Cryptocurrency

Analyst: The Bitcoin market is due to this Change on Thursday and “interesting” – Coin Update

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Since the halving of Bitcoin on 11. May the fear of investors with a widespread “Miner-surrender”.

In the case of a Miner-surrender is an event on the crypto-currency market, with many BTC-Miner is unprofitable to be. This often happens for one of three reasons: 1] a price correction, 2] a customization of network difficulties, or 3] a halving of the block reward.

If you are unprofitable, and forced the Miner to liquidate the Bitcoins that you have mined EN masse, in order to remain profitable. This forces the market down.

Although the impact on prices is not obvious, the data show that the surrender of the Miner has once again begun. The thing is: crypto-currency market has held up well.

Bitcoin miners do not surrender, but the market

31. May, the prominent Bitcoin Investor and commentator, Conner Brown shared the following data as evidence that the surrender of the Miner starts.

The data show that in the past week addresses, of which it is assumed that you are in possession of miners, 673 more Coins spent/sold as is.

Alone on the last day 279 of the excess Coins have been sold – this shows that the Bitcoin-try Miner to keep their farms through the liquidation of their holdings over the water.

Brown:

“In the last week, the Miner sold 673 Bitcoins more than you have earned. We see the surrender of inefficient miners, but the prices remain stable. What do you think will happen if these miners are finally shaken off the shackles of faith?“

Data on the Coin activity of the Bitcoin-Miner of yesterday and last week. Image released of Conner Brown; data from a byte tree.

Many like to see the “surrender” first of all, as a bearish sign, but analysts are bullish because of the BTC price has not been shaken in the midst of this uncertainty.

The financial analyst, Podcaster, and author Preston Pysh commented that the prize “has held up better than I could have ever expected,” as well as the Hash Rate of the underlying Bitcoin network.

The strength of the price in addition to the Hash Rate suggests that buyers and other miners come to fill the “surrender” gaps.

Pysh believes that this is a sign that “things are very interesting”, if on Thursday, the difficulty adjustment will be made, which will enable those surrendering miners to go back to the race.

Other bullish factors

This is not the only market factor, the Pysh at the Moment, convinced to be in Bitcoin bullish.

In an extensive Twitter Thread that was released at the end of last week, he identified at least three factors. These are as follows:

Institutions have accumulated through Grayscale and Futures since the halving huge amounts of Bitcoin. Grayscale alone, has a lead of more than 50% of the number of mined BTC.The Chinese Yuan has begun as a reaction to the relations to Hong Kong, to fall against the US Dollar.Allegedly, the US Dollar has reached a point where “something might break”, so perhaps an alternative System comes into play.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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