News
    Home   >     Original    >     Main body

    Bitcoin Collapses to $37K as Miners Start Dumping Their Coins

    Abstract:Bitcoin is in the middle of a "pretty huge correction" due to selling pressure from miners, according to CryptoQuant CEO Ki Young Ju

      Bitcoin, the largest cryptocurrency, dropped below the $38,000 at 17:23 UTC on the Bitstamp EXchange after trading at as hIGh as $41,450 earlier today.

      The cryptocurrency is currently down almost five percent over the past 24 hours.

      Image by tradingview.com

      Miners are in a selling mood

      As noted by CryptoQuant CEO Ki Young Ju, the Miners' Position INDex (MPI) recently reached its highest level since July 2019, the month Bitcoin topped out at roughly $13,700 before seeing a huge correction.

      Image by @ki_young_ju

      Very high MPI readings suggest that miners are actively taking profits instead of accumulating, thus exerting pressure on the market.

      Bitcoin is extremely overbought

      Earlier today, NorthmanTrader's lead market strategist Sven Henrich noticed that the relative strength index (RSI) had reached 93, it highest level ever, on the weekly Bitcoin chart. This suggests that the volatile commodity is extremely overbought.

      Image by @NorthmanTrader

      However, earlier this week, veteran trader Peter Brandt claimed that asSets typically remain overbought during raging bull markets, which is exactly what happened during Bitcoin's last bullish cycles.

    Article involves exchange

    Read more

    Bitcoin Bull Mike Novogratz Warns of 'Existential Crisis' if the US Fails to Create Digital Dollar

    Mike Novogratz, the CEO of Galaxy Digital and bitcoin bull has warned that the United States’ failure to have its own digital currency could be an “existential crisis.” However, the CEO says the country’s fate is still in its hands. Novogratz made these comments a few days after former U.S. Secretary of State, Mike Pompeo suggested that the United States is not going to have a digital dollar anytime soon.

    News 1618217643000

    How to Use AI to Generate Free Bitcoins

    When you get on the Bitcoin train you know you are in for a wild ride, with the price dipping and soaring so fast it’s hard to keep up. One thing is certain however, the overall value of Bitcoin is rising year-on-year at an incredible rate. Since the start of the pandemic the price has skyrocketed from just 7,200 USD in January last year, to its current price of near to 60,000 USD, although with some heart-stopping drops and recoveries in price along the way. BTC is clearly a great investment, but there is undoubtedly a high level of risk and uncertainty, so it is critical to mitigate your exposure and the best way to do this is with an automated platform.

    News 1618207992000

    All that mined is not green: Bitcoin’s carbon footprint hard to estimate

    The impact of BTC mining on the environment has turned into a debate — here’s what academics think and if “green Bitcoin” is possible.

    News 1618198734000

    With Banks Turning to Bitcoin, Is It Finally Time to Long the Bankers?

    In the past, much of the Bitcoin community was taken to declaring, “Long bitcoin, short the bankers.” But now that the likes of Goldman Sachs, Morgan Stanley, BNY Mellon, State Street, Deutsche Bank and others are entering the crypto space, is it now to long banks as well as BTC?

    News 1618196175000