The reasons Bitcoin price is down 11% since the halving

May 1, 2024 Coin Telegraph

bitcoin etf

Bitcoin’s current price action is “hardly a surprise” given the extraordinary bullish action leading up to the fourth halving.

The Bitcoin (BTC) price has sharply declined over the past few days, which might have triggered some concerns from those who thought Bitcoin would surge after its fourth halving.

The price of Bitcoin has dropped 11% since the fourth Bitcoin halving, which occurred on April 20, at 12:09 am UTC.

On the halving date, Bitcoin traded around $64,000. In the immediate aftermath of halving, Bitcoin saw a short rally, topping above $67,000 on April 22. But since then, Bitcoin has been gradually selling off, tumbling below $57,000 on May 1, according to CoinGecko data.

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‘No signs’ of Bitcoin miner capitulation despite plummeting revenue

May 1, 2024 Coin Telegraph

Bitcoin Halving

CryptoQuant CEO Ki Young Ji said that despite a drop in Bitcoin mining revenues since the halving, Bitcoin miners haven’t shown any signs of capitulation.

Bitcoin (BTC) miners show no signs of “capitulation” despite their revenue falling to 14-month lows following the halving event in April.

In an April 30 post to X, CryptoQuant CEO Ki Young Ju said that following a drop in revenue to levels post having, Bitcoin miners now face two options, capitulation or await growth in the price of Bitcoin to cover their costs.

Citing the 365-day Puell Multiple chart — a metric that estimates the level of sell pressure from miners — Ju said miners show no signs of capitulation “for now.”

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Bitcoin Miners’ Average Revenue Per Block Dips 25% in 3 Days, Falling to 3.83 BTC

April 26, 2024 Bitcoin.com

Bitcoin Fees

In the last 24 hours, bitcoin miners have faced significantly reduced earnings, with the current hashprice lingering at a significant low. Just five days ago, miners were harvesting an average of 5.105 BTC per block, between a blend of new BTC and transaction fees, following a peak in the hashprice. However, the average yield per […]

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‘Epic sat’ mined from fourth Bitcoin halving block sells for $2.1M

April 25, 2024 Coin Telegraph

<div>'Epic sat' mined from fourth Bitcoin halving block sells for .1M</div>

Auction

One satoshi is currently worth $0.00065 — but some sats hold inherent “collectible value” in the Bitcoin ecosystem, cryptocurrency exchange CoinEx Global explained.

An "epic sat" — an exceptionally rare satoshi that was mined from the fourth Bitcoin halving block — has sold for 33.3 Bitcoin (BTC), worth about $2.13 million.

The sale of the satoshi — the smallest unit of Bitcoin — took place on cryptocurrency exchange CoinEx Global on April 25 — roughly five days after one of its partners, Bitcoin mining pool viaBTC, mined it in block 840,000 on April 20.

The auction, which commenced on April 22, saw 34 bids before an unidentified bidder won ownership rights to the epic sat — with “sat number 1,968,750,000,000,000.”

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Bitcoin analysts agree that BTC has ‘a lot further to run’

April 24, 2024 Coin Telegraph

Bitcoin

Key on-chain metrics suggest a higher baseline for Bitcoin price now that the halving is complete.

Analyst and founder of the Capriole Investments fund Charles Edwards said multiple on-chain metrics suggest that Bitcoin and other cryptocurrencies have “a lot further to run” in this bull market.

In his latest newsletter, Edwards explained that transaction fees from the recent Runes launch and other long-term metrics after the Bitcoin halving suggest “higher baseline Bitcoin (BTC) prices.

Bitcoin’s fourth halving resulted in a 50% drop in the digital asset’s supply growth rate, surpassing gold in terms of inflation rate.

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Post-Halving Fallout: Bitcoin Hashprice Slides 30%, Miners’ Earnings Hit

April 23, 2024 Bitcoin.com

Bitcoin Fees

Following a peak in onchain fees, bitcoin miners experienced a significant decline in the hashprice, which fell from a daily rate of $114 per petahash on Sunday to a markedly lower $79 per petahash by Tuesday. To date, the network’s hashrate has experienced a modest decline, though nothing too substantial yet, following the completion of […]

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Bitcoin miners spreading sales dulled post-halving price drop: Bitfinex

April 23, 2024 Coin Telegraph

Bitcoin Halving

Pre-halving Bitcoin miner reserve sales and the U.S. spot ETFs have mulled any negative Bitcoin price action after the halving, says Bitfinex.

Bitcoin (BTC) miners were selling their reserves ahead of the halving and the spot exchange-traded funds (ETFs) in the United States may have “spread out the potential selling pressure,” which helped avoid a sharp price drop alongside the event, said Bitfinex.

“It appears that miners have executed their selling in advance, which has turned out to be advantageous for the market in the short term,” the crypto exchange wrote in its April 22 weekly market report.

It cited CryptoQuant data showing that in March, a daily average of 374 BTC was sent by miners to exchanges — an over 70% fall from February’s 1,300 BTC daily average, equivalent to $86.4 million.

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US crypto stocks rally on first trading day after Bitcoin halving

April 23, 2024 Coin Telegraph

Bitcoin Halving

U.S. crypto mining stocks have gained in the first trading day after Bitcoin’s weekend halving, even though mining rewards are now 50% lower.

United States crypto-related stocks posted gains on Monday alongside a broader market upturn just days after the Bitcoin (BTC) halving — with some notching double-digit percentage gains.

The country’s five largest public-traded Bitcoin miners by market capitalization, Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT) Cipher Mining (CIFR), and Hut 8 (HUT) all gained over the April 22 trading day and have continued to gain in after-hours trading, per Google Finance.

Stronghold Digital Mining (SDIG) was the day’s biggest crypto-related gainer with a 35.3% bump to $3.64, extending 4% after-hours to nearly $3.80.

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Bitcoin ETF demand turns negative around BTC halving

April 22, 2024 Coin Telegraph

Bitcoin Halving

Spot Bitcoin ETFs initially recorded inflows that significantly outpaced the daily mining output, but demand seems to have slowed.

Demand for the newest Bitcoin investment products is slowing down as the world’s first cryptocurrency went through its fourth “halving” event.

Spot Bitcoin exchange-traded funds (ETFs) became a benchmark for institutional investments in Bitcoin (BTC) after launching in January 2024.

The 11 spot Bitcoin ETFs approved by United States regulators in January collectively managed over $13 billion in inflows within a couple of months of launching. Gold ETFs took years to accomplish the same feat.

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Bitcoin transaction fees stabilize after fourth halving

April 22, 2024 The Crypto Briefing

Bitcoin

Bitcoin transaction feese initially faced a short-term surge post-halving, but the network's transaction fees have now stabilized.

The post Bitcoin transaction fees stabilize after fourth halving appeared first on Crypto Briefing.

Bitcoin Halving

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