Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Bitcoin Rallies to $14,000 as Crypto Enthusiasts Celebrate 12th Anniversary of Bitcoin’s Whitepaper Release

Bitcoin Rallies to $14,000 as Crypto Enthusiasts Celebrate 12th Anniversary of Bitcoin’s Whitepaper Release

Kelly Cromley by Kelly Cromley
Nov 1, 2020
in Bitcoin News, Market News, News
Reading Time: 3 mins read
0

Bitcoin (BTC) crossed above $14,000 on the last day of October. Interestingly, Satoshi Nakamoto published the whitepaper of the numero uno crypto on the same day twelve years back.

Since then, the king of crypto has seen extraordinarily fast growth in terms of price, while the crypto sector has gone through huge technical advancements.

Bitcoin is currently in a completely different orbit compared to where it was 12 years back, when the white paper was published.

Bitcoin’s rally is now led by institutional purchases as several financial institutions have started backing cryptocurrencies, and the market has turned liquid in an increasing manner.

The 12th anniversary of Bitcoin whitepaper is specifically distinct for the crypto because it represents the developments that followed the third halving event. It is a known fact that Bitcoin goes through a block reward halving event once in four years, causing a 50% reduction in the quantum of freshly mined Bitcoin.

The entire Bitcoin blockchain has been structured in a way that only 21 million Bitcoins can be ever mined. As Bitcoin moves towards the pre-determined quantity of supply, the rate of generation declines.

Historically, halving had a positive effect on Bitcoin’s price. As the rate of creation of new Bitcoin reduces, subsequently, once in four years, the quantum of Bitcoin entering the crypto exchange will continue to decrease.

In this regard, the 4th , 8th and 12th anniversary of Bitcoin have more credibility than other anniversaries as it falls in line with post-halving cycle. The most recent halving occurred in May 2020.

Hello there.

1400 $BTC bid pushing on Binance. pic.twitter.com/Y2JflB9cwX

— Hsaka (@HsakaTrades) October 31, 2020


Over the past ten years, the price of Bitcoin have gone through considerable change on “whitepaper day.” For illustration, seven years back, Bitcoin price only $204. In 2014, it hit $338. A year later it declined to $314. In 2016 and 2017, the price hit $700 and $6,468, respectively. Furthermore, in 2018 and 2019, the cryptocurrency hit $6,317 and $9,199.

In all majorly tracked cryptocurrency exchanges, the price of Bitcoin hit a price of $14,100, but faced selling pressure at that level. Binance witnessed the maximum selling pressure, causing the price to decline sharply by 3% in a matter of few minutes.

Before the retracement, strong buy walls on Binance and Huobi provided the necessary momentum to propel Bitcoin (BTC) upwards. On Binance, there was a buy wall made of 1,371 Bitcoin a $13,680, while on Huobi the support wall pattern had been created at $13,800 level.

biggest buy wall on Huobi ive seen in a long time @ 13820 pic.twitter.com/7OwZO9wxQc

— CL (@CL207) October 31, 2020


A Bitcoin trader, represented by pseudonymous name “CL” revealed that it was the “biggest buy wall on Huobi I’ve seen in a long time.”

However, as Bitcoin eclipsed $14,000, Binance traders started diluting huge quantities of Bitcoin in a short span of time. Even before the Bitcoin’s uptrend to $14,100, tech investor and Keith Wareing, a content provider to Cointelegraph Markets, wrote:

“Sadly, Bitcoin will rejected at $14k and go back below the 2019 high thanks to binance whales.”

A “darth maul candle” pattern is created when the price of Bitcoin skyrockets and retraces sharply due to selling pressure. Usually, a surge in volatility is followed by period of relative calmness leading to consolidation of Bitcoin.

As $14,000 is a proven major resistance, Bitcoin is widely expected to trade closely below the resistance level and continuously attempt to break above that level.

