We’ve said it before and we’ll say it again, markets are volatile. This time, though, the markets have been tumbling not because of the (probably temporary) lack of news from Bitcoin or altcoins, but because of a very specific event: miners have been unloading a massive amount of BTC and other altcoins.
This is a picture of the Bitcoin Cash (BCH) blockchain that I took as I sat down at my desk last Saturday. It shows a total of 5,000 BTC (roughly $500 million USD) being transferred out of the BCH wallets on the network in a single week. It is a pretty big deal, considering the total BCH supply is 12,000+ BTC.
Over the last week, cryptocurrency markets have continued to tumble. The markets dropped by over $20 billion, shedding about 20% of their value. Some of the world’s largest digital currencies were hit the hardest, including IOTA, which fell by over 23% in 24 hours, and Verge, which lost over 14% in less than 24 hours.. Read more about bitcoin miners for sale and let us know what you think.The cryptocurrency markets continue to decline, with bitcoin falling for the first time since the 23rd. May drops below $33,000 and Ethereum also breaks below $2,500 support. This downward trend is part of an ongoing bear market for bitcoin. Noted analyst William Clemente III reported that miners sold more than 5,000 BTC last week, equivalent to about $164 million at current prices. Miners sold over 5,000 BTC last week pic.twitter.com/5pEvLgIls2 – William Clemente III (@WClementeIII) June 7, 2021 Timothy Peterson, a crypto-currency writer, also pointed out that the BTC price has remained below the 200-day simple moving average (SMA) for 17 consecutive days. This move *always* marks the end of a bull market and the beginning of a bear market, he notes. The #Bitcoin price has dropped below the 200-SMA for 17 days in a row. This move *always* marks the end of a bull market and the beginning of a bear market. pic.twitter.com/6dpiFbUI7A – Timothy Peterson (@nsquaredcrypto) 7. June 2021 While the markets seem to be showing a bit of an intraday bounce – BTC is currently hovering around $33,000 after falling to $32,400, and ETH is currently trading at $2,500 after recovering from a local low of around $2,430 – both markets have been down since hitting their respective local highs of $39,600 and $2,900 on the 3rd. In June, there was a drop of about 15%. Although both Ether and Bitcoin have lost value in recent weeks, capital flows for cryptocurrency investment products indicate that institutional investors are turning their attention back to Ether. According to a CoinShares report from June 7, bitcoin investment products saw record outflows of $141 billion last week, while Ether products saw inflows of $22 million.Bitcoin and its peers have been buffeted by a series of negative headlines over the past month, driven by the rapid emergence of a new type of digital currency that some people fear is the wave of the future.. Read more about bitcoin mining machine and let us know what you think.
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