Bitcoin Price Falls As Miner Outflows To Exchanges Surges
Quick Take
- Miners move 2,650 Bitcoin to Bitfinex prior to Bitcoin falling.
- Bitcoin is down 5% now trading at the $9,100 level.
- Bitcoin sees massive difficulty adjustment as hash rate returns to the network.
After days of little volatility, Bitcoin is making a significant move downwards. The cryptocurrency is currently down 5%, trading at the $9,100 level. Bitcoin’s sudden move downwards triggered a wave of liquidations across crypto markets, The Crypto Associate reports.
Interestingly, Glassnode, a cryptocurrency analytics platform, tweeted after observing a massive Bitcoin miner outflow to cryptocurrency exchanges. Bitcoin’s price began to slip shortly after the surge in miner outflow.
Bitcoin’s move down comes just a day before the looming $1 billion Bitcoin options market expiry. The expiry may boost short-term volatility for the popular cryptocurrency if traders decide to move their positions to later expiry dates.
Miners Return
Following the Bitcoin halving event, Bitcoin network hash rate plummeted, pushing up block times substantially. However, hash rate soon began to return to the network, resulting in a massive upwards difficulty adjustment.
With Bitcoin hash rate reaching levels near pre-halving, Bitcoin block times and transaction fees have begun to normalize. Ethereum transaction fees, on the other hand, have been on the rise as transaction volume on the Ethereum blockchain soars. As a result, the fee spread between the two largest cryptocurrencies continues to decline.
Disclaimer: Content displayed on thecryptoassociate.com is not investment advice. Investors should do their own research before investing in digital assets or anything displayed on this site. The Crypto Associate does not recommend trading any sort of investment in cryptocurrencies and digital assets. The Crypto Associate is not responsible for any losses incurred due to the buying or selling of cryptocurrencies displayed on this site. All content is for informational purposes only. The Crypto Associate does not endorse, affiliate or represent any third-party links including advertisements. The Crypto Associate participates in affiliate marketing. Read the full disclaimer
