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Intelligence Report: Bitcoin fails to keep support above $10,000

Intelligence Report: Bitcoin fails to keep support above $10,000

News & Insights

17 Feb 2020

Cryptocurrency Trend Table (UTC time)

Weekly Review

During the weekend, Bitcoin fell sharply from $10,300 to below the key price area of $ 10,000. There were indications that the trend may deepen further before gaining any significant support, and this Monday we’ve seen Bitcoin plummet further down to $9,500.

Cryptocurrency in relation to other markets

We selected some alternative investment markets to determine to what extent they correlate with the crypto markets. As we can tell, there was no significant correlation between BTC and other alternative investment. BTC and ETH remain closely tied together.

Cryptocurrency Market Panic Index

Instead of using social media panic factors that are difficult to quantify, we calculate the BTC market panic index completely based on volatility. Based on the CBOE calculation method for the S&P VIX index, we use the near- and next-term put and call BTC options to calculate the VIX trend chart (The lower the VIX, the lower the market panic). As shown on both graphs, the degree of market panic has fluctuated during the week.

Digital currency prices (2019-02-17 UTC 15:00)

News of the week

Bitcoin investors speculate that the upcoming halving could boost prices to $ 90,000 or more. For operators of high-speed computers used to mine Bitcoin, the halving looks more like doubling the cost. Research firm TradeBlock estimates that the average cost of mining a single Bitcoin (BTC) could jump to $ 12,525 after halving in May. Miners will have to run twice as much computation to get the same amount of Bitcoin as they do now. Researchers at JPMorgan Chase have described the average cost of Bitcoin miners as the "intrinsic value" of the cryptocurrency. Think of it as the cost for oil drillers to extract oil: if market prices fall to such a degree that they make oil drilling unprofitable, drillers will shut down production until prices rise again. TradeBlock’s analysis assumes that the price of electricity is 6 cents per kilowatt-hour, which is higher than the roughly 2 cents that some large crypto mining companies say can be obtained.

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