Bitcoin is still in a consolidation phase at the beginning of the week, with the price hovering within the range of $ 33,000 to $ 36,000 since the beginning of July.
The cryptocurrency lost around 5 percent in value overnight but remained above $ 34,000 on Monday morning.
Other leading cryptocurrencies, including Ethereum (Ether), Dogecoin, and Cardano (ada), have seen similar stability in recent days, although current trends suggest that price gains are on the way.
The latest crypto market data from the analysis company Glassnode shows that there has been a significant increase in so-called whale accounts, which is typically a bullish signal.
A surge in crypto whales – addresses with more than 1,000 bitcoins – occurred along with the record run that took Bitcoin to its all-time high of over $ 64,000 in April.
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Bitcoin mining difficulty has seen a record-breaking decline
China’s crackdown on the crypto industry has resulted in the largest decline in Bitcoin mining difficulties in history.
At the weekend, the mining difficulties collapsed by more than 27 percent, which also reduced transaction fees. This event may have contributed to Bitcoin’s brief spike in price, which pushed it to nearly $ 36,000.
Bitcoin mining bans in large parts of China have been blamed in part for the cryptocurrency’s recent losses, but some claim that it will ultimately benefit the industry as it means more evenly distributing the network.
(Glassnode / @DocumentingBTC)
Anthony CuthbertsonJuly 5, 2021 11:58 AM
Bitcoin whales hit two-month high
The number of so-called “whales” – crypto holders with more than 1,000 Bitcoins – has reached a two-month high, which has led to speculation about significant price gains.
Data from market research firm Glassnode shows the number of whale entities has risen by 80,000 to 4.126 million – just a few hundred thousand more than the all-time high of February 2021.
The rise in crypto whales is typically viewed as a bullish sign as it shows that those with the greatest power over the market are currently amassing bitcoins.
“The recent surge in the whale balance suggests the bottom may have bottomed out,” notes CoinDesk’s Omkar Godbole.
Anthony CuthbertsonJuly 5, 2021 10:35 am
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Anthony CuthbertsonJuly 5, 2021 9:38 AM