Miners crashed Bitcoin, deciding to make money.
The cryptocurrency market took an unexpected turn when Bitcoin (BTC) miners began transferring significant amounts of their BTC en masse to crypto exchanges.
Historically, large deposits of BTC miners on exchanges have caused a significant decrease in the price of Bitcoin. This was noticeable in May 2023, when an increase in deposits led to a decrease in the price from $27,000 to $25,500. Now Bitcoin, having risen above $45,000, has collapsed to $41,000.
The top miners receive an average of 1.73 BTC per block in January, which is a 27% bonus on top of their standard block subsidy of 6.25 BTC.
SignalQuant suggests caution, while Matrixport forecasts the price of Bitcoin to rise beyond $50,000 based on expectations of the approval of spot Bitcoin ETFs, which could attract institutional investment.
Optimistic forecasts also suggest that Bitcoin could reach $125,000 by the end of the year.
