Miners began to liquidate their stocks of bitcoins
According to Digital Assets Data, miners are now selling more bitcoins than they are mining.
According to the 21-day moving average stocks (MRI) chart, in recent weeks, significantly more coins have been entering the market than generated. The active sale is associated with the restoration of the MTC exchange rate and obtaining working capital to continue the stable activity of mining pools, which were waiting for a panic and began to liquidate their savings at more favorable prices.
Digital Assets Data analyst Connor Abandshine told CoinDesk that despite dumping a large number of bitcoins, buyers quickly snapping up coins. This avoids a surplus and reflects the current strength of the cryptocurrency market.
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For example, on Wednesday, almost twice as many MTC were sold than mined (2788 and 1588, respectively). During this sale, the rate dipped by 3%, but then quickly returned to its previous level. Although against the background of the total trading volume, this is a small amount of additional coins, but in the current market situation, this behavior indicates the potential for further growth.
According to analysts, the economic crisis after the end of the coronavirus pandemic can dramatically change the attitude of most people to cryptocurrency.
, iStock, graph: Digital Assets Data