The Number Of Active Bitcoin Addresses Has Reached A 12-month Low
Bitcoin network activity has dropped significantly due to recent price volatility. The world’s largest cryptocurrency fell below $ 29,000 earlier this week and rallied strongly yesterday after surpassing $ 34,000. However, in the past 24 hours, bearish market sentiment has returned as bitcoin dropped below $ 32,500.
According to the latest data released by crypto analytics platform Santiment, the total number of active bitcoin addresses fell below 900,000 in June 2021, the lowest level since July 2020.
Bitcoin is back to $ 32.4k after recovering above $ 34.6k on Wednesday. There is a surge in targeted activity. On the 30-day sliding scale of the daily active address scale on July 13, 2020, the last time the BTC network was at such a low level.
In addition, there has been a significant exit from bitcoin-related investment products over the past few weeks. According to the latest report from CoinShares, about $ 89 million was poured out of BTC investment products last week.
Despite the recent recovery in BTC and other crypto assets, traders remain uncertain about the future price movement of the world’s most valuable digital asset and it changed a lot of their crypto signals free (You can check the traders on the site of the SafeTrading them). “Bitcoin’s fear, uncertainty, and suspicion (FUD) remain high as traders disagree on whether prices could fall below $ 30,000 again,” the Santiment team said. But so far, prices have recovered due to fear of the crowd. The markets are moving in the opposite direction to the expectations of the crowd. ” used phrases.
The total market capitalization of BTC is currently around $ 600 billion. Bitcoin’s dominance in the cryptocurrency market has dropped by almost 1% over the past 24 hours following the recent surge in digital currencies such as Dogecoin (DOGE) and XRP
Chinese Bitcoin Mining Company Supplies Mining Machines To Kazakhstan
BIT announced this in a press release on Monday (June 21, 2021), according to the Bitcoin mining company, 320 mining machines were shipped in the first batch and have a theoretical total computing power of 18.2 PH / s, which will run until the end June.
The other two shipments, a total of 26,000 mining vehicles, are expected to arrive in Kazakhstan by early July. BIT also plans to move its latest mining equipment overseas in line with its “overseas marketing strategy”.
According to BTCManager, in September 2020, the Kazakh government was considering investing over $ 700 million in the cryptocurrency mining industry by cryptocurrency signals. The government also said there are 13 mining farms operating in the country, with four more under construction.
Later, in May 2021, BIT Mining was announced. Kazakhstan announced that it has signed an agreement with two companies to invest over $ 9 million in the construction of a data mining center.
Commenting on BIT’s actions, CEO Xianfeng Yang said:
Following our investment in data centers for cryptocurrency mining in Texas and Kazakhstan, we are accelerating the overseas development of alternative high-quality mining resources. We believe that our vision and advantage in timely action will enable us to respond quickly to the changing regulatory environment around the world, ultimately driving our long-term growth.
China’s Restriction On Bitcoin Mining
The latest development came after the Ganzi Changhe Hydropower Consumption Service and its indirectly owned subsidiary, BIT, received a notice from the state grid Sichuan Ganzi Electric Power on June 19 of a power outage. The Ganzi Changhe data center later suspended operations due to a notice.
While China controls most of the global bitcoin hash rate, the country is putting pressure on the country’s bitcoin mining activities. In May, Chinese regions such as Xinjiang, Mongolia, and Qinghai issued notices asking bitcoin miners to stop operations due to the Chinese government’s desired ban on bitcoin mining. In early June, Yunnan will investigate individuals and companies that illegally use electricity for mining. In addition, the Yunnan Energy Bureau said it would stop mining operations, which could affect electricity supplies.
Ethereum (ETH) Investors Go Crazy! What’s in store for ETH?
The cryptocurrency market has faced incredible volatility over the week, and this is seriously affecting investors (Also brought by SafeTrading and their approved channels). The fact that the price of bitcoins first dropped below $ 30,000 and then rose above $ 34,000 shook altcoins even more.
Ethereum Purchases Are Increasing
The second-largest cryptocurrency by total market value, Ethereum (ETH), fell alongside bitcoins, but unfortunately failed to rise with bitcoins. Regardless, it looks like the whales are especially crazy about Ethereum orders.
The Byzantine general, known for keeping an eye on the order boards of cryptocurrency exchanges, said in a post on June 22 that the Ethereum whale on Bitfinex is buying like crazy. It can be seen that on June 22, the whale submitted 66,000 orders to buy ETH in addition to the previous thousands of orders to buy ETH.
Vitalik Buterin Buys ETH?
Large purchases indicate, in particular, insider news, and this is due to the fact that the whale in question buys like crazy when everyone panics. Although many think that this whale is Vitalik Buterin, it is known that the co-founder of Ethereum is not actively trading as the SafeTrading team suggests so. In addition, Buterin’s ETH wallets are also well known.
In addition to the Bitfinex whale, it can be seen from the order book that many whales buy ETH on the Bitfinex cryptocurrency exchange. This shows that the whales have learned something or are confident that the recession will stop, especially before the upcoming EIP-1559 update.
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