Bitcoin

Miners are selling their bitcoin as it struggles to hold $70,000

Published

7 months ago

13 June, 2024

Miners are selling their bitcoin as it struggles to hold $70,000

Signs of miner capitulation are emerging as bitcoin struggles with the $70,000 level. According to data from CryptoQuant, the flow of bitcoin leaving miners’ wallets to exchanges – indicating a sell-off event – reached the highest level in two months last weekend. Additionally, miner sales at OTC desks recorded their highest daily volume since the end of March. “Miners are now competing for 450 bitcoins a day across the network, up from 900 less than two months ago,” or post-halving, said Mike Colonnese, an analyst at HC Wainwright. “While rising transaction fees have helped offset some of this impact, the mining economy is effectively down 45% compared to previous levels, so we are not surprised to see some of this strength being sold into the market… as miners effectively seek to cover operating expenses and, to some extent, capex with the proceeds of these bitcoin sales.” CryptoQuant shows that hourly bitcoin transfers from miners to exchanges increased to more than 3,000 bitcoins on June 9. The next day, miners sold 1,200 bitcoins at over-the-counter tables. The cryptocurrency’s price fell to around $66,000 on June 11. Bitcoin has struggled to break the $70,000 level since hitting its all-time high of $73,797.68 on March 14. “[The] sales came in a context of low revenues after the halving,” said CryptoQuant’s head of research, Julio Moreno. “Bitcoin miners’ daily revenues are today at around $35 million, a 55% drop compared to to the 2024 peak reached in March.” a result of “depressed” transaction fees, however, rather than the miners’ block reward reduction at halving. He said the Bitcoin network’s total daily transaction fees are more than 44% lower than they were before the halving and this, even with the halving record transactions on the network, the average transaction fee has remained low. Furthermore, the hash rate of the Bitcoin network has barely dropped since the halving in. April 19, Moreno added, competing for a decreasing amount of block rewards, placing additional pressure on miners’ profitability,” he said. Colonnese said large publicly traded miners are in good shape following the halving. His main choices are CleanSpark and Iren, the former Iris Energy. “We estimate that the group is currently generating gross margins in excess of 50% with bitcoin at US$70,000, while we estimate the total cash cost of producing one bitcoin for the group to be around US$45,000 on average,” he said he. “Therefore, the large listed miners have plenty of breathing room.” CleanSpark fell 19% for the quarter, while Iren rose more than 140%. They gained 55% and 82% for the year, respectively. “On the other hand, smaller bitcoin businesses with less efficient fleets, higher energy costs, and less access to capital are really starting to feel the burn and may struggle to survive in the coming months unless bitcoin prices experience a significant price recovery. in the short term, which is currently not our base case,” he added.

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SatoshiTimes Staff

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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