Good morning Insiders! Yesterday we saw that it was a good day for the possible adoption of bitcoin (BTC). First of all, there was a message from the European Central Bank (ECB) about the laws and regulations regarding bitcoin and crypto. This may not sound very positive, but of course, if it is properly classified, it can have long-term benefits for bitcoin. In addition, we see that Gustavo Petro, the new president of Colombia, is in favor of bitcoin. Could this possibly be the third country where bitcoin will be adopted as legal tender?
Bitcoin is up 2.2% since 00:00. The current price at the time of writing is $20,320 on crypto exchange Coinbase. The euro price of bitcoin is €19,229 on the Dutch exchange bitvavo† Trading volume increased slightly by 2% over the same time frame. Bitcoin has fallen in value by 7.3% over the past seven days. In the past 24 hours, the share price has remained more or less the same, with a slight decrease of 0.2%. The total market value of bitcoin at the time of writing is $388.7 billion. Compared to the total crypto market cap, the bitcoin dominance comes out at 43.1%, almost the same level as 24 hours ago.
This Happened To Bitcoin While You Were Sleeping
Ki Young Ju, CEO of CryptoQuant, a crypto data analysis tool, has shared an interesting observation with his nearly 300,000 Twitter followers. He saw that bitcoin miners from the Poolin pool have sent for about 5,000 BTC, or $110 million, to Binance.
Some mining pool participants from Poolin just sent 5k $BTC (~$110M) to Binance.
This might indicate some miners’ revenue can’t meet the break-even point, so they have to cash out to cover expenses/loans.
Live Charthttps://t.co/lqim8dpbXi pic.twitter.com/VWLUMWxUBK
— Ki Young Ju (@ki_young_ju) June 22, 2022
This can of course have a number of reasons, but the most obvious reason is the fact that the mining operation is currently losing money. Mining costs more than it yields, so they are forced to sell their saved bitcoins.
The last time this mining pool did that was in 2018 when we were in similar market conditions. In the end, this was a good deal for the seller as the price dropped even further afterwards. Let’s hope that isn’t the case this time.
Ki Young Ju indicated that this does not necessarily mean that we go further down or that this is necessarily immediately bearish news. It could also be that the miner sends coins to Binance to secure a lung position instead of selling the 5,000 BTC.
Bitcoin Price Predictions from Crypto Insiders Analysts
The analysts of Crypto Insiders have taken a look at the bitcoin price in the Premium environment. On June 20, the most recent update was shared showing the direction we could possibly go in.
This showed that bitcoin has well tested the zone where we thought it would come. This is where the dynamic trendline came together with the Elliott Wave. For this reason, we expect a short wave B up before potentially moving further down.
In the Discord environment the full analysis is described with the clear price levels.
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The Crypto Insiders analysts have shared even more analysis in the Crypto Insiders Premium Area for members. Here, among other things, bitcoin is discussed daily and you will be kept informed of all developments surrounding the price and the project itself. Also, our analysts analyze several other cryptocurrencies. Various technical analyzes are already available for you at the moment! Take a look at our discord environment for members.
