The Two Reasons Bitcoin’s Price Is Taking A Beating: Bitwise

Bitcoin’s price took a steep tumble early this week, driving over $300 million in crypto market liquidations in a single day. Why the sudden volatility?

“On June 9, >3000 BTC were transferred from mining pools to Binance, marking a two-month peak,” Choudhury said. Citing a CryptoQuant dashboard, the analyst noted that heavy selloffs of the sort tend to correlate with downward price action, such as in mid April directly after the halving, or in late May.earlier this month addressing the aggressive minder selloff, crediting it largely to Marathon Digital – the largest publicly traded mining firm.

Regarding motivations for their sales, Choudry highlighted miners’ tight profit margins since the halving. “Average miner revenue per terahash of energy invested in securing the network has dropped by 56% since the halving,” she said.their long-lost Bitcoin in July after ten years of dormancy. The exchange holds over 141,000 BTC worth more than $8.5 billion, scaring investors into expecting an abrupt wave of BTC sell pressure.

Source: Digital Coin News (digitalcoinnews.net)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

A Festive Florida Wedding With Two Cocktail Hours, Two Aisles, Two Rabbis, and Two Receptions“Being a queer couple and J being trans-masculine non-binary, there was no ‘bride’ or ‘groom’ at the wedding, so we didn’t want our ceremony to have any gendered traditions,” the couple tells Vogue.
Source: voguemagazine - 🏆 715. / 51 Read more »

5 Reasons Anakin Skywalker Would Win Against Darth Vader (And 5 Reasons Darth Vader Would)Anakin Skywalker in Revenge of the Sith to the left and Darth Vader to the right in a combined image in front of a red background image with lightning 
Source: screenrant - 🏆 7. / 94 Read more »

CPW warns of defensive moose mothers following 2 attacks on Winter Park trailTwo separate moose encounters have left two residents and two dogs injured.
Source: denverpost - 🏆 13. / 72 Read more »

The reasons the McDonald's at San Francisco Stonestown mall closedThere are two main reasons why the McDonald's at Stonestown mall closed.
Source: KTVU - 🏆 465. / 53 Read more »

NBA Free Agency: Two East Playoff Teams May Battle It Out For Key Two-Way PlayerTwo Eastern Conference playoff teams have interest in two-time NBA champion and two-way player Kentavious Caldwell-Pope this summer.
Source: Newsweek - 🏆 468. / 52 Read more »

Man faces two kidnapping charges after he attempted to abduct two childrenThe father of the 6-year-old victim spoke exclusively to CBS 8 about how his daughter and wife handled the ordeal.
Source: CBS8 - 🏆 335. / 59 Read more »