October 15th 2020, Cryptoassets Update
Yesterday, October 14th, the Bloomberg Galaxy Crypto Index was at 503.25 after finishing last month at 485.85 and following the low of 217.82 in early March. Two months ago we reached new 12 month highs and then the market immediately corrected. The most recent Bitcoin (BTC) halving took place on May 11th. BTC miners as a whole now produce 6.25 BTC every ten minutes which is down from 12.50 prior to the halving. It used to cost about US$6,851 to mine a Bitcoin so when BTC was above that price, miners made a profit.
Now, it’s estimated to cost between US$12,000 to US$14,000 to mine a single BTC and that means at the current market price of about US$11,300 is still undervalued with most miners losing money. This is why we are only guaranteeing GBTC on the downside at 12.50 or less for our Super Traders. GBTC was at US$12.17 at 2:56 pm on October 14th. October 15th 2020, Cryptoassets Update by Van Tharp.