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Bitcoin on-chain data shows miners offloading BTC as revenues shrink
Bitcoin miners have been selling BTC since the start of June, potentially adding further pressure to the BTC price.
Bitcoin on-chain data shows miners offloading BTC as revenues shrink
Bitcoin’s on-chain data provides evidence that Bitcoin miners are offloading their holdings. The factors influencing the selling pressure could be reduced earnings from a cooldown in Ordinals activity as well as mining difficulty and hash rate reaching an all-time high.
According to on-chain analytics firm Glassnode, “Miners have been sending a significant amount of coins to exchanges.”
Glassnode data shows Bitcoin (BTC) miners’ inflows to exchanges spiked to a three-year high on June 3 to levels last seen during the bull market of early 2021.
Coin Metrics data also shows a decline in the one-hop supply metric of miners, which measures the quantity of Bitcoin stored in addresses that receive coins from mining pools.
The metric recorded a consistent uptrend in miner holdings since May 2023; however, the miners reversed their accumulation trend in the second week of June.
Lawmakers introduce bill to remove SEC chair — but do they have the authority?
A Supreme Court decision ruled that the U.S. president could not remove commissioners except for “standard of inefficiency, neglect of duty, or malfeasance.”
Bank of China issues $28M in digital structured notes on Ethereum blockchain
The securitized tokens are governed by Hong Kong and Swiss law.
Crypto fund outflows reach $417M over 8 weeks as investor caution persists
According to CoinShares, digital asset investment product outflows amounted to $88 million last week.
Price analysis 6/12: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC
After the tough sell-off seen in the past week, the cryptocurrency markets will be looking for some support from the macroeconomic data this week. The all-important United States consumer price index report on June 13 will be followed up by the Federal Reserve’s policy decision on June 14.
Both these events could trigger a sharp response from the equities and crypto traders. While a knee-jerk reaction is expected, it will be interesting to note if there is any follow-up to it. Traders may remain cautious as market volatility is likely to pick up over the next few days.
Daily cryptocurrency market performance. Source: Coin360Although the lawsuit by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase has weakened sentiment, Bitcoin (BTC) whales are using this opportunity to increase their holdings. Behavior analytics platform Santiment said in a recent report that Bitcoin whales accumulated 57,578 Bitcoin since April 9 even as Bitcoin’s price fell by roughly 10% during the period.
What are the important support levels in Bitcoin and the major altcoins that need to hold for the recovery to start? Let’s study the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) reached the overhead resistance at 4,325 on June 9 but the long wick on the day’s candlestick shows that the bears are trying to stall the up-move at this level.
Price analysis 6/12: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC
Market observers will closely watch the United States CPI data and the Fed’s policy decision to provide direction to the stock and crypto market.
Breaking: US lawmakers file 'SEC Stabilization Act' to fire Gary Gensler
"U.S. capital markets must be protected from a tyrannical Chairman, including the current one," Congressman Warren Davis wrote in reference to SEC head Gary Gensler.
UK to get ‘early or priority access’ to AI models from Google and OpenAI
It’s unclear at this time what access the U.K. will receive, but the reported commitment could be the first of its kind.
Bitcoin and select altcoins show resilience even as the crypto market sell-off continues
Regulatory enforcement against the crypto sector has spooked investors, but the total crypto market capitalization continues to hold above $1 trillion.
Bitcoin and select altcoins show resilience even as the crypto market sell-off continues
A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11.
This time, the move wasn’t driven by Bitcoin (BTC), as the leading cryptocurrency gained 0.8% during the seven-day period. The negative pressure came from a handful of altcoins that plunged over 15%, including BNB (BNB), Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT).
Total crypto market cap in USD, 1-day. Source: TradingViewNotice that the downtrend initiated in mid-April has tested the support level in multiple instances, indicating that an eventual break to the upside would require extra effort from the bulls.
The United States Securities and Exchange Commission tagged multiple altcoins as securities in separate lawsuits filed last week against crypto exchanges Binance and Coinbase.
Despite the worsening crypto regulatory environment, two derivatives metrics indicate that bulls are not yet throwing in the towel but will likely have a hard time breaking the bearish price formation to the upside.
Bitcoin and select altcoins show resilience even as the crypto market sell-off continues
A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11.
This time, the move wasn’t driven by Bitcoin (BTC), as the leading cryptocurrency gained 0.8% during the seven-day period. The negative pressure came from a handful of altcoins that plunged over 15%, including BNB (BNB), Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT).
Total crypto market cap in USD, 1-day. Source: TradingViewNotice that the downtrend initiated in mid-April has tested the support level in multiple instances, indicating that an eventual break to the upside would require extra effort from the bulls.
The United States Securities and Exchange Commission tagged multiple altcoins as securities in separate lawsuits filed last week against crypto exchanges Binance and Coinbase.
Despite the worsening crypto regulatory environment, two derivatives metrics indicate that bulls are not yet throwing in the towel but will likely have a hard time breaking the bearish price formation to the upside.
US court dismisses BitGo’s claims in $100M lawsuit against Galaxy Digital
Vice Chancellor J. Travis Laster of the Delaware Court of Chancery said Galaxy had a “clean termination right” to the acquisition of BitGo, which it announced in 2022.
Is Ron DeSantis good for crypto? Republican makes Bitcoin part of campaign
The governor of Florida wants to defend people’s right to “do Bitcoin.”
AI Eye: Is AI a nuke-level threat? Why AI fields all advance at once, dumb pic puns
Is AI an existential threat like nuclear weapons, or as likely to kill us as a toaster? Why all AI fields advance at once, and dumb pic puns.
AI Eye: Is AI a nuke-level threat? Why AI fields all advance at once, dumb pic puns
Just as we don’t allow just anyone to build a plane and fly passengers around, or design and release medicines, why should we allow AI models to be released into the wild without proper testing and licensing?
That’s been the argument from an increasing number of experts and politicians in recent weeks.
With the United Kingdom holding a global summit on AI safety in autumn, and surveys suggesting around 60% of the public is in favor of regulations, it seems new guardrails are becoming more likely than not.
One particular meme taking hold is the comparison of AI tech to an existential threat like nuclear weaponry, as in a recent 23-word warning sent by the Center of AI Safety, which was signed by hundreds of scientists:
“Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.”
AI Eye: Is AI a nuke-level threat? Why AI fields all advance at once, dumb pic puns
Just as we don’t allow just anyone to build a plane and fly passengers around, or design and release medicines, why should we allow AI models to be released into the wild without proper testing and licensing?
That’s been the argument from an increasing number of experts and politicians in recent weeks.
With the United Kingdom holding a global summit on AI safety in autumn, and surveys suggesting around 60% of the public is in favor of regulations, it seems new guardrails are becoming more likely than not.
One particular meme taking hold is the comparison of AI tech to an existential threat like nuclear weaponry, as in a recent 23-word warning sent by the Center of AI Safety, which was signed by hundreds of scientists:
“Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.”
AI Eye: Is AI a nuke-level threat? Why AI fields all advance at once, dumb pic puns
Is AI an existential threat like nuclear weapons, or as likely to kill us as a toaster? Why all AI fields advance at once, and dumb pic puns.
AI Eye: Is AI a nuke-level threat? Why AI fields all advance at once, dumb pic puns
Is AI an existential threat like nuclear weapons, or as likely to kill us as a toaster? Why all AI fields advance at once, and dumb pic puns.