Will Bitcoin miners continue to decline further after selling over 20000 BTC in a week?The leading cryptocurrency, Bitcoin (BTC), has gone through a challenging week, with prices plummeting by over 2.30% in the past 24 hours to $27354 as of the time of publication
Will Bitcoin miners continue to decline further after selling over 20000 BTC in a week?
The leading cryptocurrency, Bitcoin (BTC), has gone through a challenging week, with prices plummeting by over 2.30% in the past 24 hours to $27354 as of the time of publication. Although the ongoing war between Israel and Palestine and various macroeconomic factors have led to fluctuations in Bitcoin, the recent large-scale sell-off by Bitcoin miners has raised concerns about its future trajectory.
Bitcoin mining machine sell-off triggers an alarm
Today, cryptocurrency analysis company 'IntotheBlock' clarified this issue through a tweet, stating that 'Bitcoin miners sold over $20000 in BTCs this week, the largest quantity since April.'
Bitcoin mining machine sell-off triggers an alarm
Today, cryptocurrency analysis company 'IntotheBlock' clarified this issue through a tweet, stating that 'Bitcoin miners sold over $20000 in BTCs this week, the largest quantity since April.'
That is to say, after the record profits of Bitcoin miners in September, the activity of miners surged. Several famous Bitcoin mining companies recently released impressive results from last month. CleanSpark extracted 643BTC, RiotBlockchain extracted 362BTC, and MarathonDigitalHoldings extracted an astonishing 1242BTC last month.
While celebrating their achievements, these mining companies have also formulated future plans. For example, the marathon expressed concern for growth and announced plans for international expansion using low-cost renewable energy. However, these successes were not smooth sailing, as the marathon experienced challenges such as mining invalid blocks due to trading arrangements errors.
Nevertheless, although mining activity is certain to affect short-term price trends, people are optimistic that selling pressure will be largely exhausted after halving, which may pave the way for a recovery of bullish sentiment.
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