Miners can provoke a drawdown of bitcoin – Cryptonium News

Miners can provoke a drawdown of bitcoin

Over the past two weeks, the virtual currency market has been strong, with bitcoin exceeding $21, 000 for the first time in quite some time. However, CryptoQuant reports that it is too early to ease up, as virtual currency miners could put significant pressure on prices. This is indicated by the Minor Position Index (MPI).

This metric shows the match of miners’ cash outflows against a 365-hour moving average. Scholars emphasize that cash flows have plagued miners for so long that they have had to sell assets in the market. The Miners’ Position Index recently reached 4, its highest level since last April.

This situation suggests that virtual currency miners are selling more coins than usual. In the near future, this could put significant pressure on bitcoin. In previous ones, a bold rise in PMI was seen during the failed phase of the FTX crypto exchange, which triggered another wave of price declines in the market.

The major crypto market is currently at $20, 900 at 6:30 PM EST today, following an addition of 0.24 the previous day. Over the same period, the size of transactions increased by 21.8% and total asset capital was $402.6 billion.

Previous edition of Crypto. ru reports: Investor Peter Bernstein has issued an opinion that the total revenue from the use of cryptocurrencies by 2033 will exceed $400 billion. Specialists emphasize that this very year 2023 will be the bottom of intensive formation of a similar trend. Specialists also believe that the section of decentralized currencies and non-exchange tokens will experience a concrete boom.

Cryptonium Editors