Jun 28, 2021
Date: Thursday 24th June
Over the last few weeks, a significant amount of bad news and FUD has circulated bitcoin. Elon Musk publicly questioned the energy mix used by the bitcoin network shortly before the initial drop to ~$30k, and since then, Bitcoin has ranged between $30k and $40k.
While other positive news has come to market, such as El Salvador making Bitcoin legal tender, the news cycle has been dominated by bearish narratives, from energy concerns to China, again, banning Bitcoin.
During this period, the hash rate has dropped by nearly 50% as miners turn off their machines and move out of China, and the difficulty adjustment, expected around 2nd July, is expected to drop by over 25%.
The last month has been turbulent in bitcoin, and the narrative has become cloudy, with bitcoin continually defending the ~$30k mark. Is this the bottom? Or just the start of a longer-term bear market?
In this interview, I talk to on-chain analyst and the co-founder of Hypersheet, Willy Woo. We discuss the reliability of on-chain data and TA, miners moving out of China and whether we have entered a bear market.