Bitcoin Miners See Price Move Towards 12K But Will Bloodbath Follow?
The price of Bitcoin hit just shy of $10,000 Thursday and had been hovering around the $9800 mark by mid-afternoon Eastern Standard Time.
Bitcoin miners see a potential to hit near $12000, and there are plenty of them hoarding the cryptocurrency ahead of halving this coming Tuesday.
Miners have sold less Bitcoin (BTC) over the past seven days as the highly anticipated block reward halving approaches. This means that miners expect the price of Bitcoin to increase substantially over time after the halving occurs.
Ostensibly, miners hoarding Bitcoin seems positive — but it is not, warns Joseph Young of BitcoinTelegraph.
Bitcoin miners, especially large-scale centers, run highly sophisticated operations with professional traders and market analysts. They frequently assess liquidity and overall sentiment in the market. If miners deem liquidity in the cryptocurrency market to be low, they refrain from selling.
When there is not enough buying demand in the market, selling a significant amount of Bitcoin can lead to an abrupt price drop with high slippage. The term slippage is used to describe a movement in the price of an asset when a large sell or buy order is executed.
Normally, miners hoarding most of the Bitcoin they mine without selling it to cover expenses is not optimistic.
- Alas, Miners Hoarding Bitcoin Could Present a Positive Outcome This Time Around
- Bitcoin Halving 101
- First Mover: Bitcoin’s ‘Halving’ Is Coming Even Sooner Than You Realize
- Price Correction Anticipated
A new bitcoin mining map by the University of Cambridge shows that China accounts for 65% of the world’s hash power. About half of the country’s hash rate is produced in just one place, the autonomous Xinjiang region, which makes up 35.76% of the global total.
Launched recently, the university’s Bitcoin Mining Map provides data on the average hash power generated by each country every month. Current statistics cover the period September 2019 to April 2020.
In Other News
Bitcoin's High Fees Driving Away Businesses:
One more example of the many businesses and their HUNDREDS OF MILLIONS of users driven away by #Bitcoin's high fees caused by the intentional full blocks: https://t.co/IZA0ia4xv1
— Roger Ver (@rogerkver) May 4, 2020
Bloodbath Coming With Halving?
Taal is entirely decoupled from the bloodbath that is coming to the mining industry with this halving...as is BSV itself. The future is BSV and Taal transaction processing. https://t.co/bgE2JfryBM
— Calvin Ayre (@CalvinAyre) April 20, 2020
More Tracking Coming, Warns McAfee - Fruits and Goats Tracking Positive for Covid-19:
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It's coming.
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My first partnership is with:https://t.co/eD8QnN39oZ
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- Jagajeet Chiba, Gambling911.com
