A cryptocurrency subreddit subscriber Ferdo306 has finally pulled the trigger and bought BTC for the first time since Dec 2020 Not so famous redditor has been constantly investing from 2016 till 2021 but took pause when BTC breached the previous ATH But looks like he is back in the game as blockchain data shows that…
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Hi, My name is Alexander. Over the past couple of months, I’ve really been diving into the wild world of Web3. Throughout my journey, I would read articles about DAOs, ETH, etc. During this time, I always wished there was a way of finding quick and accessible news on the space. This led me to…
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Sber was initially planning to launch its blockchain-enabled digital asset platform and the Sbercoin stablecoin by spring 2021.
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Speaking at a conference on climate change, Gates affirmed his apprehension about the asset class, stating that it is “100% based on greater fool theory.”
ETH was close to falling below $1,000 on Wednesday, as markets began to prepare for the latest Fed policy meeting. Many expect that the FOMC will opt to hike interest rates today, as inflation continues to peak. BTC was also lower, hovering slightly above $20,000. Bitcoin BTC was hovering marginally above $20,000 in today’s session, […]
Bitcoin mining profitability has plummeted by more than 75% from the market peak, and is now at its lowest level since October 2020. Bitcoin Price Plummets Further Bitcoin’s price plummeted to a 52-week low of $20,800 on Wednesday, down from an all-time high of $68,788 by more than 70%. Despite the fact that the price has already returned above $21,000, important market indications indicate that bears still have a strong grip on the current market. The Bitcoin Miners to Exchange Flow, a metric that measures the amount of BTC transferred from miners to crypto exchanges, hit a seven-month high of 9,476. The increase in exchange flows suggests that miners are selling their BTC in anticipation of a price drop. BTC miners’exchange flow. Source: Glassnode. Related article | Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market Miners Actions Signals Market Sentiment BTC miners’ activities often mirror broader market sentiment, as they typically sell BTC to avoid losing money on their mining payouts. The large drop in mining profitability explains the increase in Bitcoin miners selling activity. Mining profitability has plummeted by more than 75% since its peak, and Bitcoin’s hash price is at $0.0950/TH/day, the lowest since October 2020. BTC/USD falls to a 52-week low. Source: TradingView The netflow of miners to exchanges has also improved. When the miner netflow is positive, it means that more coins are being transmitted to exchanges than to individual wallets. This type of activity indicates that miners are negative on the price and are feeling pressured to sell. With the price of BTC falling below $21,000, many BTC mining rigs have become unprofitable and may be shut down if the price does not recover. As the whole market value went below $1 trillion, the rest of the crypto market followed BTC’s price behavior. BTC has gone through a number of bull cycles in the last decade, each followed by an 80%-90% drop from its peak. The BTC price, on the other hand, has never gone below the previous cycle’s all-time high. BTC is currently trading at its 2017 high of $19,783, and any sell-off from here might drive it back into 2017 territory. Related article | TA: Bitcoin Shows Signs of Recovery, $23K Presents Resistance Featured image from Getty Images, chart from TradingView.com
For the last year crypto investors have been foaming at the mouth to buy into any shitcoin crypto company. I began selling knowing the music was about to stop and I wasn’t going to be left holding the bags. On December 6th I began unloading everything I held over time. On April 6th before the…
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