After the release of the official US inflation figures, the price of Bitcoin started to rise. However, over the previous month, bitcoin miners increased their outflow.
Kazakhstan has unveiled a new set of tax policies aimed at preventing the mining of local digital currencies, which remains an important country in the world of bitcoin mining.
While global activity and fire sales linked to the recent news related to bankruptcy, the price of bitcoin mining rigs was also said to have fallen to its 2020 pandemic lows.
More importantly, Texas power grid operators have required all bitcoin miners to halt operations in order to reduce pressure on the already overburdened power grid.
Bitcoin miners inflow reach new ATH
IT reports that Bitcoin miners Transfer Over 14,000 BTC to be exchanged in one block. It was noted that the transfer from the miner’s wallet to the exchange is unfavorable for the market. According to their definition of mining wallets in their stats, all members of a pool – including the specific miner – are included.
One user noted that those bitcoins were not reflected in the spot market or derivatives, though. Glassnode reported that BTC miners’ net inflow volume based on a 7-day moving average (MA) reached an all-time high (ATH) of $1,779,953. In the first week of January 2022, ATH was recorded at $1,700,940.
This outflow did not stop at the exchange’s wallet, according to Ki Young Ju, CEO of CryptoQuant. It will probably end up in the cold-guarded wallet. This can be used as an OTC transaction or as a custody service. In his opinion, the news is either bullish or neutral.
Miner just moved 14 kilo BTC dollars:
Poolin participants → Unknown wallet
It did not go to the exchange purse but more like a cold guard purse. It could be for the use of a custodian service or an OTC transaction. It is neutral or bullish news.
– Ki Young-ju (@ki_young_ju) July 15 2022
price may go up?
In addition, open interest is growing, according to IT technology, and the market may see growth soon. According to the study, bitcoin miners’ reserves have been declining over the past two weeks. However, this could be an important sign of waning confidence in the price shift.
In the past 24 hours, the price of Bitcoin has increased by more than 6%. BTC is currently trading at an average of $20,953. Its 24-hour trading volume rose 2% to $32.8 billion.
He says active BTC addresses have grown in the past 24 hours Emotion. The number was close to a million at the time of this news item, compared to 860,000 on July 14. This indicates that the mood of investors is improving rapidly.
The volume, which changed from 28.13 billion to 31.64 billion, is in a similar scenario. For Bitcoin fanatics, the increase in price over the past 24 hours on July 15th may be a sign of relief. In fact, at the time of writing, the market capitalization of Bitcoin has increased from $376 billion to $395 billion.
BTC market cap surges. Source: TradingView
Meanwhile, Anthony Pompliano said in his analysis that the price of Bitcoin is declining due to rising inflation. He continued that it may be accurate that it is not a strong hedge against the CPI.
Featured image from Pixabay, charts from TradingView.com and Santiment