Bitcoin

when

Contribute

Reported by Coindesk, Bitcoin's rapid price ascent during the last month, which culminated in a new all-time high and quick reversal on Tuesday, has meant that some early miners have started selling their old block rewards – putting pressure on bitcoin's price.
On-chain data spotted by CryptoQuant shows that, just before bitcoin peaked at new highs around $69,000 and then plunged to $62,000 on Tuesday, 1,000 bitcoin worth roughly $69 million were moved to Coinbase by addresses more than a decade old and that the research firm says are linked to miners.
"Considering that the exchange order book shows 5-10 bitcoins of liquidity for every $100 price change, a sell-off of 1,000 bitcoins is highly likely to trigger a significant price drop," Bradley Park, an analyst at CryptoQuant, said. "Especially when traders are waiting to enter a short against bitcoin's all-time high like on Tuesday."

Early Miners Contribute to Selling Pressure as Bitcoin Touch All-time High

TokenInsight

Other articles published on Mar 6, 2024

Bitcoin Soars to Unprecedented Heights on South Korea’s Largest Exchange

Good News from Binance for Six Altcoins Including DOGE and SHIB!

This 10-Year-Old Crypto Firm Hit With $275,000 Unregistered Securities Fine by SEC

Bitcoin and gold broke new price records on the same day

CMC Crypto Awards 2024: Winners Announced

$46,000,000,000: Bitcoin Smashes Big Milestone Besides ATH

Join our free newsletter for daily crypto updates!