United

Bitcoin

Impact

Rewards

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-miners-increase-sales-as-rewards-drop">Bitcoin Miners Increase Sales as Rewards Drop</a><br></p>
<p style="text-align: justify">In response to the recent halving event that reduced <a href="https://en.bitcoinhaber.net/bitcoin-faces-potential-decline-as-60k-level-tested">Bitcoin</a> block rewards by 50%, Bitcoin miners have notably increased their sales of the cryptocurrency. This strategic shift was primarily to counter the sudden drop in mining revenue, exacerbating the existing pressure on Bitcoin prices. Observations from CryptoQuant indicate a considerable uptick in Bitcoin deposits to spot exchanges, which has led to a supply and demand imbalance within the <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">market</a>.</p> 
<h2 style="text-align: justify" id="impact-of-increased-miner-selling-activity">Impact of Increased Miner Selling Activity</h2> 
<p style="text-align: justify">Following the reduction of the block reward to 6.25 Bitcoins, miners rushed to offload their holdings on various trading platforms, significantly impacting the market dynamics. This increase in supply, coupled with waning demand, has raised concerns about potential further declines in Bitcoin’s value. Julio Moreno of CryptoQuant highlighted a growing imbalance, with an accumulation of Bitcoin on over-the-counter desks as demand from traditional and large-scale <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">investors</a> softens.</p> 
<h2 style="text-align: justify" id="decrease-in-demand-from-key-bitcoin-investors">Decrease in Demand from Key Bitcoin Investors</h2> 
<p style="text-align: justify">There has been a noticeable deceleration in Bitcoin purchases from perennial investors and Bitcoin whales. The latter’s activity has halved, further demonstrating a reduced appetite for Bitcoin <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">investments</a>. This trend is mirrored by the performance of Bitcoin-focused exchange-traded funds in the United States, which have seen more significant outflows than inflows, reflecting a dip in investor confidence.</p> 
<h3 style="text-align: justify" id="key-market-insights">Key Market Insights</h3> 
<ul style="text-align: justify"> 
 <li>Miner sales surge could lead to extended <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">price</a> volatility in the short term.</li> 
 <li>Decreased investor demand might prompt a deeper market correction unless reversed.</li> 
 <li>A recovery in Bitcoin price is contingent upon renewed investor interest and a balanced supply-demand equation.</li> 
</ul> 
<p style="text-align: justify">Currently, Bitcoin has fallen below the $60,000 mark, its lowest in two months, with expectations to possibly reach between $55,000 and $57,000 shortly. Despite this, following favorable employment data from the U.S., Bitcoin’s price saw a brief recovery, now trading around $63,830. Prospects for sustained recovery remain hinged on the cryptocurrency’s ability to maintain above critical price thresholds in the coming weeks.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-miners-increase-sales-as-rewards-drop">Bitcoin Miners Increase Sales as Rewards Drop</a></h5>

Bitcoin Miners Increase Sales as Rewards Drop

Tabla de contenidos

BH NEWS

Otros artículos publicados el 4 may 2024

Shiba Inu Shows Resilience in Crypto Market

Bitfinex Responds to Allegations of Data Breach Impacting Thousands of Users: Implications for Bi...

Anthony Scaramucci and Peter Schiff Spar Over Bitcoin as Inflation Hedge

Explore Bitcoin’s Path to $70000 Amidst Market Volatility

GBTC Sees $63M Inflows, Breaking 4-Month Outflow Streak

Charles Hoskinson Defends Cardano Against Michael Saylor’s Critique

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!