Satoshi Nakaboto: ‘Bitcoin and S&P 500 Index highly correlated during coronavirus liquidation’

Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Sloterdijk used to say: Time to learn some stuff about Bitcoin!

Bitcoin price

We closed the day, March 30 2020, at a price of $6,429. That’s a decent 8.51 percent increase in 24 hours, or $504. It was the highest closing price in two days.

We’re still 67 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin market cap

Bitcoin’s market cap ended the day at $117,640,143,688. It now commands 66 percent of the total crypto market.

Bitcoin volume

Yesterday’s volume of $37,101,651,525 was the highest in four days, 79 percent above last year’s average, and 49 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 718 tons of gold.

Bitcoin transactions

A total of 276,681 transactions were conducted yesterday, which is 14 percent below last year’s average and 38 percent below last year’s high.

Bitcoin transaction fee

Yesterday’s average transaction fee concerned $0.20. That’s $3.51 below last year’s high of $3.71.

Bitcoin distribution by address

As of now, there are 10,068 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 5.8 percent of the total supply, the top 100 15.2 percent, and the top 1000 35.2 percent.

Company with a market cap closest to Bitcoin

With a market capitalization of $117 billion, HSBC has a market capitalization most similar to that of Bitcoin at the moment.

Bitcoin’s path towards $1 million

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.5 percent behind being on track. Bitcoin’s price should have been $263,716 by now, according to

Bitcoin Energy Consumption

Bitcoin used an estimated 192 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 70 terawatt hour. That’s the equivalent of Colombia’s energy consumption or 6,5 million US households. Bitcoin’s energy consumption now represents 0.3% of the whole world’s electricity use.

Bitcoin on Twitter

Yesterday 24,425 fresh tweets about Bitcoin were sent out into the world. That’s 30.7 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 75,543.

Most popular posts about Bitcoin

This was one of yesterday’s most engaged tweets about Bitcoin:

Now, this is an interesting chart. Bitcoin and the SPX are currently extremely correlated as liquidation pressure turns all assets into risk assets. This correlation would last forever but it shows that people are using $BTC for liquidity. It is likely the puking of risk assets

— Raoul Pal (@RaoulGMI) March 29, 2020

This was yesterday’s most upvoted Reddit post about Bitcoin:

While the Fed and Donald Trump speak about infinite amount USD, Bitcoin is sticking to its monetary policy from r/CryptoMarkets


My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

Published March 31, 2020 — 10:07 UTC

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