{"id":423653,"date":"2020-05-13T01:00:37","date_gmt":"2020-05-13T01:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=423653"},"modified":"2024-06-11T13:48:38","modified_gmt":"2024-06-11T13:48:38","slug":"bitcoin-network-health-dragged-down-by-waning-investor-sentiment","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-network-health-dragged-down-by-waning-investor-sentiment\/","title":{"rendered":"Bitcoin Network Health Dragged Down by Waning Investor Sentiment"},"content":{"rendered":"

The past few weeks have been extremely positive for Bitcoin.<\/p>\n

Not only has the benchmark cryptocurrency has been able to erase virtually all of the losses that came about as a result of its decline to lows of $3,800 in mid-March, but it has also just concluded its third-ever block reward halving.<\/p>\n

This event reduced the cryptocurrency\u2019s annual inflation rate from 3.6% to 1.8%, decreasing the amount of new BTC introduced to the market each year.<\/p>\n

Despite the fundamental bullishness<\/a> of this event, one on-chain indicator reveals that Bitcoin is flashing some signs of underlying weakness.<\/p>\n

Bitcoin Price Stabilizes as Investors Watch Fundamental Health<\/strong><\/h2>\n

Bitcoin\u2019s price is currently stabilizing within the upper-$8,000 region as its buyers and sellers reach an impasse.<\/p>\n

The cryptocurrency did attempt to push above $9,000 earlier today, but this was met with slight selling pressure that ultimately led it lower.<\/p>\n

From a fundamental standpoint, investors have been anxiously awaiting to see how the mining rewards halving could impact the cryptocurrency from a fundamental perspective.<\/p>\n

Although there hasn\u2019t been any massive decline in Bitcoin\u2019s hash rate yet, it is expected that the reduced block rewards will lead smaller miners to capitulate, potentially triggering a sharp decline.<\/p>\n

\"Bitcoin\"
Image Courtesy of Glassnode<\/figcaption><\/figure>\n

Multiple on-chain metrics are suggesting that the cryptocurrency is strong, as data<\/a> from blockchain analytics firm Glassnode shows that Bitcoin\u2019s network health and liquidity both increased this week.<\/p>\n

They explain that the cryptocurrency\u2019s network growth has now reached its highest value seen since 2017.<\/p>\n

\u201cNetwork Health improved through solid gains in both Network Growth and Network Activity, the former reaching the highest possible value for the first time since 2017.\u201d<\/p><\/blockquote>\n

They also explain that the cryptocurrency\u2019s liquidity has been increasing by a marginal amount on a week-to-week basis throughout the past five weeks.<\/p>\n

This is a positive sign that points to heightened investor activity.<\/p>\n

\u201cLiquidity has seen marginal improvement over the last few weeks after registering increases in Transaction Liquidity and slight decreases in Trading Liquidity. After staying close to the 50 point mark for 5 weeks, it has now worked its way up by 9 points.\u201d<\/p><\/blockquote>\n

It\u2019s Not All Good News for BTC: Investor Sentiment Drags Network Health Lower<\/strong><\/h2>\n

Glassnode also notes that despite the positive picture painted by the two aforementioned indicators, a sharp decline in investor sentiment<\/a> seen in the days and hours leading up to yesterday\u2019s halving have placed some serious drag of the overall BTC network health.<\/p>\n

\u201cIn the lead up to Bitcoin\u2019s third halving, Sentiment on the other hand has begun to drop sharply.\u201d<\/p><\/blockquote>\n

These three factors are the core components of the analytics firm\u2019s GNI On-Chain Index, which helps give investors insight into Bitcoin\u2019s fundamental strength<\/a> on a weekly basis.<\/p>\n

\"\"
Image Courtesy of Glassnode<\/figcaption><\/figure>\n

Due to the sharp decline in investor sentiment, the GNI indicator decreased this week, but they still note that Bitcoin\u2019s \u201coverall network health remains strong.\u201d<\/p>\n

Featured image from Unplash.<\/pre>\n","protected":false},"excerpt":{"rendered":"
The past few weeks have been extremely positive for Bitcoin. Not only has the benchmark cryptocurrency has been able to erase virtually all of the losses that came about as a result of its decline to lows of $3,800 in mid-March, but it has also just concluded its third-ever block reward halving. This event reduced the cryptocurrency\u2019s annual inflation rate from 3.6% to 1.8%, decreasing the amount of new BTC introduced to the market each year. Despite the fundamental bullishness of this event, one on-chain indicator reveals that Bitcoin is flashing some signs of underlying weakness. Bitcoin Price Stabilizes as Investors Watch Fundamental Health Bitcoin\u2019s price is currently stabilizing within the upper-$8,000 region as its buyers and sellers reach an impasse. The cryptocurrency did attempt to push above $9,000 earlier today, but this was met with slight selling pressure that ultimately led it lower. From a fundamental standpoint, investors have been anxiously awaiting to see how the mining rewards halving could impact the cryptocurrency from a fundamental perspective. Although there hasn\u2019t been any massive decline in Bitcoin\u2019s hash rate yet, it is expected that the reduced block rewards will lead smaller miners to capitulate, potentially triggering a sharp decline. Multiple on-chain metrics are suggesting that the cryptocurrency is strong, as data from blockchain analytics firm Glassnode shows that Bitcoin\u2019s network health and liquidity both increased this week. They explain that the cryptocurrency\u2019s network growth has now reached its highest value seen since 2017. \u201cNetwork Health improved through solid gains in both Network Growth and Network Activity, the former reaching the highest possible value for the first time since 2017.\u201d They also explain that the cryptocurrency\u2019s liquidity has been increasing by a marginal amount on a week-to-week basis throughout the past five weeks. This is a positive sign that points to heightened investor activity. \u201cLiquidity has seen marginal improvement over the last few weeks after registering increases in Transaction Liquidity and slight decreases in Trading Liquidity. After staying close to the 50 point mark for 5 weeks, it has now worked its way up by 9 points.\u201d It\u2019s Not All Good News for BTC: Investor Sentiment Drags Network Health Lower Glassnode also notes that despite the positive picture painted by the two aforementioned indicators, a sharp decline in investor sentiment seen in the days and hours leading up to yesterday\u2019s halving have placed some serious drag of the overall BTC network health. \u201cIn the lead up to Bitcoin\u2019s third halving, Sentiment on the other hand has begun to drop sharply.\u201d These three factors are the core components of the analytics firm\u2019s GNI On-Chain Index, which helps give investors insight into Bitcoin\u2019s fundamental strength on a weekly basis. Due to the sharp decline in investor sentiment, the GNI indicator decreased this week, but they still note that Bitcoin\u2019s \u201coverall network health remains strong.\u201d Featured image from Unplash.<\/p>\n","protected":false},"author":499,"featured_media":422304,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,1144,78790,76835],"class_list":["post-423653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Network Health Dragged Down by Waning Investor Sentiment<\/title>\n<meta name=\"description\" content=\"Despite the fundamental bullishness of the halving, one on-chain indicator reveals that Bitcoin is flashing some signs of 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