CryptoQuant CEO Says Bitcoin Price Suppression Fearing Competition Miners
Mining pools sent large volumes of bitcoin to exchanges, while the price of cryptocurrency dropped by 5% per day, writes Cointelegraph, citing data from the monitoring resource CryptoQuant.
So, the pools Poolin, Slush and HaoBTC that stopped work on Wednesday withdrew 1,630 BTC ($ 18.5 million). This is a significant increase over the previous segment..
CryptoQuant CEO Ki Yong Joo believes that miners are trying to strengthen their position by taking advantage of the fact that Bitcoin is now trading higher than most of 2020.
“I think there will be a miners’ war between those who want bitcoin to rise higher and those who do not want it,” he said. – As far as I know, some Chinese miners are already realizing the profitability of mining. They may not want new competitors to join the industry through a bull market. “.
He also argues that the likelihood of a market collapse due to the arrival of miners’ assets on exchanges is small. “Miners are good traders. I think they are just looking for opportunities to sell, not surrender, “added Ki Yong Joo..
Miners often move assets along with increased volatility. This was, for example, in May after the third bitcoin halving..
On Wednesday, the first cryptocurrency fell from $ 12,075 to levels below $ 11,200, after which it partially recovered. Bitcoin is trading around $ 11,000 at time of publication, resuming decline after yesterday’s rebound.
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