Stablecoin

2024

Bitcoin

Impact

<p>The post <a href="https://coinpedia.org/news/bitcoins-big-week-100000-btc-pulled-from-exchanges/" rel="noopener noreferrer nofollow">Bitcoin’s Big Week: 100,000 BTC Pulled from Exchanges</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Currently, near the top of its peak of $73,000, Bitcoin faces difficulties breaking above new all-time highs. Several factors, including the recent bitcoin halving and significant withdrawals from major exchanges, are influencing its market dynamics.&nbsp;</p>
<h2 class="wp-block-heading" id="h-impact-of-bitcoin-halving-and-stablecoin-slowdown-nbsp">Impact of Bitcoin Halving and Stablecoin Slowdown&nbsp;</h2>
<p>As per an expert opinion, the Bitcoin halving on April 20, which reduced the mining rewards, has notably slowed the minting of stablecoins. This event also coincided with a decline in wallets holding more than $10 million in stablecoins. These changes have contributed to the current market conditions, making it challenging for Bitcoin to surpass its previous peaks.</p>
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   <p lang="en" dir="ltr">BIG Week for <a href="https://twitter.com/hashtag/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BITCOIN</a>: 100,000 Bitcoins Removed From Exchanges -&gt; <br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;">1-11) Currently, near the top of its range, Bitcoin faces a challenge in breaking above new all-time highs. This can be attributed to the Bitcoin halving on April 20. Following this event, the minting of… <a href="https://t.co/XOIGVGrZuT" rel="noopener noreferrer nofollow">pic.twitter.com/XOIGVGrZuT</a></p>— 10x Research (@10x_Research) <a href="https://twitter.com/10x_Research/status/1799988497186771173?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 10, 2024</a>
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<h2 class="wp-block-heading" id="h-significant-bitcoin-withdrawals-from-crypto-exchanges-nbsp">Significant Bitcoin Withdrawals from Crypto Exchanges&nbsp;</h2>
<p>The expert observes that over the past month, Bitcoin worth $6.75 billion, or approximately 97,000 BTC, has been withdrawn from exchanges. This record-breaking movement was primarily driven by withdrawals from two US-focused exchanges: Kraken, with a withdrawal of 55,000 BTC worth $3.8 billion, and Coinbase, with a withdrawal of 24,000 BTC worth $1.7 billion. Such large-scale withdrawals often indicate a shift in investor sentiment towards holding rather than trading, impacting exchange liquidity.&nbsp;&nbsp;</p>
<h2 class="wp-block-heading" id="h-bitcoin-short-term-holder-profile-margins-nbsp">Bitcoin Short-Term Holder Profile Margins&nbsp;</h2>
<p>According to data on Bitcoin’s short-term holders’ realised price and profit/loss margins, these holders are seeing a profit margin of 3.35%. This indicates a minimal risk of a significant Bitcoin sell-off, suggesting that short-term investors still find the current price levels favourable.</p>
<h2 class="wp-block-heading" id="h-bitcoin-price-movements-in-2024">Bitcoin Price Movements in 2024</h2>
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<p>At the start of 2024, Bitcoin was priced around $44,196. It reached its peak of over $73,000 on March 13 before slipping to around $64,938 on April 20. By May 1, it further declined to nearly $58,244. However, since then, Bitcoin has been steadily increasing. On May 20, it attempted to touch the peak again, settling just under $71,500. A subsequent attempt on June 5 saw Bitcoin crossing the 71,000 mark, indicating a strong recovery trend.&nbsp;</p>
<p>Bitcoin’s journey through 2024 has been marked by significant volatility, influenced by the halving event and major market movements. Despite the challenges, the cryptocurrency shows signs of resilience. As BTC continues to navigate the challenges, its ability to break through new all-time highs remains a key focus for investors.&nbsp; &nbsp;</p>

Bitcoin’s Big Week: 100,000 BTC Pulled from Exchanges

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