Bitcoin

Impact

when

Drops

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-approaches-all-time-high-as-trading-volume-drops/" data-wpel-link="internal">Bitcoin Approaches All-Time High as Trading Volume Drops</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/bitcoin-surpasses-70000-with-sudden-price-surge/" data-wpel-link="internal">Bitcoin</a> (BTC)</strong> approaches its all-time high while expectations and FUD around the cryptocurrency increase. Despite growing optimism and interest in Bitcoin, BTC’s trading volume has decreased. Data reveals the seven-day trading volume fell below $14 billion, reaching the same level as in 2023 when Bitcoin traded below $30,000.</p> 
<h2 id="long-term-bitcoin-investors">Long-Term Bitcoin Investors</h2> 
<p style="text-align: justify">However, this can be seen positively as more addresses prefer to hold their BTC. At the time of writing, <strong>BTC</strong> is trading at $68,899.70, with a 2.14% increase in the last 24 hours. Bitcoin’s MVRV ratio has risen, indicating that most Bitcoin holders became profitable in the last few days.</p> 
<p style="text-align: justify">Due to the increase in profitability, more <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> may sell BTC, driving its price down. However, the Long/Short difference for BTC also grew during this period. This could mean that the number of long-term BTC holders has increased significantly in the last few days.</p> 
<p style="text-align: justify">Long-term holders are less likely to sell their <strong>tokens</strong> and tend to remain calm during significant price volatility. Another indicator of interest in Bitcoin could be the number of active addresses on the network. According to <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> from the cryptocurrency analytics company Santiment, the number of daily addresses on the Bitcoin network has dropped significantly in the last few weeks.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-359016 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/btcc.jpg" alt="" width="1282" height="447"></p> 
<h2 id="the-impact-of-nfts">The Impact of NFTs</h2> 
<p style="text-align: justify">One reason for this could be the state of the NFT sector. In the last few weeks, <strong>NFT</strong> sales, buyers, and sellers have declined. Crypto Slam’s sales volume dropped by 75.36% in the last few days. Additionally, the total number of NFT transactions on the network decreased by 60%. If network activity continues to decline, miner revenue could be affected.</p> 
<p style="text-align: justify">Recently, the daily revenue of Bitcoin miners has dropped significantly in the last few days. If this continues, miners may have to sell their <strong>tokens</strong> to make a profit, which could exert downward pressure on BTC.</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-approaches-all-time-high-as-trading-volume-drops/" data-wpel-link="internal">Bitcoin Approaches All-Time High as Trading Volume Drops</a></h5>

Bitcoin Approaches All-Time High as Trading Volume Drops

Table of Contents

COINTURK NEWS

Other articles published on Jun 4, 2024

Bitcoin faces summer drought, trading Vol to drop ahead?

Ripple CTO Reveals XRP Ledger’s Achilles’ Heel, Downplays Attack Risk

Uniswap Up More Than 20% In 24 hours

Altcoin Explosive Growth: BRETT, PYR, KAS, and NGL Dominate the Charts in Market Performance

Bitcoin Reaches Record $70,000

Bitcoin (BTC) Price Hits $71000, Here’s Why

Join our free newsletter for daily crypto updates!