on Sunday, bitcoin price prediction Remains neutral, as BTC has failed to break out of a narrow range of $16,850 to $17,250. It appears that bitcoin miners have given up on the long-term profitability of holding any significant amount of the leading crypto and are instead selling vast amounts of bitcoin.
CryptoQuant has revealed that bitcoin miners dropped 10,000 BTC on 1 December. Compared to the 2,569 units that entered the market and were subsequently sold by miners on November 26, this amount is very small.
CryptoQuant analyst JoaWedson reflected on this topic, citing the high cost of bitcoin mining and the rapid decline in the crypto asset’s value as the reason.
Joawadson continued:
“Miners are being forced to sell their holdings due to the current price of bitcoin and the high cost of mining in various countries.”
Both the “creator” and asset of the largest cryptocurrency by market cap are doomed in their current states. Due to the recent decline in the value of bitcoin and the high cost associated with creating a single bitcoin, bitcoin miners are no longer able to make a profit from their efforts.
The price of the cryptocurrency may drop and its volatility may increase if they continue to dump the results of their labor into the market. The sell-off in the previous market has also affected the earnings of the mining industry.
Glassnode reports that at the time of writing this article, miners had created 814.28 BTC. Given this, it is not difficult to see how one might conclude that bitcoin provides nothing in the way of rewards or transaction fees for its miners.
US dollar falls to multi-month low
Another major factor supporting BTC price was the decline in the US Dollar, which hit a three-month low.
Investors took advantage of the unexpectedly favorable jobs data, which was considered one of the primary drivers in limiting the dollar’s decline.
Meanwhile, the dollar gained some ground after data showed private-sector employers increased payrolls by 263,000 in November, more than an estimated 200,000.
However, the decline was short-lived as they fell to a three-month low amid a bearish trend.
Putin calls for digital currency settlements
Russian President Vladimir Putin has advocated a new international settlement system unrestricted by banks and other intermediaries. The Russian leader was quoted as saying that it is possible to build such a system using digital currency technologies and distributed ledgers.
Russian financial powerhouse Sberbank hosted Putin at a conference focused on AI. During their conversation, they stressed that financial flows and payments between states are currently under threat amid the tightening ties between Russia and the West.
President Putin elaborated:
“We know all too well that under today’s illegitimate sanctions, one line of attack is through settlements. And our financial institutions know this better than anyone because they are exposed to these practices.”
Putin was referring to international sanctions that have severely restricted the Russian Federation’s access to global financial and market institutions following the country’s invasion of neighboring Ukraine.
The prime news agency claims that he also mentioned:
Today, the system of international payments is expensive, with correspondent accounts and regulation controlled by a small club of states and financial conglomerates.
bitcoin price
The current price of bitcoin is $17,010, with a 24-hour trading volume of $15 billion. The BTC/USD pair is up by more than 0.10% over the past 24 hours. Additionally, its value has increased by around 2.75% in the last week.
BTC/USD The pair is struggling to break above $17,250, and it is currently trading sideways in a narrow trading range of $16,800 to $17,250.
Bitcoin completed the 23.6% Fibonacci retracement level at $16,900, and a candle close below $16,950 could signal fresh selling until the $16,750 resistance is reached.
Furthermore, bitcoin could aim for the $16,600 level, which is the 50% Fibonacci retracement, and a break below this level would expose BTC to the $16,450 level, which is the 61.8% Fibonacci retracement.
On the other hand, a bullish breach of the $17,250 resistance could expose BTC to higher levels of $17,650 and $18,100.
large capacity coins
Despite the market downturn, some coins have outperformed, attracting the interest of crypto whales.
One of these is IMPT, whose presale ends in less than a week.
IMPT: 1 Week To Buy This $13.5 Million Green Crypto
Another Ethereum-based platform, IMPT, a carbon-credit marketplace that will compensate customers for doing business with environmentally beneficial businesses. These profits will be distributed in the form of the company’s IMPT tokens, which can be used to purchase NFT-based carbon offsets that can be sold or retired.
Since its initial public offering in October, IMPT has raised over $13.6 million, with 1 IMPT now trading at $0.023. Due to its extraordinary success, IMPT.io will be the new platform for carbon offsetting and carbon credit trading End its token pre-sale on December 11th,
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