2024

Bitcoin

Monero

Spot

<p>The cryptocurrency market has always been a volatile space, and recent data suggests that Bitcoin is currently experiencing another one of its infamous downturns.&nbsp;</p>
<p>According to a new analysis by Julio Monero, Head of Research at <a href="https://cryptoquant.com/" target="_blank" rel="noopener noreferrer nofollow">CryptoQuant</a>, the demand for Bitcoin has significantly decreased over the last month, with about 23,000 Bitcoins exiting the market. This shift is primarily attributed to the lack of new demand, a critical factor that has historically driven the price of Bitcoin upwards.</p>
<p>Monero utilizes a unique approach by employing a method commonly used in commodity markets to estimate demand. He explains, “The apparent demand calculation compares production and inventory changes to estimate if demand is growing or not.”</p>
<p>&nbsp;In this case, Monero uses the 1-year inactive supply of <a href="https://blockchainreporter.net/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin</a> as a proxy for inventory, revealing that a decreasing demand is likely contributing to the recent price corrections. This type of analysis helps investors and analysts understand the underlying movements in the market beyond mere speculation.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> demand is decreasing again, -23K Bitcoin in the last 30 days, hence the price correction.<br><br>The apparent demand calculation is used a lot to estimate demand for commodities. It compares production and inventory changes to estimate if demand is growing or not. <br><br>Here I… <a href="https://t.co/uGk2rijtjl" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/uGk2rijtjl</a></p>— Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1806707556368200074?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 28, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="bitcoin-s-price-instability-and-mining-trends">Bitcoin’s Price Instability and Mining Trends</h2>
<p>Despite recent highs, Bitcoin has struggled to maintain a stable price above the $61,000 mark. After briefly surpassing this threshold and reaching as high as $62,314, the cryptocurrency has seen a reduction in its value, currently standing at $60,843. This 1.3% decrease over the past day reflects ongoing challenges within the crypto space, including market volatility and changing investor sentiments.</p>
<p>Adding to Bitcoin’s challenges are the activities of Bitcoin miners. Notably, there has been a significant <a href="https://cryptoquant.com/insights/quicktake/667e0c86931dcb63ae996678-BTC-Miners-selling-pressure-decreases?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=crypto-dan" target="_blank" rel="noopener noreferrer nofollow">reduction</a> in Bitcoin withdrawals by miners, which have decreased by nearly 90% last month.&nbsp;</p>
<p>This decline could indicate a strategic hold on assets in anticipation of better market conditions or a slowdown in mining operations, each of which could have substantial implications for the market. Mining activities are often considered a barometer for the health of the cryptocurrency, and such drastic changes can signify shifts in market dynamics or miner strategies.</p>

Is Bitcoin in Trouble? Analyst Spot Alarming Trends in Demand and Price Stability

قائمة المحتويات

BlockchainReporter

المزيد من المقالات نُشرت في ٢٩ يونيو ٢٠٢٤

Coinbase Announces New Cryptocurrency Partnership With Stripe! Here is the Affected Altcoin!

Crypto Analysts Bullish on Dogecoin: Halving Cycle and Technical Signals Point to Upside

MoonBag's Staking Rewards Surpass Theta and Book of Meme in Performance To Become Best Memecoin o...

What Is Hindering XRP’s Rise?

Altcoins Trading Below $1: TRX, SEI, ALGO, VET, And XLM!

Cryptos Like Cardano & Shiba Inu Share The Spotlight With BlockDAG’s Remarkable $54.5M Presale An...

انضم إلى مجلتنا الإخبارية المجانية لآخر تحديثات مجال العملات المشفرة يوميًا.