- 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.
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.
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