Miners Feeding Frenzy Begins: Could Bitcoin March to 75K?



Share link:

Following the plunge of June 3 which took bitcoin’s price from over $10,000 to $9,500, bitcoin has been testing $10,000 over and over again, and failed. 

Many believed the huge plunge was related to a huge sell-off that began in the last week of May. It is reported that one largest unknown mining pool has taken 12,571 BTC from its treasury. With other smaller miners followed suit, miners sold 673 more BTC than those they have mined during that week. 

Miner capitulation occurs when miners fail to make ends meet, so they have to sell their stash to cover the mining cost or upgrade their machines. Miners selling their coins is very normal, but a huge sell-off will create a vicious circle, further bringing down bitcoin’s price and add fuel to the bear market. 

Amid the panic there is one silver lining, bitcoin mining difficulty adjustment has brought down the difficulty by 9%. Mining becomes easier and some miners can turn on their less efficient machines. “We’ve seen 12 blocks produced within a single hour three times today already. Yesterday 14 blocks were mined within a single hour,” said Rafael Schultze-Kraft, CTO of blockchain analytics firm Glassnode. Both the buyers and sellers will greatly benefit from the reduction of mining costs.  

According to the data of CryptoQuant, more miners are stashing their newly-mined coins instead of selling it. Miners’ Position Index is an index evaluating the capitulation/accumulation behavior of miners. The lower MPI, the less inclined miners are to sell their coins. It is worth noting that miners usually sell their coins when the price is high. So the hoarding behavior could be interpreted as growing confidence among miners of the bull market. 

Despite the bull sentiment shared by a majority of analysts, bitcoin still needs to break the $10,500 resistance and gather its strength. Major traders like Bloomberg has predicted that bitcoin could pass the $20,000 mark in 2020. Timothy Peterson from Cane Island Alternative Advisors even made the bold prediction that bitcoin could hit $75,000 within weeks, as he claimed the recent movement of bitcoin echos that in 2013.  

Bitcoin volatility has hit a low since the “Black Thursday” crash – its 30-day volatility has dropped to 40%. Bitcoin has been struggling between $9,300 and $9,900 for the past week. Such price consolidation usually leads to a big move. This will give us a great opportunity to make handsome profits with BTC 100x leveraged trading. 

Bexplus: a Go-to Crypto-exchange For Beginners and Veterans

Established in 2017 and headquartered in Hong Kong, Bexplus is a leading crypto derivatives trading platform offering 100x leverage futures trading on BTC, ETH, LTC, EOS, XRP and etc. No spread, no KYC requirements, no deposit fee, Bexplus is trusted by clients worldwide, including the USA, Japan, Iran, and Sudan. 

  • Make more BTC with volatility

Volatility is a good thing, perhaps the best thing of bitcoin for most futures traders. By speculating the market movements and using leverage, traders can make a handsome sum of money with a small initial capital. 

For instance, the 100x leveraged provided by Bexplus allows you to open a position 100 times more than your initial investment. The minimum trading volume for BTC/USD on Bexplus is 0.1 BTC, which means you only need to invest 0.001 BTC as margin. If you generate a 10% profit, you will earn 0.01 BTC, making your ROI 1000% with just 0.001 BTC investment.

  • Learn to Trade Without Taking Any Risk

To help beginners better get used to leveraged trading, Bexplus provides every user with a demo account upon registration. There are 10 replenishable BTC in the demo account for traders to practice as much as they like. You can also learn to analyze the market and use the tool-kit with the demo account. 

  • 30% Annualized Interests Bearing Wallet

You might be tired of checking the market multiple times a day and want to wait out the consolidation period. The interest-bearing wallet with up to 30% annualized interest is a juicy tool for you to keep your bitcoin thriving without taking risks.  

The monthly interest is calculated as (S*I/365*30)=MI. S represents the sum of the deposit, I stands for interest, and MI is the monthly interest.

If you deposit 10 BTC in your wallet, the monthly interest you would receive is (10*30%/365*30)=0.24 BTC. While most lending platforms require traders to deposit at least 1 BTC, traders can make a deposit starting from 0.05 BTC on Bexplus.

  • Check the Market at Any Time and Anywhere You Want

Bexplus mobile app rank in the Top 5 of keyword search results related to bitcoin trading in 56 countries in App Annie. This full-featured app provides you with the same experience when using a computer, only far more convenient. 

You can check the market, enter or close a trade, or deposit your funds in the interest-bearing wallet wherever you like. Bexplus mobile app has a 24/7 market notification to keep you updated with any huge market movement.  

All data and assets can be accessed through all kinds of devices including Windows, Macbook, Android phones, iPhones, and tablets. 

  • Claim Your 100% Bonus of Up to 10 BTC

Double deposits, double profits. Users can get a 100% deposit bonus for every deposit on Bexplus. If you deposit 1 BTC, 2 BTC will be credited to your account, and the profits gained with the bonus are withdrawable. Every user can join the promotion and get up to 10 BTC bonus. Now active users can get 10% off of their transaction fee.  

Follow Bexplus on:

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Subscribe to CryptoPolitan