Skip to main content

This Bitcoin metric is close to hitting its previous ATH



 The unrest in China related to mining activities led miners to an exodus. As miners relocated their systems to Kazakhstan and the United States, among other countries, the Bitcoin miner reserves were closing in on its all-time high observed in May.


Bitcoin Miner Reserves

Bitcoin Miner Reserves indicates the sentiment of the miners at the current price. The number of coins they hold in their wallet suggested whether the market was witnessing a selling pressure or buying pressure. Currently, the value of this indicator was close to hitting an ATH last observed in May when the BTC value was at $56,000.


At the time of press, BTC was exchanging hands at $45,355, but the miners’ reserves have reached the May peak as highlighted by the data provided by CryptoQuant.


quicktake

Source: CryptoQuant


Miners were among the big holders of the digital asset and a lack of selling pressure from the miners can be a bullish sign of Bitcoin’s ongoing recovery.



As per analyst, Jan Wuestenfeld


“The fact that miners are not under pressure to sell their BTC at these prices is a testament to the health and resilience of the miners and the network. Hashrate is also slowly recovering, but it looks like the relocation of miners takes time.”


As miners continued to add more BTC to their reserves over the last week, the price of Bitcoin could be gaining strength at this level too.


As pointed out by the analysts, even the hash rate was also recovering.


quicktake

Source: CryptoQuant


The drop in hash rate was caused due to China’s crackdown on mining activities. The price also mirrored this loss in the spot market, but now that the hash rate and miners reserves were recovering.


Although the signs in the market were turning in support of a rally, the unpredictability of the market has remained a concern even as BTC recovers.

Comments

Popular posts from this blog

Why Forex Signals Are Crucial To Your Trades

If you have ever thought about how nice it would be to have a job where you never have to deal with any bosses, colleagues, customers, or products, then you will definitely understand what all the hype regarding Forex trading is about. It is possible to rake in unbelievably high profits by trading Forex without ever leaving your house, especially if you make use of Forex signals. But trading Forex profitably isn’t an easy thing to do. According to statistics, only 5% of those involved in Forex actually maintain consistent profits that make them millions. These people are often closely affiliated with financial sector leaders and possess a thorough knowledge of the world markets and how they affect the price of foreign currencies. It’s not unusual for new traders to feel that they can’t compete with these professionals, but the truth is you can actually capitalize on their knowledge by accessing the information, called Forex signals, that many of these experts have made publicly ava

Student loans for a bright future

For those having bad credits and suffering to pay for the college, student loans are a best option. By option for a student loan, you can generate enough cash to pay for your college as well as to meet the academic needs. In fact, student loans are mostly accessed nowadays. It will be greatly helpful for those kids, whose parents are running out of budget to pay for their children’s college. Hence, if you are also one of those kids, then please carryout a brief online research in order to find a good student loan offering company. On the other hand, you will find federal loans are the most opted in order to pay for colleges. Each citizen can apply for federal loans such as Perkins loans and Stafford loans. In fact, many students have ended up taking federal loans. However, since federal loans are not successful in paying the total cost of the college, student loans are advised. Today the cost of education has sky rocketed, with educational institutes taking advantage of the big

A Guide To Shopping For Life Insurance

There are no guarantees in life, save for the fact that it doesn’t go on forever. If you passed away tomorrow, are your loved ones able to handle all the expenses involved with your death. This article contains information that will help you find a life insurance policy that is right for you. Come up with an estimation of your family’s expenses and needs before buying a policy. Every person has different needs that will have to be determined in case of the death of a family member. Your policy should cover expenses related to the funeral, real estate taxes, mortgages and loans, as well as usual expenses your salary would cover. Think about who your beneficiaries would be when you finally open up a policy . They are the folks who will receive your life insurance benefits. Ensure you tell them with regards to status along with your insurance policy; if you don’t let them know they may never find out. You don’t want your insurance policy to go unclaimed. An unclaimed life insuranc