Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Bitcoin Miners Continue To Face The Heat

Admin by Admin
December 2, 2022
in Crypto News
0
Whales Rack Up $726 Million In Bitcoin
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Bitcoin miners were one of those sections of the crypto community who were impacted massively by the crypto winter, thanks to the selling pressure. Charles Edwards, the increase in miners’ stress could also paint a negative outlook for the king coin in the long term.

A spike in miners’ pressure has always led to a price drop in the past. If the miner pressure continues to decline, there is a possibility that BTC’s prices would drop even further. Short sellers could thus take advantage of this opportunity.

One reason for the increasing sell pressure on miners can be the declining miners’ revenue. The miner revenue for Bitcoin declined significantly over the last two months.This decline in revenue has been forcing miners to sell their BTC to make a profit.

A growing hashrate indicated that it would take more computational effort for miners to mine Bitcoin. Coupled with growing energy costs, it would be very difficult for miners to stay profitable under these conditions.

Despite these bearish signals, retail investors continued to show faith in Bitcoin. According to data provided by Glassnode, the number of addresses having more than 0.1 Bitcoin reached an all-time high on 1 December. Along with that, the number of addresses holding more than 10 coins also reached a 22-month high.

In terms of on-chain metrics, Bitcoin witnessed a drop in activity. Its daily active addresses observed a decline over the past few days. Along with that, Bitcoin’s velocity also took a hit. Thereby, suggesting that the frequency at which BTC was being traded had declined immensely.
It remains to be seen whether Bitcoin will succumb to the pressure and drop further in terms of price.

However, at the time of writing, the ratio of longs to shorts was 0.96, suggesting that there were more people shorting Bitcoin in the last 24 hours.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: Bitcoinbitcoin minersCrypto
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

FOREX: UOB Predicts USD/CNH Price Move

Next Post

Apple Blocks App Update Over NFTs

Admin

Admin

Next Post
Apple Blocks App Update Over NFTs

Apple Blocks App Update Over NFTs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
USDD Depegs

USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped

December 12, 2022
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0
What is Defi?

Defi (Decentralized Finance)

0
Differences between Axie Infinity and Decentraland

Axie Infinity and Decentraland: Features and Differences

0
Bahrain Real Estate Company Starts Accepting Crypto Payments

Bahrain Real Estate Company Starts Accepting Crypto Payments

January 27, 2023
Industry Body Clarifies What Happens When Crypto Derivatives Crash

Industry Body Clarifies What Happens When Crypto Derivatives Crash

January 27, 2023
CFTC Pushes For Additional Crypto Acquisition Reviews

CFTC Pushes For Additional Crypto Acquisition Reviews

January 27, 2023
SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

January 27, 2023

Recent News

Bahrain Real Estate Company Starts Accepting Crypto Payments

Bahrain Real Estate Company Starts Accepting Crypto Payments

January 27, 2023
Industry Body Clarifies What Happens When Crypto Derivatives Crash

Industry Body Clarifies What Happens When Crypto Derivatives Crash

January 27, 2023
CFTC Pushes For Additional Crypto Acquisition Reviews

CFTC Pushes For Additional Crypto Acquisition Reviews

January 27, 2023
SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

SBF Immediate Family Is Set To Be Questioned About The Financial Gains They Made From FTX

January 27, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Reviews
  • Stocks

Recent News

Bahrain Real Estate Company Starts Accepting Crypto Payments

Bahrain Real Estate Company Starts Accepting Crypto Payments

January 27, 2023
Industry Body Clarifies What Happens When Crypto Derivatives Crash

Industry Body Clarifies What Happens When Crypto Derivatives Crash

January 27, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>