Crypto News – Over the past week, whales have bought large quantities of Bitcoin as the halving date has drawn near. There is about a week till the fourth Bitcoin halving, and increasing demand from whales suggests that the market is optimistic.
Bitcoin Whales Accumulation Phase: With 1 Week to Go Before BTC Halving, Whale Movement Draws Attention
Data released by the cryptocurrency analytics company CryptoQuant indicates that demand from Bitcoin whales is increasing faster than it has ever done. This suggests that there is not enough new Bitcoin being created by mining to satisfy the demand of cryptocurrency investors and that the scarcity will only increase following the halving of the currency. The whale accumulation phase, which shows that large Bitcoin holders are transferring their holdings to cold wallets in expectation of a price increase, is positive news for the cryptocurrency market.
Bitcoin Needs to Surge for Miners to Profit After Halving
BTC halvings affect miners who verify transactions and add new blocks to the blockchain, in addition to having an immediate effect on supply. The amount that Bitcoin miners make is halved with each halving, which drives up the price of mining new coins. For miners to continue making a profit, BTC prices must thus increase to a particular point.
At the current market price of approximately $70,000, mining one Bitcoin is profitable at an average cost of approximately $49,000. But in order for miners to make money after half of Bitcoin, the price needs to rise beyond $80,000.
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