Bitcoin Network as Secure as Ever; BitMEX Annual Volumes Hit $1 Trillion

The top daily news from the cryptocurrency and blockchain space:

  • Blockchain Capital’s Spencer Bogart comments on bitcoin price, Facebook’s Libra.
  • Bitcoin hash rate and mining difficulty hit new all-time highs.
  • BitMEX annual trading volumes hit $1 trillion.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $11,078.9 (-7.4%) and $297.4 (-6.3%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 4,560.8 (-0.8%).

Bitcoin Ethereum CryptoCompare

Blockchain Capital’s Spencer Bogart on Bitcoin, Facebook’ Libra

Spencer Bogart, the general partner of Blockchain Capital – a top-tier venture capital company within the crypto and blockchain space – appeared on Bloomberg Technology to discuss with host Emily Chang bitcoin’s latest price rally and Facebook’s plan to launch a cryptocurrency.

In an attempt to provide some rationale for bitcoin’s volatile week, Bogart pointed out it “is natural for any kind of asset that has fixed supply but fluctuating demand, particularly one like bitcoin that’s early on in its life cycle.”

Asked by Chang about Facebook’s Libra cryptocurrency announcement and whether that has affected the price of bitcoin, Bogart shared his belief that it had probably been the “biggest driver just in the past few weeks.”

He noted, however, that the “backdrop of global monetary policy” and an increasing pool of negative-yielding government bonds are important factors when considering possible factors underlying bitcoin’s recent price rally. “Capital is going to flow into other assets instead of taking a guaranteed loss. We’ve seen this across the risk spectrum,” Bogart told Chang.

Bitcoin Hash Rate, Mining Difficulty Hits All-Time Highs

The hash rate of Bitcoin – measured as the estimated number of tera hashes per second (i.e., trillions of hashes per second) the Bitcoin network is performing – spiked to new record highs over the weekend to 68,631,992 tera hashes per second (TH/s), according to data retrieved from Blockchain.com.

Indicative of an increasingly secure Bitcoin network, the Bitcoin hash rate has clocked new all-time highs on four separate occasions since June 14, 2019. Notably, when the price of bitcoin was at an all-time high on December 17, 2017, the hash rate of the Bitcoin network was 44,909,481 TH/s; 65.4 percent of the hash rate at the time of writing.

Similarly, on Friday, Bitcoin mining difficulty – a relative measure of how difficult it is to find a new block (adjusted periodically as a function of how much hash power has been deployed by the network of Bitcoin miners) – reached a new all-time high of more than 7.93 trillion.

BitMEX Annual Trading Volumes Reach $1 Trillion

The Bitcoin Mercantile Exchange (BitMEX), the world’s leading cryptoasset derivatives exchange, has recorded over $1 trillion in trading volumes over the past 12 months, according to chief executive Arthur Hayes.

BitMEX has long enjoyed majority ownership of the cryptoasset derivatives trading sector. It is, though, soon to become a lot more competitive, with popular spot exchanges Bitfinex and Binance expected to soon fully launch their respective cryptoasset margin trading solutions.

Bitcoin Is ‘Worthless’ Says John McAfee After Predicting It Would Hit $1 Million

Francisco Memoria

Eccentric cybersecurity entrepreneur John McAfee has bashed bitcoin claiming the flagship cryptocurrency is “worthless,” even though he had predicted it would reach $1 million by the end of this year, before calling off his prediction.

On social media, McAfee responded to a user who said he believes the cybersecurity expert was only followed because of his bitcoin price prediction, to which McAfee responded bitcoin is “worthless.”

In response various users criticized McAfee for past predictions he got wrong – including for various altcoins – while others tried to defend BTC has value. McAfee is well-known in the cryptocurrency space for a famous $1 million bitcoin price prediction.

On social media, the eccentric entrepreneur initially claimed, in July 2017,  the price of one bitcoin would be above $500,000 by the end of 2020. In November ,when the price of bitcoin was moving toward its $20,00 all-time high by December 2017, McAfee said he predicted the $500,000 mark based on “a model that predicted $5,000 at the end of 2017.”

As such, he revised his prediction to say BTC would hit $1 million by the end of 2020. I January of this year, after the cryptocurrency endured an year-long bear market and subsequently failed to recover to its previous all-time high, McAfee claimed the prediction was a “ruse to onboard new users” and dropped the prediction.

In a tweet revealing the “ruse” McAfee claimed bitcoin is “ancient technology” as newer blockchains have “privacy, smart contracts, distributed apps and more.” McAfee would later on criticized the flagship cryptocurrency, calling it “old” and “clunky.” Per his words, bitcoin is the “Hotmail of crypto.”

Notably billionaire Chamath Palihapitiya, the CEO of Social Capital, has recently argued that the price of bitcoin may increase significantly over the next decade to reach $1 billion per coin.

Featured image via Unsplash.