2024

Bitcoin

Monero

Spot

<p>The cryptocurrency market has always been a volatile space, and recent data suggests that Bitcoin is currently experiencing another one of its infamous downturns.&nbsp;</p>
<p>According to a new analysis by Julio Monero, Head of Research at <a href="https://cryptoquant.com/" target="_blank" rel="noopener noreferrer nofollow">CryptoQuant</a>, the demand for Bitcoin has significantly decreased over the last month, with about 23,000 Bitcoins exiting the market. This shift is primarily attributed to the lack of new demand, a critical factor that has historically driven the price of Bitcoin upwards.</p>
<p>Monero utilizes a unique approach by employing a method commonly used in commodity markets to estimate demand. He explains, “The apparent demand calculation compares production and inventory changes to estimate if demand is growing or not.”</p>
<p>&nbsp;In this case, Monero uses the 1-year inactive supply of <a href="https://blockchainreporter.net/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin</a> as a proxy for inventory, revealing that a decreasing demand is likely contributing to the recent price corrections. This type of analysis helps investors and analysts understand the underlying movements in the market beyond mere speculation.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> demand is decreasing again, -23K Bitcoin in the last 30 days, hence the price correction.<br><br>The apparent demand calculation is used a lot to estimate demand for commodities. It compares production and inventory changes to estimate if demand is growing or not. <br><br>Here I… <a href="https://t.co/uGk2rijtjl" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/uGk2rijtjl</a></p>— Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1806707556368200074?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 28, 2024</a>
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<h2 class="wp-block-heading" id="bitcoin-s-price-instability-and-mining-trends">Bitcoin’s Price Instability and Mining Trends</h2>
<p>Despite recent highs, Bitcoin has struggled to maintain a stable price above the $61,000 mark. After briefly surpassing this threshold and reaching as high as $62,314, the cryptocurrency has seen a reduction in its value, currently standing at $60,843. This 1.3% decrease over the past day reflects ongoing challenges within the crypto space, including market volatility and changing investor sentiments.</p>
<p>Adding to Bitcoin’s challenges are the activities of Bitcoin miners. Notably, there has been a significant <a href="https://cryptoquant.com/insights/quicktake/667e0c86931dcb63ae996678-BTC-Miners-selling-pressure-decreases?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=crypto-dan" target="_blank" rel="noopener noreferrer nofollow">reduction</a> in Bitcoin withdrawals by miners, which have decreased by nearly 90% last month.&nbsp;</p>
<p>This decline could indicate a strategic hold on assets in anticipation of better market conditions or a slowdown in mining operations, each of which could have substantial implications for the market. Mining activities are often considered a barometer for the health of the cryptocurrency, and such drastic changes can signify shifts in market dynamics or miner strategies.</p>

Is Bitcoin in Trouble? Analyst Spot Alarming Trends in Demand and Price Stability

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