Tuesday, August 9, 2022
Home Crypto News Analysis Crypto Market Falls As Miners Sell Their BTC Holdings-Expert Views On What’s...

Crypto Market Falls As Miners Sell Their BTC Holdings-Expert Views On What’s Next?

- Advertisement -

Bitcoin price is constantly trading below its 200-day moving average for more than 15 days, and their is high selling seen from miners, some analysts suggest for further bearish momentum.

Crypto market is falling again, and bitcoin has crashed below $33,000 for the first time since May 23, while Ethereum broke below the $2,500 support.

Popular analyst William Clemente III has determined that miners have sold over 5,000 BTC in the last week – worth roughly $164 million.


Top Cryptocurrency Author Timothy Peterson with above 100k Twitter followers, also highlighted that the BTC price remains below the 200-day simple moving average (SMA) for 17 consecutive days.

This indicator  always marked the end of a bull run and the beginning of a bear market,” he argued.


Crypto market seem to be showing a slight intraday bounce. BTC is currently hovering around $33,000 after falling to $32,400, and ETH is currently changing hands for $ 2,500 after bouncing from a local low of about $ 2,430 – both markets have crashed by about 15% since the posting local highs of $39,600 and $2,900 on June 3.

While both ETH and Bitcoin have been losing value in recent weeks, capital flows for crypto investment products suggest institutional investors are turning towards Ethereum.

According to a June 7 CoinShares report, Bitcoin investment products posted a record $141 billion outflow last week, while Ether products reported $22 million in inflows.

- Advertisement -


The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

How Decentralized Finance (DeFi) Can Bank The Unbanked

In the world of blockchain, the vast majority of decentralized finance news focuses on how this industry can further innovate financial technology, improving existing...

Why Are Most P2Es So Boring?

P2E (play-to-earn) games have been around for quite a while now. Numerous platforms have entered the market, each trying something different and at least...

Keninah Takes Donation Blockchain To a New Level Alongside Cardano

The coin market has seen significant growth since the introduction of the first crypto asset – Bitcoin. The changes in structure, however, use cases,...

Mike Novogratz Says Ethereum Could Reach $2,200 Before The Merge

  Mike Novogratz predicts Ethereum might hit $2,200 or more before its Merge release. window.coinzilla_display = window.coinzilla_display ||...

FTX Partners Reddit to Enable Redditors to Utilize Their Community Points for On-Chain Transactions 

  Redditors can use community points for on-chain transactions via FTX Pay.  window.coinzilla_display = window.coinzilla_display || ; ...

Iran Makes First Crypto-Based Import Order Worth $10 Million

  The Iranian government makes its first payment in cryptocurrency for imports totaling $10 million. window.coinzilla_display = window.coinzilla_display...

PIXXTASY Project – Don’t Use. Just Own It.

PIXXTASY is the brainchild of Zoltán Egri, a man who overcame a two-year drug addiction and has since become a serious anti-drug advocate. His...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.