Bitcoin

April

Rewards

Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-miners-respond-to-falling-rewards/" data-wpel-link="internal">Bitcoin Miners Respond to Falling Rewards</a> 
<a href="https://en.coin-turk.com/bitcoin-investors-in-russia-could-face-jail-time/" data-wpel-link="internal">Bitcoin</a> (BTC) demand has slowed, and CryptoQuant analysts observed a significant increase in miners’ selling activity last month. Analysts noted that this situation potentially exerted downward pressure on the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> of the largest cryptocurrency. 
<h2 style="text-align: justify" id="strong-miners-respond-to-decreasing-revenues-strong">Miners Respond to Decreasing Revenues</h2> 
Since the completion of the fourth block reward halving on April 19, the block reward for Bitcoin miners dropped by 50% to 6.25, leading to a significant decrease in their revenues. In response to this revenue drop, miners increased their sales, sending large amounts of BTC to spot exchanges. This supply flow disrupted <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> balance and heightened concerns about a decline. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-347757" src="https://coin-turk.com/wp-content/uploads/2024/05/Bitcoin-1.png" alt="" width="1766" height="1128"> 
CryptoQuant’s research director, Julio Moreno, highlighted the growing imbalance between BTC supply and demand. He noted that the total BTC balance on over-the-counter (OTC) desks began to increase as the largest cryptocurrency peaked at $73,750 in mid-March. Since then, the OTC supply has continued to rise, reaching its highest level since November 2022, while demand has decreased. 
CryptoQuant analysts also pointed out a slowdown in demand from permanent <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a>, who buy BTC without the intention to sell. The monthly demand from this sector has dropped by 50% since the end of March, signaling a significant slowdown in investor appetite for Bitcoin. 
Similarly, demand from large investors and Bitcoin whales has also decreased, dropping from a 12% peak at the end of March to currently 6%. Spot Bitcoin exchange-traded funds (ETFs) in the US also experienced significant outflows against minimal entries, indicating a decrease in investor sentiment. 
<h2 style="text-align: justify" id="strong-market-outlook-and-price-forecast-strong">Market Outlook and Price Forecast</h2> 
BTC has dropped below $60,000, marking its lowest level in two months. Analysts now expect the largest cryptocurrency to target the $55,000 to $57,000 range in the short term. This range corresponds to a 10% drop from the current cost base of $63,000, and Bitcoin has nearly met this expectation by pulling back to $56,800. 
Finally, following employment data from the US on May 3, Bitcoin quickly surged back above the $60,000 threshold. At the time of writing, it is trading at $63,830. Experts agree that maintaining this upward momentum requires a weekly close above the $60,000 threshold. If the price demonstrates this strength, a decrease in selling pressure and a resurgence in demand are anticipated. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-miners-respond-to-falling-rewards/" data-wpel-link="internal">Bitcoin Miners Respond to Falling Rewards</a></h5>

Bitcoin Miners Respond to Falling Rewards

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