On-chain market data provider CryptoQuant has been regularly pointing out that Bitcoin deposits in cryptocurrency exchange is on a decline. That usually indicates a drop in selling pressure, specifically among whales and retail investors.

As per Ki Young Ju, CEO of CryptoQuant, the trend is perceived as a “long-term buy signal.” The disinterest shown by investors to dilute their holdings indicates that an extended uptrend is highly possible.

Long term buy signal https://t.co/jfBlhET560

— Ki Young Ju 주기영 (@ki_young_ju) October 31, 2020


The 12th anniversary is seeing a convergence of solid fundamental, technical factors in addition to bullish view of Bitcoin.

Previous Post

MoneyGram Receives $9 million as Market Development Fee From Ripple

Next Post

Santiment – Whales Continue to Accumulate XRP and Chainlink Cryptos

Related Posts

Ripple and SEC Press Judge Torres to Approve Settlement Ending XRP Case

Ripple and SEC Press Judge Torres to Approve Settlement Ending XRP Case

by Mostafijur Rahman
Jun 19, 2025
0

After nearly four years of legal battles, Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have jointly submitted...

hedera-partners-with-binary-holdings

Hedera Teams Up with The Binary Holdings for Southeast Asia Push

by Kelly Cromley
Jun 19, 2025
0

The Hedera Foundation has announced a significant partnership with The Binary Holdings, a leading Web3 distribution infrastructure firm, to bring...

zerohash-supports-polkadot-assets

Zerohash Expands Support for Polkadot-Based Assets

by Kelly Cromley
Jun 19, 2025
0

Zerohash, a prominent infrastructure provider in the digital asset space, has officially announced the extension of its platform capabilities to...

fc-barcelona-unveils-web3-wallet-barca-pass

FC Barcelona Unveils Web3 Wallet Barça Pass to Elevate Global Fan Engagement

by Kelly Cromley
Jun 19, 2025
0

FC Barcelona has launched its first official Web3 wallet, known as Barça Pass, marking a significant step in integrating blockchain...

antix-partners-with-gain-ventures-to-accelerate-web3-growth

Antix and Gain Ventures Join Forces to Accelerate Web3 Growth

by Kelly Cromley
Jun 19, 2025
0

Aiming to shape the next wave of innovation in decentralized technology, Antix has unveiled a new strategic partnership with Gain...

trusty-blockchain-platform-for-agri-food-supply-chain-tracking

Blockchain Boosts Cocoa Traceability Amid EU Sustainability Push

by Kelly Cromley
Jun 19, 2025
0

In response to the mounting regulatory pressures within the European Union, particularly around sustainability and deforestation, a Bologna-based startup named...

Next Post
Santiment – Whales Continue to Accumulate XRP and Chainlink Cryptos

Santiment – Whales Continue to Accumulate XRP and Chainlink Cryptos

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025
  • Blockchain Based Sports Platform SportsMint Unveiled

    by Kelly Cromley
    Apr 30, 2024

Recent News

Ripple and SEC Press Judge Torres to Approve Settlement Ending XRP Case
Market News

Ripple and SEC Press Judge Torres to Approve Settlement Ending XRP Case

by Mostafijur Rahman
Jun 19, 2025
hedera-partners-with-binary-holdings
Market News

Hedera Teams Up with The Binary Holdings for Southeast Asia Push

by Kelly Cromley
Jun 19, 2025
zerohash-supports-polkadot-assets
Market News

Zerohash Expands Support for Polkadot-Based Assets

by Kelly Cromley
Jun 19, 2025
fc-barcelona-unveils-web3-wallet-barca-pass
Market News

FC Barcelona Unveils Web3 Wallet Barça Pass to Elevate Global Fan Engagement

by Kelly Cromley
Jun 19, 2025
antix-partners-with-gain-ventures-to-accelerate-web3-growth
Market News

Antix and Gain Ventures Join Forces to Accelerate Web3 Growth

by Kelly Cromley
Jun 19, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
  • XRP
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree