Golden Observation丨Bitcoin set a record for the longest maintenance time above $10,000

Golden Finance Blockchain September 29 News Bitcoin has exceeded the $10,000 mark for 63 consecutive days, which is an unprecedented new record. The biggest concern now seems to be: How long can the price of Bitcoin exceed $10,000?

On Sept. 28, the price of Bitcoin further consolidated its duration above the $10,000 mark after closing at $10,721. At the time of writing, Bitcoin was trading at $10,737.62 according to data from CoinGecko, down 1.4% on a 24-hour basis, which seems to indicate that the trend is continuing.

The last time Bitcoin set a record for the duration of a price exceeding $10,000 occurred in 2017, when the record was fixed at 62 days. Two years later, in 2019, many people thought that the record would be broken, but the result was disappointing. The price of Bitcoin above $10,000 lasted only 28 days before "falling from the altar". But now, the price of Bitcoin has been above $10,000 for more than 63 days-according to the analysis of Quantum Economics Bitcoin analyst Jason Deane (Jason Deane), this situation may be due to the "MicroStrategy effect". explain:

Golden Noon News | September 30 at noon list of important news: 7:00-12:00 Keywords: Zinken, Dai, ENM, Yam Finance

1. The circulation of Dai has exceeded 900 million pieces.

2. The China Internet of Things Blockchain Ecological Alliance was established in Hangzhou.

3. Venezuela is studying the feasibility of increasing the use of cryptocurrencies in trade.

4. Yearn.finance: Processing the return of ENM stolen assets.

5. The trading volume of Uniswap surpassed the second largest CEX Coinbase Pro.

6. Netease Mail launched the "Blockchain Email Certificate" service.

7. The Ethereum 2.0 testnet Zinken will be launched on October 5th.

8. The court dismissed an allegation against Overstock to issue digital tokens to manipulate the market.

9. Yam Finance has officially submitted an on-chain proposal to modify key parameters of the Yam protocol.

10. Investment firm 3iQ's Bitcoin Fund is listed on the Gibraltar Stock Exchange. [2020/9/30]

"MicroStrategy CEO Michael Saylor publicly announced his purchase of Bitcoin on August 11, when the price of Bitcoin had just crossed the $10,000 mark. This bold and groundbreaking move gave the market It has had a huge impact, and it has also given people great confidence and credibility in Bitcoin assets."

Golden hot search-zce list: CVT tops the list: According to the Golden Finance ranking data, in the past 24 hours, CVT topped the list. The specific top five list is as follows: CVT, WICC, CVCOIN, TRUE, DFS. [2020/9/6]

A new record has been set!

From July 28, 2020 to today, the cryptocurrency has now opened and closed above $10,000 for 63 days, which is a brand new milestone. While Bitcoin briefly dipped below $10,000 during this time, it did not appear to be below the "one-day" range.

It is worth mentioning that during this period, the price of Bitcoin even broke through the $12,000 mark for a short time. According to CoinMarketCap data, between July 28, 2020 and September 28, 2020, the highest price of Bitcoin was The price was $12,359, which occurred on August 17, 2020 — the day Barstool Sports founder Dave Portnoy appeared to be promoting a pump and dump scheme with low-cap altcoins. Portnoy has posted a number of videos on Twitter, saying he has spotted a new altcoin of interest, but would not say which cryptocurrency. In this regard, the reason he gave was that he did not want people to buy first. He has since tweeted that he has dispersed some of his crypto holdings into the altcoin Orchid (OXT), adding that Orchid “will never die.”

Golden Noon News | A list of important developments at noon on December 9: 1. The pilot project of the central bank's legal digital currency is expected to land in Shenzhen, Suzhou and other places.

2. Qingdao is promoting pilot projects to explore blockchain government applications.

3. Vice Governor of Gansu: Accelerate the promotion of blockchain technology and industrial innovation and development.

4. More than 90% of the Ethereum mainnet nodes have completed the Istanbul upgrade.

5. The China Blockchain Industry Development Index (BDI) has been compiled.

6. The legal digital currency standard working group of the Gold Standard Committee has completed the preparation of some standards for distributed ledger security specifications.

7. Shi Yuzhu: In the period of great technological change, technologies such as blockchain will bring about subversion.

8. V God: Secondary payment can solve resource problems that affect a large number of people.

9. Ezhou Office: Beware of illegal fundraising under the guise of blockchain hotspots.

10. TSMC's 5nm yield rate reaches 50%, and Bitmain may become its customer. [2019/12/9]

It is worth mentioning that Dave Portnoy revealed in an interview with Morgan Creek co-founder Anthony Pompliano that he bought $1.25 million worth of Bitcoin, even though he believes that Bitcoin is "just a big Ponzi scheme." Dave Portnoy summed up his thoughts on crypto trading by saying:

Analysis | Golden disk: BTC/USD 4-hour bottom divergence formation: Golden disk comprehensive analysis: BTC/USD 4-hour K-line chart shows that macd bottom divergence is formed, and the price is supported in the middle track of the descending channel. If the price does not reach a new low after that, Here is expected to form a 4-hour rebound buying point. [2018/8/14]

"You get into school, but don't be the last one to take the blame."

