With the recent Bitcoin halving, it’s been an incredibly exciting few weeks for the world’s most popular cryptocurrency. Bybit looks at some of the most eye-catching recent developments.
Bitcoin remains stable post-halving
Despite some predictions to the contrary, the price of Bitcoin has been largely going up since the Bitcoin halving. Between the date of the halving (May 13) and May 21, the price rose by around 16%. On May 21, prices fell by around nearly 5%, fuelled by the speculation of the rumoured Satoshi sell-off, as explored in our recent Bybit Insight article. Despite this drop, prices are still up on what they were as the halving took place.
The hash rate has dropped over 25%, but this was largely anticipated post-halving. Speaking to the The Block Crypto, Poolin Vice President Alejandro De La Torre said this is an indication of some miners turning off their now outdated equipment after the halving. De La Torre estimated that as many as 30% of miners had turned off their machines, but that in the coming weeks, the upcoming wet season in China’s Sichuan province, one of the world epicenters for Bitcoin mining, would “undoubtedly push up the hashrate in the short to mid term.”
Also, although transaction fees have risen, this is not a cause for alarm, according to Mark D’Aria, the CEO of crypto consulting firm Bitpro. D’Aria told the Coin Telegraph “they are nowhere near their peak in 2017 and sit at about the range of the mid-2019 rally or the early days of the 2017 bubble.”
Elon Musk explains Bitcoin to J.K. Rowling
That’s a headline that you thought you’d never see, but it’s exactly what happened on May 15 when Harry Potter author J.K. Rowling caused massive ripples in the crypto community by tweeting: “I don’t understand bitcoin. Please explain it to me.” After a flood of responses, Rowling issued a follow up tweet, still seemingly confused, to which Tesla CEO Elon Musk responded to:
A solid response by Musk!
Crypto community celebrates 10th anniversary of Bitcoin Pizza day
The crypto community on May 22 celebrated the 10th anniversary of Bitcoin Pizza day…by doing the obvious thing.
For those who don’t know, this marks the occasion when on May 22, 2010, Florida man Laszlo Hanyecz decided he wanted a free lunch. He proceeded therefore to pay for 2 pizzas with 10,000 Bitcoins (worth around $90,000,000 as of the time of writing!). It may seem silly to call it a free lunch, but at the time Bitcoin was essentially worthless, and as explained in an interview with Forbes, the transaction paved the way for a ‘more efficient way of Bitcoin.’
Owning 10 BTC puts you in the top 0.5% of all addresses
Owning between 10 and 100 BTC would put you in the top 0.51% of all 30.4 million Bitcoin addresses, according to data from BitInfoCharts.
The data makes for fascinating reading, and also reveals that 97.3% of all Bitcoin wallets in existence hold under 1 BTC. If your wallet was to hold between 1 and 10 BTC, it would be in the top 2.68%.
The ‘Bitcoin rich list’ reveals the top 100 richest Bitcoin addresses, with the top address holding 255,502 BTC, worth over $2.3 billion at the time of writing (May 23, 2020).