Bitcoin Retakes $54,000 – Trustnodes

Bitcoin Retakes $54,000

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The Great Crypto Desire, Art NFT, March 2021

Bitcoin has risen above $54,000 and has stayed there for much of the day with the currency seemingly turning somewhat bullish.

The crypto rose from a low of $50,000 yesterday before pausing on $52,000 with another leg up following.

Volumes too seem to be up, rising to $54 billion from $46 billion on Monday as the currency seemingly starts recovering.

Bitcoin's Price, March 2021
Bitcoin’s Price, March 2021

This rise may in part be spurred by the bitcoin stimulus of nearly half a trillion which passed the Senate and is set for House approval today.

Once Biden signs it, checks should start making their way later this week or early next week.

Snail fiat still takes days to travel, so a couple of days would be needed for it to make its way to Coinbase.

Meaning the ‘pricing-in’ should begin late next week and early the week after, so around the end of March.

April tends to be a decent month for cryptos, with bitcoin devs in what now feels like years discussing the most arcane matter of how to activate Taproot.

This astonishingly philosophical twilight of truth and beauty should hopefully in some decades make its way to your node, with this being the biggest bitcoin upgrade in centuries.

Taproots, as you’ve probably learned long ago and forgotten, provides more transactions compressions in its combination with Schnorr signatures which technically means bitcoin gets a bit more capacity and more scripts functionality, making it a useful upgrade once they figure out how to pick a block number and go with it or a hashrate approval percentage.

Not that the bitcoin market cares about all this more than the bitcoin NFTs everyone is talking about, including the featured image which sold for 7 eth.

We say eth, but to the BBC or the Guardian we apparently mean bitcoin. In an otherwise decent article, the Guardian says:

“We’re stuck inside, gazing at our screens, which is just the place where digital art can be seen. And this is also the place where, thanks to the cryptographic innovations that made the digital currency bitcoin possible, it is increasingly being bought and sold…

The answer is because this single clip uses the blockchain technology that underpins such cryptocurrencies as bitcoin to authenticate its provenance. To put it more simply, this technology creates a digital item that can only ever be controlled by one person – enough to make it, in the eyes of collectors, the original.

The system was devised in 2008 by bitcoin’s inventor, known by the pseudonym Satoshi Nakamoto, who had the utopian aim of creating a currency free from control by banks. Data on all bitcoin transactions would be distributed via a database updated and shared across a network of computers, also known as a “blockchain”. It would be held, in theory, by every user in a “distributed ledger” that obviated the need for a central third party authority. In practice, sadly, bitcoin got taken over by what one economist called “charlatans and swindlers”, namely speculators with the most computer power, since that’s what it takes to create (or mine) new bitcoins.”

What? Speculators with most computing power took over the ‘utopia’ of ‘in theory’ bitcoin being a currency free from banks? At least though the Guardian readers have the pleasure of being misinformed about bitcoin – although to be fair the article largely seems correct, they just had to add a snub because boomers.

Ethereans however don’t get one word in this lengthy article which somehow manages to credit Nakamoto for NFTs.

And the best, or worst part, is that we can’t even blame them. Anecdotally, it remains the case where pretty much no one knows about eth when we’re talking of the general public with the word ethereum always met with a ‘what?’ While almost everyone knows about bitcoin, except in Greece apparently for some reason presumably because they’re deep in debt poor.

So instead of bothering to explain ethereum, these boomer writers – who maybe don’t know even themselves what is ethereum – take the easy shortcut and just say bitcoin.

By the same token all that defi stuff is speculators with powerful computers in this alternate universe where these 18th century papers live.

Thus bitcoin is rising, and ethereum too – even gaining on the ratio – so they shouldn’t complain too much, and very importantly they seem to be rising more during Shanghai time.

We suspect that the financial houses in Shanghai are completely ignoring the CCP, which they probably have in their pockets anyway, and like the Americans are building sophisticated strategies that incorporate bitcoin for hedging and its unique qualities.

So a rising dollar means a falling yuan which means a bot bitcoin purchase to maintain purchasing value without directly speculating on the extent of the yuan weaknesses or dollar strength.

This makes perfect sense as long as bitcoin is bull because you can’t lose as if the dollar weakens, then the Americans would be doing the above.

The dollar strength also means euro weakness so Europeans might be doing some of this too, with bitcoin becoming a financial instrument.

In hindsight perhaps that was inevitable, just as in hindsight 2FA was a terrible idea because in a long enough time-frame, everyone has an old and inaccessible 2fa. So rip many 0.01 bitcoins that were pennies and are now $500.

A gift to everyone else, Nakamoto said, with an estimated 4 million bitcoin so being ‘gifted.’ Something that perhaps market wise can be felt more and more as price rises because had they not been gifted then there would have been more supply pressure.

Currently such pressure seems to be waining, but obviously we can’t be sure we’re in a bull market until we pass $300,000, or more correctly, until we rise by $10,000 a day for many days to the point this reporter gets bored of telling you about it.

Will it happen? That is to be seen but it has happened, though with less zeros, and therefore it might happen again.

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