Price continued in a slightly upward fashion and ended well on both the lows and highs of the past 24 hours, registering USD 10,463 and USD 10,795 respectively (CoinDesk). With Friday now approaching noon in Central Europe and hours away from a US entering into a upward trending slipstream, it would appear
It would appear there is still a lot of goodwill left, even if we shouldn’t be able to credit yesterday’s bullish news about Bitcoin miners finding more ways to be efficient with energy consumption alongside higher hashpower gains than ever.
One whale, at any rate, doesn’t seem to care much about critics who keep pointing out that Bitcoin is not suitable for small payments between people. We don’t know if this whale would ever splash out for fees when buying coffee, but it certainly did not mind coughing up around USD 700 in fees for a huge Bitcoin transaction worth USD 1 billion. Even though he overpaid by over 20 times (USD 3.50 would have been more than enough to confirm his transaction in the next block, given the network’s free state right now).
— CalCISO (@GetCalCISO) September 6, 2019
It’s worth pointing out that that overpayment of fees still came up to less than 0.0001% of the total value of transaction. Try finding a conventional alternative that comes close to competing with that! Max Keiser, long-time commentator and self-professed Bitcoin advocate, says that this is further proof of what he has been claiming for years, that net buyers of bitcoin will surface at prices of USD 9,000. He Tweeted:
“This = effective ‘put’ on the BTC price at $9,000 (as I’ve been reporting for several yrs now). Ie, institutions are net-buyers of any BTC that shows up at $9k. Risk/reward now for buyers is excellent.”
One other theory is that this is just big money moving from big spenders to Bakkt’s new warehousing facility, which it said would open yesterday, as it readies for a long-delayed launch in two weeks’ time. If this is true, we’ll find out soon enough when people are able to identify wallets belonging to Bakkt.
Meanwhile, in a world dominated by males — something anyway of a long established trend in technology circles — there are occasionally pieces of blockchain literature discussing the need to have more women. BitcoinNews.com itself has touched on the gender topic several times in regards to the crypto space, though it is important not only to see representation but meaningful metrics in that regard. This means that women shouldn’t merely be represented in the stereotypical marketing and communication roles of blockchain enterprise, but take charge at C-level and engineering roles… of course, when merited.
One more discussion heating up the gender debate this week was yesterday’s Twitterlogue between Rosa-Maria Ryyti, 2015 Miss Universe Finland, and crypto analyst Filb Filb. The latter had asked an open question to his followers as to why males continued to dominate the space. Ryyti responded:
“Women are more risk-conscious in general and often go for a ‘slow & steady’ investment strategy… The current general perception of Bitcoin in the msm [mass social media] makes it even less probable for the average women (and men) to get involved.”
It’s no surprise there, ladies. Science and research backs up that claim, although more accurately, women are less likely to participate in risk. Men are just an conscious of the risk but overestimate their ability to mitigate those risks, or are simply more willing to risk. Insurance premiums which have been lower for women for years is proof that the science is solid.
But if that were solely true, then it still does not explain why only 5% of Github commits are done by women compared to 20% of crypto holders in Europe from the same gender. More concentration of risk takers than engineers and coders, it would appear?
That aside, we are now on Friday and it is time to keep an eye out for news that might serve to stew over the weekend and determine next week’s trend. Technical lovers will be slightly excited to know that Bitcoin has just hit today a new record in inverse correlation to the Chinese yuan (CNY). Probably under pressure from ongoing US trade tariffs slapped on by President Trump, and the recent yielding of Hong Kong’s extradition bill, Bloomberg believes that this has caused premiums in Bitcoin price in China.
London School of Economics researcher Dr Garrick Hileman says:
“There’s corroborating evidence for this, in that people in Asia were paying more for Bitcoin than elsewhere when the yuan fell.”
For now, if, as it looks like it will, price will climb steadily up for another two more days, then Bitcoin would be breaking its longest losing streak since November 2018. If price falters and we experience a new low, then we should probably prepare for another tricky ride down fuelled by Sunday profittakers.
Image Courtesy: Pixabay