September 15th 2020, Cryptoassets Update
Market Summary
Today (as of September 15th), the Bloomberg Galaxy Crypto Index was at 485.85 after being at 572.6 last month. These levels follow a low of 217.82 in early March. Last month we reached new 12 month highs and then the market immediately corrected. The BTC halving took place on Monday, May 11th around 4PM. That means that the BTC miners as a whole will now produce 6.25 BTC every ten minutes – down from 12.50 prior to the halving. It used to cost about $6,851 to mine a Bitcoin so when BTC was above that price, miners made a profit. Now, mining a single BTC costs between $12,000 to $14,000 which means the current market price of $10,806 (Sep. 15) 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 Trader program offer.
