Bitcoin ETF

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-significant-correction-and-mining-challenges/" data-wpel-link="internal">Bitcoin Faces Significant Correction and Mining Challenges</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/bitcoins-dominance-peaks-as-analysts-predict-a-dip-before-a-potential-altcoin-rally/" data-wpel-link="internal">Bitcoin</a> (BTC)</strong> has witnessed a significant correction in the past few days. The BTC price dropped below the support level of $42,000, causing widespread FUD in the overall market. The recent correction in BTC not only created shock waves within the community of holders but also significantly affected Bitcoin miners.</p> 
<h2 id="bitcoin-mining-data">Bitcoin Mining Data</h2> 
<p style="text-align: justify">In the last 24 hours, <strong>BTC</strong> miners found themselves struggling with <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">financial</a> difficulties as transaction fees hit their lowest levels since June 2022. As miners face challenges in maintaining profitability amidst decreasing fees, a new layer of complexity emerges. The financial pressure on miners has broader implications for the BTC environment.</p> 
<p style="text-align: justify">Miners may create selling pressure due to reduced rewards as they oscillate between sustaining profitability and managing their assets. This miner-led selling could potentially contribute to downward pressure on the <strong>Bitcoin</strong> price and add momentum to the ongoing market correction. In contrast to the miners’ difficulties, institutional players are strategically accumulating BTC.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-306307 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/santiment-6.png" alt="" width="2048" height="693"></p> 
<h2 id="short-term-forecast-for-btc">Short-Term Forecast for BTC</h2> 
<p style="text-align: justify"><strong>Grayscale</strong> excluded, Bitcoin ETF issuers have accumulated a significant amount of 86,320 BTC at an average price of $42,000. This reflects a substantial investment of $3.63 billion. The strategic accumulation by institutions underscores a long-term perspective and suggests continued confidence in Bitcoin’s future value. However, it also implies potential short-term effects on the BTC market and further centralization of BTC ownership. There has been a decrease in the total number of BTC holding addresses, which could indicate a potential contraction in overall market participation.</p> 
<p style="text-align: justify">Additionally, the decline in the long/short ratio, with new addresses outpacing old ones, could signal a potential shift in market sentiment. Amid these developments, there has been a positive trend with an increase in daily active addresses on the <strong>Bitcoin</strong> network. This rise in network activity served as a balancing force, provided a degree of stability, and potentially mitigated the impact of other negative factors.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-significant-correction-and-mining-challenges/" data-wpel-link="internal">Bitcoin Faces Significant Correction and Mining Challenges</a></h5>

Bitcoin Faces Significant Correction and Mining Challenges

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