RATE Group | Bitcoin Halving Means Miners Will No Longer Be Biggest Sellers of BTC
87855
post-template-default,single,single-post,postid-87855,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Halving Means Miners Will No Longer Be Biggest Sellers of BTC

09 May Bitcoin Halving Means Miners Will No Longer Be Biggest Sellers of BTC

Posted at 18:39h in Bitcoin News by

Following the Bitcoin (BTC) halving on May 12, traders generally expect the price of the top-ranking cryptocurrency by market capitalization to drop. According to a prominent on-chain analyst, the selling pressure may come from crypto exchanges.

Willy Woo, the co-founder of Hypersheet, said that exchanges will likely begin selling their storage of crypto assets composed of trading fees. Typically, exchanges receive trading fees in the form of cryptocurrencies and sell them to cover operational costs.

Considering that the crypto exchange market generates 1,200 BTC a day from fees — equivalent to $11.6 million — it may slow down the uptrend of Bitcoin.

Selling pressure that comes from crypto exchanges may spoil Bitcoin recovery

Subsequent to the Bitcoin halving, miners will generate half of the BTC they used to in the past four years.

Historical revenue of Bitcoin miners. Source: Blockchain

Historical revenue of Bitcoin miners. Source: Blockchain

On a daily basis, the revenues of miners will decline from 1,800 BTC to 900 BTC, based on rough…

Source link

Tags:
, , , , , , ,