With the increasing interest of institutional investors and retail investors in bitcoin, global exchanges such as Chicago Board Options Exchange have launched bitcoin futures contracts. This move is likely to encourage more institutional investors to invest in it, and will further curb the price fluctuation of Bitcoin.
This highly anticipated bitcoin futures transaction has been launched on the Chicago Board Options Exchange, which represents an important step in the legalization of encrypted digital currency. Futures is a derivative/financial instrument, which can force traders to buy and sell an asset at a specific time and at a specific price.
On the one hand, the sharp increase of bitcoin computing power means the increase of mining difficulty, on the other hand, it also means the increase of mining interest.
According to analysis, the more miners there are, the higher the computing power is. On the contrary, the decline of computing power also means the decline of mine profitability, and there will be the phenomenon that mining machines are unsalable and mines stop production. Recently, with the recovery of bitcoin computing power, miners' interest in mining is gradually increasing.
In addition, there is a certain correlation between computing power and bitcoin price. From the end of 20 18 to the beginning of 20 19, the price of bitcoin fell below more than 6000, 5000 and 4000 dollars continuously.
At that time, the computing power of Bitcoin also showed a cliff-like decline, and it remained in a downturn from the end of 20 18 to the beginning of 20 19.
This shows that there is a positive correlation between bitcoin computing power and price. If the current bitcoin computing power can maintain the current high level or continue to climb, the price of bitcoin may also be expected to rise further.
Although the Tether-Bitfinex crisis triggered a short-term decline in Bitcoin, the market value of Bitcoin exceeded $654.38 billion, which also led to the rise of the entire cryptocurrency market. After Bitcoin breaks through the $5,800 mark, the next resistance level is $6,000.