Bitcoin miners have been one of the key players causing market declines as they engaged in intense selling after the latest halving event which slashed the mining rewards from 6.25 to 3.125 BTC earlier this year.
However, the latest data suggest that the selling pressure from these entities has significantly decreased. Such a trend could potentially bolster the asset’s price and trigger a market-wide surge.The recent bearish market conditions have dampened the earlier optimism and enthusiasm surrounding bitcoin’s price, which could indicate a potential market bottom.
This decline in selling pressure suggests that the market might stabilize, and if the current sell-off volume is fully absorbed, it could pave the way for a renewed upward rally. Positive trends in the market are anticipated for the third quarter of 2024. “In other words, the selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again. Positive movements in the cryptocurrency market can be expected in the third quarter of 2024.”It has been two months since the Bitcoin halving event, following which the business of generating new BTC has faced a severe downturn in terms of profitability.
As a result, an interesting trend gained prominence this year. Mergers, financings, and partnerships are quickly forming between AI and Bitcoin mining operations as the former sees more demand for capacity while the latter seeks new ways to maximize returns on their significant capital investments.an expanded partnership with CoreWeave, an Nvidia-backed startup and a leading provider of technology for running AI models.
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