Bitcoin "half the last drop before the halving"? Is the confidence in digital gold still stable?

Summary

Event: In the past week, Bitcoin fell sharply by 30.38%, leading the market down, and miners' revenue plummeted by 21.9%. Is this the bitcoin "half the last drop before the halving"? The traditional cryptocurrency faces the digital currency of mainstream institutions, and the confidence of digital gold in bitcoin needs to be further consolidated. Bitcoin led the decline in the market, and the establishment of "digital gold" confidence has a long way to go. Last week, the average daily income of BTC miners was 15.99 million US dollars, down 21.9% from the previous month; the average daily income of ETH miners was 2.59 million US dollars, down 17.2% from the previous month. As of last Sunday (September 29), the Chainext CSI 100 index was 709.88, down 19.94% from the previous week, and the total volume on Sunday was 248.7 billion US dollars; among them, the global average price of BTC was 8014.19 US dollars, compared with the previous period. The decline was 19.21%; the global average price of ETH was US$170.5, a decrease of 18.55% from the previous period. On Monday, September 23, the first trading day of the official launch of the transaction, Bakkt's Bitcoin futures contract products were lightly traded. Bitcoin's position in the global market is not stable.

With the launch of Lbira and China’s central bank digital currency, is the position of “Digital Gold” still stable? This week, the US Congress continued to conduct a hearing on Libra, and China’s central bank’s digital currency is also on the rise. In the past decade, digital gold has been waiting for nothing. It seems that it is naturally reserved for bitcoin, the originator of digital currency; however, the world is changing too fast. In the next decade, is there a traditional cryptocurrency position on the world stage? On the road of digital currency research and development, countries have been secretly playing for many years. The future financial market and economic market will be based on the digital economy and digital currency, encryption currency, bitcoin, and the future is still very long!

Last week's market review: Chainext CSI 100 decreased by 19.94%, and the basic enhancement in the subdivision sector was the best. From the perspective of subdivision, payment transactions, IoT & traceability, entertainment social, commercial finance, basic enhancement, basic chain, and pure currency performance are better than the Chainext CSI 100 average, which is -15.41%, -18.73%, – 19.33%, -17.54%, -9.79%, -19.31%, -19.68%, storage & computing, AI sector performance was inferior to Chainext CSI 100 average, -21.96%, -22.50%.

Risk warning: regulatory policy uncertainty, project technology progress and application landings are not as expected, and cryptocurrency-related risk events occur.

1. Hotspot tracking: Bitcoin “last fall before halving”? Is the confidence in digital gold still stable?

Event: In the past week, Bitcoin fell sharply by 30.38%, leading the market down, and miners' revenue plummeted by 21.9%. Is this the bitcoin "half the last drop before the halving"? The traditional cryptocurrency faces the digital currency of mainstream institutions and countries, and the digital gold confidence of Bitcoin needs to be further consolidated. Bitcoin led the decline in the market, and the establishment of "digital gold" confidence has a long way to go. Last week, the average daily income of BTC miners was 15.99 million US dollars, down 21.9% from the previous month; the average daily income of ETH miners was 2.59 million US dollars, down 17.2% from the previous month. As of last Sunday (September 29), the Chainext CSI 100 index was 709.88, down 19.94% from the previous week, and the total volume on Sunday was 248.7 billion US dollars; among them, the global average price of BTC was 8014.19 US dollars, compared with the previous period. The decline was 19.21%; the global average price of ETH was US$170.5, a decrease of 18.55% from the previous period. After spending more than a year ensuring full compliance with US authorities' regulations, Bakkt, the digital asset platform of the New York Stock Exchange's parent company Intercontinental Exchange (ICE), was the first federally regulated bitcoin futures trading platform on September 23. The day finally started. On the first trading day of the official launch of the transaction – Monday, September 23, Bakkt's Bitcoin futures contract products were lightly traded, as of 22:00 pm on Monday (Beijing time at 6 o'clock on the 24th), Bakkt The daily Bitcoin futures contract has only two contracts, and there are 71 transactions in the monthly Bitcoin futures contract. The first daily Bitcoin futures contract transaction was made in the 18th hour of Monday.

