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⚡Bitcoin's Baby Dip: Paniccccc!😱

Croxroad

23 Aug 2023 — 5 min read

GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

CRYPTO CATASTROPHE: BITCOIN SUDDEN SLIDE 😱

Bitcoin had a bit of a slip, and the other cryptocurrencies are kinda doing their own thing. Last week was like a rollercoaster, with a big selloff that sent digital currencies crashing through some important technical levels. And now, well, things might keep going downhill.

Well, Bitcoin decided to have a mini slide of less than 1% in the past 24 hours, landing at $26,050. It's like it's doing the dance around the $26,000 mark after last week's surprise drop. Just when we thought Bitcoin was practicing its normal routine, it went as low as $25,500 from its majestic $29,000 high.

Alex Kuptsikevich from FxPro observed that , "Bitcoin is still above June's local lows, so there's a hope for an uptrend. But hold onto your seats, because July's highs are giving April a run for its money in the 'lower than expected' sector”.Bitcoin went for the limbo ride one more time, closing the week with a dramatic drop below its 200-week and 200-day moving averages. Looks like it's pulling off the "bear" dance move 🐻.

Bitcoin was having its chill time in the corner, enjoying some supposedly calm trading. Meanwhile, the stock market was throwing its own party with the Dow Jones and S&P 500 doing the opera of volatility. But HODL! because out of nowhere, Bitcoin decides it's time to swim and takes a dramatic dive last week. It was like a surprise party that left everyone shocked and pointing fingers.

BITCOIN HODLERS ARE LUCKY AF 🙌🏻

With its limited supply, the urge for Bitcoin is subtle and has highs and lows. Well, having even a fraction of tokens could be an opportunity for the future, considering the total supply of BTC in existence and the global population.

BTC demand in future:

A Twitter (X) user “ Bitcoin Apex” did some exciting math and figured out that there's a supply of roughly 14.5 BTC for every 8,000 people out there.Now, let's conclude things up. We're living out with nearly eight Billion people on this big planet Earth.

Fast forward a century, and we might have a total of "just" 21 million Bitcoins out there. That's after all that mining hustle and shit.But wait, here comes a twist! Some of those coins are with Satoshi and some might end up in the illusion of the digital universe (34%). So, yeah, the supply's doing the dance.

If we ignore the lost ones, there's like 0.002625 BTC for each of us, around a $77 investment to "the millionaire’s club" it. But HODL, crypto Sharks might snatch the whole crypto Brunch. There won't be enough BTC for all of Us. We Humans love a limited supply! Savvy!

Remember the "Bitcoin Pizza Day"? 10,000 BTC for two pizzas—seems insane now, right? Well, future dudes might blush about spending Bitcoin on cars. Those 10,000 tokens?

Well if you are not good at math , don’t worry Mr “ Bitcoin Apex” surely is! A mere $30 investment can be your Key to “millionaire’s club” , or you can enjoy your favorite pizza.

BTC MINING COSTS AROUND THE GLOBE ⛏️

Italy takes the crown for being the priciest place to mine BTC, Lebanon's like the jackpot of affordability.

CoinGecko did some digging and found that Italy's like the VIP lounge of pricey crypto mining. It costs a whopping $210,000 in electricity just to mine one BTC there. And our European pals Austria, Belgium, Denmark, and Germany aren't far behind in the race.

Out of 147 countries analized, only 62 have the green light for profitable Bitcoin mining. Talk about a close race! And guess what? Lebanon's stepping up as the budget-friendly hotspot for all your mining grail.

CoinGecko came clean that it costs around $46,291 in regular household electricity just to dart one bitcoin. That's almost twice the price of the digital star itself? (Which, by the way, is cruising around $26,100 as we discuss)

Italy's taking the gold for being the priciest venue – $208,560 to cook up one bitcoin.

Austria, Belgium, Germany, Netherlands, UK, and the gang are all in the Top 10 club. And say hi to the Cayman Islands, the only Non-European country in the list.

Blame it on post-COVID electricity madness and a little Russia-Ukraine melody, says CoinGecko. Who knew bitcoin had its own soap opera?

When it comes to mining Bitcoin, continents are playing with electricity price marks.In Europe, they're shelling out around $85,767 to mine one BTC, while Asia's doing it for just a bit over $20,000.

Lebanon's practically throwing a mining party, charging a mere $266 for a fresh Bitcoin batch, besides they offer real “Shawarma" and tasty “hummus”. Iran, Syria, Ethiopia, and Sudan are joining the "cheap crypto cabal" too. Who knew geography could impact your crypto savings.