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Bitcoin Price Drops Below $110,000: Miners Liquidate Millions
Bitcoin has fallen below the $110,000 mark, with miners liquidating approximately 4,207 BTC worth around $485 million between August 11 and August 23. This marks the largest sell-off by miners in nine months, raising concerns among investors about whether this is a warning signal or merely strategic profit-taking. Despite these sell-offs, the network remains stable with a record hashrate of 960 million TH/s, indicating that the underlying fundamentals are still strong.
“The data suggests that miners are primarily realizing profits and securing liquidity rather than being in a state of crisis.”
Currently, miners hold reserves of 63,736 BTC valued at approximately $7.1 billion. Interestingly, even with a 10% decrease in miner profitability over the past year, older mining equipment remains profitable at electricity prices of $0.09 per kWh. This indicates that the current market dynamics are not forcing miners into distress sales.
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Key Takeaways:
- Bitcoin miners liquidated 4,207 BTC worth $485 million.
- Miners' reserves now total 63,736 BTC valued at $7.1 billion.
- Hashrate remains near all-time highs, indicating network stability.
Eric Trump Predicts Bitcoin at $1 Million - Institutions Accumulate Massively
At the Bitcoin Asia Conference in Hong Kong, Eric Trump made headlines by predicting that Bitcoin could reach $1 million, citing strong institutional demand and limited supply as key factors. He emphasized the Trump family's commitment to the cryptocurrency sector, stating that they have never seen such community support for his father as they have witnessed in the Bitcoin community.
Current data supports Trump's bullish outlook, with institutional investors accumulating significant amounts of Bitcoin. This year alone, Bitcoin ETFs have absorbed 1,430 BTC daily, while Bitcoin Treasury companies have added 1,399 BTC. In contrast, only 450 new BTC are mined each day, indicating a substantial supply-demand imbalance that could lead to rising prices.
Key Takeaways:
- Eric Trump predicts Bitcoin could reach $1 million.
- Institutional investors are accumulating Bitcoin at a rapid pace.
- Daily Bitcoin mining is significantly outpaced by institutional demand.
Bitcoin Under Pressure: Is a Sell-Off Widening?
The cryptocurrency market remains under pressure, with Bitcoin recently dipping below $108,000, marking its lowest point since early July. This decline is attributed to new inflation data and a general downturn in the stock markets, leading to significant liquidations in the derivatives market.
Analysts warn that September is historically a weak month for both cryptocurrencies and stocks, which could exacerbate the current downward trend. Bitcoin's recent performance shows a 12% drop from its all-time high of $124,128, raising concerns among investors about potential further declines.
Key Takeaways:
- Bitcoin fell below $108,000, its lowest since early July.
- September is historically a weak month for markets.
- Bitcoin has dropped 12% from its all-time high of $124,128.
Bitcoin Falls Amid High Inflation and New Tariff Pressures
Recent economic data indicating rising inflation has put additional pressure on Bitcoin and the broader cryptocurrency market. The core inflation rate rose to 2.9% in July, which, while in line with expectations, has led to increased volatility in both crypto and stock markets.
As Bitcoin continues to react to macroeconomic indicators, analysts are closely monitoring the situation, with many predicting that the current downturn could lead to a more extended period of weakness in the market.
Key Takeaways:
- High inflation rates are impacting Bitcoin prices.
- Market volatility is expected to continue in the near term.
Sources:
- Bitcoin-Kurs fällt unter 110.000 US-Dollar: Miner liquidieren Millionen
- 10 Fehlannahmen über Bitcoin und warum sie falsch sind!
- Bitcoin stürzt angesichts hoher Inflation und neuem Tarifdruck ab
- Eric Trump prognostiziert Bitcoin bei 1 Million USD - Institutionen akkumulieren massiv
- Bitcoin weiter unter Druck: Weitet sich der Abverkauf aus?
- Bitcoin News: Warum BTC fällt und jetzt Roter September droht -
