During trading on June 15, the value of the flagship cryptocurrency fell to the global minimum formed 52 weeks ago ($ 20,800). Despite the fact that the price has stabilized above $ 21,000 at the moment, sellers are still putting serious pressure on the market.
Data from Bitcoin Miners Exchange Flow indicates that miners on June 15 transferred 9476 BTC coins to exchanges, which is the maximum in the last seven months. This suggests that crypto miners are selling their assets, expecting a further decline in quotations.
Often, the actions of miners comprehensively reflect the mood of the market. They tend to sell their coins to minimize costs. In many ways, a noticeable decrease in the profitability of crypto mining causes bearish activity of market participants. The profitability of the event decreased by 75%, and the hash rate in the bitcoin network was at its lowest value since October of the year before last.
When the BTC quotes were below the level of $ 21,000, then most of the installations for mining became simply unprofitable. Given that the capitalization of bitcoin fell to $ 408.4 billion, this hit the entire segment of digital assets hard.
Over the past decade, the top cryptocurrency has experienced several bull cycles, each of which was followed by a drawdown of 80-90% relative to global extremes. But, on the other hand, quotes never fell below the maximum of the previous cycle.
Earlier, the editors of Crypto.ru reported: against the background of a rapid decline in the value of BTC, crypto kits have become more active. They accumulate coins in a narrow range of $21,000-$22,000. On Tuesday, June 14, in the period from 11:00 to 23:00 (Moscow time), they made more than 12,000 transactions, each of which is estimated at about $ 100 thousand (about 4.5 BTC). Experts believe that this is happening against the background of the market reaching a global minimum of $ 21,000.
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