Bitcoin, Ether and XRP in the dive: Miner in a selling mood

Bitcoin coin and ether coin and XRP coin in front of a chart

Bitcoin hits the brakes and is still being prevented from breaking out by miners and bears. Ether also falls victim, despite an extremely successful start to Phase 0. Meanwhile, the Glassnode CTO ensures a bullish outlook. The market update.

The Bitcoin Bears have won the battle for the key $18,000 mark for the time being. With a 24-hour minus of 3 per cent and a fluctuation range of around US$700, the Bitcoin share price (BTC) is trading at US$17,863 at the time of going to press, representing an 8 per cent drop in value over the week.

Bitcoin price in weekly chart

In the wake of the market-dominating crypto-currency, the old coins also collapse. The second-largest crypto currency, ether (ETH), slips by 3.8 percent in a daily comparison to currently 543 US dollars. The most recent listing of an ether ETF on the Toronto Stock Exchange has also so Bitcoin Formula far bounced off the ETH share price. The digital currency is losing 12 percent on a weekly basis. The Phase 0 of Ethereum 2.0, which has been underway for a good week now, is also evidence of lively interest in ether. According to Beaconcha.in, almost 30,000 validators have so far staked around 950,000 ethers. This means that the starting signal for the major serenity upgrade has far exceeded the minimum number of 524,288 ETH and 16,384 validators.

Ether course in weekly chart

The third-largest crypto currency in the group is also in reverse with a minus of 3.9 percent. The XRP exchange rate is currently quoted at 0.55 US dollars and, like ether, is collapsing in the double-digit percentage range compared with the previous week at around 11.9 percent.

Ripple’s „donor mood“ is unlikely to help stabilise the share price at the moment. The transaction ticker Whale Alert did not track a massive Ripple transaction of 150 million XRP for the equivalent of over $83 million to an unknown wallet until 9 December.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 150,000,000 #XRP (USD 83,992,585) transferred from ripple to unknown wallet

Tx: https://t.co/4ZBhXNiXUv
– Whale Alert (@whale_alert) December 9, 2020

However, compared to the massive Bitcoin transaction that the Block Bot caught on 8 December, the XRP transfer seems almost like play money. According to bitinfocharts, the former 34th largest wallet transferred 21,315 Bitcoin to a previously unknown wallet. The transaction was worth 400 million US dollars.

Whale alert! πŸ‹ Someone moved 21,315 BTC ($400M) in block 660,539 https://t.co/jKZNIMtDR1
– Bitcoin Block Bot (@BtcBlockBot) December 8, 2020

Miner press Bitcoin course

The Bitcoin Miners are also currently emptying their virtual wallets. As Cryptoquant CEO Ki Young Ju announced on Twitter, miners are currently exerting pressure to sell on the market.

Obviously, miners are selling $BTC a lot today.
I’m still long, but this is not a good signal in the short-run. https://t.co/bJXnzmMlAp pic.twitter.com/amrgr8LPZE
– Ki Young Ju 주기영 (@ki_young_ju) December 10, 2020

Expenditure is reinforcing the current downward trend and is repeatedly holding back the Bitcoin price in the short term. As the Cryptoquant graph below shows, the Miner outflow has been steadily increasing in recent weeks. Even the crypto miners are finally securing their returns. A value of 2 on the chart indicates that the majority of miners are selling their BTCs.

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