Bitcoin

Impact

when

Drops

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-approaches-all-time-high-as-trading-volume-drops/" data-wpel-link="internal">Bitcoin Approaches All-Time High as Trading Volume Drops</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/bitcoin-surpasses-70000-with-sudden-price-surge/" data-wpel-link="internal">Bitcoin</a> (BTC)</strong> approaches its all-time high while expectations and FUD around the cryptocurrency increase. Despite growing optimism and interest in Bitcoin, BTC’s trading volume has decreased. Data reveals the seven-day trading volume fell below $14 billion, reaching the same level as in 2023 when Bitcoin traded below $30,000.</p> 
<h2 id="long-term-bitcoin-investors">Long-Term Bitcoin Investors</h2> 
<p style="text-align: justify">However, this can be seen positively as more addresses prefer to hold their BTC. At the time of writing, <strong>BTC</strong> is trading at $68,899.70, with a 2.14% increase in the last 24 hours. Bitcoin’s MVRV ratio has risen, indicating that most Bitcoin holders became profitable in the last few days.</p> 
<p style="text-align: justify">Due to the increase in profitability, more <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> may sell BTC, driving its price down. However, the Long/Short difference for BTC also grew during this period. This could mean that the number of long-term BTC holders has increased significantly in the last few days.</p> 
<p style="text-align: justify">Long-term holders are less likely to sell their <strong>tokens</strong> and tend to remain calm during significant price volatility. Another indicator of interest in Bitcoin could be the number of active addresses on the network. According to <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> from the cryptocurrency analytics company Santiment, the number of daily addresses on the Bitcoin network has dropped significantly in the last few weeks.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-359016 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/btcc.jpg" alt="" width="1282" height="447"></p> 
<h2 id="the-impact-of-nfts">The Impact of NFTs</h2> 
<p style="text-align: justify">One reason for this could be the state of the NFT sector. In the last few weeks, <strong>NFT</strong> sales, buyers, and sellers have declined. Crypto Slam’s sales volume dropped by 75.36% in the last few days. Additionally, the total number of NFT transactions on the network decreased by 60%. If network activity continues to decline, miner revenue could be affected.</p> 
<p style="text-align: justify">Recently, the daily revenue of Bitcoin miners has dropped significantly in the last few days. If this continues, miners may have to sell their <strong>tokens</strong> to make a profit, which could exert downward pressure on BTC.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-approaches-all-time-high-as-trading-volume-drops/" data-wpel-link="internal">Bitcoin Approaches All-Time High as Trading Volume Drops</a></h5>

Bitcoin Approaches All-Time High as Trading Volume Drops

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