Reserve

Core

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>US-listed Bitcoin miners’ stocks have seen a significant increase, despite declining revenues and reserves.</li> 
 <li>Bitcoin has fallen below its support line, indicating a negative trend.</li> 
</ul> 
<p> The market cap of Bitcoin miners listed in the US recently reached an all-time high, despite a decline in their revenue and reserves.</p> 
<h2 id="bitcoin-mining-stocks-surge">Bitcoin Mining Stocks Surge</h2> 
<p>Analysts from JPMorgan reported a record market cap of $22.8 billion for US-listed Bitcoin miners as of June 15th. Stocks like Core Scientific, TeraWulf, and IREN led the surge, with gains of 117%, 80%, and 70%, respectively.</p> 
<p>However, the Bitcoin miners’ balance has been steadily decreasing, with the reserve currently standing at approximately 1.8 million BTC, a three-year low. This suggests an ongoing sell-off from miner addresses.</p> 
<h2 id="decline-in-bitcoin-miner-revenue-and-reserve">Decline in Bitcoin Miner Revenue and Reserve</h2> 
<p>A downward trend in BTC miner revenue has also been observed. The current revenue stands at approximately 512 BTC, a significant drop from over 1,000 BTC earlier in the year. This decline is partly due to the recent halving event, but also indicates a general decrease in revenue.</p> 
<p>Bitcoin’s price dropped 2% on June 18th, falling below its support level of around $66,000. This support level has now turned into resistance, with Bitcoin currently trading at approximately $65,121 and unable to break through the new resistance level.</p> 
<p>The stochastic indicator corroborates this negative trend, and suggests the possibility of another significant price shift soon.</p>

Bitcoin Mining Stocks Surge as BTC Holdings Plummet

Table of Contents

CoinEagle.com

Other articles published on Jun 20, 2024

Binance Faces Record Fine from India's Financial Intelligence Unit

ZachXBT Exposes TrumpCoin (DJT) Creator As ‘Pharma Bro’ Martin Shkreli

PEPE VS SHIB : Which meme coin will recover first in 2024 ?

The Best Presale in 2024, $MBAG, Smashes $2.5M In 1 Month While Polkadot & BitBot Face Volatility...

Roaring Kitty’s gamification of GameStop is a menace to the market

Crypto Exchange Kraken Loses $3 Million to Exploited Security Flaw

Join our free newsletter for daily crypto updates!