Bitcoin saw its prices sliding by more than 10% within the last seven days. Meanwhile, data shows massive selling strength from Bitcoin miners triggered the downside price movements beneath the critical price zone of $19,000.
Bitcoin Miners’ Sell-off Soars
A senior CryptoQuant analyst Julio Moreno has claimed that the crypto space hovers in the BTC miner capitulation phase. He highlighted the increase in the cumulative exchange flows by miners. However, such surges emerge when the crypto explores lower price regions.
Meanwhile, CryptoQuant CEO Ki-Young Ju said there are two forms of BTC miner capitulation. First are the old-timer miners selling at profits, whereas the second batch comprises new ones selling at losses. Nevertheless, the latest uptick in BTC sell-off supported Bitcoin’s price to hover at stable levels. Monero reported a plunge in miners’ revenue. On the other hand, the difficulty presented a growth that propelled miners’ costs. Mining difficulty stayed at 51% Y/Y as Bitcoin declined by 39%.
Bitfarms Sells 3.53K BTC
Monero stated that miners resorted to selling amidst plunging revenue. June had miners’ BTC flow to exchanges amounting to approximately 23K BTCs. That represented the higher monthly figure since May last year. However, its saw miners navigating the ‘extremely underpaid’ region.
Bitfarms, a BTC mining firm, published its monthly earnings on 1 July. Moreover, it confirmed 420 new-minted BTC in June 2022. That represented a 58% upswing since June 2021. Nevertheless, the company sold approximately 3,354 BTC over the month, accumulating $69 million. The firm used some of the cash to pay their facility.
Bitcoin, the world’s largest crypto, plummeted to $17,800 recently. The coin hovered 35% down within the past 30 days. While publishing this blog, the bellwether crypto changed hands at $19,157. BTC’s 24hr trading volume declined by 24% to $24.9 billion.
Bitcoin’s slump beneath the $20K level welcomed intensified bearish tendencies. The altcoin market endured a massive blow, with ETH changing hands near $1,050 at this publication. Also, the overall cryptocurrency market capitalization noted a 0.85% drop over the past day to $867.24 billion.
What are your views about Bitcoin’s struggle around the $19K value area? You can comment below.