PoW Bitcoin – 7/12/2017

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BTC Market Update as of 7/12/2017
Bitstamp $2354
Okcoin 3M futures $2400
Futures Spread $46
Localbitcoins vol (24h) $5.4 mil
Network vol (24h) $651 mil
Avg Tx Value $2451
Mempool 8MB
Difficulty est. 12.5% in 2 days
BTC val density $310k/MB
Gold $1217
DXY 95.73

Sources: PricesLocalBitcoinsBlockchain VolumeDifficulty, Mempool, Gold, DXY


 

ETH has been crashing with no end in sight. There’s nothing holding this market up. There’s a possibility that we could see a relief rally/bull trap here, but I’ve been saying for a long time that there’s no actual use of ETH other than multiple ponzi schemes. Once a ponzi scheme starts failing to pay investors there’s very little that can stop it. When ICOs see that what they raised is turning to shit, they’ll sell, too. Everyone will raise and then sell immediately.

Segwit2x testnet failure was blamed on bad guys on the internet. LOL

Biggest story for today is Janet Yellen testimony at in front of Congress. She’s expected to talk about a balance sheet drawdown. We’ll see what the market thinks.

A look at the futures spread and price movement.

Music by Joakim Karud

Ansel Lindner Written by:

Ansel is a bitcoin specialist, economist, and podcast host.