Bitcoin’s 13th Birthday

Bitcoin just recently celebrated 13 years and has now officially become a teenager. On Monday bitcoin traded at $46,000 and has gone down 8% in the past week. Thirteen years ago, on January 3rd Satoshi Nakamoto mined the first ever block. It’s the Genesis Block, making it the first block on the Bitcoin blockchain.

For the time being, technical indications show that close support may stimulate short-term purchasing for bitcoin. Still, long-term momentum has stalled, suggesting that crypto returns this month will be moderate.

There are experts that have been monitoring the blockchain to see in which direction it is headed. Net exchange flows, for example, have recently surged. This indicates a negative shift in investor attitude similar to what happened before the price significantly dropped in May. There are also certain measures that indicate the boost of the market.

On Sunday Bitcoin blockchains experienced new highs after their high from mid-2021, in relation to hash rate. The amount of processing power utilized by miners to mint new bitcoins and verify new transactions on the Bitcoin network is what we call a hash rate.

In a blog post on Monday Glassnode wrote. “Until there is a further expansion in demand for Bitcoin block space, it can be reasonably expected that price action will be somewhat uneventful, and likely sideways at a macro scale.”

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