Bitcoin News - Hash Rate Crash, Microstrategy $117 million Profit, PayPal Update, Price Prediction!

November 4th, 2020 Bitcoin news and price prediction.

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???? Outro Music: Blazars - Polaris [NCS Release]

00:00 | Intro
00:33 | Mempool Status
01:09 | Bitcoin Statistics
02:10 | Hash Rate Crash
04:05 | MicroStrategy Bitcoin Gains
06:53 | PayPal and Venmo Bitcoin Adoption
12:18 | Bitcoin Price Status
13:48 | Post Election Price Predictions
15:42 | Bitcoin Decouples from Stock Market
16:41 | Like, Comment, & Subscribe

???? Show Notes ????

Bitcoin's price is just under $14k up from $10k two months ago. That’s about a 40% increase. Market cap is up over $70 Billion
Bitcoin has appreciated on Gold. 2 months ago it took 5.3 oz of Gold to purchase 1 Bitcoin. Now it takes 7.5 oz of Gold. That’s over 2 oz more gold than 2 months ago.

I have some interesting news to report today

We are seeing a massive crash of the Hashrate in Bitcoin. The Bitcoin Hashrate which is the computing power dedicated to mining has dropped by 45%. Miners in China are facing increased electricity costs due to the dry season.

However there is a ton of news that hit recently which is very bullish for Bitcoin. MicroStrategy completed its acquisition 38,250 BTC at an aggregate purchase price of $425 Million. That comes out to an average purchase price of $11,111.11 That bitcoin is now worth over $542 million representing a $117 million gain which exceeds 3.5 years of Microstrategy's earnings.

PayPal announced it will be allowing users to purchase Bitcoin on its platform and on Venmo. This is massive news and will give exposure to Bitcoin to the general public. The downside is that PayPal and Venmo won't let you withdraw your Bitcoin purchased on the platform meaning you have no proof that they actually own the Bitcoin you purchased on there. Still, it's huge news.

Price need to hold above $14k for rise to 16k and Then $20k. Heavy Resistance at $12k and I doubt we will ever see $10k again. With regards to election I'm not too worried about Bitcoin price in the long term. In the short term any price dip will be driven by fear.

Let's talk about Bitcoin & the S&P 500. As I said in September's price video, the S&P 500 and Bitcoin's price action has been highly correlated. At the end of October Bitcoin decoupled with the stock market. This is a very interesting development and I'm intrigued to see if this continued.

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****DISCLAIMER****
I AM NOT A FINANCIAL ADVISOR. NOTHING THAT I SAY HERE SHOULD EVER BE INTERPRETED AS FINANCIAL, LEGAL, OR TAX ADVICE. THESE ARE SOLELY MY OPINIONS. ALL OF MY CONTENT IS FOR EDUCATIONAL AND ENTERTAINMENT PURPOSES ONLY. ALWAYS DO YOUR OWN RESEARCH BEFORE MAKING ANY FINANCIAL AND CRYPTOCURRENCY RELATED DECISIONS.

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