Bitcoin miners have significantly influenced the cryptocurrency market’s recent downturn. Following the Bitcoin halving event, mining rewards were cut in half. It makes older mining machines less cost-effective, according to CryptoQuant.
$BTC – Miners' selling pressure decreases“Selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again.” – By @DanCoinInvestor Read more 👇https://t.co/X4J2brhuQu pic.twitter.com/5dI0vB2HgE
— CryptoQuant.com (@cryptoquant_com) June 28, 2024
Decline in Miner Bitcoin Sales Boosts Market Stability
This reduced the mining activity because most miners embarked on over-the-counter (OTC) sales to meet their expenses. This is due to the fact that the market has been in a phase of digesting this sell-off, thus resulting in a period of adjustment.
Luckily, fresh statistics revealed that there was a sharp decline in the number of Bitcoin miners cashing out to their wallets. This trend implies that the selling pressure from miners is declining. If this trend continues and all the selling volume is absorbed by the market, this could open up a new upward movement.
This is a positive sign for the cryptocurrency market as there will be reduced selling pressure from miners. Due to the slow rate of *BTC* selling by miners, there could be a price revival. It might enhance confidence among investors as well as bring about a more stable market environment.
Crypto Market Set for Growth in Q3 2024 Amidst Miner Decline
Moving to the forecast, positive shifts in the cryptocurrency market are expected in the third quarter of 2024. Therefore, if the selling pressure is faded and the market becomes stable, it will be possible to observe its further growth. This could bring more investors into the Bitcoin market and therefore stimulate further growth in the market.
The decrease in the sale of cryptocurrencies by miners is a positive event in the cryptocurrency market. Not only does it reduce the pressure to push the rate of Bitcoin down, but it also helps to create conditions for potential growth. These trends will be closely monitored by investors and other market participants in the coming months.
Lastly, the reduction in selling pressure from the miners is advantageous to Bitcoin. As the market continues to balance and accommodate the rest of the sell-off point, positive movements could be achieved in the third quarter of 2024. It can be the start of a new upward movement of the price, which will help the crypto market to regain confidence.