This time around, bitcoin price volatility also appears to be more stable. The previous time when Bitcoin was in the $10,000 range, its price volatility was higher, with a volatility of 53%. This time around, Bitcoin volatility is only 20%, showing that it has been a period of relative price stability recently.

The previous 62-day run was two years ago, from December 1, 2017 to January 31, 2018. During this period, bitcoin actually soared to its highest price ever, hitting $20,089, according to data from CoinMarketCap at the time.

Jinse Finance live report AHMED ALSAYAD: The ecology created by Huobi will provide long-term support for EOS: Jinse Finance live report, on Huobi EOS Global Super Node SHOW, a roundtable forum themed "EOS from Different Perspectives", ProChain Co-founder AHMED ALSAYAD pointed out: Huobi’s participation in the super node election is good news for EOS, and the ecology created by Huobi will provide long-term support for EOS. Since the beginning of the mobile Internet, China has developed very fast. In the wave of the blockchain industry, China's blockchain technology field has also developed very rapidly. Recently, everyone is aiming at the EOS public chain and hoping to do something. I have also been popularizing relevant knowledge in the Middle East. [2018/5/14]

"Microstrategy effect"

Although the current bitcoin price is still below the $20,000 milestone set at the peak of the bull market in 2017, at least the market has considered bitcoin an attractive stable asset for investment.

One of the reasons why market attitudes will change is that cryptocurrencies have already possessed the ability to attract institutional investors. For example, MicroStrategy CEO Michael Saylor described Bitcoin as "digital gold" and even said that the asset "is a reliable A store of value and an attractive investment asset with greater long-term appreciation potential than holding cash."

Additionally, Bitcoin may be a beneficiary of the wider mainstreaming of the cryptocurrency industry.

Is regulatory policy improving?

According to the new guidelines issued by the U.S. Office of the Comptroller of the Currency (OCC), the National Bank of the United States and the Federal Savings Association are now allowed to hold reserves for the issuer of the stable currency, that is, the issuer of the stable currency can place assets in the reserve account of the National Bank of the United States, To ensure that the issuer has sufficient assets to back the stablecoin with a custodial wallet. For the reasons stated above, the OCC concluded that a national bank may hold such stablecoin “reserves” as a service to the bank’s customers.

In addition, in July this year, the U.S. Office of the Comptroller of the Currency also opened the door to federal savings associations and national savings banks that want to hold cryptocurrencies on behalf of their customers. National banks and federal savings associations of all sizes have custody of cryptocurrencies and state that such custody services are a modern form of traditional banking activity related to custody services. The resolution, which comes about a month after the OCC sought public comment on such agencies' digital activities, including in the areas of digital assets and blockchain, marks a major shift in the U.S. banking industry's relationship with the emerging cryptocurrency ecosystem .

In addition to the announcement statement, the OCC recently issued an explanatory letter outlining the policy shift. Some of the regulatory requirements in the letter, though unnamed, are notable, particularly as they relate to the powers of national banks to provide cryptocurrency custody services to clients. The U.S. Office of the Comptroller of the Currency stated:

Since digital currencies only exist on the blockchain or distributed ledger where they are stored, the tool does not actually own the digital currencies. Instead, by using unique cryptography, having the right to transfer a particular unit of digital currency between parties means that a bank 'holds' digital currency on behalf of a client, effectively possessing the encrypted access key to that encrypted currency unit .

Not only that, the letter of explanation also cites relevant explanations in the existing U.S. Office of the Comptroller of the Currency regulatory guidance, stating that banks may hold various assets as custodians, including some unique and difficult-to-valuate assets. Assets transferred in a manner. The OCC added:

Institutions that have been engaged in safe deposit and custody activities for a long time can provide cryptocurrency custody services, which is a form of authorization that allows national banks to carry out traditional banking operations electronically, including credit-granting and non-credit-granting capabilities. Banks that provide cryptocurrency custody in a non-trustworthy capacity essentially provide custody for cryptographic keys to control and transfer customers' cryptocurrencies.

It is worth mentioning that as of this writing, Grayscale’s total assets under management have rebounded to $6 billion. The world’s largest cryptocurrency investment fund released a new analysis report in early September, which shows that Bitcoin’s The market cap should be much higher than it is currently, as the inflation of traditional fiat currencies prompts investors to start looking for new ways to protect their funds, as Bitcoin's verifiable scarcity and supply that cannot be controlled by a central authority make it an important store of value.

Part of this article is compiled from decrypto

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