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HomeCrypto NewsMarketBitcoin Faces Increased Selling Pressure As Miners Sell Over 4,000 BTC

Bitcoin Faces Increased Selling Pressure As Miners Sell Over 4,000 BTC

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Bitcoin price faces increased selling pressure.


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In a tweet on Friday, crypto analyst Ali Martinez highlights that Bitcoin miners have sold about 4,586 BTC in just three days, according to data from CryptoQuant.

“Bitcoin miners have sold roughly 4,586 BTC in the last 72 hours, according to on-chain data from @cryptoquant_com!” Martinez wrote.

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Notably, Martinez’s tweet comes after Bitcoin Magazine reported on Monday that Bitcoin mining difficulty had increased by 9.26%, the second largest increase since January. The increase results from large public miners implementing long-term expansion plans.

 

However, this rapid increase in Bitcoin’s difficulty has also strained mining profitability, which has dropped 17% in the last 30 days. Consequently, miners are forced to sell their mining rewards to improve their liquidity. 

In June, miners started selling en masse as Arcane Research revealed that profitability had plummeted 80% from the highs in November. As reported by The Crypto Basic, Bitfarms sold 3000 BTC during the period. 

It bears mentioning that the increased selling pressure from miners could drive the price of Bitcoin even lower. Arcane research estimated that Bitcoin could drop as low as $10,350 before starting a bull cycle.

Bitcoin is trading at the $19,803.43 price point, a 1.4% dip in the last 24 hours.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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