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The head of research at the on-chain analytics firm CryptoQuant has explained why selling pressure from Bitcoin traders may be declining. Bitcoin Short-Term Holder Realized Price Has Risen To $60,000 In a new post on X, CryptoQuant head of research Julio Moreno has discussed why the short-term holder selling pressure may be declining for BTC. The “short-term holders” (STHs) refer to the Bitcoin investors who have been holding onto their coins since less than 155 days ago. Related Reading: Bitcoin Miners Always Sell Into Halvings, Is This Time Any Different? The STHs include the “traders” of the market who make many moves within short periods and don’t tend to HODL their coins. This group can be quite reactive to market movements, easily panic selling whenever a crash or rally takes place. Generally, investors in profits are more likely to sell their coins, so one way to gauge whether the STHs would be likely to take part in a selloff is through their profit/loss margin. Here, Moreno has cited the profit/loss margin of this cohort based on its realized price. The realized price of the group appears to have been going up in recent weeks | Source: @jjcmoreno on X The STH realized price (highlighted in pink) here refers to the average cost basis or acquisition price of the investors part of this cohort calculated using blockchain transaction history. When the spot value of the cryptocurrency is above this level, it means that these holders as a whole are sitting on some net profits right now. On the other hand, the price being below the metric implies the dominance of losses. From the above chart, it’s visible that Bitcoin has been above the STH realized price for the last few months, meaning that these traders have been enjoying profits. This is typical during bull markets as the price keeps pushing up, letting these investors make profits. While STHs tend to stay in the green in these periods, tops do become probable to take place if these profits get extreme. As is apparent in the graph, the profit/loss margin spiked to significant levels just as BTC set its latest all-time high, which continues to be the top thus far. Related Reading: Chainlink (LINK) Forms Bullish Pattern That Led To 50% Rally On Average Recently, as Bitcoin has consolidated between the $60,000 to $70,000 range, the STH realized price has rapidly risen, now attaining a value of around $60,000. This occurs because as STHs have traded in this range, their acquisition prices have been repriced at these higher levels, thus pushing up the average. BTC has been quite close to this level recently so that the STHs wouldn’t be holding that much profit now. “Bitcoin selling pressure from traders may be declining as unrealized profit margins are basically zero now,” notes the CryptoQuant head. BTC Price Bitcoin has continued to show action contained within its recent range as its price is still trading around $65,200. Looks like the price of the asset has rebounded in the past day | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com
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Tether, one of the largest companies in the cryptocurrency industry, has announced a reorganization of its business operations, seeking to restructure to support its expansion. Tether will now have four business divisions: Tether Data, focused on tech developments; Tether Finance, dedicated to the digital assets business; Tether Power, dealing with mining operations; and Tether Edu, […]
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The highly anticipated Bitcoin Halving event is close, bringing with it heightened expectations regarding the long-term impact on the Bitcoin price. There are concerns, however, that this quadrennial event may already be priced in, as Bitcoin recently reached an unprecedented all-time high of $73,700 on March 14. This surge broke the pattern of previous Halvings, where Bitcoin had never surpassed its previous ATH before the event. However, historical data reveals significant price increases in the year following previous Halvings. Experts Predict Delayed Bitcoin Halving Price Impact Analysts argue that the compounding impact of reduced issuance takes several months to materialize, suggesting that the Halving itself may not prompt a significant rally before or immediately after the event. Deutsche Bank analysts share this sentiment, highlighting that substantial price increases have typically occurred in the run-up to previous Halvings rather than immediately after them. Related Reading: Analyst Forecast: Litecoin Poised For $250-$300, But Can It Hold? Another factor to consider is the increased production costs for Bitcoin miners resulting from the Halving. As the mining reward decreases, participating in the mining process becomes less profitable. This has historically led to a decline in the hashrate, the total computational power used for Bitcoin mining. JPMorgan analysts predict that production costs could rise to an average of $42,000 after the Halving. One JPMorgan analyst wrote, “This estimate is also the level we envisage Bitcoin prices drifting towards once Bitcoin-Halving-induced euphoria subsides after April.” While these factors may influence short-term price movement, historical data reveals that the price of Bitcoin has experienced significant increases in the year following previous Halvings. The respective price gains for the three previous halvings were 8,760%, 2,570%, and 594%. However, it’s important to note that each successive halving has a diminishing impact on the new supply of Bitcoin. Mining Industry Shake-Up In the mining sector, Halving could lead to significant revenue losses, estimated to be around $10 billion annually. According to Fortune, publicly traded miners