Bitcoin

Ki Young Ju, the founder and CEO of the analytics platform CryptoQuant, has expressed optimism about the stability of Bitcoin's network <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">hash rate</a>, indicating that the current phase of miner capitulation is almost over. The business leader also highlighted that the cost of mining in the U.S. is approximately $43,000 per Bitcoin. However, Ju noted that while macroeconomic risks persist, the potential for forced cryptocurrency sales remains a concern, according to <a href="https://bits.media/ki-yang-dzhu-kapitulyatsiya-maynerov-bitkoina-pochti-zavershena/">Bits.media</a>. 
 Stability and Challenges Ahead 
Despite the challenges, Ki Young Ju believes that the Bitcoin network's hash rate is approaching historical highs and is likely to remain stable. He acknowledged the macroeconomic risks that continue to loom over the market, which could lead to forced sales of cryptocurrencies. Ju emphasized that if bearish trends persist for the next two weeks, the industry's recovery may be prolonged indefinitely. 
Ju pointed out the notable influx of Bitcoin into custodial wallets, with long-term holders increasing their addresses by 404,000 BTC, including 40,000 Bitcoins added to U.S.-based spot Bitcoin ETFs over the past month. Meanwhile, veteran whales have sold nearly all their holdings to new investors, alleviating pressure from large, established investors, while retail investors have largely pulled back from the market. 
 The Market's Underlying Dynamics 
Ju also stated that "something is clearly happening behind the scenes," suggesting that the dynamics of the market are shifting in ways that are not yet fully understood. He believes that the full implications of these changes will become clearer next year. 
Overall, after a significant correction, Bitcoin has not exhibited a clear trend, according to Ju. The first cryptocurrency appears to be in a state of flux, without any evident directional movement.

Bitcoin Miners Approaching End of Capitulation – CryptoQuant

Ultramining_Eng

Other articles published on Aug 8, 2024

Bitcoin and Ethereum Navigate Shifting Sands of Global Economy

Exploring the Most Promising Investment Opportunities in Crypto: Unlock the Best Crypto Presale i...

Spot Ethereum ETFs: Will SEC Approve Options Trading on $1.5B Inflows?

Hong Kong busts $190m crypto money laundering ring: report

Wells Fargo to Launch Bitcoin ETFs as Crypto Focus Increases

KUB Coin Utilities on Bitkub Chain Ecosystem

Join our free newsletter for daily crypto updates!