating.Source: zycrypto (translated by BluemountainLabs)

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Why does Bitcoin fluctuate every 10 minutes? (Why does Bitcoin rise and fall in a moment)

Why does Bitcoin rise and fall in a moment?

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