With the launch of Lbira and China’s central bank digital currency, is the position of “Digital Gold” still stable? This week, the US Congress continued to conduct a hearing on Libra, and China’s central bank’s digital currency is also on the rise. In the past decade, digital gold has been waiting for nothing. It seems that it is naturally reserved for bitcoin, the originator of digital currency; however, the world is changing too fast. In the next decade, is there a traditional cryptocurrency position on the world stage? On the road of digital currency research and development, countries have been secretly playing for many years. The future financial market and economic market will be based on the digital economy and digital currency, encryption currency, bitcoin, and the future is still very long!

2. Relevant news of various governments: The US House of Representatives approved the bill, requiring financial crime regulators to study the application blockchain

The Japan Financial Services Agency will conduct security checks on approximately 120 financial institutions, including those in the encrypted exchange. According to the Nikkei News, in response to the Tokyo Olympics and Paralympics that will be held in 2020, the Japan Financial Services Agency will conduct an overall inspection of the cyberattack prevention measures of financial institutions in the country. The US House of Representatives approved the bill, requiring financial crime regulators to study the application blockchain. The US House of Representatives approved a bill called "Promoting Innovation-Assisted Enforcement Law," which stipulates that the head of the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department should consider how new technologies such as blockchain can improve the sector. Operation, research can be how to use them for law enforcement. The above motion has been submitted to the Senate for consideration. It writes that FinCEN executives must conduct a study to investigate whether it is possible to further use artificial intelligence, digital identity technology, blockchain technology and other innovative technologies to improve the efficiency and utility of FinCEN data analysis.

3. Industry chain related dynamics: BTC miners' revenue decreased by 21.9%

(The following source website data was updated to September 29) Last week, BTC added 2.25 million new transactions, down 6.1% from the previous month; ETH added 4.51 million new transactions, down 4.2% from the previous month. Last week, the average daily income of BTC miners was 15.99 million US dollars, down 21.9% from the previous month; the average daily income of ETH miners was 2.59 million US dollars, down 17.2% from the previous month.

Last week, BTC's average daily computing power reached 90.2EH/s, down 4.2% from the previous month; ETH's daily average computing power reached 195.6TH/s, up 1.2% from the previous month.

Last week, the difficulty of mining the whole network of BTC was 12.76T, an increase of 3.3% from the previous month; the next difficulty adjustment day was on October 11, the estimated difficulty value was 13.43T, and the difficulty increased by 5.42%; the average mining difficulty of ETH whole network last week was 2.48T, an increase of 1.8% from the previous month.

4. Last week's market review: Chainext CSI 100 decreased by 19.94%, and the basic enhancement in subdivision was the best.

We introduce the professional index product of the token market, the Chainext CSI series index, in which the CSI 100 index [1] represents the overall trend of the market; the CSI 5 index [2] represents the trend of the market oversized currencies; the CSI 21-100 index [3] Represents the trend of small caps in the market. The market continues to adjust this week. The market has dropped sharply this week. As of last Sunday (September 29), the Chainext CSI 100 index was 709.88, down 19.94% from the previous week, and the total volume on Sunday was 248.7 billion US dollars; among them, the global average price of BTC was 8014.19 US dollars, compared with the previous period. The decline was 19.21%; the global average price of ETH was US$170.5, a decrease of 18.55% from the previous period. From the perspective of subdivision, payment transactions, IoT & traceability, entertainment social, commercial finance, basic enhancement, basic chain, and pure currency performance are better than the Chainext CSI 100 average, which is -15.41%, -18.73%, – 19.33%, -17.54%, -9.79%, -19.31%, -19.68%, storage & computing, AI sector performance was inferior to Chainext CSI 100 average, -21.96%, -22.50%.

Risk warning 1. Uncertainty of regulatory policy; 2. Project technical progress and application fall short of expectations; 3. Encrypted currency related risk events occur.