have taken measures to increase their resilience, diversify their offerings, and optimize their operations. However, mining stocks have faced challenges, with some experiencing significant declines. While larger miners may undergo a period of adjustment, smaller miners and pools may be pushed offline. This could result in a wider market share for the surviving miners. Experts at private asset management firm Bernstein expect the mining industry to consolidate, with “smaller and less efficient players” potentially selling assets to raise capital and shore up their balance sheets. The increased market dominance of the surviving miners is expected to be profitable over the long term, especially with the continued structural demand for Bitcoin from ETFs. Timing The Bitcoin Bull Market Peak Cryptocurrency analyst Rekt Capital has provided insights into the potential timing of Bitcoin’s bull market peak based on historical Halving cycles and the current acceleration seen in the market. According to Rekt Capital, Bitcoin has traditionally reached its peak in the bull market approximately 518-546 days after the Halving event. However, the current cycle has shown signs of unprecedented acceleration, with Bitcoin surpassing previous all-time highs roughly 260 days ahead of historical norms. Nonetheless, the recent “pre-Halving retrace” has slowed down the cycle by around 30 days and counting. Related Reading: The Next Dogecoin? Top Trader Points To This Memecoin Taking into account this accelerated perspective, if Bitcoin’s bull market peak is measured from the moment it breaks its old all-time high, it may occur 266-315 days later. As Bitcoin achieved new all-time highs in March, this suggests a potential bull market peak in December 2024 or February 2025, according to Rekt’s analysis. Both perspectives carry significance throughout the cycle, especially if the acceleration trend persists. However, prolonged retracements or consolidation periods can slow down the cycle, potentially pushing the anticipated bull market peak further into the future. At the time of writing, BTC was trading at $64,300, up from the $59,000 mark reached in the early hours of Friday. Featured image from Shutterstock, chart from TradingView.com
I'm experimenting with some disposable funds so I bought $1k of ETH and have it in trust wallet. Now what do I do with it? Lol submitted by /u/Puzzleheaded-Lead127 [link] [comments]
Bitcoin holders have again reaffirmed their faith in the flagship crypto despite its recent price declines. This follows recent data showing that Bitcoin accumulation addresses recorded a new all-time high (ATH) amidst the current market downward trend. Accumulation Addresses Record New All-Time High Of Bitcoin Inflows Data from the on-chain analytics platform CryptoQuant shows that over 27,700 BTC was transferred into accumulation addresses between April 16 and 17. This is a new all-time high (ATH) for these addresses in terms of their daily Bitcoin inflows. Related Reading: Crypto Analyst Predicts Cardano Rally To $3 As Price Reaches ‘Ultimate Support Test’ Before now, the highest amount of BTC sent to these addresses in a day stood at 25,500, recorded on March 23 earlier this year. Interestingly, the March 23 record came just about a month after Bitcoin inflows into accumulation addresses hit an all-time high (ATH) of 25,300 BTC on February 21. Accumulation addresses are wallets with no outgoing transactions and have a balance of over 10 BTC. Accounts belonging to centralized exchanges and Bitcoin Miners are excluded from this category. Meanwhile, these addresses must have received two incoming transactions, with the most recent occurring within the last seven years. These addresses can be considered the most bullish on Bitcoin, and the growing accumulation trend from these wallets shows how much faith these long-term holders have in the flagship crypto. Furthermore, they are also believed to be positioning themselves ahead of the bull run, as BTC may never drop to these price levels once it comes into full force. Meanwhile, CryptoQuant’s CEO, Ki Young Ju, also highlighted the significance of this development, noting that on-chain accumulation has remained “very active” even as the demand for Spot Bitcoin ETFs has stagnated for four weeks. This suggests that Bitcoin bulls could help shore up the demand gap left open by these ETFs. BTC Price Shows Strength Bitcoin dropped below the $60,000 support level following reports about Israel’s retaliatory attack on Iran. However, the flagship crypto showed strength as it quickly rebounded above the $60,000 price mark. This is significant considering how much Bitcoin and the broader crypto market declined rapidly following Iran’s attack against Israel on April 13. Related Reading: XRP Whales Are On The Move Again, But Are They Bullish Or Bearish? Furthermore, the quick price recovery also suggests that Bitcoin has established strong support around the $60,000 price range and could be set for a parabolic move to the upside once this period of consolidation is over. Crypto analyst Crypto Rover also recently commented on Bitcoin’s future trajectory, stating that the crypto token will come out with a “banger” soon enough. At the time of writing, Bitcoin is trading at around $62,000, up in the last 24 hours according to data from CoinMarketCap. BTC price recovers above $64,000 | Source: BTCUSD on Tradingview.com Featured image from Crypto News, chart from Tradingview.com
So sure the price of btc is way up high but the "difficulty" and cost of electricity are also at all time highs. I had read somewhere that unless you can get electricity far under the going rate in the United States, It's not worth it to mine in the United States. With that said…
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