Bitcoin touches a minimum of $8,600, peak of BTC direct to exchanges

 

On May 24, the price of Bitcoin (BTC) increased from $9,300 to $8,750. Over the next 24 hours, it hit a low of $8,600, increasing the chances of a big pullback.

The initial contraction below $9,000 coincided with a massive inflow of BTC on exchanges: on-chain data shows that some key figures in the industry sold large amounts of cryptocurrency over the weekend.

Who is selling Bitcoin?

The role of exchanges is primarily to match the orders of sellers and buyers. In other words, to buy Bitcoin for $9,000 you need another user on the trading platform who is selling BTC at that price.

Willy Woo, a well-known analyst in the cryptocurrency industry, commented on this:

„When we say that traders are ‚buying‘ or ’selling‘, it is a myth. Every trade is matched, every trade has a buyer and a seller. Therefore, when we say that the market is buying or selling, we actually mean that smart money [a term that refers to all experienced and well-informed investors] is buying or selling.

When miners sell the

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they generate, they apply strong selling pressure to the market. According to CryptoQuant data, on May 24th, Bitcoin’s inflow to the exchanges peaked at 2,435 BTCs: in a single day, BTCs worth no less than $22 million were deposited.

Bitcoin inflow to exchanges

In addition, ByteTree data shows that miners have generated BTC 5,231 and sold BTC 5,846 in the last seven days. Therefore, the miners have sold not only all the BTCs they generated, but also 614 BTCs from their own stocks.

 

The situation in China could improve
For the large miners located in the Sichuan region of China, the rainy season will allow them to negotiate lower prices for electricity. This means that some companies will be able to get rates as low as $0.03/KW, reducing the cost of a single Bitcoin to around $6,000.

However, for miners operating outside of China, halving could continue to have a very negative effect on profit margins.

In summary, the data seems to indicate that the contraction of Bitcoin was caused by the miners, who sold large quantities of BTC between $9,300 and $9,400. This lowered the price of cryptocurrency, which also pushed many traders to sell.

Max Keizer säger att Compounds Rally endast var tänkt att ta din Bitcoin när token kastar 40 procent

Compound (COMP), styrningsteckenet för den eponymbaserade Ethereum-baserade utlåningsplattformen, har monumentalt kraschat cirka 40 procent under 24 timmar, enligt data från handelsterminalen Cryptowatch.

Medan han kommenterade i höst från nåd, noterade RT-värd och inflytelserika kryptoproponent Max Keizer det enda syftet med altcoins var att ta bort Bitcoin Evolution från FOMO-driven investerare.

Compounds token har väckt väsentligt de senaste dagarna efter att Coinbase Pro-noteringsmeddelandet den 18 juni kickstartade sitt 150 procents rally

Coinbases beslut att lägga COMP till listan över tillgångarna som handlas på dess professionellt inriktade utbyte var ganska kontroversiellt eftersom företaget är en tidig investerare i Compound som äger en del av tokenens 10 miljoner leverans.

Alla goda saker slutar slutligen, och COMP-symbolen bevittnade den korta korrigeringen.

Den byter för närvarande händer på $ 254 efter att ha berört den nuvarande högsta tiden på 380 $ den 21 juni.

Ethereum-grundare Vitalik Buterin säger att han inte håller med om Bitcoin’s Stock-to-Flow-modell
„Systematiska risker“

Eftersom Keizer är en makalös Bitcoin-maximalist, kanske vissa investerare känner att de inte behöver ta hänsyn till hans råd om altcoins.

Men även Ethereum-skaparen Vitalik Buterin, som nyligen skonade med Keizer på Twitter , känner sig orolig över den nya vågen av entusiasm kring DeFi-projekt.

Som rapporterats av U.Today varnade Buterin investerare för att „flashiga DeFi-saker“ med lockande höga avkastningar kan utgöra „systemrisker.“