Miners Dumping Bitcoin
Bitcoin miners have been selling off a lot of their Bitcoin lately, and it’s making people worried about the future of the cryptocurrency. In the last three days, miners have sold off about $1.71 billion worth of Bitcoin. This is a big deal, especially since Bitcoin is struggling to get back above $60,000.
Why Are Miners Selling?
There are a few reasons why miners are selling their Bitcoin.
- Mining Difficulty: The difficulty of mining Bitcoin has been increasing, which means miners have to work harder and spend more money to get the same amount of Bitcoin.
- Lower Rewards: The amount of Bitcoin miners get for each block they mine has been cut in half, which means they’re making less money.
- Bitcoin Price: Bitcoin hasn’t gone up much in price lately, which makes it harder for miners to make a profit.
Is This the End of the Bull Run?
It’s hard to say for sure if the Bitcoin bull run is over. Miners selling off their Bitcoin can definitely put downward pressure on the price, but it’s not the only factor. Bitcoin has been stuck in a correction phase for a while now, and many people are starting to lose hope that it will go back up.
However, Bitcoin has held up pretty well over the $50,000 support level, and if big investors start buying Bitcoin again, it could start going up again. The first step is breaking through $60,000.
As of right now, Bitcoin is trading at around $57,960.
